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Bybit vs Kraken: Comprehensive Comparison 2024

Written by Stephen Wedge

Written by:

Stephen Wedge

Stephen Wedge, with over 15 years of experience in finance, holds a Master of Science in Finance from Vanderbilt University's Owen Graduate School of Management. He specializes in financial analysis, strategic investment planning, and has a keen interest in the world of cryptocurrencies. With a deep understanding of both traditional and digital financial markets, Stephen offers valuable expertise to investors seeking to navigate the complexities of crypto investments.

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This article has been reviewed by crypto market experts at SCM to ensure all the content, sources, and claims adhere to the highest standards of accuracy and reliability.

Last Updated on July 25, 2024

Bybit and Kraken are two prominent exchanges that cater to a wide range of traders, from beginners to seasoned professionals.

In this comprehensive comparison for 2024, we will explore the key features of Bybit and Kraken, including their founding histories, supported cryptocurrencies, leverage options, trading volumes, deposit and withdrawal methods, fees, security measures, order types, and customer support.

This analysis will help you determine which platform best aligns with your trading needs and preferences for the upcoming year.

Bybit vs. Kraken: Comparative Table

Feature Bybit Kraken
Founded 2018 by Ben Zhou
2011 by Jesse Powell
Supported Coins 100+ 220+
Leverage Up to 100x Up to 5x
Trading Volume High High
Deposit Methods Crypto only
Bank Transfer, Credit/Debit Card, Crypto
Withdrawal Fees Varies by coin Varies by coin
Trading Fees 0.10% maker, 0.10% taker
0.16% maker, 0.26% taker
Security Features 2FA, Cold Storage, Multisignature
2FA, Cold Storage, Global Settings Lock
Order Types Market, Limit, Stop-Limit, Trailing Stop, Conditional Orders
Market, Limit, Stop-Loss, Take-Profit
User Interface User-friendly, Mobile App
User-friendly, Mobile App
Customer Support 24/7 Live Chat, Email Support
24/7 Live Chat, Email Support, Phone Support

Our 2024's Recommendation

  • Upto 100x Leverage for BTC

  •  Supports over 300+ crypto trading pairs

  • Fees starting at 0.075% for futures

  • Strong security features

Bybit vs Kraken: Products and Services

Both Bybit and Kraken offer distinct products and services catering to cryptocurrency traders.

  • Futures Trading

Bybit provides an advanced futures trading platform. You can trade with leverage, up to 100x, on various cryptocurrency pairs. Kraken also offers futures trading, but the leverage is usually limited to 50x.

  • Spot Trading

Bybit’s spot trading is suited for traders looking for straightforward cryptocurrency trading. Kraken also excels in spot trading with a wide variety of supported cryptocurrencies. This makes Kraken a good choice if you need more options.

  • Options Trading

Kraken offers options trading, primarily through its futures platform. Bybit does not currently provide crypto options trading, which might be a limitation if you want to diversify your trading strategies.

  • Leveraged Tokens

Bybit supports leveraged tokens, allowing you to gain leveraged exposure to the market without worrying about margin. Kraken doesn’t offer leveraged tokens, which might be restrictive for traders preferring this product type.

  • NFT Marketplace

Bybit has ventured into the NFT space with its digital marketplace, allowing users to buy, sell, and trade NFTs. Kraken has yet to establish an NFT marketplace, potentially limiting your opportunities if you are interested in NFTs.

  • Staking and Loans

Kraken offers staking services on various coins with competitive rewards. You can also access crypto loans on Kraken. Bybit also supports staking but has a smaller selection of staking coins.

  • User Experience

Bybit’s user-friendly platform is designed to cater to novice and experienced traders. Kraken is noted for its smooth user experience and comprehensive security features, making it suitable for all levels of traders.

Feature Bybit Kraken
Futures Trading Yes (up to 100x) Yes (up to 50x)
Spot Trading Yes Yes
Options Trading No Yes
Leveraged Tokens Yes No
NFT Marketplace Yes No
Staking Yes Yes (more variety)
Loans No Yes

Choosing between Bybit and Kraken will depend on your trading preferences and the specific products and services you prioritize.

Bybit vs Kraken: Contract Types

When comparing Bybit and Kraken, it’s essential to consider the variety of contract types each exchange offers.

