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Bull Bitcoin vs Kraken: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated March 14, 2024

In this comparison, we’re delving into the differences between Bull Bitcoin and Kraken, two notable players in the cryptocurrency exchange landscape. Bull Bitcoin is a Canadian-centric platform focusing on Bitcoin transactions and allowing for direct bill payments with Bitcoin, whereas Kraken is a global exchange known for its wide array of cryptocurrencies and advanced trading features.

Description

Coins

Fees

Pros

Cons

Account Limits

App

Methods to buy

Security

Mobile and Desktop Trading

Both Bull Bitcoin and Kraken offer user-friendly desktop experiences, designed to cater to their respective audiences. Bull Bitcoin's platform is streamlined for straightforward Bitcoin purchases and bill payments, without an official mobile app, reflecting its focus on simplicity and direct transactions. On the other hand, Kraken provides a comprehensive trading experience on both desktop and mobile platforms, boasting apps with high ratings on both the App Store and Google Play. Kraken’s mobile app allows for a range of trading activities on the go, with a 4.2-star rating on Google Play and a 4.7-star rating on the App Store, highlighting its broader appeal and functionality for mobile users.

Security Compliance

Both platforms prioritize security, but their approaches and the scale of operations differ. Bull Bitcoin emphasizes direct custody, encouraging users to take control of their Bitcoin immediately upon purchase, minimizing the risk associated with exchange custody. Kraken, with its global footprint, adopts a robust security strategy, holding the majority of digital assets in cold storage and employing comprehensive encryption and surveillance measures. While both are secure, Kraken's extensive security protocols and infrastructure might edge out for those prioritizing a wide array of security features.

Regulatory Compliance

Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and follows a strict KYC process. This strong focus on adherence to Canadian financial laws makes it a reliable choice for Canadian users. Kraken also operates in Canada, offering services to Canadians with compliance to local regulations, but as a global exchange, it navigates a broader regulatory landscape, which can sometimes lead to service restrictions based on provincial laws, such as those observed in Ontario.

Customer support

Bull Bitcoin offers dedicated support via email, with a strong reputation for customer satisfaction reflected in its Trustpilot ratings. Kraken extends 24/7 live chat and email support, alongside a comprehensive help center, though it has faced criticism regarding response times and resolution effectiveness on review platforms like Trustpilot.

Conclusion

In the comparison between Bull Bitcoin and Kraken, it's clear both platforms offer valuable services tailored to their audiences. Bull Bitcoin focuses on providing Canadians a straightforward and secure method for buying Bitcoin, including unique features like paying bills with Bitcoin, which aligns well with everyday financial activities. Kraken, with its global reach, offers a wide range of cryptocurrencies and advanced trading options, appealing to those seeking diversity in their crypto investments.

Despite Kraken's extensive offerings, Bull Bitcoin stands out as the winner for Canadian users primarily interested in Bitcoin. This decision hinges on Bull Bitcoin's commitment to simplifying the Bitcoin purchase process, its emphasis on user control through immediate self-custody, and its ability to integrate Bitcoin into regular financial transactions. Additionally, Bull Bitcoin's adherence to Canadian regulations and its high customer satisfaction make it particularly appealing for Canadians seeking a reliable and focused Bitcoin trading experience.

Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).

Author

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.