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|Year of foundation||2014||2011|
|Languages||English||English, Japanese, Chinese, German, Spanish, Russian, Greek, Ukrainian, Turkish, French, Italian, Portuguese, and two types of Korean|
|Mobile app||iOS, Android||iOS|
Depositing and Withdrawing Funds
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 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.
Clearly, both exchanges have numerous currencies available. I recommend examining each exchange to see which has the most advantageous combinations for your investment strategy.
As a pure cryptomoney exchange, Poloniex supports Bitcoin, Ethereum, Monero and Tether pairings with:
- Bitcoin Cash
- Ethereum Classic
- Ripple +57 more coins
Kraken also supports a multitude of coins and combinations as how:
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
- 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%.
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.
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.
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 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.
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 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.
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
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.