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- Bitbuy vs. Kraken 2024:...
Bitbuy vs. Kraken 2024: Fees, Features & Differences
Swen Keller
- Headquarter: Toronto, CA
- Year Founded: 2016
- No. of Cryptos: 40+
- Fiats Available: CAD
- Fees: Up to 3%
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: Two-factor authentication, 90% of users' funds kept in cold storage, account password, KYC, regulated by Ontario Securities Commission and FINTRAC
- Headquarter: San Francisco, California
- Year Founded: 2011
- No. of Cryptos: 240+
- Fiats Available: USD, EUR, CAD, AUD, CHF, and GBP
- Fees: Up to 0.26% for spot and 4% for instant buy and sell
- NFTs Available: Yes
- Native Coin: No
- Beginner Friendly: No
- Platform App: Desktop, Mobile
- Security Features: Periodical Proof of Reserves audit, cold storage of users' funds with armed guards, bug bounty program, two-factor authentication, email withdrawal confirmation
In this Bitbuy vs Kraken article, we compare both cryptocurrency exchanges by looking at their payment methods, trading fees, pros and cons, security features, NFT availability, and much more.
To get an accurate analysis of each cryptocurrency exchange we used both cryptocurrency exchanges, studied user reviews, and considered expert opinion on the trading platforms.
Bitbuy vs. Kraken: Verdict
That said, our pick in the Kraken vs Bitbuy battle is Kraken. The cryptocurrency exchange offers a wider range of features like Futures trading, margin, NFTs, etc., and more digital assets than Bitbuy.
Bitbuy vs. Kraken: Pros and Cons
Pros
- Offers staking
- Suitable for beginners
- Secure crypto exchange
- Supports local Canadian Payment methods
Cons
- Limited advanced features
- Poor customer service
Pros
- Offers advanced trading tools
- Low trading fees on Kraken Pro
- Vast selection of educational resources
- Large selection of supported cryptocurrencies
Cons
- Limited withdrawal methods
- Not beginner-friendly
- Futures trading is currently unavailable to Canadian traders
Bitbuy vs. Kraken: Unique Features
Bitbuy Private Wealth
Private Wealth is Bitbuy’s Over-the-counter trading desk that enables individuals and institutions to trade large volumes on Bitbuy.
Private Wealth is available to traders who wish to trade a minimum of $50k for Bitcoin and Ethereum and a minimum of $20k for any other cryptocurrency in USD or CAD.
As one of the best OTC services in Canada, Bitbuy Private Wealth offers traders competitive rates with zero slippage.
Private Wealth users enjoy several benefits including a personal account manager, access to Bitbuy’s experienced OTC crypto traders, same-day fiat funding, and free deposits and withdrawals for bank wire transfers in CAD or USD.
An outstanding feature of Bitbuy Private Wealth is its support for staking.
Bitbuy is the first crypto exchange in Canada to allow individual, corporate, and international clients to stake their crypto assets with assistance from their personal Private Wealth account manager.
Private Wealth employs a white-glove approach to staking which ensures that clients get the same level of personal support and expertise expected when trading through the OTC desk.
Kraken Pro
Kraken Pro is Kraken’s advanced trading platform designed for experienced traders who want access to advanced trading features like margin trading, features trading, spot trading, staking, etc.
Kraken Pro has a dedicated mobile app that gives users access to all Pro features on the go.
Advanced users can trade over 400 crypto markets on Kraken Pro and margin up to 5x. They can also stake their assets and earn up to 23% in staking rewards annually. Unstaking on Kraken Pro is instant and at no cost.
Kraken Pro users enjoy fees as low as 0% and have access to several advanced crypto trading tools with a user-friendly interface.
Available tools include intuitive depth charts, colorized sparklines and changes in percentage over time for each currency, multiple charting and order book display options, and real-time updates.
With the Kraken Pro mobile app, traders can access custom fee payment options which allows them to pay on fiat or crypto for each order.
They can also open and close positions in bulk with one tap, set start, and expiry times to customize when orders are placed or closed, and access advanced order types and conditional close parameters which will automatically set a Take Profit or Stop Loss on any position.
Winner in Unique Features
Kraken wins as it offers more features than Bitbuy.
Bitbuy vs. Kraken: Cryptocurrencies Available
Bitbuy supports over 40 cryptocurrencies.
Supported coins include Bitcoin, Ethereum, XRP, Cardano, USD Coin, Uniswap, Dogecoin, Solana, Polygon, Polkadot, Chainlink, Cosmos, Litecoin, Stellar Lumens, Bitcoin Cash, Axie Infinity, Algorand, Decentraland, Avalanche, Curve DAO, BASIC Attention Token, ApeCoin, Tezos, Near Protocol, Injective, The Graph, Chilz, Ethereum Classic, SushiSwap, Loopring, Maker, Avalanche, Pepe Coin, Bonk, Yearn Finance, etc.
