Kraken is a leading cryptocurrency exchange and one of the most popular in the world. Founded in 2011, Kraken has quickly become a go-to platform for traders and investors looking to access a wide range of digital assets. In this Kraken exchange review, we’ll look at what Kraken is all about, what to expect when trading on this platform, and some of the pros and cons of using Kraken.
- 1 Kraken crypto exchange review
- 2 Company Profile/ Head Quarters
- 3 Key Features
- 4 Margin trading
- 5 OTC
- 6 How to Manage Account
- 7 The support system includes:
- 8 Cryptowatch
- 9 Training
- 10 Affiliate Program
- 11 Pros:
- 12 Cons:
- 13 Frequently Asked Questions
- 14 Conclusion:
Kraken crypto exchange review
Kraken exchange is one of the best places to store and trade your digital assets in today’s world of cryptocurrency.
Company Profile/ Head Quarters
Its headquarter is in the US and dates back to 2011.
Compared to major players in the industry Kraken is small with a client base of 6 million as of mid-2021 and about 175 employees.
About $1.83 billion is traded on the platform quarterly. These statistics are quite small when compared to Binance and Coinbase who are considered the big boys in the crypto exchange business.
As of today, the Kraken crypto exchange isn’t listed on any stock exchange.
Despite being small compared to others ]t has been there for long and can be judged as one of the best crypto exchange platforms of today.
Security: How safe is Kraken? Is it regulated?
The safety of your funds and digital assets is the number one priority of the platform.
They employ a sophisticated approach to deter the stealing of investors’ funds and information.
They also offer standard financial management and comply with the legal framework governing the financial system.
The security team is the best you can find anywhere in the world and work tirelessly to ensure the safety of funds.
It stores 95% of all deposits by customers in an air-gapped offline cold storage. This cold storage is distributed geographically. The funds are however available for withdrawal on demand.
The servers have watchdogs looking after them on a 24 hours basis, every action done on it Is properly scrutinized to ensure safety from hackers and criminals.
The system is also checked regularly for vulnerability in what is called penetration testing, the aim is to exploit loopholes and correct them as soon as possible.
Key security features employed are:
2FA using Google authenticator and Yubikey.
Phone number and SMS to recover account
Withdrawal confirmation using Email
SSL browser encryption
Real-time monitoring of suspicious activity
Time lock for hard knot security
Zero charge back fraud for crypto trading
Email communications are PGP signed and encrypted
Fully encrypted sensitive data
Live chat and support via email that is very responsive.
How much do they charge for trading and withdrawing/depositing?
They are very friendly with fees, it can go as low as 0%, stable coins purchase attracts 0.9% fee while purchasing them using another stable coin say BTC attracts a 1.5% fee added to the regular fee.
These fees are charged per trade. It is derived as a trade’s quote currency volume percentage.
Some currency fees are calculated using the base currency of the trade.
They charge low fees for takers and makers.
Which cryptocurrencies are available to trade on Kraken?
Cryptocurrencies available to trade on Kraken include Bitcoin, Ethereum, Litecoin, Ripple, and Dash.
In addition to these currencies, Kraken also offers trading pairs for Bitcoin Cash, Monero, ICONOMI, Augur REP tokens, Golem tokens, Melon tokens, and Zcash. Compared to some of the other exchanges available,
Kraken has a smaller selection of currencies. However, the focus on quality over quantity has resulted in a more reliable and user-friendly experience.
How to fund Kraken exchange
With this exchange how to fund is easy, you have different funding modalities that meet your needs.
The Fiat currency funding option is available at small fees.
You can fund in USD, EUR, CAD, JPY, GBP, CHF, AUD, etc. Funding with CAD, SEPA, and EUR attracts no cost.
This funding can be done for domestic users with SWIFT, Fedwire, Etana Custody, and SEN.
International users can fund using Wire transfer, Etana custody, and SEN.
Both funding means take 1-5 business days to process.
Your account can also be funded using digital assets and coins.
For example. already owned BTC, ETH, and XRP from other wallets to Kraken and the process can be completed within 10 minutes.
This helps you earn from your holdings at Kraken, rather than allow your fiat and coins to lay dormant in your account you can stake them and make more profit.
Rewards from assets you stake are paid twice a week.
For example, staking ADA (Cardano) gives a 4-6% reward yearly, Cosmos (ATOM gives 12% yearly reward), Ethereum (ETH2) yields 4-75 rewards yearly while FLOW yields 6-9% rewards yearly after staking.
