In this article, I will be looking at what features to consider when choosing between Kraken and Blofin for crypto investments.
The services of both platforms are unique, so it is essential to know your needs and trading profile before choosing your investment strategy.
What Is Kraken?
Kraken is a US-based cryptocurrency exchange where users can buy, sell, and trade various assets with relatively low commissions. Clients can also earn rewards through coin staking.
The exchange has a leading level of euro volume and liquidity. It allows users to trade over 100 crypto assets and seven fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF, and AUD, on the go with a web platform and mobile apps.
Founded in 2011, it was one of the first few crypto exchanges offering spot trading, derivatives, and index products.
Today, the company offers numerous products and services, including but not limited to spot trading, margin trading, futures, indices, stakings, OTC, and an upcoming non-fungible token (NFT) marketplace.
The exchange serves over 8 million traders and institutional clients and is backed by Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures, and more.
What Is Blofin?
BloFin is a secure and cryptocurrency centralized exchange (CEX) that offers the best services for perps & futures trading with an extensive selection of over 350 USDT-M perpetual contracts and 250 spots.
Aside from derivatives trading products, BloFin now provides more high-quality services, including spot trading, copy trading, demo trading earnings, API, and more.
BloFin is committed to prioritizing user fund security by partnering with Fireblocks to safeguard users’ assets and providing insurance coverage for potential crypto-related incidents. BloFin also enhances compliance and security with Chainalysis.
“Should I Use Kraken or Blofin to Invest in Crypto?
When deciding whether Kraken or Blofin is the better option for crypto investment, it all comes down to individual needs.
On one hand, Kraken has a strong reputation in the market when it comes to security, low fees, and a variety of cryptocurrencies.
It has a straightforward interface and is well-suited for both beginners and experienced traders.
On the other hand, in the case of Blofin, it provides its customers with advanced trading options such as futures and copy trading, which makes it suited for seasoned traders looking to utilize more complex trading techniques.
Trading Fees Comparison Kraken Vs Blofin
| Feature | Kraken | Blofin |
|---|---|---|
| Spot Trading | Maker: 0.00% – 0.25% | Maker: 0.1% |
| Taker: 0.10% – 0.40% | Taker: 0.1% | |
| Futures Trading | Maker: 0.00% – 0.02% | Maker: 0.02% |
| Taker: 0.05% – 0.06% | Taker: 0.06% | |
| VIP Discounts | Yes, based on 30-day trading volume | Yes, based on 30-day trading volume |
| Altcoins | Up to 0.2% | Up to 0.2% |
User Experience and Interface of Kraken
Kraken simplifies trading for users of all levels. The platform consists of several widgets, which can be altered according to individual requirements.
The Pro version is for deeper trading and analysis, while the standard version is more suitable for casual trading like buying and selling.
Beginner gender is also accessible here, thanks to tooltips and a responsive design. The application also looks nice on mobile devices.
User Experience and Interface of Blofin
Bluefin is strong in targeting newbies – there is nothing surplus in the view, and everything is straightforward.
On the primary desktop, a logical structure of the navigation bar is present, enabling quick access to spot as well as futures trading options, copy trading, and earning features.
The app is also equipped with strong AI-based security, so Bliofin is considered quite secure. Blofin’s emphasis on user experience and security stands out as a good combination for a first-timer or an experienced trader alike.
Available Cryptocurrencies and Trading Pairs
Supported Cryptocurrencies and Trading Pairs on Kraken
Kraken lists a stunning 215+ cryptocurrencies and 644 trading pairs for various cryptocurrencies. Some of the top cryptocurrency offerings on Kraken are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Dogecoin (DOGE), and Shiba Inu (SHIB).
The exchange has a wide offering of trading pairs, including fiat currencies with cryptocurrency, two different cryptocurrencies, or stablecoin pairings.
Supported Cryptocurrencies and Trading Pairs on Blofin
Blofin has 129 spot trading pairs and 312 perpetual contract trading pairs. Blofin also keenly supports some of the popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), Optimism (OP), and Litecoin (LTC).
Other trading pairs that Blofin provides include USDT-M perpetual contracts and spot trading pairs.
Would you like to receive more information on any particular cryptocurrency or any trading pair?
Which Platform Is Right for You?
- If you are just starting out or if you prefer something simple, Kraken is a good choice. It’s quite easy to use and has a wide range of cryptocurrencies as well as strong security features.
- If you are a seasoned trader who is in search of more included trading options and tools, Blofin might be preferable. It offers futures trading and copy trading, which are more sophisticated in terms of the required trading strategies.
In the end, the most suitable platform for one’s desires will be dictated by one’s level of trading experience and goals in life.
You may want to try both of these platforms so that you know which of the two offers the best search experience to the user.
Is that enough for you to conclude?
Conclusion
To summarize, deciding whether to invest in crypto on Kraken or Blofin should depend solely on the individual’s requirements and preferences.
Kraken is perfect for those who need an easy-to-use platform, enhanced security, and multiple supported coins.
It is suitable for both novices and expert traders who demand a reliable platform with well-rounded services.
On the contrary, Blofin provides users with advanced trading options, including futures trading plus copy trading, which makes it an excellent choice for experienced traders willing to employ advanced trading techniques.
There are merits in both trading platforms; therefore, decide what is essential for you and adopt both if need be in order to find what is the best match for your trading style.
