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Bitget vs. Kraken: What Works Better For Canadians in 2024

Oleg Galeev

Last updated October 9, 2024

Bitget and Kraken are prominent figures in the crypto exchange landscape. As the crypto market evolves, particularly in Canada, discerning the differences between these platforms, such as their trading features and regulatory compliance, is essential for traders.

Description

Bitget is a cryptocurrency exchange for skilled users that offers thousand of altcoins for Canadians (and people all over the world) to trade.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.

Coins

Over 1000 major coins and altcoins

90+

Fees

Trading fees on Bitget are low at just 0.1%, but can be lower if you pay fees with their token BGB.

  • nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus: 
  • 3.75% and€0.25 card processing fee or,
  • 3.75% + €0.25 digital wallet processing fee or,
  • 0.5% online bank transfer fee

Pros

  • Low trading fees
  • Hundreds of altcoins
  • Advanced features
  • Simple KYC process
  • Wide range of coins
  • High fees when not using Pro
  • Good for beginners
  • Free CAD deposits
  • Advanced tools with the Pro platform
  • Staking

Cons

  • No Interac e-Transfer
  • Confusing for beginners
  • No CAD deposits and withdrawals
  • No Interac e-Transfer
  • Deposits can take 1-5 business days
  • Extremely high trading fees
  • Tend to freeze accounts for no apparent reasons
  • Slow support

Account Limits

No major limits

Low

Methods to buy

  • Credit or debit card
  • P2P platform
  • Wire transfer
  • Debit card

Security

  • 2FA
  • Anti-phishing code
  • $300 million insurance for lost assets
  • 95% of coins held in cold storage
  • Servers monitored 24/7 by armed guards
  • 2FA available
  • Confirm withdrawals via email
  • Fully Audited

Mobile and Desktop Trading

Bitget and Kraken both offer intuitive desktop platforms tailored to cater to traders of varying experience levels. On the mobile front, Bitget boasts a 4.5-star rating on the Apple App Store and a 4.2-star rating on Google Play. Kraken, not lagging far behind, holds a 4.2-star rating from Google Play and a commendable 4.7 stars on the Apple App Store. These ratings suggest that both exchanges provide a seamless mobile trading experience, but the slight edge in user reviews might indicate Bitget’s superior adaptability on mobile devices.

Bitget

The Bitget platform can be confusing for beginners since there is advanced charting and order book data. Bitget’s mobile app has a 4.4-star rating on the Apple App Store and a 4.6-star rating on Google Play

Trading crypto on Bitget from Canada

Bitget desktop view (trading screen)

Depositing money to Bitget

Bitget depositing screen

Bitget mobile app main screenshot

Bitget mobile app main screen

Bitget mobile app screenshot

Bitget mobile app (coins)

Kraken

Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken desktop interface

Kraken Pro screenshot

Kraken Pro Trading view

Kraken app interface #1

Kraken app interface

Kraken app interface #2

Kraken app interface while trading

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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.