Want to know which among bitFlyer and Kraken will be the best for you? Or do you want to know more about these exchanges?

Don’t worry; I am here to do just that.

I will compare these exchanges to their core and tell you everything about them that you should know before you get your hands on them.

Both bitFlyer and Kraken are industry giants offering a wide range of crypto trading products and asset range with millions of registered users, making it even more important to know the best exchange between them.

So for that reason, let’s begin with a brief comparison between these exchanges and understanding what these exchanges actually are.

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bitFlyer vs Kraken: At A Glance Comparison

bitFlyer

Starting with bitFlyer, this exchange was founded in 2016 in San Francisco, CA. Aiming to build a leading virtual currency exchange bitFlyer with a global transaction volume of over $180 billion.

It is one of the first cryptocurrency exchanges with licenses to operate across the United States, Europe, and Japan.

Kraken

On the other hand, Kraken was also founded in 2011 in San Francisco. The exchange holds more than 9 million users worldwide and is supported in 190+ countries.

With a quarterly trading volume of more than $207 billion, this crypto exchange has a spotless reputation for reliability and transparency.

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bitFlyer vs Kraken: Trading Markets, Products & Leverage Offered

Now that you know the stats of these exchanges, let’s quickly see what the trading markets, products, and leverage are offered on these exchanges.

bitFlyer

Starting with bitFlyer, the exchange offers the following trading products:

  • Spot Trading: Purchase altcoins with JPY. 
  • Leverage Trading: Use up to 2x leverage readily on the platform.
  • Lightning Futures: Comes in weekly, biweekly, and quarterly order books.
  • Buy/sell crypto: Wide range of virtual currencies to trade with on a particular order interface.

Kraken

Coming to Kraken this crypto trading platform offers different trading products as well, which are:

  • Spot Trading: More than 100 currency pairs, with advanced trading options.
  • Margin Trading: Enjoy up to 5x leverage on all the assets available on the exchange.
  • Crypto Staking: Earn up to 24% yearly on your crypto holdings.
  • Futures Trading: Using leverage, using leverage expand your crypto trading experience with over 95 perpetual futures.

Verdict: Kraken will surely be a better choice in this segment, with more product variability.

bitFlyer vs Kraken: Supported Cryptocurrencies

Now, let’s quickly discuss what are the assets available on these exchanges to trade with.

bitFlyer

This crypto exchange offers a long list of assets that includes:

  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Bitcoin Cash
  • Basic Attention Token
  • Stellar Lumens
  • Tezos
  • Polkadot

Kraken

On the other hand, Kraken offers a massive list of crypto assets to trade with, including all of your favourite ones, counting more than 210 of them. You can see the complete list by clicking here.

Some of the major ones are:

  • Bitcoin
  • Ethereum
  • Tether
  • Solana
  • Shiba Inu
  • Dogecoin
  • Ripple

Verdict: Kraken has a much larger list of available crypto assets to trade with.

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bitFlyer vs Kraken: Trading Fee & Deposit/Withdrawal Fee Compared

Now coming to one of the most crucial segments of comparison, which is their fee structures. So let’s see how much they charge for trading.

bitFlyer

The major type of fees associated with trading on bitFlyer, like many other renowned exchanges, are the trading as well as deposit and withdrawal fees; let’s see what they are:

  • Trading Fees

Past 30-day volume1

 Lightning Spot Buy/Sell
€0 – Less than €50,000

0.10%

FREE

€50,000 – Less than €500,000

 0.09%
€500,000 – Less than €1 million

0.08%

€1 million – Less than €5 million

 0.07%
€5 million – Less than €10 million

0.06%

€10 million – Less than €50 million

 0.05%
€50 million – Less than €500 million

0.04%

Over €500 million

0.03%

  • Deposit and Withdrawal Fees

SEPA Deposits

 Free
SEPA Withdrawals

€0.30 for ≤ €250,000.00
€10.00 for > €250,000.00

There are also some withdrawal fees set for specific crypto assets, which are:

Bitcoin (BTC) Withdrawal Fee

 0.0004 BTC
Ethereum (ETH) Withdrawal Fee

0.005 ETH

Bitcoin Cash (BCH) Withdrawal Fee

 0.0002 BCH
Ethereum Classic (ETC) Withdrawal Fee

0.005 ETC

Litecoin (LTC) Withdrawal Fee

 0.001 LTC
Lisk (LSK) Withdrawal Fee

0.1 LSK

Basic Attention Token (BAT) Withdrawal Fee

 5 BAT
Tezos (XTZ) Withdrawal Fee

0.1 XTZ

Polkadot (DOT) Withdrawal Fee

0.1 DOT

Kraken

When it comes to spot trading fees on Kraken, the exchange follows a maker/taker fee model that depends on your 30-day trading volume.

