Jesse Powell founded Kraken back in 2011. He intuitively recognized the importance of Bitcoin from the very beginning. He understood that a cryptocurrency exchange was the most integral part of the cryptocurrency’s arena. Powell had the view to give people from across the globe easy access to cryptocurrencies. Since then, Kraken progressed at a staggering pace and now has more than 7 million clients. The company’s progress is noticed by all and sundry. It is the result of the relentless efforts of the Kraken management that it is one of the world’s largest, most trusted, and successful crypto exchanges. Our Kraken review will understand how Kraken can fit your trading & investing needs!
Kraken has been working tirelessly to empower people to chart their own financial courses. The company offers a wide variety of cryptocurrency pairs for you to invest in and the number of offered pairs is ever-increasing. Moreover, Kraken also offers numerous remarkable tools and unmatchable features to leverage as your portfolio grows.
Kraken’s journey to success has been outstanding. A company established just 10 years ago is now a leader in the industry. From over the counter cryptocurrency trading to multinational corporations, Kraken offers cryptocurrency investing solutions for institutions of all sizes. Ambitious higher hierarchy and the talented Kraken team is making Kraken fly high. Kraken is leading the charge of crypto trading just as cryptocurrencies are changing the world.
Do you want to know all about Kaken, its features, and other key aspects you need to know about? Then you are where you needed to be. Because, in today’s post, we are going to provide a full Kraken review. The review is a comprehensive one to educate you about different features of Kraken and different other aspects.
Kraken has rightfully earned its reputation as a deregulated exchange safer than a regulated one. Is it fully safe and secure for trading cryptocurrencies despite its recognition as the safest deregulated exchange? Does Kraken meet the trading and security needs of crypto traders? Our detailed Kraken review will give you answers to similar questions raising in every serious trader’s mind. This Kraken review will highlight how does Kraken work, its features, pros, cons, and other key aspects. So, stay tuned for a better understanding.
How does Kraken work?
Kraken is a centralized cryptocurrency exchange (CEX) but aims to deliver security standards of a decentralized exchange (DEX). As a CEX holds funds, data, or other personal information, it is more susceptible to hacking. However, Kraken ensures the ultimate security. Moreover, just after New Zealand’s Cryptopia incident, Jesse Powell suggested Kraken clients manage their own private keys. He also suggested using non-custodial hardware wallets to store funds.
Powell always advises to only keep funds required for trading in Kraken account. Traders who want to draw fiat currency above $5,000, need to verify before the withdrawal. There is no other restriction and the exchange remains operational 24/7. So, Kraken’s working mechanism is simple and straightforward. There is no problem for anyone, anytime.
Kraken works according to a single mission – to accelerate the adoption of cryptocurrencies all across the globe. The company believes that people can achieve financial freedom through cryptocurrencies. To ensure seamless crypto adoption and access to all cryptocurrencies, Kraken offers several remarkable features. The company has been a leader in the industry because of the versatility and innovation it brings for people interested in crypto trading.
We believe Kraken platform is among the best cryptocurrency exchange platforms currently available in the market. Kraken management is bent on providing exceptional crypto trading and investing experience for traders all across the world. And, Kraken platform synchronizes well with the company’s mission. The platform has the following key features.
- The platform is user-friendly with easy to use interface. You can easily navigate the platform and instant access to each trading feature with a single click of your mouse.
- The platform offers a Pro Trading Interface that allows you to use the intuitive Kraken platform and advanced order options to easily manage your trading positions.
- The platform also gives you access to an Advanced API that also allows you to manage your positions with ease and precision.
- Watch is a very advanced level feature that empowers you to watch your portfolio as well as 2000 crypto markets across multiple exchanges. All the important information is just a glance away. You can also set price and volume alerts to notify you when your required conditions are met. Thus, the Watch feature empowers you closely watch crypto markets and initiate trades when conditions are right for you.
