Kraken has been operating since 2011 as a digital currency exchange and was one of the first exchange which integrated easy payment methods in combination with low fees. Based on the liquidity it is considered as one of the world’s largest cryptocurrency exchanges. Kraken is trusted by more than 4 million trades all over the world. The company started in San Francisco and expanded their operations to all over the world. In this Kraken review we will research this exchange, check if it is safe to trade here and give a final verdict. On this page you also have the opportunity to leave your own review with our rating system.
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| More than 30 cryptocurrencies available|
Low fees (max. 0.26%)
Pay with 6 major fiat currencies
User-friendly portal and high security
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What is Kraken?
The Kraken project was started by Jesse Powell after the release of the security breach report of the cryptocurrency exchange Mt. Gox. Kraken was developed to become a secure and reliable alternative of Mt. Gox. This became the reality in 2014 when Mt. Gox announces the seizure of its operations. In 2019 the exchange processed nearly 90 billion dollars in volume and was used by more than 4 million active users from all over the world.
Kraken is one of the best cryptocurrency trading platforms available on the internet. It allows users to trade cryptocurrencies using fiat currencies along with cryptocurrencies. Fiat currencies are those currencies that are supported by the government of any country, like euro and the dollar. All these currencies are used to trade almost all the major cryptocurrencies on the Kraken platform.
Market data and trading tools are important for a trader to make a sound decision. All the tools available on the Kraken add value to the trading experience of the trader. Kraken has acquired well-reputed tools to use on its platform. These include the acquisition of Coinsetter and Cavirtex at the beginning of 2016, American CleverCoin in the mid of 2016, American Glidera in the fourth quarter of 2016.
To offer various trading charts on its platform, the company acquired CryptoWatch in 2017. Kraken decided to give access to cryptocurrencies data via Google Sheets, for that, this exchange acquired Cryptofinance.ai in 2019. To become the ultimate service provider in the crypto world, Kraken acquired cryptocurrency portfolio reconciliation solution interchange.
Advantages of Kraken
Why should you choose for Kraken?
- Low fees starting from 0.26%
- Very high trading volume to maximize the liquidity
- Over 30 digital assets available
- Trade with six major fiat currencies: EUR, USD, GPB, CAD, CHF and JPY
- 24/7 customer support to answer all your questions
- Margin trading and Future trading available
Kraken exchange fulfills all the requirements listed above. The company is ranked in the top five cryptocurrency exchanges, with the total number trades exceeding 33 million US dollars on a single day.
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How to create a Kraken account?
Creating a trading account on Kraken is very easy. You can create your account in a few clicks. If you are located in Asia, Europe, Africa, or anywhere in the world, with an internet connection, you can create your account in a few seconds. You will do the following to create your trading account on the exchange:
- Visit the exchange
- Click on Create Account or Get Started
- You will find the option to enter your email address, username, password and country of residence
- Simply click on the Create Account button and your account will be created in seconds.
To start trading on the Kraken exchange, you will need to verify your account. Once your account has been created, you will provide some important user information to meet the requirements that are considered essential by the authorities. You can choose between three different verification levels:
- Starter (no ID needed)
- Intermediate (ID verification mandatory)
- Pro (AML verification)
Once your account is verified, you can fund your account. Kraken has added different funding limits to different accounts based on their tier level. All the verification levels require personal information, the more information you give the higher level you achieve for your account that results in higher limits.
It is recommended to verify your account on any cryptocurrency trading platform. Sometimes exchanges delete the unverified accounts.
How does Kraken work?
Kraken is for both the beginner cryptocurrencies buyers and sellers as well as for professional traders to trade cryptocurrencies. You can buy and sell crypto on Kraken easily and safely. Kraken offers the best user interface that makes the buying and selling digital currencies fast and secure. If you are an experienced trader, then you can have the additional services like marginal trading of up to five times leverage and future trading with a leverage of 50x.
