Coinbase vs Kraken: Overview

Brian Armstrong and Fred Ehrsam founded Coinbase in 2012. Armstrong remains CEO, and the company's shares have traded on Nasdaq since April 2021. Its Q2 2026 report recorded $1.22 billion in revenue and a $359.5 million net loss. Customer assets reached $245.9 billion, while its share of global crypto volume hit a record 10.3%. Q3 results arrive on October 29.

Kraken opened in 2013 and belongs to Payward, Inc., founded by Jesse Powell in 2011. Co-CEO Arjun Sethi leads the group. Privately held Payward releases selected figures rather than audited accounts. Its Q2 2026 results reported $508 million in adjusted revenue, alongside 6.6 million funded accounts and $40 billion in client assets.

Coinbase holds about six times more customer assets. Payward's Q2 transaction volume fell 18% from a year earlier to $310 billion, though independent scores still place the exchanges close together. CoinGecko ranks Coinbase first and Kraken second worldwide based on Trust Score.

Recent Changes at Coinbase and Kraken in 2026

Changes to fees, derivatives, and banking ties at both exchanges this year have left guides written in 2025 outdated.

• New fee schedules: Kraken linked its spot and futures tiers on July 9, 2026, raising entry spot rates to 0.40% maker and 0.80% taker. On September 16, Coinbase cut Advanced fees to 0.50% and 0.90% for new US traders, and 0.25% and 0.50% in the EU and UK.
• Balances now count: The value of assets held on Kraken can determine a client's fee tier. Coinbase now counts balances as well as volume, with USDC holdings able to unlock VIP pricing.
• Deribit merged into Coinbase: Coinbase paid a final $4.3 billion in cash and stock for Deribit in 2025. The integration finished on October 7, 2026, under the Coinbase Global Exchange name. A new Coinbase Pro is due before year-end.
• Kraken's US derivatives arm: Payward closed its Bitnomial purchase on May 1, bringing a CFTC-licensed exchange and clearing house into the group. US retail perpetual futures followed in June.
• Closer ties to banking: On March 4, Kraken Financial became the first digital asset bank granted a Federal Reserve master account. Payward signed a deal to acquire Saldo Bank, a Lithuanian lender, on October 14. Coinbase received conditional approval from the OCC for a national trust company on April 2.
• Weaker results and a later IPO: Coinbase posted net losses in every quarter from Q4 2025 to Q2 2026 and cut about 14% of its staff in May. Payward paused its listing plans in March. CoinDesk reported that a Kraken IPO will not come before Q2 2027.
• Nasdaq backs Kraken: Nasdaq Ventures committed $100 million to Payward on September 10. Payward will adopt Nasdaq's market surveillance technology, and the firms plan to launch Nasdaq Equity Tokens linked to Kraken's xStocks in Q2 2027.

Coinbase vs Kraken: Products

Both companies let customers trade crypto, derivatives, and shares from one account. Coinbase offers more US-only products, including prediction markets and IPO access. Kraken has a larger coin selection and more European payment services.

Coinbase Products

New Coinbase users see a simple buy screen. Lower trading prices are available on a separate screen called Advanced.

1. Simple Buy and Sell: Each purchase displays a quoted price that includes a spread, the difference between the buy and sell price. A separate Coinbase fee also applies.
2. Coinbase Advanced: Traders use the same balance as the simple app, with access to order books, limit orders, charts, and an API for trading software.
3. Onchain Trading: US users outside New York can swap tokens on Base, Coinbase's own blockchain network, inside the app.
4. Futures and Perpetuals: US customers can trade CFTC-regulated perpetual-style futures on Bitcoin, Ether, XRP, and Solana. Non-US customers trade perpetuals on crypto, gold, silver, and shares through Deribit.
5. Options: Deribit held over $30 billion in open Bitcoin options on September 30, 2026. Coinbase cites more than $1 trillion in Deribit trading volume last year. Access for eligible non-US traders arrives in the coming weeks, followed by US retail customers later in 2026.
6. Stocks and Prediction Markets: US customers can trade stocks and ETFs without commission and join selected IPOs. They can also buy Kalshi event contracts on sports, economics, and politics.
7. Coinbase One: Membership waives the Coinbase fee on part of each month's simple purchases and pays USDC rewards. Account protection ranges from $1,000 to $250,000, depending on the plan.
8. Loans, Staking, and Card: Through Morpho, a lending protocol on Base, customers can borrow USDC against BTC, ETH, and other coins. Coinbase also lets customers stake nine assets. US members can apply for the Coinbase One Card, an American Express credit card paying up to 4% back in Bitcoin.

Kraken Products

Kraken offers a simple app and the Kraken Pro trading platform, alongside Kraken Prime for institutions.

