Kraken
Founded mid-2013, Kraken is the world’s largest Euro-denominated Bitcoin exchange, based on daily average trading volume. It supports deposits from US, European, Canadian, British, and Japanese customers. Deposits can be made via bank wire, SEPA, SWIFT, and bank deposit (Japan only).
PROS
- Well-financed and trusted exchange
- Very low 0.25% taker fee, falling to 0.1% with sufficient trading volume
- Very low maker fee, falling to 0% with sufficient trading volume
- Deep liquidity for large volume buyers in European markets ensures a price close to fair market rate
- Highly-rated for security
- Publishes proof of reserve audits
CONS
- User-interface makes it difficult for first time buyers
- Requires ID verification, so not private
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bitFlyer
bitFlyer is the largest Bitcoin broker and exchange in Japan, in terms of users, average daily volume and investment capital. In fact, it is one of the largest Bitcoin exchanges in the world. You can deposit funds via credit card or bank transfers, with Quick Deposit functionality enabled for many banks.
PROS
- Deep liquidity ensures prices near the fair market rate
- Extremely low fees; 0.15% at most, lower for more trading volume
- Fairly private for small trades; only a phone number or Facebook account required for 250,000 JPY monthly limit
- High or no limits for fully-verified or VIP traders
CONS
- Identity verification required to unlock higher monthly limits
- Support only available from 9 AM to 7 PM during weekdays
- Limited payment options
- Exchange can be hard to use for new Bitcoin users; it’s geared towards traders
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Bitfinex
Hong Kong-based Bitfinex has long been one of the largest USD Bitcoin exchanges in the world. Bitfinex accounts may be funded by bank wire only, their fee on accepting such transfers is low at only 0.1%.
In August 2016, however, it was hacked and lost around 30% of its users funds. While Bitfinex can be helpful for buying large amounts of bitcoins, it is probably best to not use the exchange until it fully compensates affected users.
PROS
- Very low fees even for low volume buyers; 0.1% for market makers and 0.2% for market takers
- One of the best ways to buy large amounts of bitcoins
- Allows lending of fiat or bitcoin to margin traders at interest (but this is risky in light of the hack)
- Very deep liquidity promotes a price close to fair market rate
- Supports several altcoins
CONS
- Was recently hacked and has yet to fully compensate all users for their loss
- Geared towards traders; possibly quite confusing for first time buyers
- Single payment option
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