One of the most notable cryptocurrency exchanges on the market today is Kraken. Its main office is situated in San Francisco, California, and the cryptocurrency exchange itself is one of the oldest and commonly used by crypto traders all over the world. Jesse Powell founded it at the beginning of the 2010s and still has a position of CEO in the company.
As a trading platform, it offers a wide range of coins and cryptocurrencies for users who are interested in virtual finances and crypto services. Users in their reviews consider it one of the top sites in terms of liquidity and volume in the euro.
Today, we will provide you with a detailed Kraken review, Kraken`s features and trading options, customer service options, fees, payment methods, and other offers. We hope that you will get all you need about Kraken after checking our thorough crypto exchange article. So, let’s get started!
Generally, What Is Kraken?
As we have already mentioned, Kraken is a cryptocurrency exchange that works for a long time now. Many experts include Kraken in the list of crypto “veterans” on the virtual money market. It is based in the United States, was founded by Jesse Powell, and works since 2013, while the company itself started its path in 2011. Users appreciate opportunities for margin and futures trading as well as over-the-counter (also known as OTC) deals at Kraken.
Margin trading options are not the only pros of Kraken: you can enjoy fair trading fees and well-developed security of the platform. Apart from that, the customer support desk works professionally and reacts to people’s requests as soon as possible. In the past, plenty of users were extremely dissatisfied with Kraken`s customer support and service; the company had accepted all the claims and concerns and has significantly improved the situation.
That was a brief description of Kraken, its history basics, and some features. To find out more about what Kraken offers to clients and traders and what pros and cons it has, keep reading our informative Kraken review that we gladly share with you today!
We will cover the Kraken fees and services, features, and payment methods available today, what crypto and fiat currencies traders may use at Kraken; where you can enter Kraken worldwide; and other essential details all traders should know about the platform.
Kraken: The Basics
Briefly, all one should know is that Kraken offers a rich set of different features for users, its great liquidity, and attractive trading fees, alongside the deals’ and members’ safety in general. You can enter Kraken crypto exchange from every area of the United States except New York and Washington.
It is also available in Canada, Europe, and Japan: you can easily start trading in all of these locations. Safety of trading and constant support of customers and traders are vital for Kraken. Throughout eight years of working on the trading market, Kraken has gained more than 100,000,000 US dollars with the help of various groups of investors.
Kraken crypto exchange keeps its traders` money safe. The company hires independent counselors and observers to prove that everything is stored in a secure place.
Kraken Available Services
If you have just entered the crypto trading market and everything is pretty new for you, we have to warn you that Kraken`s layout and features may be a bit difficult for inexperienced low-volume investors. We would say that this crypto exchange is on the list of cryptocurrency exchanges for those who are more or less confident in virtual money trading and has some expertise in the field.
Users who are interested in margin trading, as well as spot trading and futures trading, will enjoy trying Kraken`s opportunities. If you are not a beginner anymore and your deals presume enormous sums (for instance, more than 100,000 US dollars or any similar fiat currency), you may ask for a personal manager at Kraken who will share responsibilities to keep your money safe with you. Those who permanently practice OTC deals will appreciate such options at Kraken, too.
To ensure the anonymity of deals and users, the Kraken cryptocurrency exchange has incorporated the “dark pool” that helps users to get info about only their own deals and hide their data and purchases from other people. So, if you want to have a deal with significant amounts (to sell or purchase), it will not affect the trading market much if you use the dark pool.
Besides the dark pool, there is a service that lets investors make stakes at Kraken and get additional digital assets (more specifically, a return on assets) which is also an income.
Fees Applicable at Kraken
As you already know from this review, there are various fees at Kraken for users but those fees and fee schedule, in general, are quite fair, comparing to another trading platform you can imagine. The Kraken fees amount is a result of your trading activity throughout the month.
An average taker fee will be higher than the maker fee at Kraken. Generally, trading fees vary from almost 0.4% to 0%. You can find out more by opening this link.
Kraken Available Fiat Currencies
There are seven fiat currencies you can use at Kraken. Among them are American, Canadian, and Australian dollars; Euros; Swiss francs; British pounds; Japanese yens. Choose any fiat currency convenient for you and start using Kraken with ease!
