Coinbase Vs CEX.IO Vs. Kraken

           As with everything else, the free market has given us abundance in choices for a particular service. Consumers lean toward a service with the most incentive and reputation. While there are several exchanges that are cited as the gold standard in the bitcoin community, Coinbase, CEX.IO, and Kraken are one of the most popular in the game. So which of these exhanges are best suited for our needs?

Coinbase

           Coinbase is a San Francisco based exchange that was founded in June 2012 and is one of the most mainstream bitcoin platforms in the world. The company offers purchase, storage, and exchange of bitcoin, ether, and litecoin for a fiat currency. It operates in over 30 countries and has about 5 million users. But critics take a jab at this platform for locking some users out of their vaults without explanation, while others suggest ditching its vault feature and migrate bitcoins into a wallet like Mycelium after purchase to have a true possession and security. Still, many recommend this platform for newbies.

Interface

Source: https://www.bestbitcoinexchange.io/coinbase-review/

Pros:

• Low commission
• Beginner friendly

Cons:

• Weekly limit of $250 for bank accounts and $50 for credit/debit cards.
• Possible risk of being locked out from their online wallet.

CEX.IO

           CEX.IO is a platform based on London founded in 2013 that was formerly a cloud mining provider. It too provides purchase, storage, and exchange of Bitcoin.

• Basic account. Maximum of $500 daily and $2,000 monthly
• Verified account. Maximum of $10,000 daily and $100,000 monthly
• Verified Plus and Corporate accounts. No limit

Pros:

• Higher limits
• Available in more countries

Cons

• High commission fees
• Available only in 24 states (USA)

Kraken

Kraken is one of the oldest exchange that was born in 2011 in San Francisco. Kraken is the preferred choice by high net worth individuals looking to make high volume transactions and is tailored for professional traders.

When you first create an account, you can't do much but look around. There are 4 tiers or account levels, and in order to start trading with fiat, you need to reach Tier 2.

Pros

• High volume trading
• Leveraging

Cons

• High deposit fees on smaller amounts
• Not beginner friendly

Conclusion

If you're new to cryptocurrencies and would just like to have convenience, then Coinbase is the way to go. But if you want to trade large amounts and won't mind the commission and deposit fees, then go with Kraken. If you want the best of both worlds, then perhaps CEX.IO would fit the bill.