- The platform gives you access to a wide array of data including price, volume, and order flow. It also gives you multiple data visualization options. You can customize indicators and colors to see movements in a way that suits you.
- The platform allows you to trade multiple exchanges from a single intuitive interface. Every trade is immediately added to your portfolio and becomes visible on your charts.
- Kraken gives you the widest range of funding options. You have multiple digital and fiat currency funding options for crypto investments.
- You can enjoy effortless fiat currency funding options whether you are an experienced trader or a beginner. There you can begin your trading and investing endeavor just after 24 hours of your deposit.
- You can fund with three different fiat currencies US dollars (USD), Euro (EUR), and Canadian Dollars(CAD).
- There are a variety of digital and fiat currency funding options for each currency. For example, domestically you can deposit USD funds via Fedwire, SWIFT, Etana Custody, Silvergate Exchange Network. Fedwire, Etana Custody, Silvergate Exchange Network are options for international USD transactions.
- Fund deposit fees are very minimal and fund deposit through CAD and EUR SEPA is totally free.
- You can also use your digital assets to fund your Kraken account if you already own digital assets. All cryptocurrency deposits are credited to your account once the confirmation is done. You can begin your trading just after 10 minutes of confirmation. Kraken supports digital deposits in various types of digital assets including Bitcoin (BTC), Ethereum (ETH), Qtum (QTUM), Zcash (ZEC), Ripple (XRP), Litecoin (LTC), Cardano (ADA), and Monero (XMR).
- Kraken also offers a wide variety of funding options like USD international wire transfers for corporate level clients.
A wide array of fiat and cryptocurrency funding options gives you the freedom you seek to trade in cryptocurrencies. Now, people can trade with ease from wherever they are in the world. The options are more but the limitations are very few. Thus, Kraken’s flexibility in terms of funding options is remarkable. Traders from across the globe have easy options to power their cryptocurrency investments from anywhere in the world.
If you want to earn some rewards, then Kraken is your medium. You can earn rewards by staking coins and fiats on Kraken. Staking helps you grow your assets more and more by earning rewards and compounding those rewards. Your steps to earn rewards are;
- Get staking assets – There are several assets that Kraken allows for staking. You have to buy any one of them or fund your account with any one of these assets.
- Select an asset to stake – Select any one of the assets available for staking.
- Earn rewards – You can earn rewards two times a week from your staked assets.
Kraken ensures maximum liquidity. Liquidity means how easy it is to buy or sell an asset at a stable price. Exchange is more liquid if you are able to buy or sell assets more quickly. Kraken offers;
- A high number of active traders –Kraken has more than 7 million active traders on its platform. That means there are 7 million prospects to fill open orders. Therefore, buying or selling assets instantly isn’t a big deal on Kraken.
- High trading volume – When there is a high number of active traders, the trading volume automatically goes increases. There are thousands of prospects who are available for buying or selling assets of your choice at the best possible price.
- Low fees – Kraken also charges as low fees as 1 pip. Low fees are also instrumental in high trading volume. The lowest commissions incentivize traders to trade more and thus increase liquidity.
Margin trading, also known as leveraged trading, means you are able to trade with funds exceeding your account balance. For example, if your current account balance is $2,000, margin trading enables you to trade $4,000 worth of cryptocurrencies. Margin trading allows you to magnify your trades and execute trading strategies that require high funds. It also amplifies your gains. Kraken allows leverage as high as 5x. That is the highest leverage ratio you can get at any cryptocurrency exchange.
Kraken gives you access to the pricing data that is updated every second. CF Benchmarks powers indices data. CF Benchmarks ensures accurate and transparent price data across all cryptocurrency markets. The aggregated trade data from various cryptocurrency exchanges are processed by CF Benchmarks. Therefore, you can get the most accurate and reliable settlement prices. Kraken empowers you to trade with confidence as prices accurately reflect the market value. Moreover, you have double insight as you get two market views.
