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Cryptocurrency & Blockchain · head to head

FTX vs Kraken

F

FTX

Cryptocurrency & Blockchain

Cryptocurrency derivatives exchange

From
Free
Rated
-
Full reviewWebsite
Kraken logo

Kraken

Personal Finance

Secure cryptocurrency exchange for serious traders

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022; Kraken restricted in 16 jurisdictions due to compliance requirements
  • They diverge on capability: FTX covers Options, Kraken covers Margin Trading.

Where they differ

Only the attributes on which FTX and Kraken actually diverge.

Attributes where FTX and Kraken differ
AttributeFTXKraken
CategoryCryptocurrency & BlockchainPersonal Finance
Founded20192011

Identical on both: starting price (Free), pricing model (freemium), free tier (Yes), platforms (Web, Ios, Android), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in FTX

  • Options
  • Leveraged Tokens
  • FTT Token
  • Serum DEX

Only in Kraken

  • Margin Trading
  • Staking
  • OTC Desk
  • Bank transfers
  • SWIFT
  • Plaid

Both cover

  • Futures Trading
  • Spot Trading
  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

FTX

  • Exchanges
  • Derivativesnot Kraken
  • Trading

Kraken

  • Exchanges
  • Trading
  • Stakingnot FTX

Both are used for exchanges, trading, on those jobs the choice comes down to price and fit rather than capability.

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

FTX

  • The exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • Around 130 affiliated companies including Alameda Research entered the same proceedings, with more than 100,000 creditors and assets and liabilities each between $10 billion and $50 billion
  • Founder Sam Bankman-Fried resigned as CEO on the filing and was replaced by John J. Ray III
  • It is not a service anyone can sign up for; the estate exists to repay creditors

Kraken

  • Restricted in 16 jurisdictions due to compliance requirements
  • Withdrawal processing delays due to KYC verification, blockchain confirmations, and compliance checks
  • Account restrictions triggered by scam prevention can only be lifted after 90 days
  • Margin trading limited to 5x leverage on most assets; 10x available only to eligible users

Pricing, plan by plan

FTX

Free
  • StandardFree
    • Spot trading
    • Futures
    • Options

Kraken

Free
  • StarterFree
    • Basic trading
    • Staking
    • Instant buy
  • ProFree
    • Advanced trading
    • Margin trading
    • Futures

Which should you pick?

Choose FTX if

  • You need options.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want leveraged tokens.
FTX review

Choose Kraken if

  • You need margin trading.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want staking.
Kraken review

Questions people ask

Is FTX or Kraken better?
Neither clearly leads. FTX starts at Free and Kraken at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, FTX or Kraken?
FTX starts at Free and Kraken at Free.
Does FTX or Kraken run on more platforms?
Both run on Web, Ios, Android, so platform support will not decide this one for you.
Can I use FTX for free?
Both have a free tier, so you can try either at no cost before committing.
What is FTX best used for?
FTX is most often used for exchanges, derivatives, trading. Of those, derivatives is not what Kraken is typically brought in for.
What can FTX do that Kraken cannot?
FTX covers Options, Leveraged Tokens, FTT Token, Serum DEX. Kraken covers Margin Trading, Staking, OTC Desk, Bank transfers. Both handle Futures Trading, Spot Trading, Web support, Ios support.

Answered from the vendors’ own pages

FTX: What happened to FTX?

FTX filed for bankruptcy on November 11, 2022, after revelations about Alameda Research's massive holdings of FTX's token (FTT) triggered a liquidity crisis. The platform collapsed within days as a competing rescue deal fell through.

Source
Kraken: How much does Kraken charge in fees?

Kraken Pro spot trading fees start at 0.25 percent maker and 0.40 percent taker for entry-level volume, decreasing to 0.00 percent maker and 0.08-0.10 percent taker at USD 10M+ monthly volume. The Kraken standard platform charges 1 percent on instant trades and 1.5 percent on custom orders. Kraken+ membership costs 4.99 USD/month or 49.99 USD/year for up to USD 10k/month in fee-free volume.

Source
FTX: Can I recover funds from FTX bankruptcy?

FTX has been in Chapter 11 bankruptcy proceedings since November 11, 2022. Customer funds have been subject to claims through the bankruptcy process, with asset recovery efforts ongoing.

Source
Kraken: In how many countries can I use Kraken?

Kraken supports 190+ countries and 9 major fiat currencies (USD, EUR, GBP). However, services are restricted in 16 jurisdictions including Russia, Iran, North Korea, Syria, and Afghanistan due to regulatory compliance requirements.

Source
Kraken: Is Kraken custody secure?

Kraken holds ISO/IEC 27001:2022 certification and passed SOC 2 Type 1 examination. The exchange uses cold storage with crypto infrastructure in secure cages under 24/7 armed surveillance. Kraken Custody uses multiparty computation (MPC) and hardware security module (HSM) technology. As a Wyoming SPDI-chartered institution, Kraken Financial operates on full-reserve basis, holding 100 percent of client deposits in unencumbered liquid assets.

Source
Kraken: What cryptocurrencies can I trade?

Kraken supports 500+ cryptocurrencies across 600+ crypto trading pairs. The platform also offers tokenized equities (xStocks) for direct trading of stock exposure, and supports staking rewards on eligible digital assets.

Source
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