Personal Finance · head to head
Simplifi vs Kraken
Kraken
Personal Finance
Secure cryptocurrency exchange for serious traders
- From
- Free
- Rated
- -
The short version
- Only Kraken has a free tier, so it costs nothing to try first.
- Each has a real cost: Simplifi there is no free tier at all; Kraken restricted in 16 jurisdictions due to compliance requirements
- They diverge on capability: Simplifi covers Budget tracking, Kraken covers Spot Trading.
Where they differ
Only the attributes on which Simplifi and Kraken actually diverge.
Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated), category (Personal Finance).
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 Simplifi
- Budget tracking
- Spending analysis
- Goal tracking
- Cash flow insights
- Bank accounts
- Credit cards
- IOS support
Only in Kraken
- Spot Trading
- Futures Trading
- Margin Trading
- Staking
- OTC Desk
- Bank transfers
- SWIFT
- Plaid
Both cover
- Web support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Simplifi
- Personal budgeting with automatic bank transaction importnot Kraken
- Tracking spending, savings goals and net worth in one placenot Kraken
Kraken
- Exchangesnot Simplifi
- Tradingnot Simplifi
- Stakingnot Simplifi
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
Simplifi
- There is no free tier at all
- The advertised $3.99 a month requires annual billing, against $6.99 paying monthly
- The subscription auto renews yearly at the then current price, which the terms state is subject to change rather than fixed
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
Simplifi
On request- Monthly$5.99/month
- Budget tracking
- Spending insights
- Goal setting
- Annual$59.99/month
- All monthly features
- Discounted rate
Kraken
Free- StarterFree
- Basic trading
- Staking
- Instant buy
- ProFree
- Advanced trading
- Margin trading
- Futures
Which should you pick?
Choose Simplifi if
- You need budget tracking.
- You work on Web, IOS, Android.
- You also want spending analysis.
Choose Kraken if
- You need spot trading.
- You want to start without paying.
- You work on Web, Ios, Android.
- You also want futures trading.
Questions people ask
- Is Simplifi or Kraken better?
- Neither clearly leads. Simplifi starts at On request and Kraken at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, Simplifi or Kraken?
- Kraken has a free tier; the other does not. Paid plans start at On request for Simplifi and Free for Kraken.
- Does Simplifi or Kraken run on more platforms?
- Simplifi runs on Web, IOS, Android. Kraken runs on Web, Ios, Android.
- Can I use Kraken for free?
- Yes. Kraken has a free tier, so you can try it without paying. Simplifi starts at On request.
- What is Simplifi best used for?
- Simplifi is most often used for personal budgeting with automatic bank transaction import, tracking spending, savings goals and net worth in one place. Of those, personal budgeting with automatic bank transaction import and tracking spending, savings goals and net worth in one place are not what Kraken is typically brought in for.
- What can Simplifi do that Kraken cannot?
- Simplifi covers Budget tracking, Spending analysis, Goal tracking, Cash flow insights. Kraken covers Spot Trading, Futures Trading, Margin Trading, Staking. 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.
SourceKraken: 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.
SourceKraken: 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.
SourceKraken: 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