Home > 11 Best Crypto Futures Trading Platforms of 2024 > 11 Best Crypto Futures Trading Platforms of 2024
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Written by Charles
Hi, I'm Charles Johns, a Finance graduate with a specialization in Financial Management from the University of Chicago. My journey through financial markets has fueled a passion for both traditional and digital assets, where I continuously explore evolving investment opportunities. As an active trader and cryptocurrency enthusiast, I strive to bridge the gap between complex financial concepts and practical, real-world applications. My goal is to empower everyone, whether seasoned investors or newcomers, with valuable insights and knowledge to confidently navigate the world of finance and crypto investing.
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Last Updated on November 11, 2024
Choosing the proper cryptocurrency exchange can be challenging, especially when considering platforms like Phemex and Kraken, each known for its distinct strengths.
In this article, we’ll compare Phemex and Kraken, focusing on their key features to help you understand each platform’s unique advantages.
Whether you prioritize advanced trading tools or a user-friendly, secure experience, this comparison will provide the insights you need to make an informed choice.
Our 2024's Recommendation 5/5 |
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Feature | Phemex | Kraken |
---|---|---|
Founded | 2019, by ex-Morgan Stanley executives | 2011, by Jesse Powell |
Supported Coins | Over 40 cryptocurrencies, including BTC, ETH, XRP, and LINK | Over 70 cryptocurrencies, including BTC, ETH, LTC, and DOT |
Leverage | Up to 100x on crypto derivatives and futures | Up to 5x on spot trading and up to 50x on futures |
Trading Volume | Medium to high varies based on market conditions | High, consistently among the top exchanges by volume |
Fees | Maker fee: 0.075%, Taker fee: 0.075% | Maker fee: 0.16%, Taker fee: 0.26% |
Deposit Methods | Cryptocurrency deposits, bank transfers | Cryptocurrency deposits, bank transfers, SEPA, SWIFT |
Products | Spot trading, futures contracts, staking | Spot trading, futures contracts, margin trading, staking |
Security Features | Cold wallet storage, multi-signature withdrawals | Cold wallet storage, 2FA, advanced encryption |
Customer Support | 24/7 live chat, email support | 24/7 live chat, phone support, email support |
User Interface | User-friendly, intuitive mobile app | Advanced interface with robust charting tools |
Sign up Bonus | Get up to $8800 Sign up Bonus | – |
When comparing Phemex and Kraken, you’ll find distinct offerings tailored to different crypto trading needs and preferences.
Spot Trading
Futures Trading
Options Trading
Leveraged Tokens
NFT Marketplace
Staking
Customer Support
Each platform has strengths, and choosing the right one depends on your trading needs and risk tolerance.
By understanding the contract types, you can align them with your trading strategy, balancing risk and reward.
Phemex and Kraken offer various options for spot trading and futures trading when considering supported cryptocurrencies.
Phemex:
Kraken:
Phemex:
Kraken:
By providing a variety of cryptocurrencies for both spot and futures trading, Phemex and Kraken cater to diverse trading needs. Phemex has a more extensive selection and higher futures trading leverage than Kraken.
Phemex and Kraken offer unique leverage and margin trading features, allowing you to amplify your positions and potential returns.
Phemex provides leverage up to 100x. This high leverage means you can control a more substantial position with a smaller initial investment. However, such high leverage increases liquidation risk if the market moves against your position.
Kraken, in contrast, offers a maximum leverage of 5x. This more conservative approach still allows amplified trading positions with a lower risk than Phemex.
Feature | Phemex | Kraken |
---|---|---|
Maximum Leverage | Up to 100x | Up to 5x |
Margin Requirements | Depends on asset class | Varies by asset |
Liquidation Risks | High due to high leverage | Lower due to lower leverage |
Funding Rates | Competitive varies by position | Competitive varies by position |
Both platforms require you to understand margin requirements, which differ depending on the asset class.
Kraken’s lower leverage minimizes the risks, but positions can remain liquidated if the market moves unfavorably.
Funding rates on both exchanges are competitive, but they vary based on the positions you hold. As you trade, you need to monitor these rates, which can affect the overall cost of maintaining leveraged positions.
Trading with leverage and margin on Phemex and Kraken provides opportunities for significant returns, but knowing and managing the associated risks is crucial.
When comparing Phemex and Kraken regarding trading volume, you’ll notice significant differences that impact their trading efficiency, execution, and slippage.
Phemex boasts a daily crypto derivatives trading volume of approximately USD 2.2 billion, making it the 10th highest in the market. This high volume contributes to better liquidity, often resulting in smoother trade execution and reduced trader slippage.
