Bitrue vs Kraken | Why Kraken Exchange Has Best Offering
Jack Moreau
Apr 2024
9 min read
Fact checked
Are you trying to decide if Bitrue makes more sense to use than Kraken? Great, welcome to our comparison! We have looked into both exchanges and evaluated factors such as KYC requirements, security measures, trading fees, supported products, user experience and much more. Read on and make the best decision possible!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Bitrue was founded in 2018 by Curis Wang and is a relatively new cryptocurrency exchange that is headquartered in Singapore.
Bitrue offers its users a wide range of over 700 digital currency to buy and sell like BTC, ETH, ATOM, SOL, AVAX and others.
Bitrue exchange
In addition to buying and selling cryptocurrencies, Bitrue also offers financial products like staking, lending, and borrowing, making it a great choice for those looking to generate passive income from their digital assets.
With over 4 million registered users, Bitrue has grown in popularity due to its user-friendly interface, competitive fees, and wide selection of cryptocurrencies.
On the other hand, Kraken is a more established exchange having been founded in 2011 by Jesse Powell.
Kraken is based in San Francisco, California, and has grown to over 9 million across 190 countries mainly in North America and Europe.
Kraken is a great choice for investors who are conscious about security and regulatory compliance.
Kraken exchange
Kraken offers a variety of services, such as spot trading, margin trading, futures trading and staking. It supports over 190 cryptocurrencies, including popular digital assets like Bitcoin, Ethereum and Cosmos.
For those that prefer using Kraken products and services on mobile, the app is available on Android and IOS where it has received millions of downloads.
Kraken app
Bitrue vs Kraken Signup & KYC
Bitrue and Kraken are two exchanges that have taken a different approach when it comes to KYC requirements.
Signing up for Bitrue is a simple process that only takes 30 seconds to complete. Users can then deposit cryptocurrencies and trade without going through KYC.
However, if users want to buy crypto or deposit fiat currencies, they must go through the KYC process. This usually takes a few minutes to upload the required documents such as ID.
Bitrue signup
On the other hand, Kraken requires all their customers to verify their identity via KYC before they can access their services.
Signing up for Kraken takes less than a minute and the basic starter verification can be achieved in less than 2 minutes by providing some personal information.
With starter, users can then deposit cryptocurrencies and begin trading. For additional features and increased allowances, users need to provide ID and complete the intermediate verification.
Kraken KYC
So while Bitrue allows users to begin trading right after signup without KYC, Kraken is more stringent and users will at the very least need to provide personal information before any trading can occur.
Bitrue vs Kraken Products & Services
Bitrue is a cryptocurrency platform that is simple and easy to use even for beginners.
As mentioned, they have a quick signup process that allows trading without KYC. Beyond that, the exchange offers a wide range of products for new and more experienced traders.
Bitrue provides spot trading and futures trading with USDT and USDC as underlying collateral.
Bitrue products and services
The platform also provides leveraged ETFs, which are financial products that let users gain exposure to the price movements of cryptocurrencies with a smaller investment.
Bitrue spot trading
In addition to this, Bitrue offers copy trading allowing users to follow and automatically replicate the trades of successful traders.
Moreover, Bitrue includes lending and borrowing services where users can earn interest on their digital assets or access loans using their cryptocurrencies.
Earn and stake on Bitrue
In terms of trading volumes and liquudity, Bitrue has daily spot trading volumes that frequently exceeds $1 billion. In terms of leverage, the exchange offers max leverage of up to 50X on USDT perpetual futures.
Kraken offers a somewhat more limited product offering than many international exchanges as they are constrained by US regulations.
Having said that, they still offer spot trading for 100s of cryptocurrencies, cash-settled futures with monthly, quarterly, semi-annual and perpetual maturities, and margin trading.
Perpetuals on Kraken exchange
Kraken also offers staking (for non-US users) for a wide range of cryptocurrencies such as DOT, KSM, ATOM, FLOW, ETH, and BTC.
Kraken staking
They also recently came out with a new NFT marketplace that let's users buy the most popular NFTs on the market.
The user experience on Kraken is designed with beginners in mind with the goal of making buying and selling of cryptocurrencies simple for everyday users.
Kraken NFTs
For institutional clients, Kraken also offers an OTC desk and 24/7 account management teams. In terms of liquidity, Kraken frequently is in the top 10 with daily spot trading volumes in the range of $300 to $600 million. They also offer some levered products for more sophisticated traders. The max leverage that users can take on Kraken is 50X, and 5X in terms of margin leverage.