I have listed the complete spot fee structure below for your ease.

  • Spot Trading Fee

30-Day Volume (USD)

 Maker

Taker

$0 – $50,000

 0.16% 0.26%
$50,001 – $100,000 0.14%

0.24%

$100,001 – $250,000

 0.12% 0.22%
$250,001 – $500,000 0.10%

0.20%

$500,001 – $1,000,000

 0.08% 0.18%
$1,000,001 – $2,500,000 0.06%

0.16%

$2,500,001 – $5,000,000

 0.04% 0.14%
$5,000,001 – $10,000,000 0.02%

0.12%

$10,000,000+

 0.00% 0.10%
  • Futures Trading Fee

30-Day Volume USD

 Maker Fee

Taker Fee

$0 – $100,000

 0.0200% 0.0500%
$100,001 – $1,000,000 0.0150%

0.0400%

$1,000,001 – $5,000,000

 0.0125% 0.0300%
$5,000,001 – $10,000,000 0.0100%

0.0250%

$10,000,001 – $20,000,000

 0.0075% 0.0200%
$20,000,001 – $50,000,000 0.0050%

0.0150%

$50,000,001 – $100,000,000

 0.0025% 0.0125%
$100,000,001 + 0.0000%

0.0100%
  • Deposit and Withdrawal Fees

There are no crypto deposit fees on the exchange. However, there is a minimum deposit requirement for each transaction.

Coming to withdrawal fees, it depends on the asset you are withdrawing. Depositing or withdrawing fiat will also attract a transaction fee, depending on your selected payment option.

Verdict: Kraken has a better fee structure which is more straightforward and affordable, making it the winner in this segment.

bitFlyer vs Kraken: Order Types

Coming to order types, both exchanges offer some exclusive kinds of them; let’s see what they are.

bitFlyer

  • Market Order
  • Limit Order

Special Order Types

  • If Done Order (IFD)
  • One-Cancels-the-Other (OCO)
  • IFD-OCO

Kraken

  • Take Profit Order
  • Market and Limit Order
  • Stop Loss Order
  • Stop Loss Limit Order
  • Take Profit Limit Order

bitFlyer vs Kraken: KYC Requirements & KYC Limits

bitFlyer

bitFlyer carries on multiple identity verification processes to protect your funds and data. As it is a regulated exchange, it is obliged to comply with certain obligations.

bitFlyer collects and verifies certain KYC information as well as mandates it for all the users on the platform. Quick ID verification technology allows you to verify your account by taking a picture of your ID and your face.

This upgrades your account class to trade pro in less than just 5 minutes.

Kraken

Coming to Kraken, there are various identification levels that decide your account trading limits. Below I have mentioned all that you can do with each account verification level.

Features

 Starter Express Intermediate

Pro

Add security settings

 ✓ ✓ ✓ ✓
Kraken Pro app ✓ ✓ ✓

✓

Kraken mobile app

 ✓ ✓ ✓
ACH online banking purchases $9k lifetime limit ✓

✓

Debit or credit card purchases

 ✓ ✓
Deposit crypto currencies Unlimited Unlimited

Unlimited

Withdraw cryptocurrencies

 Low limits High limits

Highest limits

Lightning Network

 ✓ ✓

Deposit cash

 High limits

Highest limits
Withdraw cash High limits

Highest limits

Exchange funds

 Unlimited Unlimited Unlimited Unlimited

Staking4

 ✓

✓
Opt-In Rewards ✓

✓

Trade on margin

 ✓ ✓
Trade on dark pool

✓

Trade on Kraken Futures

 ✓ ✓
Trade on OTC desk

✓

Parachain Auctions

 ✓ ✓
Business account

✓

Generate API keys

 16 16 16 25
API call rate limits Low Low High

Highest

Let’s see what documentation is needed for each account-level verification.

Requirements

 Starter Express Intermediate Pro
Email ✓ ✓ ✓

✓

Full name

 ✓ ✓ ✓ ✓
Date of birth ✓ ✓ ✓

✓

Phone number

 ✓ ✓ ✓ ✓
Physical address ✓ ✓ ✓

✓

Occupation information employed. If not, select unemployed.