In contrast, Kraken, established in 2011 and recognized for its robust trustworthiness, also displays impressive trading volumes, particularly in spot trading.
Kraken’s high liquidity in spot markets ensures efficient trade executions and minimal slippage, appealing to professional and retail traders alike.
The following table summarizes vital trading volume metrics for both exchanges:
Metric | Phemex | Kraken |
---|---|---|
Daily Trading Volume | USD 2.2 billion (Derivatives) | High (Spot) |
Market Ranking | 10th in Derivatives | Top Tier for Spot |
Both exchanges employ a market maker-taker fee structure, incentivizing high-volume traders with lower fees.
Given its high derivatives volume, this structure is particularly effective on Phemex, ensuring competitive spreads and efficient market operations.
Krakenโs market depth and liquidity are bolstered by its compliance with U.S. regulatory standards and banking license, attracting a broad user base and institutional investors and enhancing the overall trading environment.
When trading futures on Phemex or Kraken, understanding their fee structure and rewards is crucial for profitability.
Phemex uses a flat-fee model:
Kraken employs a tiered system for futures trading:
Phemex Example:
Kraken Example:
Phemex:
Kraken:
Phemex offers up to 100x leverage, amplifying gains and losses. Fee rebates for market makers enhance profitability, encouraging liquidity provision.
Kraken also provides high leverage but caps it at 5x, which is more conservative. The tiered fee structure benefits high-volume traders with reduced fees as trading volume increases.
By carefully choosing your trading platform and understanding the fee structures, you can optimize your trading strategy to enhance profitability and take advantage of the available rewards and incentives.
When choosing between Phemex and Kraken, consider deposit and withdrawal options. Both platforms offer distinct features in this area, affecting the convenience, speed, and cost of transferring funds.
Supported Currencies and Payment Methods
Fees
Processing Times
Minimum and Maximum Amounts
Different needs and preferences will affect which platform suits you better. Phemex caters to those focused on cryptocurrency, while Kraken provides more traditional banking options.
Phemex and Kraken have native tokens, each serving distinct ecosystem roles.
Phemex: Phemex offers the Phemex Token (PHEMEX), designed to enhance the user experience on the platform. Holding PHEMEX can lead to reduced trading fees, giving traders an advantage.
Benefits of PHEMEX:
Kraken: Kraken utilizes the Kraken Token (KRAKEN) to reward loyalty and deliver added value to its users. By holding KRAKEN, traders can enjoy multiple benefits.
Benefits of KRAKEN:
Feature | Phemex (PHEMEX) | Kraken (KRAKEN) |
---|---|---|
Trading Fee Discounts | Yes | Yes |
Premium Services Access | Yes | No |
Staking Opportunities | No | Yes |
Governance Participation | No | Yes |
By incorporating their native tokens, both Phemex and Kraken aim to provide an enriched trading experience, though each token’s specific utilities and benefits differ.
When choosing between Phemex and Kraken, KYC (Know Your Customer) requirements are crucial in determining your experience.
Both exchanges have different procedures and levels of verification, affecting privacy, security, and accessibility.
Phemex offers a straightforward KYC process. You must provide an identity document such as a passport or valid ID card to verify your identity. The steps involve:
Verification on Phemex is essential for higher deposit and withdrawal limits and access to additional trading features.
Kraken has more detailed verification tiers, each requiring varying levels of information:
Hereโs a comparison of KYC limits for both exchanges:
Exchange | Verification Level | Deposit Limits | Withdrawal Limits |
---|---|---|---|
Phemex | Basic | Limited | Limited |
ย | Verified | Higher | Higher |
Kraken | Starter | Low | Low |
ย | Intermediate | Moderate | Moderate |
ย | Pro | High | High |
These verification levels determine your overall accessibility to various services within each platform. While Phemex focuses on simplicity, Kraken provides granular control over user verification for enhanced security.
Understanding these requirements lets you choose the proper exchange that fits your privacy, security, and trading capacity needs.
When comparing Phemex and Kraken in terms of user experience, both platforms offer unique advantages.
Interfaces
Mobile App
Web Interface
Functionality
Ease of Use
Ultimately, both exchanges cater to different user needs while providing a high-quality trading environment.
When trading on Phemex or Kraken, you have several order types, each tailored to different strategies and risk management techniques.
Market Orders
Limit Orders
Stop Orders
Conditional Orders
Post-Only Orders
Reduce-Only Orders
Trailing Stop Orders
You can see that both platforms offer a comprehensive set of order types.
This variety helps you implement diverse trading strategies and manage risks effectively. These tools are crucial whether youโre involved in spot trading or playing with leverage in futures and derivatives.
