Kraken Exchange // Condensed Review β Pros and Cons
Founded in 2011 and located in San Francisco, USA, Kraken (kraken.com) is a cryptocurrency exchange that offers access to more than 50 supported coins and tokens, staking capabilities, futures trading, and more. Kraken Exchange offers a variable maker-taker fee system, which often results in lower fees compared to flat-rate exchanges.
In addition to a wide range of crypto assets, this platform also offers customizable ordering and mobile apps that you can use to fully enjoy your trading experience. Thereβs plenty to love, so in this Kraken review let’s learn why both professionals and new investors alike choose this well-known exchange for making big profits with cryptocurrencies.
Register a free account at Kraken
Kraken Restricted Countries/Regions
Is Kraken a safe cryptocurrency exchange?
As Kraken is based in the US and must comply with strict American and international regulations, the platform has multiple measures in place in order to offer one of the most secure exchange services available.
Kraken provides maximum protection to its customersβ accounts by enforcing several security meaures like two-factor authentication (2FA), global settings lock (GSL), and strong passwords. Master Key is also a security feature that can be used to recover your account if you lose your login credentials. With all of these measures in place, it can be said that Kraken is a proper and safe cryptocurrency exchange.
Available Cryptocurrencies at Kraken
Kraken offered very few cryptocurrencies in the beginning, but quickly grew to cover over 50 cryptocurrencies available for trading today.
Among all cryptocurrencies on offer, the more popular ones are:
Augur (REP), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Dogecoin (XDG), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Gnosis (GNO), Iconomi (ICN), Litecoin (LTC), Melon (MLN), Monero (XMR), Quantum (QTUM), Ripple (XRP), Stellar Lumens (XLM), Tether (USDT), Zcash (ZEC), and more!
Kraken Services
Kraken is a large platform, and therefore they have multiple services available to cryptocurrency investors and traders. Letβs discover the major products on offer.
Kraken Cryptocurrency Exchange
The Kraken exchange gives you the opportunity to purchase over 50 cryptocurrencies via debit card or credit card. Once you have added new funds into your account (or imported from another exchange), you can start trading cryptocurrencies at your convenience.
Kraken Cryptocurrency Margin Trading
Margin trading lets you amplify your gains from market swings, allowing you to execute more complex and active trading strategies. With the power of Krakenβs advanced trading engine, you can use leverage on a variety of cryptocurrencies by up to 5x, meaning you will have 5 times the earning potential compared to a regular spot trade. Choose from over 100 currency pairs.
Fees are a maximum of 0.02% (per 4 hours), which is very reasonable. Eligible clients can access up to $500,000 for margin trading.
Kraken Cryptocurrency Futures Trading
With Krakenβs futures trading platform, you can trade top cryptocurrencies with up to 50x leverage. Also, you can easily transfer between the Kraken Spot markets and the Kraken Futures markets. Not to mention, Kraken offers a flexible and intuitive trading interface along with personal support and educational content.
Kraken Wallet
Kraken Mobile App – iOS & Android
Kraken has 3 mobile apps that are available on both Android and iOS – Kraken (basic), Kraken Pro, and Kraken Futures. Depending on your needs, you may download any or all of them. Feel free to easily switch between light mode or dark mode to suit your UI preferences.
Kraken Features:
- Monitor prices and track your portfolio
- Sort by top winners / losers
- Save your favorite cryptos
- Buy predefined amounts (β¬/$20, β¬/$50, or β¬/$100)
Kraken Pro Features:
- Professional trading experience, designed for advanced users
- Margin trading with up to 5x the leverage
- Advanced order types
- Multiple charts and order book display options
Kraken Futures Features:
- Trade major cryptocurrencies with up to 50x the leverage
- Seamless transfers between Kraken Spot and Kraken Futures
- Personal support and in-depth educational content
Kraken KYC Verification Requirements
Kraken Trading Fees and Limits
Kraken Exchangeβs trading fees are quite reasonable considering that the competing Coinbase Pro charges relatively high fees.
With a normal Kraken account, the trading fees are 0.9% fee for stablecoins & FX pairs, and 1.5% fee for any other crypto (BTC, for example).
Traders on Kraken Pro who turnover less than $50,000 in monthly volume can expect to pay a 0.16% maker fee and a 0.26% taker fee. There are progressive discounts for increased trade volumes. For example, if you trade more than $10,000,000 per month, then you pay 0.00% maker fee and only a 0.10% taker fee.
Regarding limits, theoretically you can trade more than $10,000,000 per month, so essentially that means that there are no trading limits at Kraken.
Kraken Payment Methods and Fees
Deposit and withdrawal fees will differ depending on many factors. Letβs review them now.
Depositing at Kraken and Fees
If you do not hold any cryptocurrencies, do not worry. Kraken has a βBuy Cryptoβ feature where you can use your debit card or credit card to make an instant purchase of your preferred cryptocurrency.
If you choose to pay via debit card or credit card, there will be a charge of 3.75% + β¬/$0.25. If you decide to pay via bank transfer, the fee is 1.7% + β¬/$0.10.
Withdrawing from Kraken and Fees
Krakenβs withdrawal fees are typical of most exchanges. They charge a 0.0005 withdrawal fee for BTC and a 0.005 fee for Ethereum. Other coins are significantly cheaper with XRPβs withdrawal fee being just 0.02 and 0.00002 for Stellar Lumens. Please check their website for the best rates for your preferred cryptocurrencies.
Kraken Customer Service
In case you experience any issues with your experience at Kraken, you can contact the support team by submitting a ticket (once you are logged in), and you will receive a detailed response within about 1-3 days. Another option is to contact them via the live chat feature that is available 24/7.
Conclusion – Should I use Kraken?
With a comprehensive trading platform, a wide range of supported coins, and excellent customer service, thereβs plenty to love about the Kraken trading platform. Please feel free to first create a free account to test the website or the appβs features. Overall, Kraken is an excellent choice as a cryptocurrency exchange.
Register a free account at Kraken