Kraken vs Bittrex Crypto Exchange Comparison
Making Crypto Simple
Kraken Pros:
- A highly reliable and secure trading platform;
- Allows margin trading with a 5x leverage;
- Features an industry-low fee structure;
- Enables fiat deposits;
- Provides cold storage for users’ funds protected by real security guards;
- Enables earning passive income through staking;
- No known hacking instances.
Kraken Cons:
- More suitable for experienced traders.
Bittrex Pros:
- One of the safest and most user-friendly trading platforms in the business;
- Supports more than 300 altcoins and many trading features;
- Offers lower fees than its competitors;
- No records of hacking incidents on this platform;
- An ultra-fast transaction processing engine.
Bittrex Cons:
- The customer support could use some improvement.
Kraken vs Bittrex – How It All Started?
Kraken
Kraken is one of the longest operating and most popular Bitcoin and crypto trading platforms, famous for its unbeatable security. The stellar reputation of this centralized cryptocurrency exchange (CEX) can be attributed to excellent customer support, low trading costs, a wide variety of financing options, and stringent safety measures.
Bittrex
First introduced in 2014, Bittrex is a startup with roots in the United States and headquarters in the Principality of Liechtenstein.
It’s a centralized digital asset exchange that offers various investment options for seasoned crypto investors. However, this trading platform can also be used by crypto-beginners thanks to its engaging and informative user interface.
As a matter of fact, all crypto enthusiasts, corporations, and organizations can successfully execute their trading strategies without worrying about the safety of their data or assets thanks to Bittrex’s wide array of financial instruments and top-notch security.
Kraken vs Bittrex: The Best Crypto Exchange Comparison
Opening an Account
The first step in using Kraken’s services is to sign up for an account. Once your email confirmation has been processed, you will be asked to further protect your account by creating a strong password and a permanent username. Next, turn on two-factor authentication for signing in and create a Master Key (an extra password) to use in case your primary password reset method (by email) fails.
Kraken’s commitment to the safety of customer funds and personal information necessitates you to go through a few different user verification steps. Traders on Kraken can advance through four levels of KYC verification, with each step unlocking new features. Please note that some of the more advanced user authorization levels require submitting documents, such as a government-issued photo ID, driver’s license, utility bill, etc.
The higher the verification level, the better. Additional funding solutions, increased limits, and access to a broader range of financial instruments are just some benefits that members with higher verification levels can enjoy.
As a highly regulated platform, Bittrex requires identity verification via the Know Your Customer (KYC) process. Users may be asked to supply additional documentation upon signing up, such as a passport, driver’s license, or other government-issued photo identification, in addition to the standard personal data.
Main Features
Kraken allows you to carry out your trading strategy in a risk-free setting, irrespective of how much experience you have with trading. This seasoned exchange gives users access to a wide range of well-known financial products, such as crypto swapping, OTC trading, margin trading, API integration, earning passive income through staking, trading cryptos with futures contracts, and more.
You can select the most suitable order type among the several available for any trading strategy you develop. Namely, Kraken offers a wide variety of trading order types, including market limit, take-profit, take-profit limit, stop-loss, stop-loss limit, and many others.
Bittrex is a user-friendly platform that offers expert investors access to various order and customization options. You can place different order types, invest in leveraged tokens, utilize extensive APIs, and more.
Supported Cryptocurrencies
First and foremost, Kraken supports fiat currency deposits and fiat-to-crypto trades. Kraken accepts USD, GBP, CHF, CAD, and JPY deposits. You can purchase most cryptocurrencies with US dollars.
The crypto exchange also accepts many stablecoins, including Tether (USDT) and USD Coin (USDC). Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and more than 70 other altcoins are also available for trading through the Kraken platform.
Bittrex presently supports more than 400 distinct coins combined in numerous trading pairs. Additionally, the trading platform is renowned for its high liquidity. The high trading volume of the exchange allows crypto investors to successfully swap many digital currencies with minimal slippage.
Payment Methods
Kraken accepts fiat currency deposits via bank account and credit/debit card payments. However, only traders with the Intermediate or Pro verification level can use these deposit methods. If you don’t want to share as much personal data about yourself, you can finance your trading account with cryptocurrency.
Bittrex accepts fiat currency deposits through SEPA credit transfer, debit/credit card, or international bank transfer. When making a deposit, you have the choice of using either USD or Euro (EUR), albeit depositing US Dollars requires going through additional verification procedures.
Trading Fees and Limits
Kraken does not collect fees for storing your cryptocurrencies in the wallet, moving funds between futures wallets, staking, account dormancy, or account upkeep. However, every transaction you execute on the primary platform, including funding, trading, and instant buy option, has a cost.
On Kraken Pro, the exchange levies a fee whenever one of your orders is completed (when it’s paired with another customer’s order). The maker/taker fee can range anywhere from 0% to 0.26% of the overall cost of your trade. This percentage is determined by the currency pair used in the transaction, your 30-day trading volume expressed in USD, and the type of your order (whether you’re a maker or a taker).
