Kraken vs Bittrex Exchange Review (UPDATED 2018): Are They Safe?| VKOOL

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Comparing Kraken vs Bittrex

Kraken and Bittrex are cryptocurrency marketplaces that emphasize less popular alt coins. They both have existed for years now with varying fees and slightly different functions.

We will help explain what the main differences are so you can make an informed decision on which exchange site is right for your specific needs.

Key Details of Kraken vs Bittrex

Bittrex began in 2014 and Kraken started in 2011. Bittrex offers a lot more alt coins with over 190 different options, and though Kraken offers less, though they still are popular in the trading world.

Bittrex emphasizes trading only; while on Kraken you can make a bank transfer to put fiat currency into your account. They both have comprehensive tools which may be better suited for more experienced traders like stop orders and many other options.

How to Fund

No funding is allowed on Bittrex though they do state that in the future, they will allow USD deposits. As of now however they only allow cryptocurrency trading, meaning you’d have to already have some in a wallet set for trade.

Kraken is different in that they have different tiers which when you provide identification, you’re able to start making even higher currency cap trades. For example, if you’re in their beginning tier you have to provide your phone number, country of origin, full name, and your date of birth. At this starting stage you’re unable to make a bank wire.

To get even more funds and to have the ability to make bank transfers you’d also have to upload an ID and proof of residence.

Usability

You have the option to use different tools which are better suited for experienced traders on Kraken. You can also look at market updates and look at what others have traded.

If you are a more experienced trader, you can take advantage of the stop order and market order option. When you go to look at the available options on the tab, you get a screen that appears similar to this:

Bittrex has a different setup which also displays market information, but in a different way. You can click on the market tab to see what the available exchanges are, and also to look at the historical purchase cost.

You can also see the daily trading highs and lows, to try and secure a deal and see how competitive the market is for buyers and sellers. The same basic information is presented like Kraken, it’s just placed differently and the images look different.

There are samples of the asking price and total amount of volume of trades as well. It can get very in depth, explaining what has happened historically, as well as providing up to date second to second changes.

Fees for Trading

The fees for Kraken depend on a lot of factors. They work on a volume scale which depends on the 30-day total volume. For makers if it’s less than 50,000 on most cryptocurrencies, then they charge 0.16%. For takers it’s an average 0.26%, if the volume is greater than 10,000,000, then you get charged 0.10%. Bittrex is clear cut and they charge 0.25% on trades of any kind.

Offered Cryptocurrency

There are over 190 different kinds of alt coins on Bittrex. Kraken also has numerous coins including XBT, ETC, LTC, XMR, DOGE, BCH, BTC, EOS, and many others.

The amount of varying coins may also be updated as the growth of cryptocurrency arises.

Limitations

With Bittrex you can deposit as much as you’d like, but withdrawal depends on how much varication you’ve provided. If you’d like to make a withdrawal you’re limited to whatever the current value is of 3 BTC daily. If you provide more information like an uploaded ID then you can withdraw a daily amount of 100 BTC.

As a basic account you can only deposit $25,000 USD daily, and the withdrawal limit is the same.

Company Security

Both companies have been leaders in the cryptocurrency exchange world with Bittrex operating since 2014, and Kraken starting in 2011. Much like any other online activity, it’s important to keep your sensitive information private, not storing any entire keys only, and not sharing this information with anyone.

There are great tem members for each company such as ex-workers at Bittrex which held jobs at Microsoft and Amazon. Kraken was able to secure funding from reputable investors at Blockchain Capital.

Storage

Bittrex offers up to 90% cold storage offline, and they offer additional safety measures such as 2-factor authentication.

With Kraken you can also set up additional security measure such as uploading an ID in order to ensure only you are doing transactions with your account.

Consumer Support

You can read an extensive FAQ page on both companies’ websites. This offers a more in depth look at all the essential details you should know about to help answer any additional question you may have about either website. They also fully outline all the fees, provide real market updates, and explain their terms and conditions simply for anyone to understand.

If you need additional support which isn’t already answered on their website you can submit a question directly to the company. It may take a few days to process as there are a lot of open tickets but it is known that both of these companies do eventually respond to consumer requests.