Bybit provides the following contract types:

  • Inverse Perpetual Contracts: These contracts are settled in the underlying cryptocurrency (e.g., BTCUSD). They are designed for traders who prefer to use cryptocurrency as a margin.
  • Linear Perpetual Contracts: Settled in USDT, these contracts offer a clear and straightforward approach, making it easier to understand profit and loss.
  • Inverse Futures Contracts: These contracts have an expiry date and are also settled in cryptocurrency. They are suitable for hedging and long-term position strategies.

Kraken primarily focuses on:

  • COIN-M Futures: These contracts allow you to trade futures with the underlying asset as collateral. This feature benefits traders who prefer holding cryptocurrency.
  • USD-M Futures: Similar to linear perpetual contracts, these are settled in USD or stablecoins. They offer clarity in terms of profit and loss calculations.
  • Options: Kraken offers various possibilities and contracts catering to advanced trading strategies. These contracts enable you to hedge, speculate, or leverage positions with multiple strike prices and expiry dates.

Comparison Summary:

  • Bybit’s Inverse Perpetual and Futures Contracts: These are ideal for traders looking for cryptocurrency-based margins.
  • Kraken’s COIN-M and USD-M Futures: Different margin options offer flexibility, with cryptocurrency collateral or USD settlement.
  • Options Contracts (Kraken): While Bybit focuses on perpetual and futures contracts, Kraken’s options provide varied strategies, making them attractive to advanced traders.

In summary, Bybit and Kraken offer distinct contract types tailored to different trading preferences and strategies, catering to novice and experienced traders.

Bybit vs Kraken: Supported Cryptocurrencies

Bybit and Kraken both support various cryptocurrencies, catering to diverse trading needs.

Bybit offers a broader selection, listing over 1200 cryptocurrencies.

bybit supported coins

This extensive list includes popular tokens like Bitcoin (BTC), Ethereum (ETH), and many lesser-known altcoins. This diversity makes Bybit an attractive option if you’re interested in exploring new and emerging cryptocurrencies.

Kraken focuses on major players and popular coins, supporting fewer than 100 cryptocurrencies. It’s ideal if you prefer trading established and well-known tokens.

kraken supported coins

Some popular options on Kraken include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).

When it comes to futures and leverage trading, Bybit provides numerous options. You can trade futures for popular pairs such as BTC/USDT and ETH/USDT with up to 100x leverage.

The platform emphasizes a variety of futures contracts, appealing to traders looking for extensive margin trading opportunities.

Kraken also offers futures trading, supporting significant pairs, including BTC/USD and ETH/USD. Leverage is available but typically up to 5x, which might appeal to more risk-averse traders.

Here’s a quick comparison of the number of supported cryptocurrencies:

Platform Number of Cryptocurrencies Popular Futures Trading Pairs
Bybit 1200+ BTC/USDT, ETH/USDT
Kraken <100 BTC/USD, ETH/USD, LTC/USD, XRP/USD

Bybit’s vast selection provides various trading opportunities, especially for futures and leverage trading. Kraken’s smaller, curated list focuses on stability and well-known assets, making trading reputable cryptocurrencies easier.

Bybit vs Kraken: Leverage and Margin Trading

When comparing Bybit and Kraken, leverage and margin trading are crucial elements. Both platforms offer features that allow traders to amplify their positions and potential returns.

Bybit provides impressive leverage options, offering up to 100x leverage for select pairs like BTC/USDT and ETH/USDT. For lower-cap altcoins, the maximum leverage is 50x.

This high leverage can amplify positions and significantly increase the risk of liquidation.

Kraken, on the other hand, offers more conservative leverage options. The maximum leverage on Kraken is 5x, which applies to major cryptocurrencies like BTC and ETH.

Kraken’s more controlled leverage levels can reduce risk, making it more suitable for cautious traders.

Margin requirements differ between these exchanges. Bybit allows you to borrow funds with relatively lower initial margins due to higher leverage, enabling more prominent positions with less capital.

Kraken’s margin requirements are higher, reflecting its lower leverage, which may lower the risk of rapid position liquidation.

Liquidation risks are inherently higher with Bybit due to its higher leverage. Smaller market movements can trigger liquidations faster compared to Kraken.

