Which is the best cryptocurrency exchange platform to use? this question is very common among the new people joining the crypto community. As crypto trading platforms play an essential role during your journey to the crypto industry. If you’re also one of the newcomers then this comparison guide might be helpful for you!
In this article, we are going to compare two of the best crypto trading platforms available in the market at the current date. Maybe you’ll even end up choosing one from Bittrex vs Kraken. We’ve collected the pros and cons for both platforms, so you can compare them and find out which one suits you better. Let’s get started.
Crypto Exchanges Bittrex vs Kraken
What is Bittrex?
One of the leading cryptocurrency exchange platforms available for trading at the moment, Bittrex is a United states-based crypto trading service. The reason behind its growing popularity is the robust services and compatibility provided by the platform.
Unlike other options available in the market, Bittrex has never faced any attempts of hacking till now. Representing itself as a secure and strong platform to newcomers in the market. Bittrex is one of the top 3 cryptocurrency exchanges in the whole world!
Not to mention that it has pros and cons just like other options at disposal. Talking about the trading fees you will need to pay 0.25% per transaction on Bittrex. Despite some flows, it has a lot more to offer to its users when it comes to providing quality services. So what else does Bittrex provide? Let’s see!
- Offers various cryptocurrencies
- Different payment options
- Provides up to 3x leverage margin trading
- No extra fees for fund withdrawal into your bank account
- Low liquidity
- customer support is not responsive and operative enough
- Usage of fiat currencies is limited
- Doesn’t provide the Margin trading and lending feature
What is Kraken?
If you are looking for quality cryptocurrency trading, Kraken is the right choice for you! Kraken is among the top high-profile cryptocurrency exchanges in the market right now. Introduced for public usage in 2011, Kraken has been in the industry for almost a decade now. So you don’t need to worry about the security and whether it’s trustworthy or not.
Offering key trading options like Stop orders, Margin trading, and crypto short sales to its users. Kraken has sure made a lot of efforts to hold its place in the top positions among the available platforms. Comparatively, Kraken provides more crypto tokens than Bittrex and charges between 0% to 0.26% for every transaction.
However, you’ll have to pay up to 2% of transaction fees when using the instant buy interface from Kraken. No doubt it’s faster compared to normal trading, but you can get the same amount of speed with Binance for fees as low as 0.5% only. Let’s have a closer look at the pros and cons of using Kraken.
- Very fast and reliable service
- Stores your funds in air-gapped cold storage with higher security
- Affordable transaction fees
- No restriction on usage across the globe
- High-end trading features
- Quick payment methods like e-payments, credit and debit cards are not supported yet
- Requires their users to provide in-depth identification documents and details during the registration process.
- The platform’s user interface is not suitable for beginner traders.
Whether it’s Kraken or Bittrex both provide excellent trading services. Despite few downsides of using either of them, both are industry-level cryptocurrency exchange platforms. Not to mention Kraken is more popular among the traders because of its low trading fees and higher security standards.
You can choose any of them, But make sure you are fine with the features and trading fees if you are a newcomer. Do share this quick comparison with others and let them choose the perfect cryptocurrency trading platform. Also, feel free to mention your suggestions and queries in the comment section below.