Kraken edges it on the overall score.
Criterion by criterion
| Criterion | Kraken | bitFlyer |
|---|---|---|
| Regulation | 7.0 | 7.0 |
| Fees | 6.0 | 6.0 |
| Platform | 7.0 | 7.0 |
| Support | 7.0 | 6.0 |
| Trader reviews | 6.0 | 7.0 |
| Trust score | 6.6 | 6.6 |
The facts, side by side
| Kraken | bitFlyer | |
|---|---|---|
| Founded | 2011 | 2014 |
| Headquarters | US | JP |
| Maximum leverage | 10x on perpetuals per the homepage; margin leverage varies by pair and was not retrieved | 2 |
Kraken: strongest points
- Quarterly proof of reserves that covers client liabilities via a Merkle tree, not just on-chain assets
- Publishes working code so a client can independently rebuild their own Merkle leaf and path
- Publishes its own list of what proof of reserves cannot prove, including hidden encumbrances and borrowed funds
bitFlyer: strongest points
- Two separate Japanese registrations, including a Type I financial instruments licence with a published capital adequacy ratio of 412.8% against a 120% statutory floor
- All 40 listed assets appear on the JFSA's published register, and changing that list requires advance notification to the authorities
- bitFlyer EUROPE S.A. holds a full MiCA authorisation dated 26 June 2026 and is absent from ESMA's non compliant list
Full detail, licence tables and the evidence behind every number: read the Kraken review and the bitFlyer review. Scores are recomputed daily and this page updates with them.
SCORES ARE COMPUTED BEFORE ANY COMMERCIAL CONVERSATION ยท MONEY BUYS THE SLOT, NEVER THE NUMBER