Traders must monitor positions closely and consider employing stop-loss orders to manage risks.

Funding rates for leveraged positions also play a crucial role. Bybit funding rates fluctuate based on market conditions and can influence long and short positions.

Kraken’s funding costs are generally more predictable but vary depending on the traded asset and market conditions.

New to futures trading? Know the Risks of Crypto Futures Trading for Beginners

By utilizing these platforms’ leverage and margin trading options, you can strategically manage and amplify your trading positions, keeping in mind the associated risks and requirements.

Bybit vs Kraken: Trading Volume

When comparing Bybit and Kraken, trading volume is pivotal in trading efficiency, order execution, and slippage.

Bybit is a heavyweight in the derivatives market, with a 24-hour spot trading volume of approximately $3.94 billion and a futures volume exceeding $17.9 billion daily.

Kraken ranks #14 in crypto broker rankings while also a notable player.

Trading Volume Metrics

  • Bybit:
    • Spot Trading Volume: ~$3.94 billion (24-hour)
    • Futures Volume: >$17.9 billion daily
  • Kraken:
    • Data on specific volumes is not readily available in the search results, but it is one of the top-ranked exchanges.

Liquidity and Execution

High trading volume typically results in better liquidity. Bybit, with its large trading volume, offers more efficient trade execution with minimal slippage, which is especially important for high-frequency traders.

Given its higher ranking, Kraken provides robust liquidity, ensuring efficient order execution.

Efficiency and Slippage

Better liquidity generally translates to lower slippage. Bybit and Kraken excel in this area, though Bybit’s immense volume may give it an edge in minimizing slippage.

Using the data provided and further insights, you can see that both exchanges offer competitive trading environments, with Bybit’s sheer volume and Kraken’s established reputation enhancing their respective trading efficiencies.

Bybit vs Kraken: Futures Trading Fees and Rewards

bybit fees

Bybit uses a maker-taker fee model. Maker fees are lower as they add liquidity to the order book, encouraging trade volume. Taker fees are higher as they remove liquidity.

  • Bybit Maker Fee: 0.025%
  • Bybit Taker Fee: 0.075%

Bybit offers fee discounts for high-volume traders. For instance, traders with a 30-day trading volume exceeding $10 million pay zero market maker fees.

kraken fees

Kraken also employs a maker-taker fee schedule. Its fees differ based on trading volume over the past 30 days.

  • Kraken Maker Fee: 0.02% – 0.10%
  • Kraken Taker Fee: 0.05% – 0.26%

Larger volume traders on Kraken enjoy lower fees and are supported by highly active traders.

Fee Comparison Table

Fee Type Bybit Kraken
Maker Fee 0.025% 0.02% – 0.10%
Taker Fee 0.075% 0.05% – 0.26%

Deposit and Withdrawal Fees

Bybit doesn’t charge for deposits but has varying withdrawal fees based on the cryptocurrency.

  • Bybit BTC Withdrawal Fee: 0.0005 BTC

Kraken has crypto-specific deposit fees and generally lower withdrawal fees.

  • Kraken BTC Withdrawal Fee: 0.00015 BTC

Rewards and Incentives

Bybit offers various bonuses, such as deposit bonuses and trading rebates. These are designed to attract traders and increase market activity.

Kraken rewards loyal customers through fee reductions for high-volume trades and additional features for advanced traders, like staking rewards.

In summary, Bybit attracts high-frequency traders with zero maker fees at high volumes. At the same time, Kraken provides a more flexible fee structure based on tiered trading volumes, offering more trust and regulatory compliance.

Bybit vs Kraken: Deposits & Withdrawal Options

When considering Bybit and Kraken for cryptocurrency trading, the ease of depositing and withdrawing funds can influence your decision.

  • Supported Currencies

Bybit primarily supports cryptocurrency deposits and withdrawals.

You can deposit cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), etc. Kraken, besides cryptocurrencies, supports fiat currencies like USD, EUR, CAD, and JPY, providing more flexibility.

  • Payment Methods

Bybit allows you to deposit funds using cryptocurrencies.

This means you must transfer from a crypto wallet or another exchange. Kraken, on the other hand, offers a variety of payment methods, including bank transfers, wire transfers, and credit cards for fiat deposits.

