Quick Answer
Both Kraken and OKX are highly respected and secure crypto exchanges. OKX stands out for its lower fees and advanced options, making it the best overall for seasoned traders. Kraken shines for beginners with its ease of use and extensive educational resources, emphasizing security and simplicity.
Page Contents
OKX and Kraken Overview
This article explores two popular cryptocurrency exchanges, OKX and Kraken. Comparing them across key features and criteria to help you decide which might better suit your needs.
For more on crypto exchanges you may want to check out our Best Crypto Exchanges in the UK for 2024
You may also be interested in our Crypto vs series, OKX vs Coinbase, OKX vs MEXC, Coinbase vs MEXC. and OKX vs Kraken.
Please note: This guide is for informational purposes only and should not be considered financial advice. Always conduct your own research before making any investment decisions.
Kraken
Kraken, founded in 2011 and headquartered in the US, is a veteran in the crypto space. Renowned for its robust security measures and user-friendly interface, Kraken caters to both beginners and experienced traders.
OKX
OKX, formerly known as OKEx, is a Seychelles-based exchange established in 2017. It boasts a wide range of features, including margin trading, derivatives, and its own DeFi ecosystem.
Kraken History:
- Established in 2011, one of the oldest and most reputable crypto exchanges.
- Headquartered in the US, with a strong focus on compliance and regulations.
- Recognized for its user-friendly interface and robust security measures.
OKX History:
- Founded in 2017, initially as OKEx, and headquartered in Seychelles.
- Experienced rapid growth, becoming a leading global crypto exchange.
- Known for its diverse product offerings, including spot, margin, and derivatives trading.
Geographical Availability:
OKX: Available in over 100 countries, excluding the US and some sanctioned regions. It is important to note that OKX is not currently registered with the Financial Conduct Authority (FCA), the UK’s financial regulator.
Kraken: Operates in over 190 countries, but with limited services in some regions like Japan and Singapore. Crucially, Kraken is registered with the FCA, offering an extra layer of security and peace of mind for UK users.
Kraken |  OKX | ||||
Spot Crypto | 210+ | 350+ | |||
FCA Regulated | |||||
Founded | 2013 | 2017 | |||
HQ | Seychelles | Seychelles | |||
Native Token | OKB | ||||
 | 2.0/5 | 3.2/5 | |||
Staking | |||||
Leverage | Non UK | Non UK | |||
Mobile App | |||||
DEFI Wallet | |||||
Beginner Friendly | 4.5/5 | 4/5 | |||
Demo Account | |||||
Available in UK | |||||
Review Score | 4.35/5 | 4.35/5 | |||
* Please refer to the exchange website for up to date information. | |||||
OKX vs Kraken Review
Both OKX and kraken ranked highly in their dedicated reviews. You may want to check out our in-depth reviews for each below:
Strengths and Weaknesses
Kraken Strengths & Weaknesses
- Security: Kraken is known for its strong emphasis on security measures, including comprehensive encryption and two-factor authentication (2FA) options, making it one of the safest platforms for cryptocurrency trading.
- Wide Range of Cryptocurrencies: Kraken offers a broad selection of cryptocurrencies for trading.
- Advanced Trading Features: It caters to both beginners and experienced traders by offering advanced trading features such as futures trading and margin trading.
- Reputation: Kraken has built a strong reputation in the crypto community for its reliability, customer service, and transparent business practices.
- User Interface: While functional, Kraken's user interface can be complex for beginners, potentially leading to a steep learning curve for new users.
- Fees: Kraken's fee structure can be higher than some competitors, especially for low-volume traders, which might discourage small-scale investors.
OKX Strengths and Weaknesses
- Extensive Coin Selection: OKX supports a wide variety of cryptocurrencies, providing a vast array of trading pairs for its users.
- Robust Trading Tools: The exchange offers an array of trading tools and features, including futures, perpetual swaps, and options, catering to advanced traders.
- Liquidity: OKX is known for having high liquidity, which facilitates easier execution of trades without significant price slippage.
- Global Reach: OKX serves users worldwide, offering multilingual support and access to global markets.
- Regulatory Uncertainty: The regulatory status of OKX can be uncertain in some jurisdictions, which may pose risks for users in those areas.
- Complex Interface: The platform's interface and vast array of features may overwhelm beginners, making it less accessible for novice traders.
- Customer Support: Some users have reported issues with customer support response times, which can impact the user experience negatively.
- Withdrawal Restrictions: There can be restrictions and limits on withdrawals, which might inconvenience some users, especially those looking to move large amounts of cryptocurrency.
