Kraken vs BitMEX : Which one is better for your business?

Institutional crypto trading services are vital for our business as they cater to high-volume, professional clients with tailored tools and services. By comparing Kraken and BitMEX, we aim to determine which platform offers superior features such as deep liquidity, security, and low latency, ensuring the best trading experience for our institutional clients.

A quick overview on Kraken and BitMEX

What is Kraken?

Kraken is a cryptocurrency exchange that offers a comprehensive suite of services for institutional traders, including trading, staking, and custody. With over a decade of experience, Kraken provides deep liquidity, low latency trading, and robust API integration, making it a reliable choice for high-volume clients.

What is BitMEX?

BitMEX is a P2P crypto-products trading platform designed for institutional and professional traders. It offers derivatives trading, spot trading, and various crypto-related services with a focus on security, low latency, and advanced API support. Unique features include zero crypto losses since 2014, a bi-weekly proof of reserves process, and an industry-leading insurance fund to manage unfilled liquidation orders.

Features of Kraken and BitMEX

Kraken features

Kraken offers a range of unique features tailored to institutional traders, ensuring a comprehensive and efficient trading experience.

• Subaccounts: Manage multiple trading strategies under a single account, providing flexibility and organization for complex trading operations.
• Real-time and Historical Market Data: Access extensive market data for research and backtesting, enabling informed decision-making.
• API Integration: Seamlessly integrate with Kraken's platform using robust API options, including IP whitelisting for enhanced security.
• CF Benchmarks: Utilize indices built by CF Benchmarks, a Kraken company, which underpin digital asset ETFs worldwide, offering a unique data-driven advantage.
• Deep Liquidity: Benefit from highly liquid order books across spot and stablecoins, ensuring efficient trade execution even for large orders.

BitMEX features

BitMEX offers a range of unique features tailored to institutional and professional traders, ensuring a secure and efficient trading experience.

• Security & Custody: BitMEX has not lost any crypto through intrusion or hacking since 2014, securing assets via multi-party computation (MPC) and strict transaction rules.
• Proof of Reserves: BitMEX was the first to publish a proof of reserves in 2021 and continues this process bi-weekly for enhanced transparency.
• Insurance Fund: Utilizes an insurance fund to manage unfilled liquidation orders, providing an additional layer of security for traders.
• Low Latency: Guarantees under 4ms latency and offers direct connections for institutional clients, ensuring high-speed trading.
• Designated Market Maker Programme: Offers benefits like reduced trading fees, additional cash rebates, and technical enhancements, setting it apart from competitors.

Comparing Kraken, BitMEX and OneSafe's features

Why choose one over the other?

• Why Choose Kraken Over BitMEX: Kraken offers a more comprehensive suite of services, including spot trading, futures, custody, staking, and OTC services, making it a versatile choice for institutional clients. Additionally, Kraken's deep liquidity and extensive range of supported cryptocurrencies provide a robust trading environment that caters to diverse trading strategies.
• Why Choose BitMEX Over Kraken: BitMEX excels in derivatives trading with up to 100x leverage, making it ideal for traders looking to maximize their positions. Furthermore, BitMEX's industry-leading insurance fund and bi-weekly proof of reserves process offer an added layer of security and transparency that is unmatched in the industry.

Considering OneSafe vs Kraken and BitMEX

• Why Choose OneSafe Over Kraken and BitMEX: OneSafe offers a seamless onboarding process and multi-currency support, making it easier for global businesses to manage their finances across borders. Unlike Kraken and BitMEX, OneSafe provides instant crypto to fiat conversions and vice versa, ensuring smooth and efficient transactions for businesses involved in Web3 and cryptocurrency.

What are the customers saying?

Kraken reviews

Users generally appreciate Kraken for its wide range of tokens, global accessibility, and professional customer support. The platform is praised for its clean interface, ease of use, and security features. However, some users have mentioned issues with high fees and the initial sluggishness of the platform.

Overall Rating: 4.1 out of 5 stars

• "Being able to have different applications built in one e.g. taking payments and signing up customers." - Aqib A.
• "It is now nearly two years ever since I implemented Kraken. Prior to this tool, I was using LocalBitcoins which was full of fraudsters. With Kraken, I am able to trade (buy and sell) bitcoins. It has an iOS mobile application which is easy to use and has a clean UI interface." - Ricky P.

For more details, visit Kraken Reviews.

BitMEX reviews

Users have mixed feelings about BitMEX. Some appreciate the high leverage options and the variety of trading products, while others criticize the platform for its technical issues, such as freezes and failed order executions. The user interface and lack of a mobile application are also points of contention.

Overall Rating: 3.1 out of 5 stars

• "The only good thing about BitMEX is being able to trade on high leverage, however, many new platforms such as PrimeXBT and Deribit are taking the spotlight lately." - Verified User
• "The thing that I love the best is how easy they have made it to use." - Gage M.

For more details, visit BitMEX Reviews.

OneSafereviews

Users have expressed high satisfaction with OneSafe, particularly praising its customer support and the seamless integration of its services into their business operations. The platform's ability to simplify complex financial tasks and provide reliable support has made it a favorite among Web3 organizations.

Overall Rating: 4.8 out of 5 stars

• "OneSafe has the best customer support I've ever experienced from a bank." - Amit Chu, Investments @ Celo Foundation
• "OneSafe is a game-changer. They solve so many headaches for our company. Finally, a banking solution that gets it." - Marco, CEO of Ensuro

For more details, visit OneSafe.

Kraken, BitMEX, or OneSafe: Which is the best platform for you?

In conclusion, while Kraken and BitMEX offer robust features for institutional traders, OneSafe stands out for its seamless onboarding, multi-currency support, and exceptional customer service. Each platform has its strengths, but OneSafe's ability to simplify complex financial tasks makes it a top recommendation. Ultimately, any of these platforms could be a good fit, but OneSafe's user-friendly approach and comprehensive services give it an edge.