Kraken Exchange // Condensed Review – Pros and Cons

Kraken Exchange // Condensed Review – Pros & 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. There’s 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

At this time, Kraken does not offer service to residents of: Afghanistan, Congo-Brazzaville, Congo-Kinshasa, Cuba, Iran, Iraq, Libya, North Korea, Syria, Tajikistan

Clients in these countries can create an account but may be restricted from successfully depositing: Central African Republic, Eritrea, Guinea-Bissau, Lebanon, Mali, Namibia, Somalia, South Sudan, Sudan, Yemen

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.

Is Kraken a safe cryptocurrency exchange?

Kraken provides maximum protection to its customers’ 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.

Available Cryptocurrencies at Kraken

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. Let’s 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 Exchange

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 Kraken’s 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.

Kraken Cryptocurrency Margin Trading

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 Kraken’s 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 Cryptocurrency Futures Trading

Kraken Wallet

It is commonly known that Kraken is a cryptocurrency exchange platform, a place that people go to in order to purchase and trade crypto assets. However, once you open an account at Kraken, you will also have access to the wallet. The wallet function is built into the exchange itself, so you have the choice to only store your cryptocurrencies in the wallet, or you can transfer funds in and out of your wallet when you need to.

Kraken Wallet

The wallet goes through the same strict security protocols as the exchange, so rest assured that all of your funds will be safe and secure at Kraken.

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 (€/$20, €/$50, or €/$100)

Kraken Basic Mobile App - iOS & Android

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 Pro Mobile App - iOS & Android

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 Futures Mobile App - iOS & Android

Kraken KYC Verification Requirements

It’s possible to open an account at Kraken Exchange and trade cryptocurrencies without undergoing KYC (know your customer) or AML (anti money laundering) procedures. However, the withdrawal limits on such accounts are low and you may not trade crypto futures without a KYC-verified account.

If you choose to undergo KYC, then you can select from one of the 3 types of Kraken accounts. If you need even high withdrawal limits, then you can work your way up the ladder by submitting the required paperwork for each account type.

Account types and requirements:

Starter – Email, full name, date of birth, phone number, address

Intermediate – Email, full name, date of birth, phone number, address, valid ID, proof of residence

Pro – Email, full name, date of birth, phone number, address, valid ID, proof of residence, KYC questionnaire

(It is always advised to complete the full KYC process and become Pro in order to fully enjoy the benefits of using Kraken to earn profit.)

Register a free account at Kraken

Kraken Trading Fees and Limits

Kraken Exchange’s 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. Let’s review them now.

Depositing at Kraken and Fees

If you do not hold any cryptocurrencies, do not worry. Kraken has a β€œBuy Crypto” 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% + €/$0.25. If you decide to pay via bank transfer, the fee is 1.7% + €/$0.10.

Withdrawing from Kraken and Fees

Kraken’s 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 XRP’s 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?

From a trader’s perspective, Kraken Exchange’s maker-taker fee schedule can be confusing for new traders who are used to flat-rate pricing. However, based on our experience, overall many traders will actually realize that Kraken’s fees are lower than competitors once you start trading. Let’s also summarize all of the benefits of using Kraken:

  • 1) Available in almost all countries, providing the most access among exchanges!
  • 2) Very unique products such as staking capabilities and futures trading!
  • 3) Excellent 0.10% taker fee for frequent traders!
  • 4) 3 account types (Starter, Intermediate, Pro) to suit your trading preference!
  • 5) Over 50 coins and tokens available for purchasing and trading!

With a comprehensive trading platform, a wide range of supported coins, and excellent customer service, there’s plenty to love about the Kraken trading platform. Please feel free to first create a free account to test the website or the app’s features. Overall, Kraken is an excellent choice as a cryptocurrency exchange.

Register a free account at Kraken

Up to 20% Discount on Fees

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