Canadians can trade over 175 cryptocurrencies on Kraken, including CAD-denominated order books for top cryptocurrencies.
Available cryptocurrencies include Bitcoin, Ethereum, Chainlink, XRP, Litecoin, Dogecoin, Bitcoin Cash, Monero, Siacoin Tezos, Zcash, Ethereum Classic, Cosmos, Waves, Cardano, EOS, Dash, Gnosis, DAI, Basic Attention Token, Tron, Polkadot, Polygon, etc.
Winner in Crypto Availability
Kraken wins in crypto availability. Kraken supports 4 times more crypto assets than what is available on Bitbuy.
Kraken vs. Bitbuy: Can You Buy and Sell NFTs?
You can buy and sell NFTs on Kraken via its NFT marketplace. The Kraken NFT marketplace supports NFTs on the Ethereum, Solana, and Polygon blockchain.
It also offers popular collections such as Doodles, Pudgy Penguins, Bored Ape Yacht Club, Wassies by Wassies, Degenerate Ape, etc.
Bitbuy does not give access to NFTs Markets.
Winner in NFTs Availability
Kraken wins in NFTs availability as Bitbuy does not offer an NFT marketplace to Canadian crypto traders.
Kraken vs. Bitbuy: Fees
Bitbuy Canadian Exchange Trading Fees
Bitbuy crypto exchange charges 3 fees: Express Trade fees (Instant Buy/Sell costs), Bitbuy Pro fees, and deposit costs.
For all instant buy and sell transactions via Express Trade, the cryptocurrency exchange charges a flat 2% of the total amount.
Bitbuy Pro, on the other hand, uses the maker-and-taker model based on trading volume and the fees start at 2% for maker and taker transactions and get as low as 0% for maker fees and 0.10% for taker fees. The discount in trading costs is dependent on the experienced traders’ trading volume.
Deposit fees are as listed below:
- Debit card: 1.95%
- Credit card: 2.95%
- Apple Pay: 2.95%
- Interac e-Transfer: 0%
- Wire Transfer: 0%
- Cryptocurrencies: 0%
Kraken Trading Fees
Kraken crypto exchange charges 2 types of fees: Instant buy/sell fees and Kraken Pro fees.
Using the Instant Buy/Sell Service attracts a displayed trading fee and a dynamic spread. It isn’t possible to know the exact trading fee you’ll be paying for this Kraken service before starting the process as it is dependent on deposit methods used and the dynamic spread.
That said, our hands-on experience with this crypto exchange revealed that this fee ranges from 3% to 5% of the total transaction amount.
Kraken Pro Trading Fees (Spot Market)
For experienced traders on Kraken Pro, the cryptocurrency exchange uses the taker and maker model based on the crypto traders’ last 30-day trading volume in USD to charge its trading fees as listed below:
- Users with a 30-day trade volume of $0 – $50,000 will pay 0.16% in maker fees and 0.26% in taker fees
- Users with a 30-day trade volume of $50,001 – $100,000 will pay 0.14% in maker fees and 0.24% in taker fees
- Users with a 30-day trade volume of $100,001 – $250,000 will pay 0.12% in maker fees and 0.22% in taker fees
- Users with a 30-day trade volume of $250,001 – $500,000 will pay 0.10% in maker fees and 0.20% in taker fees
- Users with a 30-day trade volume of $500,001 – $1,000,000 will pay 0.08% in maker fees and 0.18% in taker fees
- Users with a 30-day trade volume of $1,000,001 – $2,500,000 will pay 0.06% in maker fees and 0.16% in taker fees
- Users with a trade volume of $2,500,001 – $5,000,000 will pay 0.04% in maker fees and 0.14% in taker fees
- Users with a 30-day trade volume of $5,000,001 – $10,000,000 will pay 0.02% in maker fees and 0.12% in taker fees
- Users with a 30-day trade volume of $10,000,000 – $100,000,000 will pay 0.00% in maker fees and 0.10% in taker fees
For Futures and margin trading, the cryptocurrency exchange charges up to 0.0500% in taker fees and 0.02% in opening fees respectively.
Winner in Fees
Bitbuy cryptocurrency exchange wins in respect to fees as it offers lower fees on both its Express Trade and advanced traders platform.
Kraken vs. Bitbuy: Payment Methods
Bitbuy Payment Methods
Unlike most crypto exchanges, Bitbuy isn’t a global exchange. It only supports Canadian dollars (CAD) and payment methods available in the country such as Interac e-Transfer, credit card, debit card, wire transfers in CAD, Apple Pay, and cryptocurrency deposits.
Kraken Payment Methods
This cryptocurrency exchange supports the following payment methods: credit card, debit card, Google Pay, Apple Pay, and ACH transfer (not for Canadian traders).
