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Did you know that as of May 2020, the cryptocurrency market cap reached $265.545 billion? Or that the global market will reach $23.3 billion over the next three years? If you haven't gotten serious about cryptos yet, it's time to get in the game.
And if you have dabbled outside of fiat currencies and want to start making money? Then, you must pick the best platform to help you achieve your financial goals. With that in mind, let's take a closer look at two options, Crypto.com vs. Kraken, that continue to garner attention.
Here's what you need to know about each platform so that you can make the optimal selection when getting Bitcoin and other cryptos.
What Is Crypto.com?
Think of Crypto.com as a one-stop crypto exchange, providing wide-ranging services. These services include crypto debit cards and wallets. Through these payment services, users may access funds anytime and anywhere they'd like.
How does accessibility to funds through ATM withdrawals sound? Or cashback on spending? If you're interested in these features, then Crypto.com's MCO Visa Card might be right for you.
Crypto.com also offers customers improved liquidity of crypto holdings. This fact represents a worthwhile bonus for users. The exchange provides users with ways to reduce the fee amounts they pay for interacting in the crypto market, too.
With the Crypto.com app, you can access the company's MCO Visa Card as well as the exchange. The app facilitates market order trading at true cost, no doubt a handy feature.
How? By classifying customers based on their monthly transaction volumes. In other words, the higher your transaction volume, the lower your taker and maker fees.
History of Crypto.com
When and how did Crypto.com come into being? The platform dates back to early 2017 and was initially known as Monaco. It raised $26.7 million in an initial coin offering (ICO) in June of that year. Investment prices averaged $2.89/MCO at the time of the ICO.
Who makes up Crypto.com's team today? Seventeen members are currently listed on the team led by Kris Marszalek. Marszalek formerly worked together at Ensogo along with many of Crypto.com's other employees.
What do you need to know about Ensogo? It closed its doors in 2016 after Monaco's inception. Many believe the closure resulted from unstable cash management and the inability to deliver on flash sales and promised rewards.
A handful of unexpected layoffs occurred during this period, resulting in a rapid shift in public sentiment. As a result, there was initial skepticism among many when it came to Crypto.com. Fortunately, the exchange has come a long way since the troubles at Ensogo, and the team appears to have learned its lessons well.
Of course, we always recommend proceeding cautiously when entering a new ecosystem like Crypto.com. That way, you'll gain familiarity with the platform. You'll also have the opportunity to see its security features in action, which will give you a better indication of whether the level of risk involved with the platform is right for you.
Advantages of Crypto.com
Now that you have a better understanding of Crypto.com's past, let's take a look at its impressive progress in recent years. After all, the platform offers many compelling features considered by a growing number of customers too good to resist. Customers are pleased with Crypto.com's many exciting additions, coupled with its focus on supported assets.
What do these additions include? Everything from blog posts to active updates.
For these reasons, we project that Crypto.com will maintain its position as a standard investment tool for individuals, particularly those new to the digital asset ecosystem.
Our belief is based on the popularity of the platform, especially since the pandemic broke out. Transaction volumes doubled between December and February, according to Marszalek. These figures are remarkable, considering the virus's devastating impact on so many other areas of the global economy.
To what does Marszalek attribute this high level of performance? The fact people are turning to crypto to diversify their portfolio. They have also increasingly come to see cryptos such as Bitcoin as a hedge against market tumult.
But how does Crypto.com stack up when it comes to security features? Here's what you know about what the company does to protect your investments.
If you're considering an investment in Crypto.com, one of your top questions will be how secure the platform is. You'll be pleased to know that the platform has adopted the proactive philosophy, "defense in depth."
What does this approach to security mean? In every aspect of the business processes, Crypto.com embeds a security growth mindset. What's more, Crypto.com has divided its security between cold storage and hot wallets.
What does this mean for users? Crypto.com places 100 percent of its user's cryptocurrency in cold storage. The company also boasts a partnership with Ledger.
Why does this matter? Ledger remains a global leader in security and infrastructure solutions for blockchain applications and cryptos.