 ✓ ✓ ✓
Social Security Number (US clients) ✓* ✓

✓

Valid ID

 ✓ ✓
Proof of address ✓

✓

Face Photo (South Africa and USA)**

  see details  see details
KYC questionnaire

✓

Sign-in 2FA

✓

Now that you know about the KYC procedures on these exchanges, let’s see the deposit and withdrawal options on them.

bitFlyer vs Kraken: Deposits & Withdrawal Options

bitFlyer

Starting with bitFlyer, there are different ways available for deposit and withdrawal, which are:

  • Direct crypto deposits
  • Bank transfer via ACH
  • Fiat transfers

Kraken

Similarly, Kraken is also nowhere behind when it comes to deposit and withdrawal options.

  • Debit/credit card transfer
  • Bank transfer
  • Direct crypto transfer

bitFlyer vs Kraken: Trading & Platform Experience Comparison

bitFlyer

Using the bitFlyer trading platform is pretty straightforward and easy. The dashboard includes all the crypto trading tools and options right on the window.

Moreover, there is a designated window for Bitcoin trading, which includes a lot of advanced trading toolsets.

Its lightning exchange offers a superior feature set, including open order book, active trading charts, recent trade listings, and a quick order entry form.

Kraken

On the other hand, Kraken offers two different crypto trading platforms.

One of which is pretty basic, where you can only buy and sell crypto assets. The basic platform is suitable if you are looking for an exchange where you can invest and manage portfolios.

The other one, which is its pro platform, will suit you if you are looking to trade crypto. This advanced trading platform comes with rich trading features, including:

  • Technical chart by TradingView
  • Easy-to-use order form
  • Trading Pair Details
  • Open orders, positions, trades, conditional orders

To learn more about the exchange, check this guide on how to short Bitcoin on Kraken guide.

bitFlyer vs Kraken: Customer Support

bitFlyer

Customer support on bitFlyer seems limited as compared to other renowned crypto exchanges.

It offers support options via its help page and email ticket system. There are no additional options for reaching out to them via live chat or by phone.

Kraken

On the other hand, Kraken offers excellent customer support with 24×7 availability. You can reach out to them via live chat or raise a support ticket for in-depth support.

Additionally, it also comes with a comprehensive FAQ section where you will be able to find answers to almost all your queries.

Moreover, you can also contact Kraken via their Twitter handle @krakensupport.

bitFlyer vs Kraken: Security Features

When it comes to security, these exchanges stand head to head, offering all of the advanced security features which comply with the industry standards.

bitFlyer

Starting with bitFlyer, trading on this exchange is like trading with vault-like security. The most highlighting security features include:

  • SSL Encryption
  • Web Application Firewall
  • Multi-signature Bitcoin Addresses
  • Fund segregation
  • Cold Wallet Storage

Kraken

Coming to Kraken, this crypto exchange is nowhere behind regarding security features. The list includes:

  • Two-factor authentication
  • Configurable account timeout
  • Email confirmation for withdrawals with self-serve account lock
  • Device Management systems

Is bitFlyer Safe & Legal To Use?

The clear and precise answer to this question is that, yes bitFlyer is a safe and legal trading platform. The exchange is regulated with the industry’s highest security standards.

bitFlyer is a fully regulated payment institution with a license since 2018.

Moreover, it is also regulated by both the Japan Financial Services Agency and the New York Department of Financial Services.

So now you know that bitFlyer is going nowhere.

Is Kraken a Safe & Legal To Use?

When this question arises for Kraken, the correct answer will be that, yes, Kraken is also a safe and completely legal crypto exchange, and that is probably why I am telling you about it.

This platform is a self-regulated exchange that is registered as a Money Services Business with FinCEN in the United States.

Additionally, it comes with top-notch security features, a pretty solid trading infrastructure, and a vast customer base.

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Kraken vs bitFlyer Conclusion: Why not use both?

Looking at Kraken and bitFlyer at a glance, both exchanges stand out in the crypto sphere. Selecting one among the two solely depends on your trading needs.

If you are new to crypto trading and looking for an exchange that can give you hands-on experience, or if you are looking for solely a spot and crypto futures trading platform, then bitFlyer is the way to go.

With bitFlyer’s user-friendly crypto trading interface, it allows users to trade with ease.

On the other hand, if you are looking for an exchange that offers both basic and advanced trading capabilities as well as is pocket-friendly, then Kraken will be the best choice for you. Also, you can follow this quick Kraken tutorial to get started with the exchange.

Learn how does bitFlyer & Kraken stack up against the competition:

Sudhir Khatwani
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