  • Processing Times

Deposits on Bybit are almost instantaneous for cryptocurrencies, subject to network confirmation times. Withdrawals typically take a little longer, depending on the blockchain congestion.

Kraken’s deposit and withdrawal times can vary.

Fiat deposits via bank transfer may take 1-5 business days, while cryptocurrency deposits are usually faster, like Bybit, relying on network confirmation. Withdrawals in Fiat also take a few days.

Fees

Exchange Deposits Withdrawals
Bybit Cryptocurrency deposits are free. Withdrawal fees for BTC (0.0005 BTC) and other coins vary.
Kraken Fiat deposits can incur fees depending on the method. Cryptocurrency deposits are generally free. Withdrawal fees for BTC (0.0002 BTC), ETH (0.003 ETH), and fees vary for fiat withdrawals.

Minimum and Maximum Amounts

Bybit has no minimum deposit requirement for cryptocurrencies but does have minimum withdrawal amounts, e.g., 0.0005 BTC. Kraken also sets minimum amounts for withdrawals, like 0.0002 BTC for Bitcoin, and the minimum deposit amounts vary based on the currency and method.

Convenience

If you prefer dealing in multiple fiat currencies, Kraken provides more options. Bybit simplifies the process with fewer steps and quick transactions for purely crypto transactions.

Bybit vs Kraken: Native Token Usage

Bybit

Bybit does not have its native token. Instead, it offers leveraged trading and other advanced options without relying on a native token for in-exchange benefits.

Kraken

Kraken also does not have a native token. It emphasizes providing a wide range of cryptocurrency services, including staking, trading, and banking, without needing an in-exchange utility token.

Feature Bybit Kraken
Native Token No No
Trading Benefits None from token None from token
In-exchange Utility Leverage Trading Focus Regulatory Compliance Focus

Bybit vs Kraken: KYC Requirements & KYC Limits

Kraken and Bybit implement KYC (Know Your Customer) protocols to enhance security and comply with regulatory requirements. Each platform has distinct procedures and verification levels that impact your experience.

Bybit KYC Requirements:

Bybit has two KYC levels:

  • Level 1: Requires primary ID verification, such as a government-issued ID and a selfie.
  • Level 2: Involves more documentation like proof of residence.

Bybit’s KYC requirements aim to increase security. They also improve the accessibility of various services, including higher withdrawal and trading limits.

Kraken KYC Requirements:

Kraken offers multiple verification levels:

  • Starter: Basic KYC with email and personal information.
  • Intermediate: Requires valid ID, proof of residence, and a selfie.
  • Pro: In-depth checks, including financial statements.

Each level unlocks new features and higher limits for deposits, withdrawals, and trading.

Comparison:

Feature Bybit Kraken
Verification Levels 2 Levels 3 Levels
Basic Requirements ID, Selfie Email, Personal Info
Advanced Requirements Proof of Residence Valid ID, Proof of Residence, Selfie
Top Tier Requirements N/A Financial Statements

Implications on Privacy, Security, and Accessibility:

Bybit’s more straightforward KYC approach allows you quicker access to trading with moderate security. Kraken’s advanced KYC levels provide higher security but require more personal information.

Both exchanges balance the trade-offs between security and privacy. Bybit may be preferable for quicker setup, while Kraken offers more robust protection for higher-tier accounts.

Bybit vs Kraken: User Experience

When comparing Bybit and Kraken regarding user experience, there are several aspects to consider: platform interfaces, features, and usability on mobile and web versions.

Platform Interface

bybit ui

For Bybit futures trading you get an intuitive interface that caters to both novice and experienced traders. The clean design makes it easy to navigate the various trading options.

kraken ui

Kraken Futures trading platform also boasts a smooth and user-friendly interface with a polished design, though some users initially find its advanced features slightly overwhelming.

Mobile Apps

Bybit:

  • The mobile app is responsive and mirrors the functionality of the web interface.
  • It’s favored for its speed and ease of placing trades on the go.
  • A well-organized dashboard enhances usability.

Kraken:

  • The mobile app features a sleek interface that simplifies trading.
  • Users appreciate the app’s performance, though the added security features sometimes add to the login time.
  • The app supports a wide array of functions similar to its desktop counterpart.

