Kraken 与 Bullish：这些加密货币交易所如何比较

If you’re new to crypto, choosing the right exchange is a crucial step that will shape your digital asset journey. But with so many options now available, as well as important factors to consider such as fees, customer support, and trading tools, finding the platform that is best for you can be daunting.

Kraken is a long-established name dating back to 2011 and with millions of clients across the world. With a range of investment products suited to all experience levels, industry leading customer support and hundreds of assets available, Kraken stands out from the competition.

Bullish has a strong institutional focus and appeals to professional investors with its central limit order book and automated market making combination that delivers tight spreads and deep liquidity in supported markets.

Before you choose, it’s important to know the core principles, security practices and key capabilities of each exchange so you can make an informed decision.

This Kraken vs. Bullish comparison breaks down several common and crucial aspects to help you choose which platform is best suited to your goals.

Kraken 于 2011 年在美国成立，是加密货币行业最早、最成熟的品牌之一。该交易所在比特币首次亮相不到两年后推出，因其对安全性、运营透明度和高质量用户体验的重视而赢得了全球认可。

如今，Kraken 在 190 多个国家/地区为超过 1500 万客户提供服务。其产品包括面向个人投资者的旗舰 Kraken 平台，以及通过 Kraken Pro 平台和 Kraken Desktop 应用程序为高级和机构交易者提供的强大的一体化交易平台。

Kraken 的机构套件涵盖现货、保证金、期货市场、质押和 OTC 交易，服务于合格客户。Kraken 还通过 Kraken Learn 大力投资教育，支持新手和经验丰富的交易者。

Kraken 总部位于怀俄明州，通过定期 储备金证明 强调其对问责制的承诺，这是其在 2014 年引入行业的一项实践。它也是第一家在 Bloomberg Terminal 上市的加密货币交易所，有助于弥合传统金融和数字资产之间的鸿沟。

Kraken 在美国、加拿大、英国、欧盟等主要市场拥有监管许可证，并曾协助处理 Mt. Gox 债权人索赔等案件，因此建立了稳定、合规运营的声誉，使其成为寻求安全可靠的加密货币交易所的值得信赖的目的地。

Founded in 2020 by Brendan Blumer, Bullish is a cryptocurrency exchange with a strong emphasis on regulatory compliance, transparency and institutional-grade market infrastructure. The platform caters to professional and institutional players over retail, offering its services in 50+ jurisdictions. As of 2025, it trades publicly on the New York Stock Exchange (NYSE:BLSH).

Bullish’s stack consists of spot, margin and derivatives trading, complete with modest levels of leverage. Its modern infrastructure is engineered to support high volume and API usage, making it particularly attractive to quantitative traders, market makers and institutions. Beyond its core offering, it also recently launched Bullish Social — a blockchain-based Web3 social platform.

Bullish’s well-rounded suite, high-throughput design and commitment to compliance separate it from some of its offshore competitors who operate with less regulatory clarity. As a professional venue, it also stands out against consumer-oriented platforms and legacy exchanges.

Bullish doesn’t target global accessibility, favoring jurisdictions with regulated markets over worldwide coverage. Additionally, it is much more restricted in both its asset support and its maximum leverage than retail-focused competitors.

These are not necessarily downsides for serious traders and institutional investors. However, consumers may be better served by competitors with familiar interfaces, better accessibility and broader asset listings.

As one of the longest standing cryptocurrency exchanges, Kraken’s reputation and consistency over the years have attracted a loyal and ever-growing clientbase. Founded in 2011 and headquartered in Wyoming, it has thrived in bull and bear markets alike, delivering a secure, trustworthy and innovative investment platform.

Kraken’s deep-rooted commitment to security and transparency still shines through today. With their powerful infrastructure combined with compliance-ready products, clients can trust that their funds and data are safe.

While Bullish specializes in institutional-grade trading, Kraken provides the best of both worlds — offering user-friendly solutions for entry-level investors, as well as advanced tools for high value traders.