Trading cryptocurrencies at Kraken is easier than you think. You can trade cryptocurrencies using fiat or cryptocurrencies. It is all up to you. You can trade on Kraken with almost all the major cryptocurrencies:
- Log in to your account
- Verify your account
- Go to the Funding page and click on Deposit behind the currency you want to top-up
- Deposit money with your favorite payment method
- To buy a crypto, select your favorite trading pair
- Click on Trade and on New Order
- Specify the amount and submit the order
If you want to trade cryptocurrencies using fiat currencies, you can do that as well. Kraken has given its users the complete freedom to buy and sell cryptocurrencies as they like. It is well to be noted that Kraken has the highest Euro trading volume among all the exchanges available on the internet.
You are allowed to trade with six major fiat currencies. This is one of the advantages to trade on this exchange. You don’t need to go to any other place to get the acceptable currency to trade on Kraken. There are some exchanges that only allow cryptocurrencies to trade on their platform. In Kraken’s case, this is not true. You have the freedom to choose from the major fiat currencies and cryptocurrencies.
The Kraken fees are considered the lowest in the market. There are some options available on Kraken that if you trade on this platform you will not pay any fee. Normally the fees charged by the exchange range between 0% – 0.26%. All the fees depend on your trading volume of the last 30 days. Different fees are charged for market makers and market takers.
For trading stablecoins, FX Pairs, Dark Pool and Margin are also different fees charges, please see the fee schedule on the website: https://www.kraken.com/features/fee-schedule
Is Kraken safe?
Kraken uses a sophisticated trading platform. It has one of the most secure systems available for the traders. You can have the peace of mind regarding your investment if you trade at this exchange. The exchange is financially well backed by large funds. It has raised over a hundred million dollars since its inception. This is the guarantee that if things do not go in the right direction, still your investment will be secured. Kraken offers the option to let the third party do a cryptographically verified audit to prove to their customers that their investment is in safe hands.
Kraken has been considered one of the best options that offer the most reliable software to its customers to buy and sell cryptocurrencies. There are advanced measures available on the platform to counter problems safely at the time of high order and traffic rate.
When you consider investing your hard-earned money in cryptocurrencies you make sure that the platform you have selected is safe and secure. You would not like to lose your money because of someone else fault. Always do you own research to verify that Kraken is still safe. But our opinion in this Kraken review is that this exchange is very reliable.
Kraken has never been hacked
One of the best reasons to trade on Kraken is that since its operations started it is one of the few crypto exchanges that has never been hacked by anyone in the world. This is because security was the main objective of its inception. It was developed to provide its users with the safest and secure trading platform. So that they can have peace of mind about their investments. We have seen in the past that people trust on Kraken and invested a handsome sum of money on this platform.
It is always the best idea to listen to the security advice of the trading platform. Kraken has posted bits of advice about security on its platform about the safest and secure ways to buy cryptocurrencies. It is a good decision to enable the safety features available on the platform. The company offers two-factor authentication to perform the transaction.
Kraken is one of those cryptocurrency exchanges that offer the option to enable the global setting lock that blocks the IP addresses that are not common for your account and you don’t normally use this kind of IP addresses to trade on the platform.
Kraken has worked hard to gain the reputation of one of the most secure cryptocurrency exchanges available on the internet. It was one of the first few exchanges that proved to its customers that their money is in safe hands by using the proof-of-reserves audit. This is the type of audit conducted by banks and exchanges to prove that all their money is where it should be.
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Kraken Frequently Asked Questions
What are the fees at Kraken?
The fees charged by the exchange range between 0% - 0.26%, based on your 30-day volume.
Which payment methods does Kraken support?
You can top-up your account via SEPA Bank Transfer.
Does Kraken offer a built-in wallet?
Yes, all 30+ digital assets have their own wallet.
How can I contact the support?
You can contact them 24/7 with the live chat or you can send them an email.