What about Crypto.com hot wallets? Hot wallets facilitate streamlined day-to-day withdrawal requests from customers. The platform leverages corporate funds and HSM, relying on multi-signature key-generation technologies.
Bank accounts linked with Crypto.com are also regulated and secured for fiat transactions and storage. Consumers retain ownership of the fiat currencies deposited in these bank accounts, meaning Crypto.com and its creditors can never claim these funds.
Now that you've learned more about Crypto.com's history and security features, here's what you need to know about Kraken.
What Is Kraken?
Kraken website is one of the oldest and largest Bitcoin exchange on the planet. Consistently rated one of the top sites for crypto exchange, it offers customers low fees, flexible funding options, and the highest security standards.
Once upon a time, Kraken was scorned by some for its instability. But the site has gone through significant renovations in recent years.
What does this mean for consumers? A streamlined experience with an easy-to-use, though sophisticated, interface. While we wouldn't recommend this platform for beginners, it's an excellent way for those with some experience to branch out and try new platforms.
If you dedicate some time to learning this platform, you'll also be amazed by how quickly your crypto investment knowledge skyrockets.
The platform boasts excellent security and low fees, both attractive reasons to utilize it. Kraken remains committed to learning from the past and striving to enhance its features and interface.
We also appreciate the company's continued commitment to customer experience. The site provides users with fantastic crypto tools and resources, making it a best website for crypto exchange.
History of Kraken
Kraken was founded by Jesse Powell in 2011 and launched in 2013, raising $100 million in the process. The brand operates across America (except New York) and Canada. You'll also find offices in Japan and the European Union.
Why do consumers love it? Because of its low transaction fees, top-notch security, and wide range of features.
The crypto exchange won additional kudos after assisting customers affected by the disastrous bankruptcy of Mr Gox. Kraken stepped in to help with processing claims. Kraken's team won over many new users in the process.
What are some other features people like about Kraken? They include high liquidity, 24/7 live customer service, and industry-leading safety protocols.
The platform proves hard to surpass in these areas. To show that funds get correctly held by customers and interested third parties, the company even employs a cryptographically-verified, independent audit. In other words, Kraken maintains full reserves of its customers' funds.
Advantages of Kraken
What makes Kraken stand out for many consumers? For starters, Kraken hasn't bought into percent-based fees like so many other crypto platforms. Instead, flat fees remain the norm on consumer purchases.
If you're looking to make large deposits into the market, you should take advantage of this feature. Why? Because it means you'll only get charged a relatively low percentage of the entire purchase amount.
What does this look like? If you deposit $500 into your account, you'll only pay a fee of $5. That's just one percent, which I think you'll agree is hard to beat.
Why does Kraken charge such low fees? This strategic approach attracts the largest players to the platform. Once these large players get hooked to Kraken's cheap deposit fees, they inevitably start taking advantage of other features such as trading.
However, bear in mind that when getting cryptocurrency in smaller batches, you'll generally do better with the fees charged by Crypto.com. Once you get comfortable with higher stakes, give Kraken a try.
When it comes to security, Kraken has everything you could ask for. Its safety features include:
Global setting time lock
Email confirmation for withdrawals
API key permissions
As you can see, Kraken takes a comprehensive approach when it comes to keeping your investments safe. The team has built many sophisticated measures into its platform to counter attacks on your data and funds.
One of the mottos at Kraken is "security above everything." Here's where the rubber meets the road. The platform has assembled a world-class security team with decades of experience constructing security programs trusted by millions of businesses.
Crypto.com vs. Kraken: The Takeaway
In a comparison of Crypto.com vs. Kraken, it's clear to see that both platforms offer attractive benefits. For those newest to cryptos as well as small investors, you'll love Crypto.com's ease of use and versatility.
However, when you're ready to step up to the plate with significant investments, Kraken's flat fee structure will make it well worth migrating to this platform. Of course, these are just two of many crypto platforms worth considering.
Are you ready to learn more about the many options available to you? Browse our reviews now.