Bybit vs Kraken

Bybit vs Kraken

Robert McDougall 

November 3, 2022

Cryptocurrency

Bybit is an innovative and ever-growing crypto platform founded by a team of investment professionals back in 2018. There are over 10 million users around the globe using Bybit, which makes it one of the most popular crypto exchanges. It supports over 220+ cryptocurrencies, offers FREE spot trading, plenty of trading features and tools, and is extremely secure.

Kraken is a crypto exchange allowing users to buy, sell, and trade crypto on a user-friendly platform. Currently, it supports over 185+ cryptocurrencies and is one of the oldest exchanges on the market. With low fees, staking options, and 24/7 live chat support, it is another top crypto exchange.

Let’s compare Bybit and Kraken and take a look at their most notable features, fees and costs, pros and cons, and security measures in place.

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, EUR, GBP, JPY, CAD, CHF, AUD

Number of Coins

220+

185+

Trading Fees

Spot: 0%; Derivatives: 0.01% / 0.06%

Market trade: 0.16% / 0.26%; Instant: 1.5%

Deposit Methods

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Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

(not available in USA)

Debit Card

(not available in USA)

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

USD, AUD, EUR, GBP and many more

USD, EUR, GBP, JPY, CAD, CHF, AUD

Number of Coins

220+

185+

Trading Fees

Spot: 0%, Derivatives: 0.01% / 0.06%

Market trade: 0.16% / 0.26%; Instant: 1.5%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

(not available in USA)

Debit Card

(not available in USA)

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • Zero fees for spot trading
  • Margin trading with up to 100x leverage
  • Testnet (demo mode) so you can practise trading risk-free
  • No KYC required
Cons
  • Cannot trade against fiat currencies
  • Not available in USA
Pros
  • Margin trading and staking features
  • Excellent 24/7 live chat customer support
  • Very user-friendly and perfect for beginners to crypto
  • Educational material available
Cons
  • Higher fees compared to Bybit
  • Not as many cryptocurrencies offered as Bybit

Bybit vs Kraken Fees

Bybit has some of the lowest fees on the market. Namely, depositing fiat or crypto into your Bybit account is free of charge, whereas crypto withdrawals are subject to standard crypto network fees.

Spot trading fees have been reduced to 0%, so you don't need to pay any fee at all when you make the trades. If you trade derivatives, the fee is 0.01% for makers and 0.06% for takers. 

To use Kraken, the fees are higher than on Bybit. If you trade crypto on the market, you will be charged 0.16% as a maker and 0.26% as a taker. If you prefer to buy or sell crypto instantly, the fee is 0.9% for stablecoins and 1.5% for all other cryptocurrencies.

When you deposit fiat currencies into Kraken, you may incur a charge, depending on which currency and the method of payment. Depositing crypto is free, and withdrawing crypto will cost you a variable fee, depending on which asset you are transferring.

Winner - Bybit

Bybit is the clear winner, offering zero fee spot trading, and only 0.01/0.06% fees for derivatives trading. There are also no fees for depositing fiat or crypto into your Bybit account.

Bybit vs Kraken Deposit Methods

Bybit accepts cryptocurrency deposits, as well as a select number of fiat currencies. At the time of writing, you can deposit EUR, GBP, ARS, BRL, and RUB via bank transfer, with no cost incurred. Bybit is looking to expand this range in the near future. If you want to use other currencies, it is possible to buy crypto directly using your debit/credit card, or Google Pay and Apple Pay if that is your preference.

Kraken has a lot of different deposit methods, like bank transfer, SEPA, ACH, credit card, debit card, Google Pay, Apple Pay, SWIFT, Fedwire, and cryptocurrency. Check your local region to see which methods are available to you.

Winner - Kraken

Kraken has a wider range of deposit methods that cater to users all around the world. You are sure to find a payment option in your country for your local currency.

