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Home Platforms Kraken vs Ledn

Compare Kraken vs Ledn

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Definda Score™

The Definda Score is an impartial, objective analysis of platform features.
Savings Rates
4.2
Loan Rates
2
Established
5.9
Reviews
8.4
Risk Management
2
Withdrawals
2
Coverage
5.3
Support
10
Savings Rates
6.2
Loan Rates
4.7
Established
3.1
Reviews
8.9
Risk Management
8
Withdrawals
5
Coverage
2
Support
6
Savings Rates
4.2
Savings Rates
6.2
Loan Rates
2
Loan Rates
4.7
Established
5.9
Established
3.1
Reviews
8.4
Reviews
8.9
Risk Management
2
Risk Management
8
Withdrawals
2
Withdrawals
5
Coverage
5.3
Coverage
2
Support
10
Support
6

Pros & Cons

tick One of the biggest crypto exchanges in the world
tick Large selection of supported cryptocurrencies
tick Very competitive maker and taker fees
tick Available in almost all countries
tick More reviews than Ledn (31,322 vs 689 reviews)
tick Higher rating for android phone app than Ledn (4.2 vs 2.5 stars)
tick Been in business longer than Ledn (Founded 2011 vs 2018)
tick Has less assets under management than Ledn
tick Fiat exchange available on Kraken but not on Ledn
tick Pro exchange marketplace available on Kraken but not on Ledn
tick Offers corporate accounts but Ledn doesn't
tick Instantly buy crypto with fiat on Kraken but not on Ledn
tick Has 24/7 support but Ledn doesn't
tick Has phone support but Ledn doesn't
tick Interface supports French, Japanese, Turkish, Vietnamese, Simplified Chinese, Russian, Italian and Filipino whereas Ledn doesn't
tick Ultra simple model
tick No hidden fees
tick Only one interest payment at end of 12 month term required on loans
tick Automatically buy more bitcoin with a loan secured against your existing bitcoin
tick Proof of company crypto reserves provided by major accountancy firm
tick Higher average review rating than Kraken, but based on fewer reviews (89% vs 84%)
tick Higher rating on Trustpilot than Kraken (4.7 vs 2.2 stars)
tick Offers loans but Kraken doesn't
tick Account verification in less than 1 hour available on Ledn but not on Kraken
Savings Rates
tick Kraken will pay interest on 11 crypto currency deposits not offered by Ledn:
Savings Rates
tick Ledn will pay interest on USD Coin (USDC) stable coin deposits whereas Kraken does not
tick Ledn has a higher base saving rate for Bitcoin (BTC) (2% vs 0.25%)
1 more savings rates pro ...
Loan Rates
tick Ledn offers loans in US Dollars (USD) fiat currency deposits whereas Kraken does not
tick Ledn offers loans in USD Coin (USDC) stable coin deposits whereas Kraken does not
1 more loan rates pro ...
cross A bit complex for beginners
cross Mobile app has very limited functionality
cross Savings rates only available fro BTC and USDC
cross Much lower savings rates for large BTC deposits
cross Bitcoin is only token acceptable as loan collateral
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Withdrawals

Withdrawal Time
Withdrawal Time
30 hours
Withdrawal Score
2
Withdrawal Score
5
Withdrawals Experience

Withdrawals Experience

Ledn has a very simple model. As soon as you deposit either BTC or USDC then those deposits immediately start earning interest. There is no need to manually transfer the money to a savings account once on the Ledn platform. This means that when you need to withdraw funds, you can withdraw them directly from the savings account. Savings accounts have no lock in period and you can withdraw your funds at any time.

Withdrawals are processed manually and Ledn states that the vast majority of requests are processed within 24 hours, but that the terms of the savings account stipulate that it can take up to 7 days. In our tests, withdrawals took about 30 hours from the time of request to the funds arriving in your wallet.