When it comes to trading fees, Bitrue and Kraken offer different fee structures for their users.
The fee structure on Bitrue is a bit more complicated with different fees for different trading pairs.
For example, Bitrue charges a flat 0.098% fee for both spot and futures trading if you buy and sell using BTC, ETH or USDT as the trading pair.
For other trading pairs, the fee bumps up to 0.28%. Bitrue also offers the same fee for spot and futures trading which is not great for those trading futures.
On the other hand, Kraken charges a 0.16% spot maker fee and a 0.26% spot taker fee, as well as a 0.02% futures maker fee and a 0.05% futures taker fee.
Unlike Bitrue, Kraken also offers lower fees for those who trade higher volumes. Specifically, users can lower their fees for both spot and futures trading if they exceed $50,000 in monthly trade volumes.
Kraken spot fees
This means that Bitrue offers more competitive spot fees in some cases where users trade with BTC, ETH, and USDT while Kraken offers lower futures fees and the ability for their high volume users to further lower the fees they are paying.
Bitrue and Kraken are two popular cryptocurrency exchanges that offer different deposit methods for their users.
Bitrue does not support the deposit of fiat currencies which means users can only deposit cryptocurrencies on the exchange or buy crypto with a card for a high fee of 3.5% or $10, whichever is higher.
This of course is not great so if you wish to trade on Bitrue, it's better to just deposit cryptocurrencies.
Unlike Bitrue, Kraken offers support for deposits with 7 fiat currencies, including USD, EUR, CAD, AUD, GBP, CHF, and JPY.
Deposit methods on Kraken include Fedwire, SWIFT, ACH, SEPA, FPS, and more. In particular, Kraken offers free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA.
While Bitrue only offers crypto deposits, Kraken provides a range of fiat deposit options for its users. The deposit methods on Kraken are convenient and accessible for users across the globe.
Kraken is thus the right choice for users who prefer to deposit with fiat currencies at no fees or for a low cost.
Let's take a closer look at what each platform has to offer in terms of withdrawals. Bitrue does not offer fiat withdrawals but users can still withdraw their cryptocurrencies.
The withdrawal fees charged by Bitrue for cryptocurrencies are on the higher side. Withdrawing Bitcoin comes with a 0.005 BTC fee, while ETH has a 0.01 ETH fee and USDT has a $2.6 fee.
On the other hand, Kraken offers fiat withdrawals for all seven currencies they support. The withdrawal options available to users include ACH (free), SEPA Fee (0.9 EUR), SWIFT ($4), and Faster Payments Service (1.95 GBP). Additionally, Kraken charges low fees for withdrawing cryptocurrency.
Withdrawing Bitcoin has a 0.00001 BTC fee, ETH has a 0.0035 ETH fee, and USDT has a 3.55 USDT fee.
Overall, Kraken does a much better job than Bitrue when it comes to providing their users with plenty of low cost options to deposit and withdraw funds, whether fiat or crypto.
Bitrue and Kraken are two middle of the pack crypto exchanges that have been around for a while and that each has their unique offerings.
Bitrue stands out for it's wide offering of over 700 cryptocurrencies which is plenty more than Kraken's 190. This makes Bitrue an altcoin heaven similar to Kucoin and Gate.io.
Bitrue also has a decent range of trading and financial products such as spot, futures, ETFs, staking and a few others. One benefit of Bitrue is that users can signup and begin trading immediately as KYC is not required.
Compared to Bitrue, Kraken is a more established exchange that prioritizes regulatory compliance and security as it's based in the United States. This means that KYC is a requirement for all users who wish to trade on Kraken.
In terms of user experience, Bitrue has a simple but easy-to-navigate interface, while Kraken caters more to beginners with a more beginner friendly interface for buying and selling crypto.
Trading fees differ between the two exchanges. Bitrue charges a spot and futures fee of 0.098% when using BTC, ETH or USDT as trading pair while Kraken charges a 0.16% spot maker fee and a 0.26% spot taker fee.
For futures, Kraken beats Bitrue with a lower 0.02% futures maker fee and 0.05% futures taker fee.
Kraken is clearly the much better exchange when it comes to providing support for easily moving fiat currencies in and out of the exchange. Here, Bitrue unfortunately has nothing to offer.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