Bybit vs Kraken Features

Bybit started as a derivatives-only crypto trading platform, but it expanded into something much bigger as the customer base grew. For example, due to numerous users’ requests for spot trading, the team behind Bybit added spot markets, and now they are accessible with 0% trading fees!

You can trade any of 220+ cryptocurrencies against USDT or other cryptocurrencies, with high liquidity, so you don't have to worry about your trades not being completed.

Many users on Bybit are attracted to the margin trading that is offered, with up to 100x leverage. This gives them the ability to increase their profits, and many other crypto platforms do not offer such a high margin.

Kraken is a popular crypto exchange that is very user-friendly. There are options to spot trade more than 185+ cryptocurrencies, as well as margin trading, and staking coins to earn interest.

If you are a pure beginner to crypto, you can enjoy the instant buy/sell feature where you deal directly with Kraken, and you don't need to place any orders on the market. This is the easiest way to begin investing in crypto. If you want to learn more, you can read articles in the educational corner, and if you ever get stuck, you can message the live chat support team, who are available 24/7.

Winner - Bybit

Bybit wins this section easily as it offers more trading markets and tools. It even includes a testnet (demo) mode so you can practise your trading strategy with no risk.

Bybit vs Kraken Security

Bybit is an incredibly safe and secure platform with two-factor authentication (2FA), SSL encryption, and a cold wallet storage system in place. Namely, your digital assets, funds, and personal information are stored offline and away from hackers in the event of a successful cyber breach.

Additionally, the exchange has a three-level verification, ensuring you are the only one with access to your account at all times. Bybit is increasingly rigid and fully transparent, conducting regular reviews and security checks in the process. It even offers rewards to hackers who can successfully locate possible vulnerabilities in its security system.

Kraken is another extremely safe platform that has two-factor authentication (2FA) in place, alongside a lock feature, so you can immediately lock your account should you suspect a breach.

The exchange employs KYC (Know Your Customer), which is mandatory to fill out once you sign up if you wish to use the platform’s services. There’s a cold wallet storage system in place, similar to Bybit, and 95% of Kraken's crypto assets are stored offline while the remaining are protected with an insurance package, in the event that a hack occurs. What’s more, the system is protected by physical security measures as well, with armed guards and video surveillance on point 24/7.

Winner - Draw

Both platforms are incredibly secure, with no notable security or data breaches since their founding. You can rest assured that whichever exchange you decide to use, your data and assets will be secure.

Number of Cryptocurrencies

Bybit offers support for 220+ coins, with the majority of these being very popular in the crypto community.

Kraken supports around 185+ cryptocurrencies, and also offers some of the most popular ones. However, the downside is that not all cryptocurrencies are supported in every country where Kraken is available.

Winner - Bybit

Bybit is the winner here as it offers more cryptocurrencies than Kraken. Also, it is important to note that in some countries, Kraken does not offer the full range of coins.

Verdict

Bybit is an excellent choice for all types of crypto traders, from beginners to intermediate ones, through to the experienced traders. The platform is excellent for frequent traders, who can take advantage of the low trading fees: Only 0.01/0.06% for derivatives trading, and FREE for spot trading! 

With live chat customer support available 24/7, a demo account for users to test their skills, and support for over 220 cryptocurrencies, it is the perfect choice to sign up and start trading. Don't forget to sign up with this link to claim $5 FREE Bitcoin, plus up to $30,000 in bonuses if you complete the tasks in Bybit Rewards Hub.

Kraken is also a great choice, but is more suited for beginners or intermediate crypto investors who want to buy and hold onto crypto. It is a more user-friendly exchange, and you can easily earn interest on your crypto that you have held in your account. 

Overall Winner - Bybit

Bybit is the better choice of crypto exchange, with lower fees, margin trading with 100x leverage, a testnet (demo) mode, and Copy Trading.

Still Researching?

To continue researching before you make up your mind, you can check out our individuals reviews on Bybit (here) and Kraken (here). You can also have a read of this article we published on the best cryptocurrency platforms. Below is also a quick comparison table, summarizing the important information.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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