Kraken’s fees are relatively high if you’re planning on using a card. You will be charged 3.75% of your deposit in processing fees, plus $0.25. There is also a 0.9% fee for stablecoins and 1.5% for any other crypto or FX pair. In total, you could be looking at up to 5% in fees alone. That is quite a bit.
If you upgrade to Kraken Pro, however, fees are much more reasonable. Kraken uses a maker/taker fee schedule incentivized by lower fees for higher volume trades.
eToro keeps the fee structure simple for users with a standard fee of 1% for buying or selling crypto. This is not only easier for the user, but it’s also a much better price than Kraken’s 3.75%.
As an example, here’s how this breaks down if you’re buying $100 worth of Bitcoin (BTC) on eToro. In that case, the 1% fee would be $1, making your total $101. Now, 1% is certainly a fair fee, but if you’re going to trade in high volume amounts, the 1% can add up. If that’s the case it may be worth looking into Kraken Pro, where the fee percentage goes down as the trade volume goes up. But with standard Kraken fees, $100 worth of BTC would cost you 3.75% plus $0.25 for a total of $104, a bit higher compared to the $101 at eToro for the same amount of Bitcoin.
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