Bittrex and Kraken are two highly favored and well-received cryptocurrency exchange platforms for altcoin trading today. These platforms are ideal choices for investors who are experienced in operating easier trading systems like Coinbase but are interested in growing their portfolios.
This is a comparison guide that will give you a thorough understanding of the upsides and downsides of both Bittrex and Kraken while keeping their key features in mind, which can essentially help you to make an informed decision.
Kraken uses a system of verification tiers, namely Tier 0 through Tier 4. Tier 1 users can only deposit and withdraw cryptocurrency but also exchange fiat currency besides cryptocurrencies. Users who want to be Tier 1 need to provide some personal information, including their full name, date of birth, country of residence, and their contact information.
In order to become a Tier 2 user, users are required to provide an address, and to reach Tier 3, the platform asks users to supply proof of residence in addition to a copy of a valid ID. Tier 2 and 3 users can make bank transfers for their transactions if it is allowed in their country.
Contrary to Kraken, Bittrex users can only exchange among various cryptocurrency pairings and are unable to use fiat currency on the platform. If you select Bittrex, you may want to buy Bitcoin, Ether, or Tether on a different exchange to transfer them to Bittrex.
Kraken offers three direct routes to exchange cryptocurrency: simple, intermediate, and advanced. Every tab includes sub-settings to restrict orders, set conditional closes, and more.
Bittrex is not as handy as Kraken right off the bat. The platform offers the option to either select a market on the main page or a coin of your choice through your wallet. While Bittrex provides more technical information and settings like limiting orders or placing conditionals, Bittrex can’t measure up to the diversity of advanced settings Kraken has available.
Kraken is a better choice for pro investors who could take advantage of advanced exchange settings, but Bittrex is the one to beat if you focus heavily on analytics.
Kraken has a fixed fee schedule which is based on investors’ monthly exchange volume and their maker/taker status. The fee for a maker for most cryptocurrencies sits between 0.00% and 0.16%, whereas takers pay fees within the range of 0.10% and 0.26%. Bittrex, however, works on a fixed commission charge of 0.25% for all exchanges.
Where trading fees are concerned, Kraken is the better choice, but if you have a low exchange volume and just looking for quick buys, then Bittrex is 0.01% lower.
Each platform possibly offers the cryptocurrencies that you’re looking for. Kraken has the most popular ones like Bitcoin, Ethereum, Litecoin, Tether, Monero, Ripple, and at least 10 more. Bittrex, on the other hand, offers over 250 cryptocurrencies, but users are not allowed to choose fiat currency funding.
Given you have supplied evidence of a source of funds, Kraken allows users to deposit and withdraw a maximum of $25,000 on a daily basis.
Bittrex does not put a limit on how much users are allowed to deposit and raises their withdrawal limit as their verification level increases. Basic users are restricted to withdraw a maximum of 3 bitcoins per day if they enable the two-factor verification feature. However, advanced users are allowed to withdraw up to 100 BTC a day.
Bittrex and Kraken are both American companies that comply with the standards and regulations set by the government and SEC.
Based out of San Francisco, Kraken has been backed and received funding from various notable investors like Blockchain Capital. Since its release in 2013, the platform’s users have been doubling in numbers steadily.
Introduced in 2014 by a group of development and security experts with experience working for giants like Amazon and Microsoft, the Seattle-based exchange Bittrex has been getting rave reviews as one of the most exceptional exchange cryptocurrencies again and again.
Kraken keeps a majority of cryptocurrency funds offline in encrypted wallets and maintains full reserves to circumvent the occurrence of a bank run. Bittrex, too, retains up to 90% of all crypto funds offline, utilizing a multi-step wallet procedure on top of employing two-factor verification, sending alerts via email, and detecting IP addresses during sign-ins.
Both Bittrex and Kraken are known for their excellent user support to address any issues and glitches users may experience. Kraken has an out-and-out FAQ page in addition to a training manual for first-time users and users who are entirely new to cryptocurrencies. Bittrex also has an FAQ section that also includes frequent updates, announcements, and a page reserved for users to report errors. Both platforms have fallen short regarding customer support at times like replying to users late, but all in all, they both put an immense amount of importance on offering users the best experience.
It’s no surprise that Bittrex and Kraken are two of the most thriving and prominent trading platforms in the market today. Each one is a good choice for trading cryptocurrencies.
If you want a one-stop platform that allows you to use fiat currency to trade a large variety of altcoins, Kraken is the platform for you.
If you are looking for an even larger selection of cryptocurrency pairings and comprehensive customer support, then you should choose Bittrex.
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