Amongst the highest rewarding digital assets for staking with Kraken are Kava (KAVA) 23%, Kusama (KSM) 18%, MINA 12-20%, and Polkadot (DOT) 12%. With a 0.25% reward on staking after one year, BTC offers the lowest but it’s apparently the safest. Rachel Adams I’m trying to see where they saw him solely
You can choose to use the self-help by going through the list of articles on frequently asked questions or using the live chat that works 247 or contacting support by email.
Users can margin trade on crypto and get up to 5X leverage on their digital assets. Using margins to spot trade can make you more profits or losses depending on the side of the pendulum the market swings.
You can use these margins to go short or long with crypto with up to 5X leverage.
Rollover fees should not exceed 0.02% in 4 hours.
The Pro trading interface lets you manage your positions with advanced order options and advanced API provided by the crypto exchange.
The margin limits are quite high, certain customers can access up to $500,000 in margin trading.
To summarize, margin trading, helps you trade with funds that may exceed
With the help of CF Benchmarks Kraken provides up to a second pricing data sourced from different crypto exchanges.
This helps make the prices settled for digital assets is accurate, reliable, and similar to what is obtained elsewhere.
Pricing indices are provided for Bitcoin, Ripple, Ether, Litecoin, and Bitcoin Cash.
The methods used make sure they are replicable elsewhere. It provides spot rates and real-time indices.
This is an agreement to buy or sell a digital asset in the future using a fixed rate.
Investors use this strategy to lock in profits, which is as well known as hedging. This is done especially in a volatile market.
Rather than take profile when the price is rising and miss out on future price rises you hedge at that rate and still benefit at rises in the future.
You can mitigate against losses by taking short positions on the hedge but if your gut tells you the price will keep rising to the moon then you can take a long position and earn more profits on your digital asset.
Her future trading allows future products that are regulated. The contract offers bitcoin, Ethereum, Bitcoin Cash, Bitcoin futures, and Ripple.
With futures, you can have up to 50X leverage.
This is the over-the-counter trading provided on this exchange using the open exchange offering deeper liquidity to high molecular weight individuals with huge networks who need to fill large orders that might disrupt the open market they are left to compete there.
They embody expert insight on the market, a one-on-one quality service delivery, and complete asset support comprising of all fiat currencies, and several cryptocurrencies on this platform.
The OTC in the Americas, Asia-pacific, and Europe has a global coverage that operates 24 hours daily on every day of the week except on major holidays.
The minimum order for OTC is $100000, with no custody of assets on behalf of trading partners.
Eligibility to OTC trading is due to AML/KYC and fulfillment of other requirements.
How to Manage Account
It has a robust support team to manage all your account issues.
Advanced traders can access real-time account management on the Kraken platform.
A lot of traders attest to this platform being the most engaging of all the crypto exchanges they use in doing business.
The support system includes:
Prioritized support Tickets
Further questions on account management can be accessed by contacting them via email at email@example.com
You can trade with lots of cryptocurrency exchanges from a single platform.
The crypto watch feature of Kraken helps you keep an eye on the crypto market and execute trades when it is favorable.
At a glance, you can see over 2000 crypto markets on different exchanges. Also offers the ability to create volume and price alerts which can be very useful for trading.
Cryptowatch makes market analysis very easy and the decision of when to enter trade can be taken at the right time.
They also provide training, guides, and podcasts on how to use the platform and trade cryptocurrency successfully.
They have a referral system that offers a lifetime of 20% of the trading fee for your referrals. Maximum payouts can be as much as $1000.
To Join the affiliate you must:
Social media account with up to 5k followers or subscribers
Mobile apps or Websites should be in the crypto or finance niche
Facebook pages or groups with a minimum of 5K followers and niche must be on crypto or finance.
It has low fees for noninstant buys
It is a very advanced platform for trading digital assets
Lots of products to choose from
Doesn’t charge a fee for inactivity
The minimum deposit is $0
The account can be opened very fast (15 mins)
Instant buy fees are very high
Educational materials are poorly selected
Withdrawal fees can be high
Doesn’t support deposits using electronic wallets.
Frequently Asked Questions
Are they safe? Yes. They have a series of security measures in place to prevent hacks. A large chunk of the assets is stored offline so as to ensure top-notch security.
We have successfully concluded a review of the Kraken exchange and considered its pros, cons, and how you can utilize it to grow your digital assets.