Kraken 與 Bullish：比較這些加密貨幣交易所

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 於 2011 年在美國成立，是加密貨幣業界最早成立且最具規模的品牌之一。交易所於 Bitcoin 推出後不足兩年便正式成立，憑藉對安全、營運透明度及優質用戶體驗的高度重視，贏得全球認可。

目前，Kraken 為超過 190 個國家的逾 1,500 萬名客戶提供服務。Kraken 的產品由面向個人投資者的旗艦 Kraken 平台，以至透過 Kraken Pro 平台及 Kraken Desktop app 為進階及機構交易者提供的強大一站式交易平台，涵蓋多個範疇。

Kraken 的機構服務套件涵蓋現貨、槓桿、期貨市場、質押及場外交易，服務合資格客戶。Kraken 亦透過 Kraken 學習中心 大力投資教育，支援新手及經驗豐富的交易者。

Kraken 總部位於懷俄明州，並透過定期發布 Proof of Reserves 強調其對問責的承諾。這項做法早於 2014 年便由 Kraken 引入業界。Kraken 亦是首間在 Bloomberg Terminal 上市的加密貨幣交易所，有助於連繫傳統金融與數位資產。

憑藉在美國、加拿大、英國、歐盟等主要市場取得的監管牌照，以及協助處理 Mt. Gox 債權人申索等案件的經驗，Kraken 建立了穩定並符合規例的營運聲譽，成為尋求安全且持久的加密貨幣交易所人士信賴的平台。

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 的生態系旨在支援各種交易風格及不同經驗程度的用戶。你可以透過簡潔易用的流動 app 隨時隨地進行交易，或使用 Kraken Pro 的進階工具，包括詳細圖表、自定義訂單類型及即時市場數據。

平台支援所有用戶進行現貨交易；符合資格的地區亦可進行槓桿交易（槓桿最高達 5 倍）及期貨合約（槓桿最高達 50 倍）。機構及高淨值客戶可以透過 Kraken 的場外交易櫃枱及 Kraken Prime 服務使用更多服務。

除交易外，Kraken 亦提供加密貨幣質押，涵蓋超過 21 種資產；獎勵最高可達 17% 年化收益率，實際數額視乎代幣及網絡狀況而定。你可以直接透過平台質押 以太坊（ETH）、Solana (SOL) 及 Cardano (ADA) 等資產，賺取被動收益。

Kraken 亦透過 Krak 支援全球數碼支付。這項功能讓你可以免交易手續費發送加密貨幣或現金。

2024 年，Kraken 推出建基於 Optimism 的 SuperChain 的 Ink Layer-2 網絡，為中心化交易所與熱門 DeFi 協議之間提供順暢的連接。

如果你希望加深金融知識，Kraken 學習中心提供各類教育資源，涵蓋由區塊鏈基礎至進階交易策略的內容。

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.

客戶可在 Kraken 使用超過 600 種加密貨幣，包括 Bitcoin (BTC) 和 XRP (XRP) 等主要加密貨幣，以及各種山寨幣，從迷因幣到流動性質押代幣，一應俱全。

你亦可直接在 Kraken 應用程式交易超過 11,000 隻免佣金 ETF 及股票。合資格地區的客戶亦可投資xStocks，即這些股票的代幣化版本。
Kraken 支援以 10 種主要法定貨幣提款及充值，讓全球客戶可以快速便捷地為帳戶存入資金。

支援的法定貨幣包括：

• USD（美元）

• CAD（加拿大元）

• GBP（英鎊）

• EUR（歐元）

• JPY（日圓）

• AUD（澳元）

• CHF（瑞士法郎）

• ARS（阿根廷披索）

• MXN（墨西哥披索）

• BRL（巴西雷亞爾）

Kraken 亦支援 15 種穩定幣，包括 Tether (USDT)、USDC 及 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 的交易量分級手續費模式分層清晰且透明，兼顧專業交易者及一般投資者的需要。

掛單手續費由 0.25% 起，吃單手續費為 0.40%；高交易量的個人及機構亦可享有折扣。訂閱 Kraken+ 後，合資格客戶在每月交易量達到指定上限前，更可完全免除這些手續費。

大部分加密貨幣及法定貨幣充值均可免費，惟部分充值方式及特定資產可能例外。Kraken 亦透過在交易確認前顯示所有手續費，進一步提升透明度，讓客戶事先清楚了解相關手續費，避免面對高昂的意外費用。

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 廣泛被視為業內最安全的加密貨幣平台之一。自成立以來，Kraken 從未發生導致客戶資金損失的保安事故，這是少數其他交易所能夠作出的保證。客戶可享有多層帳戶保障，包括使用密碼金鑰的雙重認證、PGP 電郵加密、設有範圍限制的細緻 API 金鑰權限、可設定的帳戶逾時、即時監察可疑活動、提幣白名單及主密鑰設定。

Kraken 於 2014 年率先推出儲備證明，並持續透過定期及可由獨立人士驗證的審計引領業界。這項加密程序讓客戶可以隨時親自查閱其帳戶餘額如何由真實資產作為支持。Kraken 亦持有 ISO/IEC 27001:2013 認證，符合 SOC 2 Type 2 審計要求，並營運一項穩健的公開漏洞獎勵計畫。

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 以回應迅速且專業的客戶服務見稱，提供多個客服渠道以滿足不同用戶的需要。客戶可以使用真人客服提供的 24/7 線上客服、透過電郵提交請求，或在特定情況下直接致電與客服專員交談。

Kraken 的多語言客服團隊可以使用十多種語言為用戶提供協助，讓公司更有效地服務全球客戶群。

交易所亦在客戶滿意度方面獲得高度評價，並在 Customer Centricity World Series 中獲選為「最佳 AI 客戶體驗應用獎（歐洲）」得主。Kraken 專注於清晰度、同理心及解決問題的速度，持續令其客戶體驗在競爭激烈的市場中脫穎而出。

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.