Kraken vs Wealthsimple: Which is Best? [2025]

Kraken

Popular and well-known exchange based in the USA.

Wealthsimple

Canadian financial services platform serving 3+ million users with $70+ billion in assets under administration. Offers crypto trading alongside traditional investing.

Kraken

Available in over 190 countries globally with some restrictions. Not available in New York, Washington state, Japan, Russia, Belarus, Cuba, Iran, Iraq, North Korea and a few other restricted regions. Some European countries have restrictions on specific services like futures trading.

Wealthsimple

Available only in Canada. All users must verify their identity to access crypto trading features.

Kraken

Over 200 cryptocurrencies supported including BTC, ETH, USDC, SOL, DOGE, SHIB, XRP, ADA, MATIC, DOT, AVAX, LINK, MANA, LUNA2, ATOM, ALGO, APT, ARB, FTM, NEAR, OP, PYUSD, STRK, SUI, TON, TRX, XLM, XMR, XTZ and many more across multiple networks including Ethereum, Solana, Bitcoin, Polygon, Arbitrum, and others.

Wealthsimple

100+ cryptocurrencies including Bitcoin

Kraken

• Withdrawal Fees:
• ACH: Free
• Wire Transfer: $25
• SEPA: Free
• SWIFT: $25
• BTC: Network fees vary

Wealthsimple

• Trading Fees (based on account tier):
• Core: 2%
• Premium: 1%
• Generation: 0.5%
• 
  Staking Fees:
• Core/Premium: 30% of rewards
• Generation: 15% of rewards
• 
  Network Fees:
• Varies by blockchain

Kraken

ACH, Bank Account, Apple Pay, Google Pay, SEPA, Interac e-Transfer, Debit Card, PayPal

Wealthsimple

Interac e-TransferBank Account

Kraken

0.15% - 6.5%

Available for BTC (0.15% bonded/0.1% flexible), USDT/USD/USDC (6.5% bonded/4.5% flexible), and EUR (4.45% bonded/3.5% flexible).

Wealthsimple

Up to 12.6%

Earn staking yields up to 12.6% APY on DOT, 4.4% APY on SOL, 3.3% APR on ETH, and 2.7% APY on ADA. Staking fees - 30% (Core/Premium) or 15% (Generation) of rewards, plus validator fees. Auto-staking available for future purchases.

Kraken

iOS Rating: 4.7 Official rating from the iOS App Store as of November 18, 2024.

Android Rating: 4.3 Official rating from the Android Play Store as of November 18, 2024.

Wealthsimple

iOS Rating: 4.6 Official rating from the iOS App Store as of November 18, 2024.

Android Rating: 3.8 Official rating from the Android Play Store as of November 18, 2024.

Kraken

Industry-leading security with ISO/IEC 27001:2013 certification and SOC 2 Type 1 examination. Funds stored in secure cold storage with 24/7 armed guard surveillance. Features include advanced encryption, FIDO2 2FA, customizable API permissions, global settings time lock, and proof of reserves auditing. No phone/SMS recovery to prevent SIM swap attacks. Expert security team with constant monitoring and testing.

Wealthsimple

Majority of cryptocurrencies held in offline cold storage with regulated custodial partners, each with $75M+ insurance coverage. Hot wallets covered by Coincover insurance for additional protection against hacks.

Kraken

Yes, Kraken was hacked in June 2024, but the crypto exchange was able to fix the breach within 47 minutes and no client funds were lost.

Wealthsimple

No reported loss of customer funds.

Kraken

kraken.com

Wealthsimple

wealthsimple.com

Kraken

No review available

"What a fantastic trading platform. Wonderful to have it as the mobile version, being able to work your trades on the go. Keeping up with the portfolio just became incredibly easy! Love you guys and thank you for the work. New trader here! The interface is easy to navigate and a pleasure on the eyes. The setup is notable, and perhaps there should be instructions provided in the app upon first launch. :)"
- Real user review from iOS App Store, Android Play Store or Trustpilot

Wealthsimple

No review available

"Love the simplicity and how easy this was to get going! The UI is so much less intimidating than other options. Keep up the good work!"
- Real user review from iOS App Store, Android Play Store or Trustpilot