- Real-time indices and spot rates – Real-time indices and spot rates by Kraken are the most accurate and are also constantly updated every second of a minute. The exchange compiles real-time indices and spot rates data from top cryptocurrency exchanges’ data book. Therefore, all the data is comprehensive, reliable, and fresh.
- Reference rates and settlement prices –Kraken uses transaction data from various cryptocurrency exchanges to compute reference rates and settlement prices. The data is updated once a day. The methodology to compute the reference rates and settlement prices minimizes the possibility of manipulation.
Kraken brings cryptocurrency futures trading for its clients at very clear and transparent prices. Kraken cryptocurrency futures contracts offer the following key advantages.
- Most of the risk-averse cryptocurrency traders manage their risks by buying assets at low prices and selling at higher prices. They lose a lot of profit after leaving their open position. Kraken empowers such traders to manage their risk by hedging price risk. Traders can minimize the risk of falling prices by opening short positions. When prices fall, the short position helps them mitigate losses by providing additional revenue.
- Cryptocurrency futures also enable traders of all sizes to neglect price fluctuations as futures stabilize price changes.
- You can open positions by speculating on market direction. For example, you can go extra-long on BTC futures if you think BTC prices will increase. Similarly, you can go short on BTC if you think BTC prices will fall.
- Kraken trades regulated futures products. That allows you to enter a trade without a shadow of a doubt.
Kraken’s OTC Desk promises private and personalized service to institutions as well as individual traders of high net worth. It ensures that even the large orders are filled instantaneously without any delay. OTC Desk brings 1-on-1 service with global coverage (24/7). Moreover, the service is not only limited to BTC. It supports all fiat and digital currencies listed in the exchange.
Customer support services
Kraken offers the best customer support services for its clients. The company understands that each of its clients has unique needs and preferences. Therefore, it ensures the customer support services of the highest possible level. Moreover, all the regular clients of Kraken get a personal account representative who handles your queries and requests. Customer support service remains available 24/7 via any communication channel you choose from Email, phone, Prioritized Support Ticketing, or Text & Messaging apps of your choice.
Kraken offers a lot of educational content for cryptocurrency traders. Novices can get all the basic information from the Learn section. More advanced traders can also keep themselves updated through Crypto Guides, Videos, and Podcasts. Kraken Guides takes an in-depth look at the top projects in the space to educate Kraken clients.
How to signup and what are the requirements?
Creating an account on Kraken is as easy as breathing in the fresh air. There are two signup options, a regular account, and a business account. You are only required to provide the necessary information. Kraken also informs you during signup that Kraken outsources some services from third parties to make the buying process simple and easy, and therefore, your information is shared with those parties.
The signup initially takes some time but once the platform saves your particulars, the system gets pretty fast. After the verification process, you are ready to start trading cryptocurrencies on Kraken. Thus, Kraken is all about facilitation, flexibility, and usability.
Kraken charges affordable fees. Whether you are a beginner or a professional, you’ll find Kraken fees really competitive. For instant buy, Kraken charges;
- 0.9% fee for purchasing any stablecoin and 1.5% fee for any other cryptocurrency or FX pair.
- The payment card processing fee is 3.75% plus €0.25 in addition to the Kraken fee.
- The digital wallet payments processing fee is 3.75% plus €0.25 in addition to the Kraken fee.
- The online banking/ACH processing fee is 0.5% in addition to the Kraken fee.
For Kraken active traders, the company uses a maker-taker fee schedule. The platform charges fewer fees as your volume gets higher. Thus, the fee structure is volume-based to incentivize traders. The incentive is based on a trader’s past 30 days of activity. Volume generated by instant buy isn’t included in 30 days volume incentive. The fee structure is;
|30-Day Volume (USD)||Maker||Taker|
|$0 – $50,000||0.16%||0.26%|
|$50,001 – $100,000||0.14%||0.24%|
|$100,001 – $250,000||0.12%||0.22%|
|$250,001 – $500,000||0.10%||0.20%|
|$500,001 – $1,000,000||0.08%||0.18%|
|$1,000,001 – $2,500,000||0.06%||0.16%|
|$2,500,001 – $5,000,000||0.04%||0.14%|
|$5,000,001 – $10,000,000||0.02%||0.12%|
Kraken’s fees for stablecoins & FX pairs are also based on volume. Margin and futures are also very competitive. For more information about Kraken fees, you can visit Kraken’s official website.