When evaluating the security measures and reliability of Phemex and Kraken, you’ll find robust frameworks designed to protect your funds and data.
Phemex
Kraken
Phemex
Kraken
Both exchanges are committed to delivering a secure and reliable trading environment, leveraging advanced technology and best practices in the industry.
Phemex has established an insurance fund to protect its users from unexpected losses during trading.
This fund comes into play primarily for contract trading, helping to cover significant losses and liquidations. By maintaining an insurance fund, Phemex aims to ensure the stability and reliability of its trading platform.
You can find detailed information about Phemex’s insurance fund on their website. They openly disclose the fund’s size and operational mechanisms, promoting transparency and trust.
Their goal is to provide a safety net for traders, which is an essential feature for those involved in high-stakes trading activities.
Kraken, on the other hand, does not explicitly mention having an insurance fund comparable to Phemex’s.
While Kraken emphasizes security measures and has a strong reputation for trustworthiness and compliance with U.S. regulations, it relies more on these than maintaining a separate insurance fund.
Kraken focuses on keeping user funds secure through stringent regulatory compliance, cold storage solutions, and consistent security practices.
This approach indirectly contributes to user protection but does not offer a specific financial backup from an insurance fund.
When evaluating Phemex and Kraken for customer support, you will find distinct differences in how they handle user inquiries and problems.
Phemex provides 24/7 customer support in multiple languages. You can reach their team via email, social media, or even engage directly with their CEO on Twitter. This commitment ensures that you have access to help at any time of the day.
Kraken, by contrast, offers live chat support from 6 AM to 6 PM EST. While their support is highly responsive during these hours, it does not provide round-the-clock availability. This might be a consideration depending on your trading hours and the urgency of your issue.
Below is a comparison table for quick reference:
Feature | Phemex | Kraken |
---|---|---|
Availability | 24/7 | 6 AM to 6 PM EST |
Languages Supported | Multiple | Primarily English |
Support Channels | Email, Social Media | Live Chat |
Both platforms aim to respond swiftly and provide effective solutions. Your choice may depend on the level of support availability and the preferred communication channels you require.
When comparing Phemex and Kraken, consider their regulatory compliance and adherence to legal standards in their operating jurisdictions.
Kraken
Kraken, established in 2011, is known for robust regulatory compliance. It has held a U.S. banking license since 2020, ensuring adherence to American regulations.
Kraken is also registered as a Money Services Business (MSB) with FinCEN in the U.S. and FINTRAC in Canada. These certifications underline its commitment to legal standards.
Phemex
Phemex, founded in 2019, primarily focuses on serving a global audience. While it lacks a U.S. banking license, it follows international regulations.
It leverages third-party audits to ensure platform security. However, it may face challenges in countries with stringent crypto regulations, potentially limiting its user base in specific regions.
Licenses and Audits
Kraken’s banking license and MSB registrations highlight its robust compliance. Phemex, in contrast, relies on regular third-party security audits. Although both aim to safeguard user funds, Kraken’s regulatory framework appears more extensive.
Challenges and Controversies
Kraken occasionally faces scrutiny due to the dynamic nature of U.S. regulations.
Phemex, on the other hand, must navigate varying international laws, which can pose significant challenges. Neither platform is immune to regulatory pressures, underscoring the complex landscape of cryptocurrency trading.
As a user, you should weigh these regulatory aspects when choosing between Phemex and Kraken, considering the specific legal requirements of your jurisdiction.
When choosing between Phemex and Kraken, itโs essential to consider your trading needs and experience level.
Phemex stands out for its advanced futures and derivatives trading options.
With leverage up to 100x, it’s ideal for experienced traders looking for high-risk, high-reward opportunities. Phemex also provides robust security features, including cold storage for assets.
Kraken offers a more comprehensive platform for U.S.-based traders. Known for its compliance with U.S. regulatory standards and transparent fee structure, Kraken suits those seeking reliability and lower-risk trading.
It also supports a diverse range of coins.
Depending on your needs, whether it’s high leverage and advanced trading or reliability and compliance, you can find a suitable option in either Phemex or Kraken.
Our 2024's Recommendation 5/5 |
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Compare Phemex and Kraken with other significant exchanges
Hi, I'm Charles Johns, a Finance graduate with a specialization in Financial Management from the University of Chicago. My journey through financial markets has fueled a passion for both traditional and digital assets, where I continuously explore evolving investment opportunities. As an active trader and cryptocurrency enthusiast, I strive to bridge the gap between complex financial concepts and practical, real-world applications. My goal is to empower everyone, whether seasoned investors or newcomers, with valuable insights and knowledge to confidently navigate the world of finance and crypto investing.
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