Kraken vs Phemex

We evaluate how openly a provider communicates its costs. We check: Is there a dedicated fee page with clear information? Are costs visible before purchase during the buying process? Is the spread listed separately? The more of these criteria are met, the higher the rating.

We assess whether and how transparently a provider publishes evidence of its crypto reserves. Proof of Reserves can improve transparency, but does not replace a complete audit of a company's assets and liabilities.

We evaluate how openly a provider communicates its costs. We check: Is there a dedicated fee page with clear information? Are costs visible before purchase during the buying process? Is the spread listed separately? The more of these criteria are met, the higher the rating.

The overall rating is calculated as the average of our individual scores. Our ratings do not constitute investment advice but merely reflect our personal opinion. You are welcome to use them as rough indicators and additional perspectives. In the dynamic and rapidly evolving crypto space, parameters can change frequently from one day to the next; therefore, we cannot guarantee the accuracy of the rating data. Please never use our ratings as the sole basis for decision-making or as a substitute for your own research.

Most exchanges or brokers offer the purchase and sale of 'real' cryptocurrencies where you own the underlying asset and can transfer it to your wallet. However, some providers only offer derivatives (CFDs) or exchange-traded products (ETPs) that merely track the price. In these cases, you don't own the underlying asset and cannot withdraw it to external wallets.

Self-custody of cryptocurrencies is important for many users who want to manage their cryptocurrencies and thus their private keys themselves. Most exchanges offer the option to transfer purchased cryptocurrencies directly from the platform to any personal wallet.

Beyond cryptocurrencies, some exchanges also let you trade traditional securities such as real stocks and ETFs. "Real" means that you actually own the securities, rather than merely gaining exposure to their price movements through a derivative (CFD). For many users this is an advantage, as it lets them combine their crypto investments and traditional investing in stocks or ETFs on a single platform, without needing a separate brokerage account with a conventional broker.

Automatic purchase of cryptocurrencies at set intervals (e.g., monthly) for a predetermined amount. The savings plan feature is well known from traditional finance apps and is often used for regular purchases of stocks or ETFs to achieve a cost averaging effect.

Staking means locking up cryptocurrency in a network for a set period to help validate transactions. In return, participants earn staking rewards, typically expressed as an annual percentage yield (APY). Staking is a feature of blockchains that use a proof-of-stake consensus mechanism.

The exchange offers features designed to meet the needs of active traders, such as deep liquidity, competitive trading fees, advanced order types, or products including futures, perpetuals, and margin trading.

Leverage trading lets you trade with more capital than you actually put up yourself. The leverage is expressed as a ratio (e.g. 1:5 or 1:10) and multiplies both potential gains and losses. If an exchange offers you leverage of 1:10, for example, a stake of 100 USD lets you open a position worth 1,000 USD. Since even small price movements can lead to disproportionate losses, up to and including a total loss of your stake, leverage trading is aimed primarily at experienced traders.

An order book displays all open buy and sell orders for a trading pair in real time. On one side are the buy orders (bids), on the other the sell orders (asks), each with its price and quantity. This lets you see at a glance the prices at which people currently want to trade and how much liquidity there is in the market. Exchanges with their own order book usually also offer various order types such as limit or market orders, making them better suited to active traders than simple brokers with fixed purchase prices.

Some exchanges and brokers are regulated by financial supervisory authorities in specific countries or states. This often entails strict financial regulatory requirements and compliance obligations that the company must adhere to. Regulatory clarity can lead to greater transparency and, consequently, higher trustworthiness.