Kraken is among the safest and secure cryptocurrency exchanges in the world. The company’s stance on security is also very clear. It intends to help the entire industry move towards the ultimate security. Kraken’s team always remain active to find vulnerabilities in different projects or tools regularly used by their clients. Kraken has also established Kraken Security Lab to develop a safe and sound system that remains beyond the reach of bad actors. Thus, Kraken has developed, and making it even better, a security-centric architecture that ensures the privacy of the users. Kraken’s key security measures are;
- Kraken’s security team consists of top security professionals. They thoroughly analyze and measure risks and vulnerabilities. The team always make sure that users’ coins and funds are totally safe and protected.
- Kraken’s coin storage security is exceptional. The company maintains offline cold storage that is scattered around the world. It keeps 95% of coin deposits in those storages to secure their clients’ funds.
- Kraken’s platform security is also foolproof. The platform has its servers secured in cages under constant surveillance.
- Kraken also stores personal information as encrypted to prevent your personal data from slipping into the wrong hands.
- Regular vulnerability testing, penetration testing, and bug bounties programs also contribute to the ultimate level of security.
- Offers one of the best platforms that is user-friendly and intuitive.
- A wide variety of fiat and digital funding options.
- One of the most trusted, safe, and secure crypto exchanges.
- Grants access to more than 2000 cryptocurrency markets.
- Offer trading on multiple exchanges from a single platform.
- Kraken fees are negligible as compared to industry standards.
- One of the most reliable and transparent exchanges.
- Exceptional customer support services
- Not that good for beginners.
- No virtual account
- Slow deposit processing
- No debit/credit card deposits
- The website gets slower at times
- Doesn’t suit traders who don’t want a platform adhering to KYC provisions.
- Margin trading is only limited to 5X.
Who is Kraken for?
Kraken is one of the very best cryptocurrency exchanges in the world. The platform’s features, a wide variety of available cryptocurrencies, phenomenal security measures, and competitive fees make it really attractive for all traders. However, it is the best for more experienced and professional traders. New traders would lose their funds if they spend too much time on the beginner’s level.
Kraken’s range of available coins, staking rewards, and incentivized volume-based fees really excite advanced traders. Margin trading is another distinguishing feature of Kraken that also suits big players. That said, Kraken is good for beginners but it is best for more advanced traders having huge funds for trading activities.
Who do they accept?
Kraken is offering its services globally except for the residents of the following countries.
- North Korea
However, if you are a resident of those countries but currently residing in an approved country, you can signup on Kraken. Moreover, Kraken’s services are also not available for residents of Washington and New York.
Kraken Review: Final thoughts
Our comprehensive Kraken review is the first best guide for you if you want to know all about Kraken. We have covered different aspects in our Kraken review. After thoroughly reviewing the platform, we have come to the conclusion that Kraken is one of the best crypto exchanges in the world right now for too many good reasons.
The platform and its features, customer support services, variety of available cryptocurrencies, competitive fees, and other key benefits are really enticing. Kraken’s services are available all across the globe except a few countries and two American States Washington and New York. Kraken’s efforts to make cryptocurrency trading seamless are also exceptional.
However, Kraken suits more experienced and advanced traders. More advanced Kraken’s features like margin suit advanced traders. It also suits traders who have huge sums of capital to invest in cryptocurrencies. Why so? Because Kraken offers the best security and safety of their clients. However, cryptocurrency trading is still a risky business. Therefore, it’s important to do your homework and conduct research before joining Kraken.