Security Compliance
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards.
To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.
In the high-stakes world of cryptocurrency, security is paramount. Bitcoin Well boasts a suite of cutting-edge security measures like multi-factor authentication, cold storage solutions, and round-the-clock monitoring. Kraken, operating on a larger scale, employs a mix of encrypted information, over 95% of assets in cold storage, and even physical security measures, such as servers guarded 24/7 by armed personnel. While both platforms have made significant efforts in security, Kraken's extensive measures, including a bug bounty program, edge it out slightly in this department.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.
Trading cryptocurrencies in Canada isn’t just about offering a platform; it's about adhering to Canadian regulations. Bitcoin Well, with its Canadian roots, prioritizes compliance with local regulations. Kraken, despite its global presence, hasn’t sidelined Canadian regulatory requirements. The exact specifics of their compliance can be a bit intricate, but both platforms work within the framework set by Canadian federal organizations. However, it's worth noting that not all of Kraken's services are accessible in Ontario due to the province's securities regulations.
Customer support
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.
For any platform, the real testament to its commitment is gauged by its customer support. Bitcoin Well, understanding the value of prompt support, offers top-tier assistance for all queries, from transactional issues to general crypto questions. Kraken, on the other hand, offers 24/7 support via live chat and email, with phone support extending to the USA, UK, and the European Union. Given Kraken's larger user base, it's commendable how they manage to maintain a robust support system, but Bitcoin Well's local touch provides a more personalized support experience.
Conclusion
Both Bitcoin Well and Kraken have carved impressive niches in the crypto exchange world. Kraken, with its vast crypto offerings and global reach, certainly appeals to a broader audience. Yet, when it comes to catering to the Canadian market, Bitcoin Well emerges as the winner. Its localized approach, tailored support, and adherence to Canadian regulations make it the go-to choice for Canadian traders in 2024.
Bitcoin Well stands out from Kraken with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to other exchanges, some of which may not offer round-the-clock support.
We recommend choosing Bitcoin Well over Kraken for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitcoin Well nor Kraken meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