Cryptocurrencies Available
Kraken excels in fiat deposits and bank transfers, making it a convenient crypto exchange for beginners. However, it offers a limited selection of cryptocurrencies compared to OKX. Conversely, OKX caters to experienced traders with its diverse trading products, including futures trading, perpetual swaps, and access to decentralized exchanges (DEXs).
| Exchange | Total Cryptocurrencies | Unique or Niche Currencies | Fiat Currencies Supported (e.g., GBP, USD, EUR) | Staking Options |
|---|---|---|---|---|
| OKX | Over 300 | Offers various lesser-known altcoins and DeFi tokens. | Limited (e.g., USD, EUR, SGD) | Yes (limited selection) |
| Kraken | Over 100 | Focuses on established cryptocurrencies with high market capitalization. | Multiple (e.g., GBP, USD, EUR, CAD, JPY) | Yes (wider selection) |
To see an up to date list of Krakens coin listings click here. To see the OKX Coin listings click here.
Products and Features
In our opinion when looking the trading features on both Kraken and OKX, there is no wrong answer. Both exchanges have a wide range of products to suit a diverse range of crypto investors.
Trading Products:
Spot Trading: Both platforms offer spot trading, allowing users to buy and sell cryptocurrencies at the current market price.
Margin Trading:
- OKX: Offers margin trading for a wider range of cryptocurrencies, enabling users to leverage their positions (borrow funds) to potentially amplify gains (and losses).
- Kraken: Offers margin trading with a limited selection of cryptocurrencies.
Derivatives:
- OKX: Boasts a wider selection of derivative products, including futures contracts and perpetual swaps.
- Kraken: Offers futures contracts, but with a smaller selection compared to OKX.
Investment Products:
Staking:
- OKX: Limited selection of coins, primarily established ones, with lower potential returns (APYs) and often requiring locking periods for rewards.
- Kraken: Supports a wider range of coins, including emerging ones, and often offers higher APYs. Provides both flexible and locked staking options.
Additional Features:
- Fiat Support: Kraken supports a wider range of fiat currencies for deposits and withdrawals compared to OKX.
- Advanced Order Types: Both platforms offer advanced order types like stop-loss and take-profit orders.
- Mobile App: Both platforms have dedicated mobile apps for users to trade on the go.
OKX features a built-in OKX wallet for convenient storage, while Kraken relies on external wallets for custody services.
To summarise the findings of this section, Kraken’s simpler interface and limited selection of advanced features might be easier to navigate for beginners.
OKX’s broader range of features like margin trading, a wider selection of derivatives, and staking options (though limited) might be more appealing to experienced traders.
User Friendliness
The user interface on both exchanges is a point for contention. However they both have a slightly different target audience.
Kraken
I love how user friendly Kraken is. There is a reason this exchange is so popular among beginners. I have a slight bias as this was the first exchange I ever used, but it certainly wasn’t the last.
The interface is simple and intuitive and minimal training is required. Menus are clearly labelled and organized, making it easier to find desired features.
They provide a wide range of well-organized educational resources, including articles, videos, and FAQs, catering to both beginners and experienced users.
Is will come to no surprise but the mobile app is also very user friendly. However some features like staking are only available on the desktop version.
If the base interface is too simplified for advanced or pro traders then they also have access to Kraken Pro at the click of a button.
Kraken vs Kraken Pro
Kraken Pro is a separate platform by Kraken catering to experienced traders. It offers advanced features like margin trading, futures contracts, and in-depth market analysis tools, but with a steeper learning curve compared to the regular Kraken platform.
While both platforms allow crypto trading, Kraken Pro caters to experienced users by offering, Advanced order types & charting, deeper market insights, Leveraged trading.
Regular Kraken keeps things simpler, focusing on Basic order types & easier navigation, limited market data, spot trading only.
OKX
OKX offers a modern and visually appealing interface, giving the user a wealth of options. But it can feel cluttered or intimidating for some users, especially when compared to Kraken. Some tutorials may be required before using the platform optimally.
The menu structure may require some exploration to find specific features, particularly for less experienced users.
They provide a dedicated interface for advanced trading features like margin and derivatives, which may overwhelm beginners. They also offer library of educational resources and tutorials, but they may not be as well-organized or beginner-friendly as Kraken’s.
Their mobile app is very well build, allowing for an experience than generally mirrors the desktop.
In summary, Kraken’s simpler interface, clear navigation, and extensive learning resources make it a more user-friendly option.
Kraken Pro can cater to experienced users while keeping the base platform accessible for beginners.
OKX offers a wider range of advanced features, but at the cost of a potentially steeper learning curve. This may be more suited to more experienced traders.
