Spotlight on Poloniex Contest: Poloniex VS Kraken (Head to Head)

If you want to know a better exchange, then there is only one way to know and that is comparing it with other competitors in the same industry so for the purpose of this post, I will be comparing Poloniex with Kraken, two exchange giants in the cryptocurrency exchange industry but in my future posts, I will be doing a comparison of Poloniex and other exchanges. Keep your eye glued to this post till the end to see why people will prefer using them for their different transactions.

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There are a lot of traders in the cryptocurrency and the essence of this post is to look into reasons why traders prefer to trade on one exchange over the other and let me state clearly that everything written in this post is based on personal research and not second hand but first, let me give a little introduction about the two exchange.

Introduction

Poloniex, founded in January 2014 by Tristan D’Agosta was founded in the United States but was later acquired by Circle in the year 2018 and in 2019, Polo Digital Assets partnered with Tron's CEO and Founder Justin Sun. For reasons of stiff regulations in the US which affected the ease of trading cryptocurrency, Polo Digital Assets was registered in Seychelles, an island that has good favorable cryptocurrency regulations. Poloniex is 16th place among exchanges on spot trading on coinmarket.com with a 24 hour trade of $48,880,270, having a web traffic factor of 825, 268 average liquidity and 281 coins listed on its exchange which are verified by coinmarketcap.com

Kraken, Founded in July 2011by Jesse Powell is located in the United States. Kraken is 4th among exchanges on spot trading on coinmarketcap.com with a 24 hour trade of $430,163,010, having a web traffic factor of 877, 448 average liquidity and 185 coins listed on its exchange which are verified by coinmarketcap.com.

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Account Creation

Poloniex account creation is very easy and fast not requesting for lots of information to sign up and become a level 1 account owner. Requirements are Email, Password (based on users choice) and email confirmation

Kraken account creation requires an email, additional credentials like username, up to 12 letter long password is required to get account created.

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User Interface

Poloniex has a friendly user interface on computer and it is easy to navigate. I could click on my wallet with no glitch or any problem as a first timer on the exchange.

Kraken got me smiling at first with the impressive front page but it became very difficult to access my wallet page, it kept on showing red backgrounds of trade history with mixed information which I couldn't understand.

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Deposit and Withdrawal

Poloniex allows deposit and withdrawals for users immediately after account creation with withdrawal limit of $50,000 and a deposit is unlimited, also traders can trade at will with spot trading.

Kraken requires additional information of account owner like residential address in other to deposit, withdrawal and trade. Starter accounts on Kraken can only withdraw $5000 daily. Making it more difficult to trade without providing information.

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Trading

Poloniex have a very easy to understand trading tab allowing newbie to trade easily on their own with little or no assistance.

Kraken has a more difficult to understand trading tab meant for professionals and would be very difficult for newbies to comprehend.

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Deposit Fees on Cryptocurrency

Poloniex do not charge fees for deposit of cryptocurrencies into trader's Poloniex account.

Kraken charges fee for deposit of some cryptocurrency, so be sure to look if the coin you are about to send has a fee to be paid.

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Trading Fees

Poloniex have lesser fees compared to Kraken starting from 0.125% for makers and 0.125% for takers at its peak and it can go as low as 0.0000% for makers and 0.0400% for takers (for poloniex plus gold), with reduction in fees when paying with TRX.

Kraken has a higher fee for trading starting with 0.16% for makers and 0.26% for takers. The fees can go down to 0.00% for makers and 0.10% for takers.

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My Thoughts

This post was done without being biased, I carefully checked each exchange I will say for me, that Poloniex is a preferable choice. Kraken needs to work on a lot of things from its user interface, it needs to soften a little on its KYC and AML stiff checks (I will this stiff checks would be as a result of the company being situated in the US), If kraken can work on its deposit fee on its coins, it will make it a ground where traders will be willing to trade.

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To Be Continued...

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Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.

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All Images are are photos and screenshot are from https://poloniex.com/ and https://www.kraken.com/ except stated otherwise in the post.

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You should read my previous post about Poloniex below

Spotlight on Poloniex Contest: The Legendary Crypto Asset Exchange

Spotlight on Poloniex Contest: How Deposit and Withdrawal Works on Poloniex

Spotlight on Poloniex Contest: Features I will Like to See on Poloniex [Part 1]

Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement

Spotlight on Poloniex Contest: Earn Cryptocurrency on Poloniex Exchange

Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement (Part 2)