Ledn does not charge any withdrawal fees on BTC, however you must pay the miner's fees associated with the withdrawal. These fees will be deducted from the amount that you withdraw. There is a minimum withdrawal amount of 0.0005 BTC. For USDC withdrawals a fee does apply which is 35 USDC.

Ledn state in their FAQ that some withdrawal requests may require a confirmatory video call with the platform.

To date Ledn has never frozen withdrawals on any of their currencies.

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Risk

Risk Management Score
2
Risk Management Score
8
Risk Management

.

Risk Management

Ledn accounts feature 2 factor authentication for key activities such as login and withdrawals. You can whitelist withdrawal addresses so that funds can only be sent to those addresses. You can also add a personal anti-phishing phrase to the site. This phrase will be included in any emails sent to you which will help you to verify that the email was sent by Ledn and not an impersonator.

Ledn state in their FAQs that assets deposited on the platform are not loaned out to borrowers and instead 100% of these deposits are stored with a third party cold storage custodian, Bitgo. However, elsewhere in their FAQs they state that they may in fact lend out these assets to a borrower and will not necessarily hold an equivalent amount of crypto as collateral. They go on to state that their primary borrower is Genesis. So we have mixed messages from Ledn about the extent to which deposits are loaned out, but in all likelihood deposits are loaned out as this is how they generate a return to pass on to you.

One unique feature of Ledn is that you can verify that your deposit really does exist in Ledn's accounts. This is done by way of a an attestation by Armanino LLP, a top tier accountancy firm. The Ledn web app provides a link to the Armanino asset verification page. Here you can enter a unique hash associated with your account which then reveals Armanino audit of your personal assets. The ability to verify personal individual assets in this way is quite unique and very reassuring. Other platforms that have implemented proof of reserves systems normally show that the total assets of the company exceed total customer liabilities, but there is no way to verify your individual assets.

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Reviews

84% based on 31,322 reviews
89% based on 689 reviews
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Savings Rates

The table below compares the savings rates for Kraken and Ledn. Enter the amount you intend to deposit to get a more detailed comparison.
Stable Coins
Crypto Currencies
ADA Cardano
5% APR
5% APR
ALGO Algorand
4.75% APR
4.75% APR
ATOM Cosmos
7.5% APR
7.5% APR
BTC Bitcoin
0.25% APR
0.25% APR
DOT Polkadot
12% APR
12% APR
ETH Ethereum
5.5% APR
5.5% APR
FLOW Flow
7.5% APR
7.5% APR
KAVA Kava
23% APR
23% APR
KSM Kusama
18% APR
18% APR
MINA Mina
16% APR
16% APR
SOL Solana
6.5% APR
6.5% APR
XTZ Tezos
4.7% APR
4.7% APR
Loading rates ...
Stable Coins
USDC USD Coin
7.5% APY
7.5% APY
Crypto Currencies
BTC Bitcoin
2% - 5.25% APY
2% - 5.25% APY
Loading rates ...
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Loans Rates

The table below compares the loan rates for Kraken and Ledn. Enter the amount you intend to borrow to get a more detailed comparison.
Fiat Currencies
Stable Coins
Loading rates ...
Fiat Currencies
USD US Dollars
7.9% APR
50% LTV 7.9% APR
Stable Coins
USDC USD Coin
7.9% APR
50% LTV 7.9% APR
Loading rates ...
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Company

Legal name
Payward Inc
Legal name
Ledn Inc
Year founded
2011
Year founded
2018
Country incorporated in
2
Country incorporated in
47
Headquarters country
2
Headquarters country
47
Centralised
tick Yes
Centralised
tick Yes
Number of employees
250
Number of employees
40
Number of users
4,000,000
Number of users
Total assets under management
$10,000,000,000USD
Total assets under management
$1,000,000,000USD
Withdrawal time in hours
Withdrawal time in hours
30hours
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Products