Kraken的产品生态系统旨在支持各种交易风格和经验水平。用户可以通过其精简的移动应用程序随时随地进行交易，或通过Kraken Pro使用更高级的工具，Kraken Pro提供详细的图表、自定义订单类型和实时市场数据。

该平台支持所有用户的现货交易，在符合条件的地区提供杠杆交易（最高5倍杠杆）和期货合约（最高50倍杠杆）。机构客户和高净值客户可通过Kraken的OTC柜台和Kraken Prime服务获取额外服务。

除了交易之外，Kraken还提供超过21种资产的加密质押服务，年化收益率（APY）最高可达17%，具体取决于币种和网络状况。用户可以直接通过平台质押Ethereum (ETH)、Solana (SOL)和Cardano (ADA)等资产，从而获得被动收益。

Kraken还通过Krak支持全球数字支付，这项功能允许用户发送加密货币或现金，且无需交易费用。

2024年，Kraken发布了其基于Optimism的SuperChain构建的Ink Layer-2 网络，为中心化交易所和流行的DeFi协议之间提供了无缝桥接。

对于那些希望深化金融知识的人，Kraken Learn提供教育资源，涵盖从区块链基础知识到高级交易策略的所有内容。

Bullish focuses on providing a regulated trading environment, with products aimed at high networth individuals and institutional clients. Its core offering is spot and margin trading with up to 3× leverage for eligible users, as well as perpetual and dated futures contracts on major cryptocurrencies like BTC, ETH and SOL with up to 7x leverage.

These derivatives are only offered in select jurisdictions to professional and institutional traders. Bullish also provides API access for algorithmic traders, alongside connectivity options designed to handle high-volume strategies.

Recently, Bullish has expanded its ecosystem through Bullish Social, a Web3 social platform where users can connect, share content, and interact with token-based features.

Kraken provides a wider, more comprehensive product set than Bullish. Beyond core spot and margin trading, it offers futures and margin trading, stock and ETF investing, zero-fee global payments, advanced staking and emerging services such as ICO access, AI-driven automation and access to proprietary funding.

On Kraken, clients have more markets, tools, and opportunities in a single platform. This breadth and pace of innovation are why many choose Kraken over Bullish.

客户可以在 Kraken 上交易 600 多种加密货币，包括 比特币 (BTC) 和 XRP (XRP) 等主要币种，以及各种山寨币，从 Meme 币 到 流动性质押代币。

Kraken 应用程序中还提供超过 11,000 种免佣金 ETF 和股票，可直接进行交易。符合条件的地区的客户还可以投资 xStocks，这些是这些股票的代币化版本。
Kraken 支持十种主要法定货币的提款和存款，使全球客户能够快速便捷地为其账户充值。

支持的法定货币包括：

• 美元 (US Dollar)

• 加元 (Canadian Dollar)

• 英镑 (Pound Sterling)

• 欧元 (Euro)

• 日元 (Japanese Yen)

• 澳元 (Australian Dollar)

• 瑞士法郎 (Swiss Franc)

• 阿根廷比索 (Argentine Peso)

• 墨西哥比索 (Mexican Peso)

• 巴西雷亚尔 (Brazilian Real)

此外，Kraken 还支持 15 种 稳定币，包括 Tether (USDT)、USDC 和 USDG。

Bullish’s offering is limited with a little over 50 cryptocurrencies available, six stablecoins and two different fiat currencies with USD and EUR.

Many of the supported assets on Bullish are restricted by the specific regions’ legal requirements.

Kraken appeals to users who want access to hundreds of cryptocurrencies and thousands of commission-free ETFs, all from within the same streamlined platform.

From leading tech stocks such as Tesla and Apple, to DeFi tokens and memecoins, Kraken not only supports the most popular assets across TradFi and crypto, but also provides powerful tools for trading these assets.

Kraken 的基于交易量的分级收费模式透明，旨在支持专业交易者和休闲投资者。

挂单方费用从 0.25% 起，吃单方费用从 0.40% 起，高交易量个人和机构还可享受折扣。通过 Kraken+ 订阅，符合条件的客户在达到一定月交易量之前可完全免除这些费用。

大多数加密货币和法定货币存款都是免费的，但根据交易方式和具体资产可能存在一些例外。Kraken 还通过在交易确认前显示所有费用来强调透明度，确保客户提前了解所有费用，避免不必要的意外开支。

Bullish offers competitive maker and taker fees, charging no maker fees on spot markets, while taker fees start at 0.01% but vary depending on trading volume, market and location. For margin and derivatives, fees are volume-based and differ by product, with details published in Bullish’s fee schedule.

