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Personal Finance · head to head

Kraken vs Wise Business

Kraken logo

Kraken

Personal Finance

Secure cryptocurrency exchange for serious traders

From
Free
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Accounting

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • Only Kraken has a free tier, so it costs nothing to try first.
  • Each has a real cost: Kraken restricted in 16 jurisdictions due to compliance requirements; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: Kraken covers Spot Trading, Wise Business covers Multi-currency accounts.

Where they differ

Only the attributes on which Kraken and Wise Business actually diverge.

Attributes where Kraken and Wise Business differ
AttributeKrakenWise Business
Starting priceFree$29/month
Pricing modelfreemiumusage-based
Free tierYesNo
PlatformsWeb, Ios, AndroidWeb, Ios, Android, Api
CategoryPersonal FinanceAccounting

Identical on both: user rating (Not yet rated), 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 Business

  • Multi-currency accounts
  • International transfers
  • Batch payments
  • API access
  • Team management
  • Xero
  • QuickBooks
  • Various

Both cover

  • Web support
  • Ios support
  • Android support

What people use each for

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

Kraken

  • Exchangesnot Wise Business
  • Tradingnot Wise Business
  • Stakingnot Wise Business

Wise Business

  • Holding and converting multiple currencies as a businessnot Kraken
  • Paying international suppliers and contractors at the mid market ratenot Kraken
  • Receiving payments into local currency account details in several countriesnot 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 Business

  • Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • Volume discounts on transfers start only above 20,000 GBP equivalent sent per month

Pricing, plan by plan

Kraken

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

Wise Business

$29/month
  • StandardFree
    • Multi-currency account
    • Real exchange rate
    • Batch payments

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 Business if

  • You need multi-currency accounts.
  • You work on Web, Ios, Android, Api.
  • You also want international transfers.
Wise Business review

Questions people ask

Is Kraken or Wise Business better?
Neither clearly leads. Kraken starts at Free and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Kraken or Wise Business?
Kraken has a free tier; the other does not. Paid plans start at Free for Kraken and $29/month for Wise Business.
Does Kraken or Wise Business run on more platforms?
Kraken runs on Web, Ios, Android. Wise Business runs on Web, Ios, Android, Api.
Can I use Kraken for free?
Yes. Kraken has a free tier, so you can try it without paying. Wise Business starts at $29/month.
What is Kraken best used for?
Kraken is most often used for exchanges, trading, staking. Of those, exchanges and trading are not what Wise Business is typically brought in for.
What can Kraken do that Wise Business cannot?
Kraken covers Spot Trading, Futures Trading, Margin Trading, Staking. Wise Business covers Multi-currency accounts, International transfers, Batch payments, API access. Both handle Web support, Ios 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 Business: How fast are international transfers with Wise Business?

Wise Business offers fast global payments with 70% arriving in 20 seconds and 95% arriving in under 24 hours. You can also pay up to 1,000 contacts in a single batch transfer.

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 Business: Does Wise Business offer volume discounts?

Yes, volume discounts are available on monthly transfers over 20,000 GBP or equivalent.

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 Business: How does Wise Business keep funds secure?

Wise customers move over AED60 billion monthly with systems built to keep funds safe. The company runs over 7 million daily fraud checks (80 per second), keeps funds diversified with secure financial institutions, and offers 24/7 customer support.

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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