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Software · head to head

Kraken vs Wise

Kraken logo

Kraken

Software

Secure cryptocurrency exchange for serious traders

From
Free
Rated
-
Full reviewWebsite
Wise logo

Wise

Software

International money transfers at the real exchange rate

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Kraken restricted in 16 jurisdictions due to compliance requirements; Wise exchange rate fees start at 0.31% plus corridor-specific transfer fees
  • They diverge on capability: Kraken covers Spot Trading, Wise covers International transfers.

Where they differ

Only the attributes on which Kraken and Wise actually diverge.

Attributes where Kraken and Wise differ
AttributeKrakenWise
Pricing modelfreemiumUnknown

Identical on both: starting price (Free), free tier (Yes), platforms (Web, Ios, Android), user rating (Not yet rated), category (Unknown), founded (2011).

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 Kraken

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

Only in Wise

  • International transfers
  • Real exchange rates
  • Multi-currency accounts
  • Bill payments
  • Bank accounts
  • Cryptocurrency
  • IOS support

Both cover

  • Web support
  • Android support

What people use each for

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

Kraken

  • Exchangesnot Wise
  • Tradingnot Wise
  • Stakingnot Wise

Wise

  • Budget Managementnot Kraken
  • Expense Trackingnot Kraken
  • Investment Trackingnot Kraken

Where each one falls short

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

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

Wise

  • Exchange rate fees start at 0.31% plus corridor-specific transfer fees
  • Transfer speed dependent on destination country banking infrastructure
  • No published documentation of maximum transfer limits
  • Multi-currency account features may have regional restrictions

Pricing, plan by plan

Kraken

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

Wise

Free

No published plan breakdown. See the Wise review.

Which should you pick?

Choose Kraken if

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

Choose Wise if

  • You need international transfers.
  • You want to start without paying.
  • You work on Web, IOS, Android.
  • You also want real exchange rates.
Wise review

Questions people ask

Is Kraken or Wise better?
Neither clearly leads. Kraken starts at Free and Wise at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Kraken or Wise?
Kraken starts at Free and Wise at Free.
Does Kraken or Wise run on more platforms?
Kraken runs on Web, Ios, Android. Wise runs on Web, IOS, Android.
Can I use Kraken for free?
Both have a free tier, so you can try either at no cost before committing.
What is Kraken best used for?
Kraken is most often used for exchanges, trading, staking. Of those, exchanges and trading are not what Wise is typically brought in for.
What can Kraken do that Wise cannot?
Kraken covers Spot Trading, Futures Trading, Margin Trading, Staking. Wise covers International transfers, Real exchange rates, Multi-currency accounts, Bill payments. Both handle Web support, Android support.

Answered from the vendors’ own pages

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
Wise: What are Wise's transfer fees and exchange rates?

Wise uses mid-market exchange rates without hidden markups and charges a flat fee starting from 0.31% plus a currency transfer fee depending on the corridor. Volume discounts are available for larger transfers.

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
Wise: How long do international transfers take with Wise?

Transfers can arrive same-day within seconds according to Wise marketing materials, though actual timing depends on the destination country and banking infrastructure.

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
Wise: Is there a cost for a Wise account or monthly subscription?

Opening a Wise account is free with no monthly subscription. You only pay fees when you send money or convert currency.

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
Wise: Can I send money between Wise users for free?

Sending or receiving the same currency between Wise contacts is free. Converting to a different currency costs less than standard rates but is not free.

Source
Wise: What security features does Wise offer?

Wise includes two-factor authentication for account protection, holds funds with established financial institutions, maintains 24/7 customer support, and has dedicated fraud and security teams.

Source
Wise: How much money can I transfer with Wise?

Wise does not publicly specify transfer limits on the main site. Limits may vary by country, sender verification level, and corridor.

Source
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