Comparison of Kraken vs Phemex [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Kraken vs Phemex comparison!

Your expert: Alejandro Borja

Kraken

Your expert: Xavier Tarrasó

Phemex

Main points

Fees

0,16%/0,26%

Earns

Customer service

5/5

0,10%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.5 – Low fees with additional benefits for high-volume traders.

4.1 – Low fees with a focus on derivatives trading.

Level

0,16%/0,26%

0,10%

Brief explanation

Kraken’s commission structure is designed to be competitive and favorable for both low and high-volume traders. The exchange employs a tiered fee schedule that rewards users with lower trading fees as their trading volume increases over a 30-day period. Fees vary depending on whether you are a maker (creating a new order on the book) or a taker (filling an existing order), with maker fees generally being lower than taker fees to encourage liquidity. While the fees are relatively low for high-volume traders, those trading smaller amounts may find the fees slightly higher compared to other platforms. Additionally, Kraken charges flat fees for fiat deposits and withdrawals, though these can vary based on the method and currency used. Overall, Kraken’s fee structure is transparent, with details readily available on its website, helping users to anticipate and calculate potential trading costs effectively.

Phemex implements a transparent and competitive commission structure, which is one of its standout features. The platform offers zero-fee spot trading for premium members, a unique model that encourages active trading and enhances affordability. For non-premium users, the fees remain competitive with the industry average. The fees for futures trading are also attractively low, with maker and taker fees structured to incentivize liquidity provision on the platform. This setup allows traders to manage their costs effectively, which is especially beneficial in a market where margins can be tight.

Kraken

Security Methods: Kraken's commitment to security is unparalleled, utilizing state-of-the-art security measures such as two-factor authentication, SSL encryption, and cold storage of the majority of assets. This rigorous approach minimizes the risk of hacking and unauthorized access, making it a trusted platform for trading cryptocurrencies.
Reputation and Reviews: Kraken has maintained a strong reputation within the crypto community for over a decade. Its track record of security, user-focused services, and operational resilience has garnered positive reviews from users and industry analysts alike, reinforcing its standing as a reputable exchange.
Transparency: Kraken is known for its transparency in operations, frequently updating users on system upgrades, security measures, and changes in regulatory compliance. This openness builds trust and ensures that users are well-informed about their trading environment.
Trading Volume and Liquidity: Kraken is one of the largest exchanges in terms of trading volume and liquidity. This allows users to execute large trades without significantly affecting the market price, which is critical for both retail and institutional traders.
Possible Regulation: Kraken adheres to regulatory requirements in all jurisdictions in which it operates, enhancing its credibility and reliability. Compliance with these regulations not only ensures the legality of its operations but also provides a layer of security for its users' investments.

Phemex

Robust Security Measures: Phemex employs comprehensive security protocols, including cold wallet storage, two-factor authentication, and advanced encryption technology to protect user assets and data.
High Trading Volume and Liquidity: With significant daily trading volumes, Phemex offers high liquidity, facilitating quick and efficient execution of trades without significant price slippage.
Transparent Withdrawal and Deposit Policies: Phemex provides clear and concise policies regarding withdrawals and deposits, ensuring users understand the terms of service and any associated fees clearly.
Strong Reputation and Positive Reviews: Since its launch, Phemex has built a strong reputation in the cryptocurrency community, supported by positive user reviews that praise its reliability, customer service, and platform stability.
Effective Customer Service: Phemex offers responsive and helpful customer support, ensuring that users' queries and issues are addressed promptly, which is crucial for maintaining trust and user satisfaction.

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Account Minimum

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Direct link to the website

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Full name

Payward, Inc.

Phemex Financial Pte. Ltd.

Regulation

Regulated in the EE. UU.

Not regulated

Year founded

2011

2019

Founder

Jesse Powell

Jack Tao

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Kraken	FEATURES	Phemex
Kraken allows relatively low minimum trade volumes, making it accessible for beginners.	Minimum Trade	Phemex allows trading with relatively low minimums, making it accessible for beginners who wish to start small.
Competitive fees, though slightly higher for low volume traders; discounts for high volume.	Trading and Transaction Fees	Offers competitive fees with several fee-free options for premium members, though slightly higher for regular users.
Offers a wide selection of cryptocurrencies, catering to diverse trading preferences.	Number of Cryptocurrencies	Supports a wide range of cryptocurrencies, providing ample trading opportunities for users.
Extensive range of trading pairs, though some less popular pairs have lower liquidity.	Crypto-to-Crypto Trading Pairs	Extensive selection of trading pairs, allowing users to diversify their trading strategies.
High transparency about fees, security measures, and operational status updates.	Website Transparency	The website provides essential information, although some users may find details on fees and terms could be clearer.
Kraken does not offer an exchange card for customers to use for in-store purchases and receive benefits.	Credit/Debit Card	Phemex does not provide an exchange card for in-store purchases. It focuses on trading features and derivatives.
Excellent security with a majority of funds held in cold storage; provides peace of mind.	Storage Offering	Offers secure cold storage options, enhancing safety for user funds against potential cyber threats.
Offers staking options with competitive rewards, although not available for all assets.	Staking and Rewards	Provides staking options with competitive rewards, though options are more limited compared to specialized staking platforms.
Both platforms are robust and fully-featured, though the interface can be complex for new users.	Mobile App and Desktop	Both the mobile app and desktop platform are highly user-friendly and robust, suitable for trading on the go.
Customer service is reliable but can experience delays during high demand periods.	Customer Service	Generally responsive customer service with multiple channels available, but some reports of delayed responses during peak times.
Efficient deposit and withdrawal processes, though options may vary by region.	Deposit and Withdraw	Offers multiple deposit and withdrawal methods, but some users have experienced delays and higher fees for certain methods.

