Kraken Review - Everything You Need to Know About The Kraken Crypto Exchange
This comprehensive Kraken review has all of the information regarding the crypto exchange platform that crypto fans need. We plan to go through everything from deposit methods to trading costs to features and customer support.
This evaluation will assist you in making an informed choice if you are a crypto enthusiast seeking to trade on Kraken. On the other hand, if you’re searching for a crypto trading site, this review is it.
This Kraken review will address frequently asked issues such as “What currencies does the platform support?” “Is Kraken legit?” and so on.
Kraken is a cryptocurrency trading platform that allows users to buy, sell, and trade cryptocurrencies. It enables users to exchange cryptos for fiat currencies such as US dollars, Canadian dollars, and others.
The Kraken Market Place, located in the United States, was founded in 2011 by CEO and co-founder Jesse Powell. The platform was released in 2013 after a two-year trial and testing phase.
The technology allows for cryptocurrency-to-fiat trading and also feeds price data to the Bloomberg terminal.
In an interview with CNBC last month, CEO Jesse Powell said that Kraken MIGHT go public via a direct listing rather than an IPO by 2022.
In This Review
Fees & Trading Options
Kraken is well-known for offering a variety of trading alternatives as well as one of the lowest trading costs in the cryptocurrency market. It provides you with a few trading choices, and your costs will vary depending on whatever one you choose.
1. Instant Buy
Instant Buy is the most convenient method to buy and sell bitcoins. However, as compared to other options, the trading and payment processing costs for this option are different.
You will be charged a 0.9 percent Kraken fee for stable currencies, and a 1.5 percent Kraken fee for every other crypto or FX pair.
You will additionally be charged the following in addition to these:
3.75 percent + € 0.25 for credit card processing
0.5 percent of people use online banking.
However, if you purchase a stablecoin with a Bitcoin, you will be charged a 1.5 percent transaction fee.
2. Kraken subscription
Kraken Pro uses a model that is based on your previous trading volume. Your trading costs are determined by your trade volumes over the previous 30 days. Your transaction volumes from the Instant Buy option will not be counted toward Kraken pro.
The greater your trading volume, the cheaper your trading charge. This motivates individuals to purchase and sell more, and it fosters a habit of generating maximum liquidity.
The creator charge varies from 0.00 to 0.16 percent, whereas the taker cost goes from 0.10 to 0.26 percent. These are some of the lowest figures in the cryptocurrency sector.
3. Stablecoins and Foreign Exchange Pairs
When your base currency is a stablecoin and your transactions are in FX pairings like EUR/USD, this structure applies. Its concept is similar to Kraken pro in that your rewards are dependent on your most recent 30-day trading volume. The maker and taker fees vary between 0.00 and 0.20 percent.
If your quotation currency is a stablecoin, however, the Kraken pro fees apply here, and if both currencies are stablecoins, this fee model applies.
4. Trading on Margin
If you are a regular trader with a good understanding of market patterns, margin trading enables you to enhance your earnings.
You can leverage up to 5x with minimal rollover costs if you have a superior trading interface and sophisticated API access.
The starting cost varies from 0.02 percent to 0.01 percent, and the roll-over fees every 4 hours vary from 0.02 percent to 0.01 percent.
5. Kraken Futures
Kraken Futures enable you to mitigate market risk and cryptocurrency volatility. Traders may use this to leverage up to 50x. Even in this case, Kraken adheres to the 30-day historical trading volume methodology.
The maker charge varies from 0.00 to 0.02 percent, whereas the taker fee goes from 0.01 to 0.05 percent.
Kraken exchange is one of the most reliable and secure cryptocurrency trading platforms. It has never been hacked to date. In reality, they have a number of security procedures in place to safeguard their customers’ information and money.
Furthermore, for additional protection, the two-factor authentication option is available.
Kraken claims rigorous levels of protection, with 95 percent of its savings offline in cold storage. All of its data is encrypted, and access is tightly controlled. The different servers are housed in secure cages that are monitored by guards 24 hours a day, seven days a week and have constant video monitoring.
In addition, Kraken conducts frequent penetration testing on its platform to look for flaws or potential threats and develop ways to counteract them.
Aside from that, Kraken performs independent platform audits with professional auditors who test the system’s security. In this manner, they demonstrate to third-party organisations and their clients that their security is first-rate, thus gaining confidence and reputation.
They also have a programme known as the Bug Bounty Program. This software enables security researchers and ethical hackers to test the system, discover flaws in it, and report back to Kraken in detail.
Kraken, in turn, would go through these reports and analyse them. If the solution is discovered, the researchers and ethical hackers may be rewarded depending on the vulnerability discovered.
Overall, these are some of Kraken’s most notable security measures. Their measures demonstrate that security is one of their top concerns, and they work hard to keep it that way.
Withdrawals and Deposits
You may deposit both crypto and fiat money on Kraken. The minimum deposit amount and deposit fees differ depending on the currency.
Bank transfers are the most common way of depositing fiat money. You may also transfer money through custodians such as Bank Frick, Etana Custody, and others depending on where you reside and the currency you wish to deposit.
The processing period for depositing your currencies varies from 0 to 5 working days, depending on the country and deposit type.
Withdrawal is similar, except if you are a first-time fiat depositor, your money will be kept for 72 hours until you may withdraw them.
Kraken offers a comprehensive FAQ section that covers every stage of the procedure in simple terms. Extra care has been taken to clarify concepts in an error-free way, so that even novices may grasp everything.
It includes a built-in chat where you may speak to others in real time if you have any questions. You may also email them questions, and they will come back to you.
However, Kraken’s customer support has been a source of concern in the past. It was notorious for failing to respond to consumers in a timely manner. As a result, many Kraken evaluations on sites like as Trustpilot were unfavourable and inadequate.
Despite this prior attitude, Kraken has updated many of its security and customer service features. They’ve made themselves more accessible, as well as the whole trading procedure easy for everyone and everyone.
Kraken’s platform now supports over 60 cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dogecoin, and others. Fiat currencies supported by the platform include USD, CAD, CHF, AUD, GBP, EUR, and JPY.
On the site, there are over 300 trading pairings accessible, including fiat currency pairs such as EUR/USD and others.