Web Interface

Bybit’s web platform is highly praised for its speed and reliability during high-volume trading. The minimalistic design helps users quickly find what they need and execute trades efficiently.

On the other hand, Kraken provides a comprehensive web trading experience.

The platform includes detailed market data and charting tools that benefit more advanced users. Though feature-rich, some users might require a learning curve to harness its capabilities thoroughly.

Functionality

Both exchanges offer robust features, including advanced trading options, staking, and access to various cryptocurrencies.

While Bybit is known for its crypto leverage trading, Kraken is appreciated for its wide range of supported currencies and additional services like staking and futures trading.

  • Ease of Use: Bybit is often noted for its straightforward and user-friendly approach.
  • Functionality: Kraken excels with its extensive feature set and security measures, though it can be complex for beginners.

These factors collectively impact your overall trading experience with each platform.

Bybit vs Kraken: Order Types

When trading on Bybit or Kraken, various order types are crucial in executing your strategies and managing risk.

Bybit Order Types:

Bybit offers a range of order types to cater to different trading strategies:

  • Market Orders: Buy or sell immediately at the best available price.
  • Limit Orders: Buy or sell at a specified price or better.
  • Stop Orders: Trigger a market or limit order once a specified price is reached.
  • Conditional Orders: Place orders with conditions that execute based on predefined price movements.
  • Post-Only Orders: Ensure your limit order will only be added to the order book.
  • Reduce-Only Orders: Ensure orders only reduce your position, preventing accidental position increases.

Kraken Order Types:

Kraken provides a comprehensive suite of order types:

  • Market Orders: Execute trades instantly at the current market price.
  • Limit Orders: Set your buy or sell price to ensure better price control.
  • Stop Orders: Initiate an order when the market reaches a specific price, helping limit losses or lock in profits.
  • Conditional Orders: Advanced order types that trigger based on market conditions.
  • Post-Only Orders: Add orders to the order book without executing them immediately.
  • Reduce-Only Orders: Maintain the current position size by executing orders that reduce exposure.

Both exchanges offer primary and advanced order types, enabling you to tailor your trades to specific market scenarios.

Tables can help compare these order types:

Order Type Bybit Kraken
Market Orders Yes Yes
Limit Orders Yes Yes
Stop Orders Yes Yes
Conditional Orders Yes Yes
Post-Only Orders Yes Yes
Reduce-Only Orders Yes Yes

The range of order types provided by Bybit and Kraken allows you to optimize trade execution and refine risk management strategies effectively.

Bybit vs Kraken: Security Measures & Reliability

Bybit employs rigorous security measures to protect your assets.

With two-factor authentication (2FA), SSL encryption, and cold wallet storage, Bybit ensures that your digital assets and personal information remain secure offline. This mitigates risk in the event of a cyber breach.

Kraken has been known for its high reliability and long-standing trustworthiness since its establishment in 2011. Kraken uses 2FA and SSL encryption and maintains many user funds in cold storage.

They have advanced security features like Global Settings Lock (GSL) and a Master Key to add additional layers of protection.

Security Feature Bybit Kraken
Two-factor authentication (2FA) Yes Yes
SSL Encryption Yes Yes
Cold Wallet Storage Yes Yes
Global Settings Lock (GSL) No Yes
Master Key No Yes

Incident History and Resolutions:

Bybit has maintained a relatively clean security track record, with no significant incidents reported. This speaks to its robust security measures and proactive approach to safeguarding user data and funds.

Kraken experienced a notable incident in 2016 involving delays and connectivity issues, which they resolved by investing in more robust infrastructure and improving their systems to enhance reliability.

Read more: Is Crypto Leverage Trading Halal or Haram?

Since then, Kraken has strengthened its security protocols and remains a reliable exchange.

Both platforms demonstrate a solid commitment to securing user assets and information, employing comprehensive measures to minimize risks and ensure reliability.

Bybit and Kraken are trusted cryptocurrency trading options with stringent security practices.

Bybit vs. Kraken: Insurance Fund

When comparing the insurance funds of Bybit and Kraken, it’s essential to consider each platform’s strategy for protecting users’ investments.

Bybit maintains an insurance fund to protect traders during sudden market fluctuations.

The insurance fund covers the shortfall if a trader’s liquidation order cannot be filled at the bankruptcy price. This fund grows through liquidation penalties imposed on leveraged positions.