1. Kraken App: Instant and recurring buys carry a 1% fee, while custom orders cost 1.5%. Both charges are added to the spread.
2. Kraken Pro: Over 600 coins trade against dollars, euros, pounds, and other national currencies. The platform includes live order books and charts, stop and limit orders, and API access.
3. US Margin and Perpetuals: Eligible US clients gained spot margin up to 10x in May 2026. CFTC-regulated perpetual futures followed in June.
4. Global Futures: Non-US clients can trade crypto perpetuals and fixed-date futures. The EEA Unified Wallet, live since October 16, 2026, accepts over 40 cryptocurrencies as collateral, as well as euros, dollars, or gold.
5. Stocks and xStocks: Eligible US clients can buy over 11,000 US stocks and ETFs without commission. Clients in other supported countries trade xStocks, tokens backed one-to-one by an issuer holding real shares.
6. Options: Professional clients have been able to request quotes on US dollar-settled Bitcoin and Ether options since July 2026.
7. Staking: Kraken keeps 20% of staking rewards. US clients in 37 states can stake 17 proof-of-stake coins.
8. Krak, Card, and Wallet: Users can send money to one another through Krak and earn cashback with the Krak debit card. Kraken Wallet stores private keys on the client's own device. Its September 2026 update added DeFi Earn vaults and swap quotes from seven providers.

Coinbase vs Kraken: Fees

The cheaper exchange depends on where you live. New US traders pay less on Kraken; new traders in the EU, the UK, Brazil, and India now pay less on Coinbase. Here is how they stack up:

Spot Trading Fees

• Coinbase Advanced: Entry rates have been 0.50% maker and 0.90% taker in the US since September 16, 2026. EU and UK rates start at 0.25% and 0.50%, while Brazil, India, and other international markets pay 0.09% and 0.10%. The top VIP tier pays 0% and 0.02%.
• Kraken Pro: New accounts in every region pay 0.40% maker and 0.80% taker under the fee schedule. Reaching $2,500 in 30-day spot volume lowers those rates to 0.30% and 0.60%. They fall to 0.22% and 0.38% at $10,000 in volume, or for clients holding $20,000 on Kraken.
• Stablecoin pairs: Entry-level trades in Kraken's stablecoin and currency pairs cost 0.20% per side. Coinbase excludes stablecoin pair volume when calculating fee tiers.

Fee example: For a US customer, a $1,000 Bitcoin market buy costs $9.00 on Coinbase Advanced and $8.00 on Kraken Pro. The same purchase in Germany or the UK costs $5.00 on Coinbase and $8.00 on Kraken. A Kraken client holding $20,000 on the platform pays $3.80.

Futures and Options Fees

• Coinbase: Outside the US, entry-level perpetual contracts charge makers nothing and takers 0.03%. Higher tiers pay makers a small rebate. Equity perpetuals have promotional rates of 0% maker and 0.01% taker.
• Kraken: The first futures tier outside the US charges 0.02% maker and 0.05% taker. US perpetuals cost about $0.0113 per contract per side, including exchange, clearing, and NFA charges.
• Funding payments: Perpetual contracts never expire. Payments between traders on opposing sides, made at set intervals, keep the contract near the coin's market price.

Subscriptions and App Purchases

• Coinbase One: At $4.99 a month, Basic waives Coinbase's fee on the first $500 of monthly purchases. Preferred ($29.99) increases that limit to $10,000 and discounts Advanced spot fees by 25%. Premium ($299.99) removes the limit. Spreads still apply. In October 2026, the plan page listed 3.75% USDC rewards.
• Kraken+: The plan costs $4.99 a month or $49.99 a year. It waives Kraken's fee, but not the spread, on the first $10,000 of monthly app purchases. Higher stablecoin rewards are also included, such as 4% a year on USDC.
• Staking commission: Coinbase keeps 35% of staking rewards, reduced to 25.25% to 31.75% for Coinbase One members. Kraken keeps 20%.

Every charge is broken down in our Coinbase fees guide and Kraken fees guide.

Deposits and Withdrawals

• Coinbase: Standard US ACH transfers carry no fee, according to its help center. Wire deposits cost $10, and wire withdrawals cost $25. Coinbase One Preferred and Premium members can wire for free.
• Kraken: ACH and Fedwire deposits are free, as are SEPA euro deposits and UK Faster Payments. Debit card deposits cost 3.75% plus $0.25. Withdrawals cost $4 by Fedwire and €1 by SEPA.
• Crypto transfers: Both exchanges accept crypto deposits for free. Withdrawal fees depend on the coin and blockchain network, so choosing a different network changes the cost.

Kraken uses Plaid to link US bank accounts for ACH. Our guide to buying crypto with Plaid explains the process.

