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

Security Compliance

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

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.

Bitvo ensures the safety of its users' assets by keeping the majority of them offline in cold storage, similar to Kraken, which keeps over 95% of digital assets in cold storage. Bitvo's additional layer of security includes a 2FA feature, and all withdrawals are manually reviewed and approved. Kraken also offers a two-factor authentication, email notifications for any withdrawals, an account timeout, and an account lock feature.

Regulatory Compliance

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

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.

Bitvo is fully compliant with Canadian federal laws, registered as a Money Services Business (MSB) with FINTRAC, and is regulated as per the standards set by FINTRAC and AMF. Meanwhile, Kraken also operates legally, but it is important to note that not all services are available in Ontario due to the Ontario Securities Commission regulations.

Customer support

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

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.

Bitvo provides 24/7 customer support through phone, email, and live chat, with a dedicated Bitvo Cash Card for users to access their cash or cryptocurrencies instantly. Kraken, on the other hand, offers 24/7 live chat and email support, along with phone support for the USA, UK, and the European Union.

Conclusion

Both Bitvo and Kraken are formidable cryptocurrency exchanges that offer unique features, a variety of cryptocurrencies, and robust security measures. However, considering the no-fee instant withdrawal feature, the live customer support, and Bitvo Cash Card, Bitvo appears to offer more streamlined and user-friendly services, especially for Canadian users. Therefore, Bitvo emerges as the winner in this comparison.

We recommend choosing Bitvo over Kraken for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitvo 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.