Bitcoin Well vs. Kraken: What Works Better For Canadians in 2023

Oleg Galeev

1 month ago

In the burgeoning realm of cryptocurrency trading, two platforms stand as beacons for traders – Bitcoin Well, with its Canadian roots and Bitcoin focus, and Kraken, a global giant with a vast crypto portfolio. While both have carved a niche, their differences range from operational bases to the variety of cryptocurrencies they offer.

Description

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.

Coins

Bitcoin only

90+

Fees

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option.

nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus:
3.75% and€0.25 card processing fee or,
3.75% + €0.25 digital wallet processing fee or,
0.5% online bank transfer fee

Pros

Immediate self-custody of assets
Option to buy bitcoin privately with cash
Buy online with Visa debit, e-Transfer or wire
No withdrawal fees or wait times
Public Company which offers transparency

Wide range of coins
High fees when not using Pro
Good for beginners
Free CAD deposits
Advanced tools with the Pro platform
Staking

Cons

Only Bitcoin available
Not the cheapest fees
No advanced order types

No Interac e-Transfer
Deposits can take 1-5 business days
Extremely high trading fees
Tend to freeze accounts for no apparent reasons
Slow support

Account Limits

minimum of $100 payment
$50,000 transaction limit.

Low

App

Methods to buy

Interac e-Transfer
Wire transfer
Visa debit
Cash via Bitcoin ATMs

Wire transfer
Debit card

Security

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.

95% of coins held in cold storage
Servers monitored 24/7 by armed guards
2FA available
Confirm withdrawals via email
Fully Audited

Mobile and Desktop Trading

Both Bitcoin Well and Kraken recognize the shift towards mobile trading, but haven’t let go of their robust desktop interfaces either. Bitcoin Well's desktop platform is renowned for its intuitive layout, making it appealing for both newcomers and seasoned traders. Kraken’s dashboard, with the account balance front and center, offers a straightforward navigation experience. On the mobile front, Kraken steals a bit of the limelight with high ratings on both Google Play (4.2 stars from 18,000 ratings) and the App Store (4.7 stars from 1700 ratings). Their specialized Kraken Pro app, tailored for seasoned traders, offers advanced charting and trading features.

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Kraken

Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken Pro Trading view

Kraken app interface

Kraken app interface while trading

Security Compliance

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards.

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

In the high-stakes world of cryptocurrency, security is paramount. Bitcoin Well boasts a suite of cutting-edge security measures like multi-factor authentication, cold storage solutions, and round-the-clock monitoring. Kraken, operating on a larger scale, employs a mix of encrypted information, over 95% of assets in cold storage, and even physical security measures, such as servers guarded 24/7 by armed personnel. While both platforms have made significant efforts in security, Kraken's extensive measures, including a bug bounty program, edge it out slightly in this department.

Regulatory Compliance

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Trading cryptocurrencies in Canada isn’t just about offering a platform; it's about adhering to Canadian regulations. Bitcoin Well, with its Canadian roots, prioritizes compliance with local regulations. Kraken, despite its global presence, hasn’t sidelined Canadian regulatory requirements. The exact specifics of their compliance can be a bit intricate, but both platforms work within the framework set by Canadian federal organizations. However, it's worth noting that not all of Kraken's services are accessible in Ontario due to the province's securities regulations.

Customer support

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

For any platform, the real testament to its commitment is gauged by its customer support. Bitcoin Well, understanding the value of prompt support, offers top-tier assistance for all queries, from transactional issues to general crypto questions. Kraken, on the other hand, offers 24/7 support via live chat and email, with phone support extending to the USA, UK, and the European Union. Given Kraken's larger user base, it's commendable how they manage to maintain a robust support system, but Bitcoin Well's local touch provides a more personalized support experience.

Conclusion

Both Bitcoin Well and Kraken have carved impressive niches in the crypto exchange world. Kraken, with its vast crypto offerings and global reach, certainly appeals to a broader audience. Yet, when it comes to catering to the Canadian market, Bitcoin Well emerges as the winner. Its localized approach, tailored support, and adherence to Canadian regulations make it the go-to choice for Canadian traders in 2023.

We recommend choosing Bitcoin Well over Kraken for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitcoin Well nor Kraken meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.