Coinbase vs Kraken: Futures Trading

Few large exchanges can offer regulated perpetual futures to US retail traders, but both Coinbase and Kraken now do. For customers outside the US, Coinbase has the deeper options market. Kraken offers higher leverage on Bitcoin and Ether.

Markets Available

• Coinbase outside the US: Perpetuals on crypto, shares, gold, and silver moved to Deribit on October 1, 2026. Coinbase lists up to 50x leverage on crypto contracts. Pre-IPO contracts covering private firms such as SpaceX launched on June 4 with a 5x cap.
• Kraken outside the US: Eligible clients outside the US, EU, and UK have been able to use up to 100x on small Bitcoin and Ether positions since May 15, 2026. EU derivatives operate through a Cypriot firm licensed under MiFID II, the EU investment services law.
• Options: Coinbase owns the deepest crypto options market through Deribit. Kraken restricts options to professional clients. Other platforms appear in our list of crypto options exchanges.

US Access

• Coinbase: Perpetual-style futures on Bitcoin, Ether, XRP, and Solana permit up to 10x. S&P 500 futures started on August 17, 2026, offering up to 20x. In May, the CFTC allowed Coinbase Financial Markets to provide US access to Deribit options and perpetuals, beginning with institutions.
• Kraken: US perpetual futures launched in June 2026 on Bitnomial Exchange, with Kraken Derivatives US acting as broker. The support page lists 16 contracts, including BTC, ETH, SOL, and XRP. All use US dollars as collateral.

Risk Controls

• Coinbase: On the merged platform, spot margin reaches 10x for major coins and 5x for others. US access is limited to Eligible Contract Participants, a class of large professional clients.
• Kraken: Kraken Borrow has offered eligible US clients in 48 states up to 3x buying power since September 24, 2026. In the EEA, the Unified Wallet defaults to cross margin, allowing a losing futures position to draw on the full eligible balance.

A 2% price move against a position at 50x leverage removes all its initial margin. Our comparison of perpetual and spot trading explains these risks further.

Coinbase vs Kraken: Stocks and TradFi

Both companies want customers to hold shares alongside crypto. The products differ legally: a broker-held share carries ownership and dividends, while a tokenized share is a blockchain token backed by one real share held by the issuer. Stock perpetuals track prices without granting ownership.

Coinbase's US stocks and ETFs trade around the clock from Monday to Friday through its broker-dealer, Coinbase Capital Markets. Customers have also had access to selected IPOs since September 21, 2026. FINRA member Kraken Securities offers eligible US clients over 11,000 commission-free shares and ETFs.

In Europe, Kraken leads. It opened over 7,000 US shares to EEA clients through its Cyprus investment firm on August 18, 2026. That report also counted more than 700 xStocks, which are not offered in the US, Canada, the UK, or Australia.

Coinbase gained UK permission to offer stocks in July. In September, it launched tokenized stocks on Base for non-US users, starting with four large US companies.

Coinbase vs Kraken: Security and Reserves

Neither exchange has lost client crypto to a hack. Their approaches to proving solvency differ: Kraken's proof of reserves lets clients verify that their balances were included, while Coinbase relies on the audited financial statements it files as a public company.

Coinbase Security Measures and History

• Custody: Coinbase's annual report sets a target of no more than 2% of customer crypto in internet-connected hot wallets. The remainder stays in offline cold storage.
• Public reporting: An external auditor reviews Coinbase's financial statements filed with the SEC. Coinbase does not publish a Merkle-tree proof of reserves.
• May 2025 data theft: Criminals bribed overseas support contractors to copy customer data. Coinbase reported the theft to the SEC and refused a $20 million ransom. It estimated costs of $180 million to $400 million. The theft affected under 1% of monthly transacting users, exposing names, addresses, and ID images, but no passwords, keys, or funds.
• Cash and controls: US dollar balances are held in custodial accounts at FDIC-insured banks and in money market funds. Coinbase added Transfer Protection in June 2026, allowing delayed withdrawals, daily limits, and second-person approval.

Kraken Security Measures and History

• Reserve reports: An independent accountant reviewed Kraken's June 30, 2026 snapshot. Bitcoin reserves stood at 102.9% of client balances and Ether at 100.5%, with USDC and USDT both above 105%.
• April 2026 insider cases: Two support employees misused internal tools to view support data for about 2,000 accounts. An extortion group threatened to publish videos, but Kraken refused to pay. The exchange said no client funds were exposed.
• Bank structure: As a Wyoming special purpose depository institution, Kraken Financial holds liquid assets covering 100% of client cash deposits. It connects directly to the Federal Reserve.
• Independent scores: Kraken was one of three exchanges awarded a perfect 100 for security in Kaiko's Q1 2026 ranking.
• Account controls: Kraken's Global Settings Lock can freeze account changes for up to 30 days, including changes attempted by Kraken support staff. Clients can also use hardware security keys and authenticator apps.