Kraken Available Cryptocurrencies
Besides fiat currencies, there are almost fifty cryptocurrencies you may exchange and transfer to Kraken. Among them are Bitcoin, Siacoin, Ripple, Cosmos, Tezos, and many others. The full list is available at the Kraken site; however, most likely, the coins you look for or want to use will work at Kraken.
How to Make Deposits and Withdrawals at Kraken?
It is impossible to conduct operations, participate in margin trading, and conclude deals without deposits on your Kraken balance. So, this crypto and bitcoin exchange may boast a wide range of payment and funding options using fiat currencies and cryptocurrencies.
You can use domestic and wire bank transfer methods alongside SWIFT or SEPA payments, your software, or your hardware wallet to operate with cryptocurrencies. Operations are either free or cost from 5 to 25 US dollars. They take from one to five working days to become completed. The cost of every bank transfer or any other available operation depends on the chosen payment method and on the user’s location. You can check the Kraken site to see updates and full current info about deposits, withdrawal fees, fee schedule, and so on.
Where Can I Enter Kraken As Trader?
The list of countries where you can visit Kraken`s site and start crypto margin trading is enormous. There are only nine countries where this cryptocurrency trading platform does not work. However, in those countries, cryptocurrencies and crypto exchanges are not welcome in general. Among them are various states in Near East, Africa, Asia. For instance, you cannot use Kraken in Lybia, North Korea, Iran, Syria, and Congo. The Kraken`s service is unavailable in Iraq, Tajikistan, and Afghanistan as well. Also, Cuba in the Caribbean is an exception too.
What about Customer Help?
First of all, when you enter Kraken, the site allows you to check its thorough guidance for users. There, you will find out all you need to know about registration procedures, your Kraken account check, and the trading process itself. It becomes especially useful if you are a brand new trader in the cryptocurrency world and have never joined any crypto exchanges before.
Even if you have checked the instructions Kraken offers and you still have doubts and concerns, you can always use a convenient chat platform integrated into the site. Support specialists will answer you quickly and assist in dealing with all problems you have faced when using trading services, your Kraken account, or the Kraken Pro cryptocurrency platform.
According to many reviews made by other cryptocurrency exchange users, Kraken offers a high-quality support service to its clients, the trading interface is friendly, and customer funds are truly kept safe. However, there are some cons noted by experts who deal with other cryptocurrencies besides Kraken and all other crypto and bitcoin exchanges daily.
Comparing Kraken to Other Crypto Exchanges
We have taken Coinbase (Coinbase Pro) to make a comparison. It turned out to be more or less the same as Kraken, with some exceptions, however. For instance, you can use fewer crypto coins` types at Coinbase Pro exchange. Besides, Kraken exchange has more advanced and welcoming customer service, as we have understood from our thorough review.
Although, if you choose between Coinbase Pro and Kraken, you will not see much difference. Both of them will provide you with great service, and you can trust your assets to these crypto platforms. We also offer our article about the mentioned Kraken`s rival here, so every beginner or advanced user knows what to expect.
To Sum Up
You can use Kraken if you have at least a little experience in the field of cryptocurrency exchanges and the crypto world in general. We would recommend Kraken because it is a smart platform with a friendly support team, great liquidity, and fair fees, among other exchanges. Investors put their coins here because they are quite sure their money is in a safe place. Create an account at Kraken and leave your comments about Kraken and other exchanges you use!
Is it safe to use Kraken?
You always should keep in mind that trading is a risk, whether you use crypto or fiat currencies. However, in terms of holding assets safe, Kraken is an excellent platform.
How can I reach the Kraken support team?
The support team at Kraken is ready to help you: text them in the chat you will find on the right-hand side (at the page’s bottom). Another way to reach the crew is to move to the “Contact” tab and leave your message there.
Can I purchase Bitcoin on Kraken?
Yes, you can. Apart from Bitcoin, this exchange supports almost 50 other virtual coins. You can check the full cryptocurrencies list at Kraken`s site.