Poloniex VS Kraken

Comparison
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General Information

PoloniexKraken
Year of foundation20142011
CountryUSAUSA
LanguagesEnglishEnglish, Japanese, Chinese, German, Spanish, Russian, Greek, Ukrainian, Turkish, French, Italian, Portuguese, and two types of Korean
Mobile appiOS, AndroidiOS

Depositing and Withdrawing Funds

Poloniex

Poloniex only allows encryption to cryptography operations, so it cannot deposit fiduciary currency (such as US dollars) in the stock exchange. Although you can fund your account with any available currency on the exchange, we recommend depositing either Bitcoin, Ethereum, Monero or Tether. All currencies on the platform are combined with these four currencies for trading options. The extraction limit at Poloniex is $25,000 for most users, but you can request that it be increased.

Kraken

Kraken uses verification levels to determine how you can fund your account. You can deposit and withdraw only digital currency at Level 1. However, you can exchange digital currency as well as fiduciary currencies at this level. To reach Level 1, you must submit your full name, date of birth, country and phone number.

At Level 2 or Level 3 (depending on your country of residence), bank deposits and withdrawals (via bank transfer) are available. Your address is required for Tier 2, while you must additionally carry a valid government ID and recent proof of residence for Tier 3. Kraken has a deposit limit of $25,000 per day when providing proof of source of funds. Deposits generally take 2-3 business days to clear. The daily withdrawal limit is also $25,000.

Available Cryptocurrencies

Clearly, both exchanges have numerous currencies available. I recommend examining each exchange to see which has the most advantageous combinations for your investment strategy.

Poloniex

As a pure cryptomoney exchange, Poloniex supports Bitcoin, Ethereum, Monero and Tether pairings with:

  • Bitcoin
  • Bitcoin Cash
  • Dash
  • Ethereum
  • Ethereum Classic
  • Golem
  • Lisk
  • Litecoin
  • Monero
  • Omisego
  • Ripple +57 more coins

Kraken

Kraken also supports a multitude of coins and combinations as how:

  • Bitcoin
  • Bitcoin Cash
  • Dash
  • EOS
  • Ethereum Classic
  • Ethereum
  • Gnosis
  • Iconomi
  • Litecoin
  • Melon
  • Augur
  • Tether
  • Dogecoin
  • Stellar Lumens
  • Monero
  • Ripple
  • Zcash

Commission

Poloniex

Poloniex commissions:

  • for “maker” (the one who opens a position) the commission is 0-0.15%;
  • for the “taker” (the one who closes the position) the commission fee is 0.1-0.25%.

Kraken

At Kraken, the manufacturer’s rates peak at 0.16% and drop to 0.00% for most trading partners. Rates range from 0.10% to 0.26% for takers.

Security

With both companies based in the United States, you can be pretty sure that Poloniex and Kraken follow industry best practices when securing their funds.

Poloniex

The presence of hackers on the site is a serious disadvantage. Hackers use phishing to steal money from users’ wallets. Be vigilant, do not click on dubious links, especially those that come to your email.

Kraken

Kraken stores most offline digital assets in encrypted wallets, while the remaining currencies are used to maintain liquidity in the exchange. Kraken also maintains full reserves that ensure that no banking can be done in the market. Kraken does not mention FDIC insurance on its website, a security precaution taken by other popular exchanges such as Coinbase and Gemini.

User-friendly Interface

In general, both platforms cater to all types of investors covering a wide range of experience levels. Take a look at the two trades and choose the one that is most comfortable for you.

Poloniex

Poloniex has a simple interface that conveniently places all relevant charts and graphs on one page. Historical price, order books, market depth and trading history are all in one column organized for easy analysis. You can trade on margin and lend currencies to shorters at Poloniex. These are advanced trading strategies that only experienced traders should try.

Kraken

At Kraken, you can place orders using a Simple, Intermediate or Advanced interface. Use the Simple tab to place market (best market price) and limit (fixed price) orders. Set stop limits, maturities, leverage options and conditional closures using the Intermediate and Advanced tabs.

Pros and Cons

Poloniex

Pros
  • user-friendly site interface, navigation and sorting tokens
  • wide range of functions – the ability to trade, issue loans and take out loans
  • wide range of liquid investment instruments – more than 140 currency pairs, large trading volume
  • low transaction and input/withdrawal fees
Cons
  • does not support fiat currencies
  • frequent Pump and Dump
  • weak support

Kraken

Pros
  • number of trading pairs
  • margin trading
  • age of occurrence
  • security
  • flexible verification system
Cons
  • compulsory and complex verification
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