Kraken wins this section because clients can verify their balances in its reserve report, and its 2026 incident exposed less data than the Coinbase theft. Coinbase also suffered a multi-hour trading outage during an Amazon Web Services failure on May 7, 2026.

Coinbase vs Kraken: Licenses and Country Access

Coinbase and Kraken both hold licenses or registrations in the US, the EU, the UK, Canada, and Australia. Coinbase's US coverage extends to more states, including New York. Kraken holds more banking permissions. Full authorization imposes capital rules, segregated client money requirements, and inspections.

Coinbase Licenses

• United States: According to its annual report, Coinbase holds a money transmitter license in every state that requires one. New York has also issued a BitLicense and a trust charter. The CFTC regulates Coinbase Financial Markets as a futures broker and Coinbase Derivatives as an exchange.
• Federal charter: In April 2026, the OCC conditionally approved Coinbase National Trust Company, a planned custody bank without retail deposits.
• Europe and the UK: Coinbase received its MiCA license from Luxembourg's CSSF in June 2025. MiCA (Markets in Crypto-Assets) is the EU regulation for crypto companies. In the UK, Coinbase is FCA-registered and gained permission for stocks and derivatives in July 2026.
• Other regions: Coinbase holds an Australian financial services license with retail derivatives. It also has a Major Payment Institution license in Singapore and restricted dealer status in Canada. The SEC dropped its case in February 2025. The full list is on our Coinbase supported countries page.

Kraken Licenses

• United States: Kraken lists FinCEN registration and state money transmitter licenses on its disclosures page. Payward owns FINRA broker Kraken Securities and futures broker Kraken Derivatives US, as well as Bitnomial, a CFTC-licensed exchange and clearing house. Kraken does not serve New York or Maine.
• Banking: Wyoming bank Kraken Financial has its own Federal Reserve master account. Payward applied for an OCC national trust charter in May 2026. The Saldo Bank deal would add an EU banking license once regulators approve it.
• Europe and the UK: Kraken's MiCA license was issued by the Central Bank of Ireland in June 2025. CySEC supervises its derivatives and stock firm. Kraken also operates as an FCA-registered crypto business in the UK, where it holds an e-money license.
• Other regions: Kraken has restricted dealer status in Canada. In Australia, it is registered with AUSTRAC but holds no financial services license and offers derivatives only to wholesale clients. The SEC dismissed its case against Kraken in March 2025. Restricted regions are listed in our Kraken countries guide.
• United Arab Emirates: VARA, Dubai's crypto regulator, granted Payward full market approval on October 12, 2026. Kraken plans to introduce dirham trading pairs, staking, and xStocks for UAE clients in the following weeks. Derivatives are planned for later.

New York access gives Coinbase the lead in US reach, while Kraken wins on banking access. Both have MiCA licenses, leaving EU customers to compare fees and products. Our rankings of crypto exchanges in New York and MiCA-licensed exchanges cover alternatives.

Is Kraken Better Than Coinbase?

Most US traders will do better on Kraken. Entry-level Kraken Pro fees are lower, and its coin selection is larger. Clients holding $20,000 or more on the platform qualify for further fee reductions. Kraken also publishes proof of reserves and connects to the Federal Reserve through its bank. The drawbacks are its lack of New York service and the higher fees small traders have faced since July.

Coinbase suits these readers better:

• New York residents: Coinbase holds the BitLicense, while Kraken does not accept them.
• New traders in the EU and UK: Entry rates on Coinbase Advanced are 0.25% maker and 0.50% taker, compared with 0.40% and 0.80% on Kraken Pro.
• Options traders: Coinbase owns the largest crypto options market through Deribit.
• US event traders: Kalshi prediction markets are available on Coinbase in states where they remain legal.
• Investors who want public reporting: Coinbase files audited accounts with the SEC every quarter.

Final Thoughts

During 2026, both exchanges grew into multi-asset brokers offering stocks and banking services alongside crypto and derivatives. Their prices also moved closer together. Kraken's July entry-fee increase and Coinbase's September cut left a US taker gap of 0.10 percentage points.

We still rate Kraken higher. Its reserve reports and broader coin selection support that verdict, as do its lower US costs. Coinbase is a strong second account for New York residents, options traders, and anyone seeking audited public accounts. To compare either platform with the largest global exchange, read our Coinbase vs Binance and Kraken vs Binance reviews.

Coinbase's Q3 results on October 29 and the return of Coinbase Pro are the next developments to watch. The new Pro platform is due by the end of 2026 and will cover spot, futures, options, and shares.

Before depositing, confirm account availability in your state or country and complete the identity check. Secure the account with a hardware security key or authenticator app. Restrict withdrawals to approved addresses, then test with a small withdrawal first. This comparison does not replace advice from a licensed financial adviser.