Kraken vs Bitstamp

Bitstamp specializes only in exchanging Bitcoin for fiat currency or certain forms of major cryptocurrencies. They are based out of Europe and cater more towards that market, though they do offer trade for major forms of fiat like USD. They also have a wallet available though it’ advised not to store it there, as it’s preferably to store it in a secure wallet.

Kraken vs Coinbase

Coinbase offers a simplified way to make cryptocurrency purchases with your fiat currency. You can provide a bank transfer or a credit or debit card to make an official purchase. They specialize in more known coins like BCH, BTC, LTC, and ETH. Their fees are slightly higher but they keep this up due to their streamlined and simple to understand approach.

Kraken vs Binance

Binance offers the trade of cryptocurrency for lesser known alt coins. You can find lesser known coins and purchase at often lower prices than most exchanges. They also offer additional tools to do market research and to see updated prices on the kinds of cryptocurrency you are most interested in.

Bittrex vs Bitfinex

With Bitfinex you're limited to making an exchange for fiat to Bitcoin, Litecoin, and Ethereum. You can also do market trading and take advantage of their free wallet. You can also secure a bank transfer at 0.2% as long as you exchange more than $20 and with a certain trading volume. For traders that specialize in just the 3 mentioned forms of major cryptocurrencies.

Bittrex vs Poloniex

Poloniex charges makers 0.15% and takers 0.25% with a beginning trade a volume of 600 BTC or less. They also specialize in exchanges and offer updated market updates. You can trade coins like Ripple, Monero, Litecoin, Bitcoin Cash, Dogecoin, and many others. Much like Bittrex you can only make cryptocurrency exchanges.

Kraken vs Bittrex FAQ

  1. Is there a Bittrex app?
    There are a few apps which offer trading and market updates which are free to download like ProfitTrading For Bittrex.
  2. What are the full Bittrex fees?
    0.25% commission on all trades.
  3. Where can I find Bittrex support?
    They have an official section on their website where they list all the FFAQ’s as well as a way to send a direct message.
  4. Is there a Bittrex Reddit page?
    It’s not official but they do have an un-official page, mostly with people discussing how it’s going, and what to expect.
  5. Where is the official Bittrex sign up page?
    Visit their official website where you will see this information on the top right hand corner.
  6. Is Bittrex safe to use?
    They have had a history if safe transactions since 2011, and appear to be still used safely.
  7. Is there a Bittrex Wiki page?
    Only a bitcoinwiki page which has a 2 sentence quotes from the company.
  8. Where are the full Kraken fees?
    This depends on volume but you can read the full fees on their help section under the fees category.
  9. Is Kraken down or is the website available?
    At the time this was written the official website was fully operational.
  10. Where does the Kraken Wiki page say about it?
    A lot of historical informant as well as what the company is aiming to do in the future.
  11. Where can I find the Kraken login page?
    Their official website features this on the top right hand corner.
  12. What are the Kraken crypto prices?
    They offer a fully detailed list of the current prices on their fees section of their website on the Help heading.
  13. What are the Kraken crypto withdrawal limits?
    This depends on whether you’re looking at it annually, monthly or daily. For daily the low amount is $25, 00, and if you submit additional verification it’s $125,000 daily.
  14. Does Kraken offer Ripple for sale?
    They do offer it under its official name of XRP.
  15. Is there a Kraken Bitcoin wallet?
    They do offer storage of any kind of cryptocurrency on their website, though it’s often advised to store any crypto outside on a private wallet.

Summary

The amount of useful tools provided on both Kraken and Bittrex make it easy to try and understand how the market is fluctuating, as well as being better able to set up market and stop orders. They both are unique in that Bittrex only offers cryptocurrency trading, and with Kraken you can make direct wire transfers to trade fait for cryptocurrency.

There are also a lot of different alt coins you can get in either, though Bittrex has a lot more different alt coins. They are also set at making a commission on all trades for 0.25%. If you want to trade a lot more volume, than with Kraken you get a bigger discount depending on how much cryptocurrency you’re trading.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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