OKX vs Kraken Price
Transaction fees are a crucial factor when choosing a cryptocurrency exchange as they directly impact your profitability. major crypto exchanges
Both Kraken and OKX have some of the lowest fees amongst the major crypto exchanges exchanges. OKX generally offers slightly lower trading fees compared to Kraken, especially for makers (those placing limit orders that add liquidity to the market).
They both operate a maker and taker model that is priced relative to trading volume. These fee discounts work out more cost effective than other cryptocurrency exchanges for higher volume traders.
| Fee Type | OKX | Kraken (Regular) | Kraken Pro |
|---|---|---|---|
| Maker Fees | Start at 0.08%, decrease with volume | Start at 0.16%, decrease with volume | Start at 0.00% (VIP tiers), otherwise 0.10% |
| Taker Fees | Start at 0.10%, decrease with volume | Start at 0.26%, decrease with volume | Start at 0.02% (VIP tiers), otherwise 0.26% |
| Desposit - Credit Card | May vary (typically higher) | Typically 3.6% | Typically 3.6% |
| Deposit Bank Transfer (GBP) | May vary | Free | Free |
OKX generally offers lower trading fees than Kraken, especially for makers and higher trading volumes. However, both platforms have variable fees for deposits, withdrawals (including fiat), quick/instant buys, and staking (depending on options).
It is important to check Kraken and OKX for the up to date information. These fee structures are liable to change from time to time.
Important Note: Quick/Instant Buy fees are typically higher than standard trading fees due to the convenience they offer. We would always recommend funding the account via bank transfer as the most cost effective option.
Security
Both Kraken and OKX boast robust security features, making them secure exchanges for your crypto holdings. However, Kraken operates under strict financial regulations, particularly in the US, fostering a sense of trust and transparency for users comfortable with regulations.
According to CER.live, Kraken boasts a significantly higher CER.live rating (AAA) compared to OKX (A). This indicates that independent security specialists consider Kraken to be generally more secure.
Both platforms offer essential security features like MFA, penetration testing, and bug bounties.
Kraken goes a step further by offering:
- Industry-leading security practices: This could encompass additional security measures beyond what is publicly disclosed.
- Cold storage for the majority of user funds: This helps protect user assets from online attacks.
- Insurance for USD holdings: This provides an additional layer of protection in case of a security breach.
| Platform | CER.live Rating | Security Features |
|---|---|---|
| OKX (formerly Okex) | A (81.80%) | Approved penetration test, ongoing bug bounty, proof of funds, multi-factor authentication (MFA). |
| Kraken | AAA (97.1%) | Industry-leading security practices, including regular security audits, cold storage for the majority of user funds, insurance for USD holdings (up to $250,000), and robust account security measures like MFA. |
While both platforms implement security measures, Kraken holds a significant edge based on its higher CER.live rating and additional security features. However, it’s crucial to note that even the most secure platforms can be vulnerable to cyberattacks.
Additional Security Considerations:
- Enable two-factor authentication (MFA): This adds an extra layer of security to your account.
- Store your crypto in a secure wallet: Don’t leave your crypto on the exchange for extended periods.
Remember, security is a shared responsibility. By taking these steps, you can help minimize the risk of your crypto assets being compromised.
OKX vs Kraken: Final verdict
We rank both OKX and Kraken very highly in our reviews.
OKX takes our top spot for best overall, however both excel in different areas, here’s a recap to help you decide:
For beginners, Kraken is generally considered a better choice due to its, simpler user interface, clear navigation, extensive learning resources and industry leading security practises.
OKX can be a great choice for individuals with some trading experience who prioritize lower fees, advanced features, and are comfortable navigating a less user-friendly interface. However, beginners or those prioritizing user experience and extensive educational resources might find Kraken a better fit.
It’s crucial to research and compare other exchanges beyond just Kraken vs. OKX. Explore different trading platforms, understand their fees (including taker fees and withdrawal fees), and assess their trading history and reputation within the crypto industry. This comprehensive approach ensures you select the crypto exchange that best aligns with your specific trading goals and risk tolerance.
FAQs
OKX is preferred for its low fees and advanced features suited for experienced traders. Kraken offers a user-friendly interface and extensive educational resources, making it ideal for beginners.
Kraken is considered better for beginners due to its simpler interface, clear navigation, and extensive learning resources focused on user security and ease of use.
Both OKX and Kraken prioritize security, with industry-leading practices. However, Kraken is often highlighted for its comprehensive security measures and educational resources on safety.
OKX typically offers lower trading fees, making it a preferred choice for traders looking to maximize returns and who are comfortable with more complex trading features.
Kraken wins on user experience with its straightforward navigation and learning tools. OKX, while less intuitive, appeals to those seeking advanced trading functionalities.