Winner in Payment Methods
Bitbuy wins in payment methods as it offers more local payment methods for Canadian users. That said, Kraken supports more fiat currencies than Bitbuy.
Kraken vs. Bitbuy: Security
Bitbuy Security Features
After our team’s extensive use of this crypto exchange, we found that Bitbuy is one of the most secure crypto exchanges in Canada. Bitbuy is a Virtual Asset Service Provider and is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer, and FINTRAC registered as a money service business. It is also approved by the Ontario Securities Commission and the Canadian Securities Administrators.
Bitbuy stores 95% of users’ crypto assets in cold storage wallets offline and covers the funds with insurance provided by BitGo.
All of Bitbuy’s providers are ISO, SOC, and FIPS 140-2 compliant.
The platform also conducts regular financial audits, monthly security audits, and transaction reporting audits using trusted third parties.
Users’ accounts are protected with two-factor authentication and are subject to weekly and daily suspicious activity reviews.
Kraken Security Features
From our extensive testing of crypto exchanges in Canada, we found that Kraken is one of the most secure crypto exchanges available to Canadians. Kraken is ISO 27001 and SOC 2, Type 1 certified, and is registered as a Money Services Business with FINTRAC.
In terms of security, Kraken excels where many exchanges fail. It has several security measures in place to ensure the constant security of user’s assets and data.
This includes the use of advanced cold storage and hot wallet solutions to secure users’ funds. Kraken’s crypto infrastructure is held in secure cages which are under 24/7 surveillance by armed guards, alarm systems, and video monitors.
Kraken also conducts periodic Proof of Reserves audits through a trusted external audit firm to ensure transparency of the assets held both on the exchange and on-chain staking service.
Other available security measures on Kraken include two-factor authentication (with Google Authenticator and Yubikey), email confirmations from withdrawals, SSL encryption, no SMS account recovery, configurable account timeout, constant real-time monitoring for suspicious activities, etc.
Winner in Security
It's a draw. Both Kraken and Bitbuy have robust security measures and have never suffered any security breaches.
Bitbuy vs. Kraken: Earn/Staking Rewards
Bitbuy Earn/Staking Rewards
Bitbuy allows users to stake more than 7 coins for up to 12.30% APR. Supported digital assets for staking include Solana, Ethereum, Injective, Cosmos, Polygon, etc.
Kraken Earn/Staking Rewards
Kraken offers a staking program that allows users to earn up to 26% yearly on staked assets. Some supported coins include Algorand, Polkadot, Polygon, Secret, Solana, etc.
Winner in Earn/Staking Rewards
Kraken wins in staking rewards as it supports more coins for staking and higher annual rewards.
Bitbuy vs. Kraken: Usability
The Bitbuy cryptocurrency trading platform targets beginners and intermediate traders via its Express Trade service and Pro platform. That said, its pro platform is average at best and won’t compel experienced traders.
Our meticulous research on the Kraken crypto exchange revealed that the trading platform caters to both experienced and beginner traders. Kraken offers advanced trading features such as margin trading, Futures, etc on its Pro-trade platform.
Winner in Usability
Kraken wins in usability as it offers more features than Bitbuy.
Bitbuy vs. Kraken: Customer Service
Bitbuy Customer Service
Bitbuy offers customer support to Express Trade and Pro Trade account holders via email at support@bitbuy.ca. Phone support is also available to OTC clients at 1-888-770-COIN.
The platform also has a Help Center with different articles and guides about various aspects and features of the exchange.
That said, based on our firsthand observations of the platform, we noticed that the support team seems overwhelmed as responses to customer support requests are often delayed.
Kraken Customer Service
Kraken offers customer support to users via phone, live chat, support tickets, and email.
The platform also has a Help Center and a vast range of educational resources on different aspects of the platform and navigating the crypto space.
That said, several customers have complained of the inability to get real human support as most responses from the support team are automated.
Winner in Customer Service
Both Bitbuy and Kraken offer poor customer service. The 2 exchanges both have a 2.2-star rating on Trustpilot. That said, Kraken has a little edge over Bitbuy because of its vast selection of educational resources.
Conclusion: Final Verdict
Both Kraken and Bitbuy crypto exchanges are available to Canadian users and support the Canadian Dollar, however, Kraken stands out for its larger feature range while Bitbuy wins in ease of use for beginners.
Overall Winner
Kraken wins for its large selection of features, with a 4 out of 5 rating.
FAQ
Most frequent questions and answers
Both crypto exchanges have their pros and cons but Kraken is better for its larger selection of cryptocurrencies, NFT support, and wider range of features.
Yes, Bitbuy is regulated by FINTRAC in Canada.
You can use your payment cards, Interac e-Transfer, wire transfer, Apple Pay, or cryptocurrencies.
Most Bitbuy deposits are instant, except wire transfers.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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