Kraken vs Bittrex | Why Kraken Is Simply Much Better Today
Jack Moreau
Feb 2024
9 min read
Fact checked
Do you want to know which cryptocurrency exchange to use, Kraken or Bittrex? Look no further as we've got you covered with our in-depth analysis! Our comparison takes into account signup processes, KYC requirements, country availability, trading fees, product offerings, and overall user experience. Read on and make an informed decision!
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.
Kraken and Bittrex are two well-established cryptocurrency exchanges with different strengths and areas of focus.
Kraken, founded in 2011 by Jesse Powell, is a US-based exchange known for its security measures, regulatory compliance, and wide range of supported cryptocurrencies and fiat currencies.
Kraken exchange
With over 9 million users, Kraken is popular mainly in North America and Europe with support for over 190 countries.
The exchange offers various services, including spot trading, margin trading, futures trading, and staking, catering to both beginners and experienced traders.
Kraken also offers its own token launch platform, Kraken Launchpad, for incubating new projects.
In contrast, Bittrex, founded in 2014 by Bill Shihara and Richie Lai, is a well-established and secure cryptocurrency exchange known for its commitment to regulatory compliance and robust security measures.
Bittrex exchange
With over 1 million users, Bittrex is available in most countries and offers a wide selection of digital assets, including Bitcoin, Ethereum, and numerous altcoins.
The exchange offers various services, such as spot trading, margin trading, futures trading, and staking.
Bittrex also supports over 400 cryptocurrencies, making it a great option for traders interested in alternative and emerging coins.
While both Kraken and Bittrex offer a range of services and support for numerous cryptocurrencies, Kraken stands out for its wide range of fiat currencies and its strong emphasis on regulatory compliance.
Kraken vs Bittrex Signup & KYC
When it comes to signing up for a cryptocurrency exchange, it's important to consider the Know Your Customer (KYC) requirements and verification process.
Kraken requires all their customers to verify their identity through KYC. The signup process is quick and takes less than a minute, with basic verification achievable in under two minutes.
Kraken KYC
However, the verification process can take a few days if all required documents have been received. This is something to keep in mind if you need access to your funds quickly.
Bittrex also requires KYC for all of its users. The signup process includes a full KYC verification, which can take between 10 minutes and several days depending on the speed of ID verification.
This means you won't be able to access any features until you complete the KYC process.
Kraken vs Bittrex Products & Services
Kraken is a US-regulated cryptocurrency exchange that offers spot trading for hundreds of cryptocurrencies, cash-settled futures with various maturities, and margin trading.
While their product offerings are more limited than many international exchanges, Kraken still satisfies the needs of both professional traders and beginners.
Their user experience is designed with beginners in mind, making it easy for everyday users to buy and sell cryptocurrencies.
In terms of liquidity, Kraken frequently ranks in the top 10, with daily spot trading volumes ranging from $300 to $600 million.
The maximum leverage that users can take on Kraken is 50X, with 5X leverage available for margin trading. Additionally, they offer staking (for non-US users) and an NFT marketplace.
For institutional clients, Kraken also offers an OTC desk and 24/7 account management teams.Bittrex, on the other hand, offers a very limited range of products and services, such as spot trading and staking of cryptocurrencies like Cardano.
While their average daily spot trading volume is over $10 million, their user experience is uninspiring and basic. Additionally, the signup process requires immediate KYC without allowing users to browse the features first.
Bittrex is more suitable for users who are just starting with cryptocurrencies and want a simple platform to buy and sell cryptocurrencies.
However, for more experienced traders, Bittrex may not offer enough products and features to satisfy their needs.
If you're looking for a cryptocurrency exchange with competitive trading fees, both Kraken and Bittrex offer some compelling options.
Let's take a closer look at each platform's fee structure.Kraken charges a spot maker fee of 0.16%, and a spot taker fee of 0.26%.
These fees are slightly higher than some other exchanges we've looked at, but Kraken does offer a volume-based fee reduction program.
If your monthly trade volume exceeds $50,000, your fees will be reduced. This can make Kraken a smart choice for active traders who are looking to save a little money on fees.
Bittrex charges a flat fee of 0.75% for both spot maker and taker transactions. While this fee may be higher than some other exchanges out there, Bittrex does offer a trading fee rebate program for users who trade more than $25,000 worth of cryptocurrency in a given 30-day period.
Kraken and Bittrex are two cryptocurrency exchanges that offer support for fiat currencies.
Kraken supports deposits with 7 fiat currencies including USD, EUR, CAD, AUD, GBP, CHF, and JPY, while Bittrex supports 3 fiat currencies, USD, EUR, and GBP.
Kraken offers a range of deposit methods including Fedwire, SWIFT, ACH, SEPA, and FPS. The exchange offers free ACH deposits for USD, EUR, and CAD via bank transfers (ACH) and SEPA.
On the other hand, Bittrex allows fiat deposits via wire transfer, bank transfer (ACH), SEPA, and credit/debit card. Bank deposits on Bittrex are free of charge, while fiat deposits with credit/debit card incur a 3% fee.
Kraken and Bittrex both offer free deposit options via bank transfer, but Bittrex charges a fee for credit/debit card deposits while Kraken charges no fees.
Kraken offers support for more fiat currencies than Bittrex and has a wider range of deposit methods available.
Let's take a closer look at Kraken first. This exchange offers fiat withdrawals for all seven of the currencies they support, including USD, EUR, and GBP. Their withdrawal options include ACH, SEPA, SWIFT, and FPS, with varying fees depending on the method chosen.
For example, ACH withdrawals are free, while SEPA withdrawals carry a fee of 0.9 EUR. The withdrawal fees for Bitcoin, Ethereum, and Solana are all relatively low, and USDT withdrawals incur a fee of 3.55 USDT.
On the other hand, Bittrex offers fiat withdrawals via Wire, ACH, SEPA, and Debit Card. While ACH and SEPA withdrawals are free of charge, there is a $25 fee for Wire withdrawals.
Bittrex's withdrawal fees for cryptocurrency withdrawals are also comparatively low, with a 0.01 ETH fee and a 4.2 USDT fee for Tether USD withdrawals.
Kraken stands out for its extensive range of fiat currencies and emphasis on regulatory compliance, while Bittrex offers a secure and reliable trading platform for a global user base interested in a wide selection of digital assets.
When it comes to trading fees, Kraken charges slightly higher fees than Bittrex, but offers a volume-based fee reduction program, making it a smart choice for active traders.
Bittrex, on the other hand, offers a trading fee rebate program for users who trade over $25,000 worth of crypto in a given 30-day period.
In terms of deposit methods, Kraken offers more options for depositing with fiat currencies, including free ACH deposits for USD, EUR, and CAD via bank transfers and SEPA.
Bittrex, however, is a good option for those who prefer to deposit with a credit/debit card, as they offer this option at a 3% fee.
Both exchanges offer a range of withdrawal options, with Kraken offering more fiat withdrawal options, but Bittrex offering lower fees for cryptocurrency withdrawals.
Ultimately, the choice between Kraken and Bittrex will depend on individual preferences and trading needs, whether it be regulatory compliance, range of digital assets, trading fees, deposit methods, or withdrawal options.
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.