Kraken operates differently by implementing a more conservative risk approach. Kraken has a long-standing security reputation and engages in constant audits but does not explicitly mention a specific insurance fund like Bybit’s.

Instead, Kraken’s focus includes thorough vetting of cryptocurrencies and extensive security protocols, ensuring safer trading.

Platform Insurance Fund Purpose Growth Method
Bybit Yes Covers liquidation shortfalls Liquidation penalties
Kraken No Focus on security and audits N/A

Both Bybit and Kraken provide unique ways to safeguard user funds. Bybit is more transparent about its insurance fund. Kraken relies on robust security measures and a conservative approach.

Your choice may depend on the level of security you prefer and how much value you place on explicit insurance fund provisions.

Bybit vs Kraken: Customer Support

Customer support can be an essential factor when choosing between Bybit and Kraken. Both exchanges offer various customer support channels to assist users.

Bybit provides 24/7 customer support through live chat and email. Their support team is known for quick response times and thorough assistance. You’ll also find a comprehensive Help Center with guides and FAQs.

Kraken also offers 24/7 customer support. They provide help through live chat, email, and phone support, making it easier to contact an agent. Their customer support has been rated highly for its effectiveness.

Here’s a quick comparison:

Feature Bybit Kraken
24/7 Support Yes Yes
Live Chat Yes Yes
Email Support Yes Yes
Phone Support No Yes
Help Center/FAQs Yes Yes

On Bybit, users appreciate the responsive live chat feature, which is often faster than email. The support team’s expertise is also a frequently noted advantage. The extensive Help Center provides answers to common questions and issues.

Kraken’s customer support offers a broader range of contact methods, including phone support, a rare feature among crypto exchanges.

This can be particularly useful if you prefer speaking directly to a support representative. The live chat on Kraken is also responsive and helpful.

Bybit vs Kraken: Regulatory Compliance

Bybit and Kraken prioritize regulatory compliance to maintain trust and secure trading environments.

Bybit primarily operates under licenses from several jurisdictions, including the British Virgin Islands. They focus on meeting the regulatory requirements in the regions they serve.

Bybit aims to enhance transparency and security through third-party audits and to implement stringent security measures.

Kraken is more aggressive in its regulatory compliance efforts. They hold licenses in key jurisdictions such as the U.S., Europe, and Japan.

Kraken continuously engages with regulators to strictly adhere to local laws and regulations. This includes regular audits and compliance with anti-money laundering (AML) and know-your-customer (KYC) standards.

Aspect Bybit Kraken
Jurisdictions British Virgin Islands U.S., Europe, Japan
Licenses Multiple local licenses Comprehensive global licenses
Audits Third-party audits Regular regulatory audits
AML/KYC Implemented security measures Strict compliance with standards

Bybit has faced challenges, such as adjusting to rapidly evolving regulatory landscapes. In contrast, Kraken has encountered controversies but works proactively to address regulatory concerns.

Bybit and Kraken’s focus on regulatory compliance demonstrates their dedication to maintaining secure and legitimate user trading environments.

Conclusion

Kraken is an excellent choice for those prioritizing regulatory compliance and crypto-to-fiat trading.

Its deep liquidity and higher ease of use score (9.6) make it suitable for beginners and those looking for a stable and trustworthy platform.

Bybit shines for futures trading and offers an extensive range of altcoins.

Its higher leverage options cater to more experienced traders seeking maximum exposure to market movements.

While Kraken may have fewer contracts and lower leverage, its reputation and user-friendly interface make it particularly appealing to new traders. Bybit, with its substantial user base, provides more aggressive trading opportunities.

In summary, choose Kraken for a well-rounded, regulated trading experience that is ideal for beginners. Opt for Bybit if you are an advanced trader focusing on high leverage and diverse altcoin options.

Compare Bybit and Kraken with other major exchanges

About the Authors

Stephen Wedge, with over 15 years of experience in finance, holds a Master of Science in Finance from Vanderbilt University's Owen Graduate School of Management. He specializes in financial analysis, strategic investment planning, and has a keen interest in the world of cryptocurrencies. With a deep understanding of both traditional and digital financial markets, Stephen offers valuable expertise to investors seeking to navigate the complexities of crypto investments.