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 are 0.1% for makers and takers. 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.

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.

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 0.1% trading fees!

You can trade any of 280+ 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.

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.

Number of Cryptocurrencies

Bybit offers support for 280+ 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.

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 0.1% for spot trading.

With live chat customer support available 24/7, a demo account for users to test their skills, and support for over 280 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. 

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.