Bittrex vs Kraken: Which Crypto Exchange is Right for You?

Introduction

It might be challenging to choose which exchange is appropriate for you with the various trading platforms available on the crypto market today. Two major exchanges nowadays are Bittrex vs Kraken, but which is better for you? We will assist you in determining which service best matches your cryptocurrency needs. Read this post to go through the features, security, fees, and more.

Bittrex vs Kraken Features

The unique feature developed by Kraken is called Cryptowatch. With the trading platform Cryptowatch, you may trade on various exchanges while on the go. You can do this to find the best rates for the trade you want to make.

The option to rapidly fund your account with a payment card is more of a standout feature of Bittrex than anything else it offers that Kraken does not. It should be noted that only Visa debit or credit cards are accepted; other credit or debit cards will not function. On the other hand, Kraken does not allow you to fund your account instantaneously.

Bittrex vs Kraken Security

When we compare the security of Kraken and Bittrex, we discover that both exchanges are very safe. Both exchanges have never been compromised. Both of them provide two-factor authentication (2FA). The quantity of money each exchange keeps on the exchange at any given moment is the only distinction between the two exchanges.

Kraken only keeps 5% of its holdings on the exchange, keeping the other 95% in air-gapped, cold wallets. Additionally, they keep an entire reserve on hand just in case. Between 10% and 20% of the exchange’s assets are held by Bittrex.

Kraken is a better alternative because they have fewer online accounts, which makes them less of a target for hackers. In addition, they constantly hire professionals to examine its security for flaws.

Bittrex vs Kraken Fees

There isn’t much that separates Bittrex and Kraken exchanges when considering trading fees. The cost difference is hardly noticeable.

When you place an order on Kraken, maker fees, which start at 0.16%, decrease over time and eventually become 0% if you had $10 million or more in trading activity over the previous 30 days. Taker fees are charged when you accept an existing order, begin at 0.26% and gradually decrease until they reach 0% at $10 million in trading volume.

Maker costs on Bittrex begin at 0.2% and decrease over time. Taker costs begin at 0.2% and decrease to 0.08% if you reach a volume of $60 million.

Depending on the type of money you transfer to your bank account while making a fiat withdrawal, there are different costs on both platforms.

Bittrex vs Kraken Ease of Use

Kraken and Bittrex are regarded as intermediate to advanced trading platforms and not appropriate for beginners. Both exchanges have a straightforward registration process. But due to the few choices for fast account funding, they are better suited to consumers who already have crypto assets. Both user interfaces are simple and offer a wide range of trade customization possibilities.

Beginners might find it simpler to utilize a platform like Coinbase that enables quick cryptocurrency purchases using credit cards or debit cards. They will be able to begin going more quickly than with Kraken thanks to this. While Bittrex does offer credit card funding, it only accepts Visa, which has its limitations for many customers.

Conclusion

It is difficult to argue that Kraken is superior to Bittrex when all the elements that make an exchange worthwhile to use are considered. They offer better liquidity, better security, and reduced fees. Additionally, Cryptowatch provides a function that is far superior to anything Bittrex has to offer. The only reasons to use Bittrex are their more excellent asset support or their credit card financing option; however, because they only provide Visa, other brokerage firms, like Coinbase, are superior.