Savings accounts
tick Yes
Savings accounts
tick Yes
Loans
cross No
Loans
tick Yes
Crypto to crypto exchange
tick Yes
Crypto to crypto exchange
tick Yes
Fiat to crypto exchange
tick Yes
Fiat to crypto exchange
cross No
Pro exchange marketplace
tick Yes
Pro exchange marketplace
cross No
Peer to peer exchange
cross No
Peer to peer exchange
cross No
Margin trading
tick Yes
Margin trading
Corporate accounts
tick Yes
Corporate accounts
cross No
Instantly buy crypto with fiat
tick Yes
Instantly buy crypto with fiat
cross No
Integrated crypto wallet
tick Yes
Integrated crypto wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Crypto withdrawals to private wallet
tick Yes
Fast account verification
cross No
Fast account verification
tick Yes
Futures exchange
tick Yes
Futures exchange
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Security

Insurance level
Insurance level
$100,000,000USD
Cold storage
tick Yes
Cold storage
tick Yes
Cold storage custodian
Self custody
Cold storage custodian
BitGo
Two factor authentication
tick Yes
Two factor authentication
tick Yes
Credit check
cross No
Credit check
cross No
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Support

24/7 support
tick Yes
24/7 support
cross No
Email support
tick Yes
Email support
tick Yes
Phone support
tick Yes
Phone support
cross No
Chat support
tick Yes
Chat support
tick Yes
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Fees

Maker fee
0%
Maker fee
Taker fee
0%
Taker fee
Exchange fees
Maker and taker fees vary by 30 day trade volume and go as low as 0% maker fee and 0.1% taker fee for traders exchanging more than $10,000,000 per month
Exchange fees
0% exchange fees
Fiat deposit fee
tick Free
Fiat deposit fee
Fiat deposits not accepted
Fiat withdrawal fee
tick Free
Fiat withdrawal fee
Fiat deposits not accepted
Crypto deposit fee
tick Free
Crypto deposit fee
tick Free
Withdrawal process
Withdrawal process
Withdrawals are processed manually, normally with 24 hours. They can take up to 7 days max.
Withdrawal time
Withdrawal time
30 hours
Crypto withdrawal fee
tick Free
Crypto withdrawal fee
Miner's fee only for BTC withdrawals. 35 USDC for USDC withdrawals.
Crypto wallet withdrawal limit
Starter accounts: $5,000 per day. Intermediate accounts: $500,000 per day. Pro accounts: $10,000,000 per day
Crypto wallet withdrawal limit
Savings crypto account withdrawal limit
Savings crypto account withdrawal limit
Up to 1,000,000 USDC every 7 days and up to 100 BTC every 7 days
Fiat wallet withdrawal limit
Express accounts: $9,000 per day. Intermediate accounts: $100,000 per day. Pro accounts: $10,000,000 per day.
Fiat wallet withdrawal limit
Savings fiat account withdrawal limit
Savings fiat account withdrawal limit
No fiat savings withdrawls
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Investment Strategy

Independent proof of reserves
Independent proof of reserves
tick Yes
Proof of reserves
Proof of reserves
You verify that your specific deposits do exist within Ledn assets via a web link to Armanino LLP
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Registrations & Regulation

Know your customer
tick Yes
Know your customer
tick Yes
Regulators
Regulated by FinCEN in the USA, FINTRAC in Canada, FCA in the UK, the Australian Transaction Reports and Analysis Centre in Australia and the FSA in Japan
Regulators
Financial Crimes Enforcement Network
tick Yes
Financial Crimes Enforcement Network
Financial Conduct Authority
tick Yes
Financial Conduct Authority
Financial Transactions and Reports Analysis Centre of Canada - Money Service Business Registration
tick Yes
Financial Transactions and Reports Analysis Centre of Canada - Money Service Business Registration
Australian Securities and Investment Commission - Registration as Foreign Company
tick Yes
Australian Securities and Investment Commission - Registration as Foreign Company
Financial Services Agency - Crypto Asset Exchange Operator
tick Yes
Financial Services Agency - Crypto Asset Exchange Operator
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Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

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