Kraken vs OKX

Both cards serve EEA users on Mastercard, creating genuine competition in Europe's largest crypto card market. Kraken additionally serves the UK. OKX additionally serves APAC (excluding banned countries). In the EEA, users have a direct choice between these two exchange cards.

Both support Apple Pay. OKX also supports Google Pay. Both charge 0% FX fees. But the headline "0% FX" hides a critical difference in total transaction cost.

Kraken has operated since 2011 with no security breach in over 14 years. OKX launched its card program for the EEA market more recently. OKX is banned in 7 countries (India, Malaysia, Philippines, Thailand, Singapore, Japan, Canada), removing major APAC markets from its reach. Kraken has one published ban (Philippines).

The fee gap defines this comparison. Kraken charges 0% on everything: FX, conversion, ATM. OKX charges 0% FX but 0.9% on every crypto conversion and 1% on ATM withdrawals.

At base tiers, Kraken earns 10x more: $360/year versus $36/year on $3,000/month spending. Kraken's 1% with zero fees means the headline rate is the take-home rate. OKX's base tier (approximately 1%) minus 0.9% conversion leaves just 0.1% net - earning almost nothing.

OKX overtakes Kraken at the 3% tier, netting 2.1% ($756/year versus $360). At the 5% maximum, OKX's 4.1% net ($1,476/year) earns 4x more than Kraken. But reaching these tiers requires significant OKB accumulation and consistent 30-day trading volume. New OKX users without OKB start near the base tier.

The breakeven OKB tier is approximately 1.9%. Below that, Kraken's 1% net outperforms after the 0.9% conversion fee is deducted. A user must earn at least 1.9% in OKX cashback for the net (1.9% - 0.9% = 1%) to match Kraken's clean 1%.

Kraken's zero-fee model is genuinely rare in the exchange card space. Most cards advertise "0% FX" while burying conversion fees or spread markups elsewhere.

Kraken charges 0% on:

• Foreign exchange: $0
• Crypto-to-fiat conversion: $0
• ATM withdrawals (Kraken-side): $0
• Spread markup: $0 (mid-market rate guaranteed)

OKX charges:

• Foreign exchange: 0% ($0)
• Crypto-to-fiat conversion: 0.9% ($9 per $1,000)
• ATM withdrawals: 1% ($5 per $500)
• Spread: not explicitly disclosed

On a $500 ATM withdrawal, Kraken charges $0 while OKX charges $5. On $3,000/month spending, OKX's conversion fee alone costs $27/month ($324/year) - exactly equal to Kraken's annual cashback on the same spending. The conversion fee effectively cancels out all cashback at OKX base tier.

For users who value predictability, Kraken eliminates fee math entirely. The 1% rate is what you earn. With OKX, the real return depends on your OKB tier, the conversion fee, whether you use ATMs, and your asset mix.

Kraken: 3.6% APY on eligible stablecoin and fiat balances with no lockup. A $10,000 idle balance earns approximately $360/year passively. 400+ spendable assets - the broadest support of any card on SpendNode. $50,000/month spending limit.

OKX: No comparable yield on card balances. 6 spendable assets (OKB, USDT, USDC, BTC, ETH, SOL). $30,000/month spending limit.

Combined annual returns at $3,000/month spending with $10,000 idle balance:

• Kraken: $360 cashback + $360 yield = $720/year
• OKX base: $36 cashback + $0 yield = $36/year
• OKX mid (3%): $756 cashback + $0 yield = $756/year
• OKX max (5%): $1,476 cashback + $0 yield = $1,476/year

With yield included, Kraken's total ($720) exceeds OKX base ($36) by 20x and even exceeds OKX mid-tier ($756) when the yield balance is above approximately $11,000. Only OKX at or above the 3% tier with no idle balance beats Kraken's combined return.

The 400+ asset gap means Kraken users can spend DOT, AVAX, ATOM, MATIC, or hundreds of other tokens directly. OKX users must first convert any non-supported token (anything other than 6 assets) to a supported one, creating an additional taxable event and exchange fee.

Choosing OKX for its 5% headline rate without checking your actual OKB tier. New OKX users without OKB holdings start near the base tier at approximately 1% cashback. After the 0.9% conversion fee, the net is 0.1%. On $3,000/month spending, that is $36/year - one-tenth of Kraken's $360/year. The "5% vs 1%" headline comparison is only relevant for users who already qualify for OKX's top tier. At base tier, Kraken outperforms OKX by 10x. How to avoid it: Check your actual OKB tier in the OKX app. If your effective cashback rate is below 1.9%, Kraken's clean 1% delivers more net per transaction. You need at least 1.9% on OKX for the 0.9% conversion fee to still leave you above Kraken's 1% net.

Ignoring Kraken's 3.6% APY when comparing pure cashback rates. Users often compare card cashback in isolation: "OKX 5% beats Kraken 1%." But Kraken's 3.6% APY on idle balances has no OKX equivalent. With $15,000 idle, Kraken earns $540/year in yield alone - more than the cashback difference between the cards at OKX's mid-tier ($756 - $360 = $396 gap). How to avoid it: Calculate total annual returns including yield. If you hold $10,000+ in idle stablecoins, Kraken's yield plus cashback can exceed OKX's cashback-only return at all but the highest tiers.

For EEA users without OKB holdings: Kraken with 1% uncapped cashback, truly zero fees, 3.6% APY, and 400+ assets. No token exposure required, no complexity, 10x better net return than OKX base tier.

For active OKX traders at 3%+ tiers: OKX at 2.1-4.1% net cashback delivers higher returns despite the 0.9% conversion fee. Worth the OKB commitment for users who already trade actively on the exchange.

For UK users: Kraken is the only option between these two (OKX does not serve the UK).

For APAC users (excluding banned countries): OKX is the only option between these two (Kraken's card does not serve APAC).

Outlook: OKX is expanding Apple Pay support to additional EEA markets and could potentially reduce or eliminate its 0.9% conversion fee, which would dramatically shift this comparison. Kraken's card program is relatively new (2024) and may introduce higher cashback tiers as it scales. Both cards face minimal regulatory risk in the EEA under MiCA. The key variable is OKX's conversion fee: if reduced to 0%, OKX would outperform Kraken at every tier above base. Watch for fee announcements from both exchanges in 2026.