Key features

Analysis tools

Advanced charting tools, technical analysis

Mobile APP

Security

High 4,9/5

Additional features

Margin trading, futures trading, staking, Kraken Pro exchange

Margin trading, futures trading, staking, Phemex Earn

Anonymity

Yes

Key points

Available cryptocurrencies

100+

Primarily derivatives, few direct cryptocurrencies

User-friendliness

Kraken features a clean and intuitive interface that is easy for beginners to use. The platform is designed to provide a seamless trading experience, making it easy to buy and sell cryptocurrencies.

Phemex provides a user-friendly platform that is easy to navigate, making it suitable for beginners. The interface is designed to facilitate a smooth trading experience with all necessary features easily accessible.

Value for money

Offers excellent value for money with low trading fees, strong security features, and a wide range of supported cryptocurrencies.

Offers good value for money with competitive fees and advanced trading features, suitable for both retail and institutional traders.

Countries of operation

United States, Canada, United Kingdom, Europe, Australia

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for all types of investors, from beginners to advanced traders, due to its low fees, strong security features, and wide range of supported cryptocurrencies.

Suitable for both retail and institutional traders interested in derivatives trading with competitive fees and advanced features.

Base currencies available

USD, EUR, CAD, GBP, JPY, BTC

USD, BTC, USDT

Account

Trading

Kraken is known for its high security and wide range of cryptocurrencies. It offers advanced trading tools and competitive fees but can be complex for beginners.

Phemex offers extensive trading options including spot, margin, and futures trading. It provides advanced tools suitable for experienced traders but might be overwhelming for beginners.

Deposit and withdrawal

Kraken supports a wide range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed quickly, with competitive fees .

Phemex supports multiple deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed efficiently, with low fees.

Account opening process

Kraken offers a straightforward and secure account registration process. Users need to submit personal details, verify their identity, and address. The process is fully digital and typically takes less than a day to complete.

Phemex offers a seamless and fully digital account opening process. Users need to submit personal information and verify their identity. The process is quick and usually completed within a day.

KYC required?

Yes

Customer Service

Kraken offers comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance .

Phemex offers extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

Kraken offers extensive security features, including 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, making it a highly secure platform for investors.

Phemex provides extensive security measures, including 2FA and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Which of these exchanges is for you?

Alejandro Borja

In concluding our comprehensive review of Kraken through Threenvest’s lens, it’s clear that Kraken stands as a formidable player in the cryptocurrency exchange landscape. Known for its robust security measures, wide range of cryptocurrencies, and advanced trading features, Kraken appeals especially to traders who prioritize safety and a diverse portfolio. These strengths are complemented by its deep liquidity and competitive fee structure, making it a preferred choice for serious traders. However, its complex interface and sometimes slow customer service response times during peak periods could pose challenges, particularly for newcomers to cryptocurrency trading. Compared to other exchanges, Kraken’s commitment to regulatory compliance and security is notably strong, positioning it as one of the safer trading environments in an industry fraught with security concerns. On the flip side, its user interface and learning curve may not be as appealing to beginners as some other platforms that focus more heavily on user-friendliness and simple navigation. For users of Threenvest looking to engage in sophisticated trading strategies or those who value a highly secure trading platform, Kraken is undoubtedly a top contender. However, those new to the market might consider starting with platforms that offer more guidance and a more intuitive trading experience.

Xavier Tarrasó

As one of the experts reviewing cryptocurrency exchanges on our website, I find Phemex to be a highly compelling choice for traders. The platform impresses with its robust security features and a wide array of trading options, catering to both newcomers and seasoned traders. Personally, I appreciate the platform’s user-friendly interface and the fact that it offers high liquidity, which is crucial for executing trades swiftly and efficiently. I would recommend Phemex to anyone looking to dive into the world of cryptocurrency trading, especially those who value security and a diverse range of trading instruments.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.