Owning Bitcoin has become a very useful asset today. You can now walk into some local restaurants and pay for your dinner with Bitcoin. Want to grab a cup of coffee? Upon up your Bitcoin wallet on your smartphone and pay for your coffee. To own Bitcoin, the first step is to convert your fiat currency into Bitcoin – this is where many people become stuck. While there are a significant number of ways in which a person can buy Bitcoin, it can become hard to choose the best option that will suit your specific requirements, the amount of Bitcoin you wish to purchase and the particular payment options you wish to use in order to buy your Bitcoin.
The most appropriate method of buying Bitcoin is often considered to be an exchange. In this post, we would like to compare two particularly popular exchanges that can be used to buy Bitcoin, as well as to sell Bitcoin and withdraw the value of the sold coins in fiat currency. The two exchanges we will be looking at here include Bitstamp and Kraken – both with their own particular set of pros and cons that people need to realize before making a final choice.
Bitstamp Versus Kraken
The two particular cryptocurrency exchange platforms that we are discussing in this post, namely Bitstamp and Kraken, both have been operating for over six years. Both companies have gained quite a good reputation amongst their customers, but, at the same time, numerous concerns have also been reported on various review sites. For this reason, it is important for a person to take a good look at the numerous features that are offered by these exchanges – and then to make a decision as to which particular exchange would be better suited to what they need.
Let’s take a look at some of the primary differences between these two exchanges:
- Both of these networks serve as cryptocurrency exchanges and neither of these platforms seems to be suited for the beginner who is just starting to explore the cryptocurrency industry. If you are new to cryptocurrencies, then it is advised to rather opt for an exchange platform that is more suitable for newcomers to the industry.
- Bitstamp has a mobile app that users can download for instant access to their account on-the-go. Kraken, however, does not feature a mobile application, which can be disappointing for individuals who need quick and easy access to their account information.
- When it comes to deposit and withdrawal methods, it seems like Bitstamp offers better options than Kraken. With Bitstamp, customers can deposit funds into their account through cryptocurrency, credit cards and bank transfer. Withdrawal options are similar to the deposit options. With Kraken, however, only bank transfers and cryptocurrency transfers are accepted for both buying and selling cryptocurrency.
- When looking for more options in regards to the particular cryptocurrency options available, Kraken beats Bitstamp. With Kraken, users gain access to a large number of cryptocurrencies, including Bitcoin and Ethereum, plus more than 15 other options. Bitstamp, however, only offer support for four different cryptocurrencies, including Ripple, Ethereum, Bitcoin and LiteCoin.
- Kraken has much lower fees in comparison with Bitstamp when it comes to withdrawing money and making exchanges.
With hundreds of different Bitcoin exchanges offering their customers an opportunity to buy Bitcoins with a credit card and other particular options, as well as the ability to sell owned Bitcoins, people do not know with which exchange they should opt for. Here, we looked at both Bitstamp and Kraken to help our readers determine which exchange offers them what they need.