Coinbase or Kraken?

Categories Personal

Cryptocurrencies are growing in popularity, especially with the massive rise of Bitcoin. I'm no expert in them, but I have invested to see what it's all about. I won't go into why and how I did it, but I'll discuss where.

A vital part of that investment was choosing a wallet to work with. On some recommendations, I chose to work with Kraken. I've used it for many months, often not understanding what's going on and getting practically no help from their support team.

Why I moved away from Kraken

The lack of support and lack of clarity in their UI were the major causes. No matter how many times I contacted them, the Kraken team would take days or weeks to reply, often without ever giving me a clear reply.

Whether it was a question about a transfer of funds or something about margin and open positions, I got little to no assistance the whole time.

Then there's the wallet's UI (user interface) and UX (user experience). In my opinion, they're non-existent. Everything is displayed with very little instruction or clarity. It's almost as if they don't give a damn about what it looks like or how their users will be making use of it.

I learnt a little bit about this while building a bookings software in the past few months, so this got to me even further when I saw the little effort the Kraken team put into my experience as a user of their service.

Why Coinbase?

At the end of the day, it was a friend's suggestion that got me to choose Coinbase as my next wallet. Their UI is a lot better - you get a beautiful overview of current values, your portfolio, and more.

Coinbase dashboard showing the value of each currency.

It's all easy to understand. Moving funds and making new orders are designed in a user-friendly manner that even a relative beginner will be able to follow.

Join Coinbase by clicking on the blue icon below and we'll both get $10 (€8) of free Bitcoin with every $100 (€85) you invest. No catch - it's an incentive from Coinbase.

Is it all good for Coinbase?

From an experience perspective, so far, I'm loving it when compared to Kraken. However, it does limit you to only three cryptocurrencies, which are Bitcoin, Ether and Litecoin, and some forks of these, as shown here.

For more currencies, I'll be looking into Bittrex next. Who knows, maybe I'll find the next one to go big and become a multi-millionaire...

via GIPHY

How does the transfer work?

This is something I had no idea about but was pretty easy to understand in the end. How to transfer funds from one wallet to another.

When transferring funds (Euro, Dollars, etc) from your bank account to a wallet, it's like any other bank transfer but you use the details provided by your wallet.

When moving funds between wallets, all you need is your wallet's address, which is basically a long key (a combination of letters and numbers). You find this from the wallet you want to transfer the funds into, and use it when making that transfer from the original wallet. A simple process and the funds usually take between a few minutes to a few hours to go through (usually only takes long for Bitcoin).

What's coming next in the cryptocurrency world?

God knows...

 


 

This post is only based on my short experience with the above-mentioned wallets. I am not an expert - I'm simply sharing my personal experience with regards to UI and ease-of-use to help others who may be interested to decide on which wallet to use.

If you want to know more, or even better, if you can teach me more, feel free to comment below or get in touch directly.

2 thoughts on “Coinbase or Kraken?

    1. Kraken has lower fees, that’s true (https://www.kraken.com/help/fees)- there’s more of a comparison about fees here: https://coincentral.com/coinbase-vs-kraken/

      Seeing as I would need some form of support along the way (Kraken was barely responsive over the past months), and I’d like to be able to easily understand and access my wallets at all times (Kraken has no app and is harder to get used to), Coinbase won out.

      I don’t plan to be investing multiple times (at least right now), so higher fees were an acceptable trade-off for me personally.

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