Fiat deposits and withdrawals are only supported in USD and EUR, and associated banking fees depend on the method used. Users should check the latest information, as costs vary by region and payment type.

While Bullish might appeal to high-value traders and institutions thanks to their competitive pricing, Kraken’s equally competitive volume-based fees is a model friendly to beginners and experts alike.

Clients also benefit from Kraken’s broad fiat support — including USD, EUR, GBP, JPY, and more — making deposits and withdrawals more flexible compared to Bullish’s limited USD and EUR coverage.

Additionally, Kraken reinvests its fees into core business areas such as the exchange’s award winning customer support, industry leading security and an expanding product set.

Kraken 被广泛认为是行业中最安全的加密货币平台之一。自成立以来，Kraken 从未发生过导致客户资金损失的安全漏洞，这是少数其他交易所能做出的声明。客户受益于多层账户保护，包括带通行密钥的 2FA、PGP 邮件加密、具有范围限制的精细 API 密钥权限、可配置的账户超时、可疑活动的实时监控、提款白名单和主密钥设置。

Kraken 于 2014 年首创储备金证明，并继续通过定期、可独立验证的审计引领行业。此加密程序允许客户随时亲自查看其账户余额如何由真实资产支持。Kraken 还持有 ISO/IEC 27001:2013 认证、SOC 2 Type 2 审计合规性，并运营着一个强大的公共漏洞赏金计划。

Bullish emphasizes a regulatory-first approach, operating under the supervision of the Gibraltar Financial Services Commission. The platform employs a layered security model, including two-factor authentication (2FA), encryption of data in transit and at rest, as well as strict withdrawal controls.

User assets are primarily held in cold storage, with only a small portion kept in hot wallets for liquidity purposes. Bullish also integrates real-time risk monitoring and institutional-grade custody standards.

While it has not experienced any major security breaches since launch in 2021, Bullish does not currently publish Proof of Reserves. Instead, it relies on regulatory compliance and third-party audits to verify solvency and asset protection.

Kraken is recognized as one of the most secure exchanges in the world. The majority of assets are held in offline cold storage, supported by regular Proof of Reserves audits and over a decade-long history without major breaches.

While Bullish emphasizes regulatory compliance and institutional safeguards, Kraken’s long track record of security and transparency provides greater reassurance to retail and institutional clients.

Kraken 以其响应迅速且专业的客户服务而闻名，提供多种支持渠道以满足不同用户需求。客户可以访问 24/7 全天候实时聊天，与真人客服代表对话，通过电子邮件提交请求，或者（在特定情况下）通过电话直接与支持专员通话。

Kraken 的多语言支持团队可以支持十几种语言的用户。这有助于公司更有效地服务其全球客户群。

该交易所还在客户满意度方面获得了高分，并在 Customer Centricity World Series 中被评为“欧洲最佳 CX 人工智能应用奖”获得者。其在解决问题时对清晰度、同理心和速度的关注，继续在竞争激烈的市场中彰显 Kraken 的客户体验。

Bullish provides customer support through its Help Center, email and ticketing system. Clients can browse self-service articles or submit a request for assistance via the platform.

Unlike Kraken, Bullish does not currently offer live chat or phone support, and available language coverage is limited to English. Its support services are more limited in scope compared to leading competitors such as Kraken, who provide real-time assistance and multilingual support across a number of different communication channels.

Kraken appeals to users who want access to hundreds of cryptocurrencies and thousands of commission-free ETFs, all from within the same streamlined platform.

From leading tech stocks such as Tesla and Apple, to DeFi tokens and memecoins, Kraken not only supports the most popular assets across TradFi and crypto, but also provides powerful tools for trading these assets.

Kraken and Bullish both emphasize security and regulatory compliance, but they take different approaches. Bullish is a newer, institutionally focused exchange with tight spreads and low fees, but it has limited fiat support, a narrower range of assets and restricted customer service. Its design appeals to advanced traders who value regulated infrastructure and a streamlined experience.

By contrast, Kraken offers a more comprehensive platform for both individuals and institutions. With 500+ supported digital assets, advanced trading features, crypto staking, Proof of Reserves audits, and 24/7 multilingual support, Kraken is built for clients who want transparency, choice and long-term reliability.

Bullish may appeal to institutional participants seeking a regulated environment, but for most retail and professional traders, Kraken provides the broader, more versatile option.