Kucoin vs Kraken: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

KuCoin implements robust security measures like micro-withdrawal wallets, industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments to protect its users' assets.

Security is paramount for Kraken as well. Over 95% of digital assets are kept in cold storage, and their servers are under 24/7 surveillance. Account information is encrypted, and two-factor authentication is provided for added account security.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

The Ontario Securities Commission (OSC) has banned KuCoin from operating in Ontario for non-compliance with its regulations, imposing a $2 million fine plus investigation costs. Despite this, many Canadians continue to use KuCoin.

Kraken is not available in all parts of Canada due to regulatory constraints, particularly in Ontario. However, it remains accessible to Canadians in other provinces.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

KuCoin offers support through its 24/7 live chat service and a well-stocked online help center. User reviews commend the speed and quality of their customer service.

Like KuCoin, Kraken provides 24/7 live chat and email support. They also offer a help center filled with troubleshooting articles. Phone support is available in the USA, UK, and the European Union.

Conclusion

Both KuCoin and Kraken offer good platforms for cryptocurrency trading, each with its unique advantages. However, given its wider range of cryptocurrencies, more intuitive mobile app, and lower fees, KuCoin edges out Kraken as the preferred choice in this comparison.

When comparing Kucoin to Kraken, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to other exchanges, some of which may not offer round-the-clock support.

We recommend choosing Kucoin over Kraken for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin nor Kraken meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.