Signup and deposits on Bittrex are free of charge, while the withdrawal fee changes depending on the cryptocurrency. On the other hand, the exchange imposes a flat 0.20% fee on all transactions, regardless if you’re a market maker or a liquidity taker.
How Safe are Kraken and Bittrex?
Kraken is usually considered the safest platform on the market. This statement is supported by substantial evidence, as the exchange employs advanced military-grade security mechanisms, both physical and digital.
Additionally, 98% of users’ funds are kept in an offline vault at a secure location monitored around the clock by armed security officers. They also use advanced safety protocols, including two-factor authentication (2FA), the Pretty Good Privacy (PGP), and the Gnu Privacy Guard (GPG) encryption methods.
Last but not least, Kraken appoints a Group Data Protection Officer to ensure compliance with all confidentiality and data regulations.
The Bittrex trading platform is a safe and secure marketplace overseen by the Liechtenstein Financial Market Authority and the Liechtenstein Office of Economic Affairs. To keep their data safe, users must adhere to the established protocols. Most of the users’ funds are kept in a cold storage unit, while two-factor authentication (2FA) provides an additional safety measure against hackers.
Furthermore, a 6-digit verification code is required for all financial transactions, including deposits, withdrawals, and trades. Whitelisting crypto disbursements, a cross-chain restoration tool, and a requirement that customers validate their new IP address through email are some of the additional security measures Bittrex developers have implemented.
Customer Support
Kraken employs full-time, dedicated customer relationship management specialists, available 24/7 through live chat, who are well-versed in all things blockchain, cryptos, finance, and the platform’s functionalities.
To better serve you, Kraken has representatives in all of its most attractive marketplaces who are also available 24/7 (including on holidays) to answer any questions and assist you with personalized solutions in several languages.
Bittrex, on the other hand, does not offer a live chat feature and instead focuses solely on providing answers to frequently asked questions (FAQs) on all things blockchain and crypto trading. Logging onto the web-based platform and submitting a support ticket request is the only way to get in touch with the support team.
Mobile Trading
You won’t have to worry about missing out on trading opportunities while you’re out, thanks to the Kraken exchange’s mobile app. It gives you access to all of the platform’s features and makes cryptocurrency trading more convenient.
The Kraken mobile app allows users to buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and many more effortlessly and securely. The Kraken mobile app is compatible with mobile devices running both Android and iOS.
When you download the Bittrex app on your mobile device, you’ll have instant access to market data for all of your favourite cryptocurrencies. You can conduct instant transactions and stay informed about cryptocurrency price swings. Trading through this app is quite simple, so you can easily build and oversee a diversified investment portfolio on your mobile phone.
Kraken and Bittrex vs Other Exchanges
If the features you need from a cryptocurrency exchange aren’t available on Kraken and Bittrex, you might find what you’re searching for on Coinbase and Gemini, two user-friendly and globally popular platforms.
Coinbase
Coinbase is an adaptable platform since it accommodates traders of all skill levels. The core Coinbase site is an easy-to-navigate portal that lets customers buy crypto with American dollars. Coinbase Pro users can use sophisticated charting tools, trade across different cryptocurrencies, and execute market, limit, or stop orders.
Over 150 different cryptocurrencies are traded on Coinbase, making it the largest cryptocurrency exchange in the United States. The ease of use of literally all trading features makes Coinbase one of the most beginner-friendly trading platforms in the industry.
However, Coinbase’s trading fees are a little difficult to comprehend and slightly higher than other platforms. Coinbase has made an effort in this regard with the introduction of Advanced Trade and brought some of Coinbase Pro’s features to the primary platform, including lower fees.
Gemini
The Gemini Trust Company, LLC, or simply Gemini, is a cryptocurrency exchange that provides a safe place to purchase, trade, and store digital products. The exchange also functions as a wallet and a custodian for its users. Gemini is very similar to Kraken and Bittrex in terms of security, as it provides institutional-grade custody arrangements, and is often considered a safe haven for digital currency.
Users of Gemini can spend their coins at more than 30,000 venues around the United States for their everyday needs. On the other hand, the high trading costs can be a significant drawback. The trading fees are imposed for all trades, while the transfer fees are levied whenever the funds are moved between accounts.
While trading cryptos through this platform, professional traders pay fees based on the maker/taker fee structure. In this case, the market takers pay a 0.35% trading fee (far more than the norm in the sector), and the market makers pay 0.25%.
Conclusion
Kraken is a popular cryptocurrency exchange that has offered traders an ultra-safe and reliable trading platform since day one. This United States-based brokerage is suitable for all traders thanks to its wide range of supported currencies and flexible deposit options. The Kraken users can also have the assurance that their funds are in safe hands even when transacted online.
On the other hand, Bittrex is also a well-established crypto exchange that provides access to over 400 different cryptocurrencies and various advanced trading options for trading these assets. Compared to other major exchanges, the platform’s maker fee/taker fee model imposes competitive trading prices, if not some of the lowest. Experienced traders looking for a wide selection of altcoins and a secure trading platform may find this exchange to their liking.
Ultimately, you should go with Kraken if you want the highest protection, but Bittrex is the superior option if you want to invest in low-cap cryptocurrencies.
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