Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
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.
Security is paramount in crypto trading. Bitget ensures user safety through features like two-factor authentication, email alerts for significant account activities, and a substantial $300 million emergency insurance fund. Kraken, globally recognized, safeguards its assets with over 95% in cold storage, fortified server security, and proactive measures like a bug bounty program. While both platforms emphasize security, Kraken's extensive infrastructure and stringent measures slightly outshine Bitget's.
Regulatory Compliance
Not regulated by Canadian financial institutions.
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.
In Canada, crypto exchanges are primarily overseen by federal financial regulatory bodies. While Canadians can't directly deposit CAD in Bitget, they can use indirect methods, indicating Bitget's attempt to comply with Canadian regulations. Kraken, on the other hand, directly accepts CAD but has some service restrictions in regions like Ontario due to local regulatory nuances. Both platforms work within the boundaries set by Canadian federal organizations, ensuring user safety and legal security.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
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.
Bitget's customer service, based on Trustpilot reviews, stands at a 2.2-star rating. Kraken, despite its global presence, mirrors Bitget with a 2.2-star Trustpilot rating but compensates with 24/7 live chat, a vast online help center, and email support. While both have room for improvement, Kraken’s comprehensive support system gives it a slight edge.
Conclusion
Both Bitget and Kraken offer substantial features, security measures, and adaptability for Canadian traders. Yet, when comparing both platforms holistically, Bitget emerges as the winner. Its favorable mobile ratings combined with its low fees, multitude of features, and adaptability for Canadian traders make it an ideal choice for those entering the crypto trading world in 2024.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from Kraken, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
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 Bitget over Kraken for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget 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.
