Kraken Cryptocurrency Exchange Review : Pros & Cons

About Kraken

Kraken is a US-based cryptocurrency exchange where users can buy, sell and trade various assets with relatively low commissions. Clients can also earn rewards through coin staking. The exchange has a leading level euro volume and liquidity and allows users to trade over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF and AUD, on-the-go with a web platform and mobile apps.

Kraken Cryptocurrency founded in 2011, it was one of the first few crypto exchanges offering spot trading, derivatives and index products. Today, the company offers numerous products and services, including but not limited to: spot trading, margin trading, futures, indices, stakings, OTC and an upcoming non-fungible token (NFT) marketplace. The exchange serves over 8 million traders and institutional clients, and is backed by Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures and more.

Information Table

How To Register At Kraken Exchange ?

To register on Kraken, click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Kraken Cryptocurrency Account ?

There is no mandatory verification at Kraken, but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 0.01 ETH. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Kraken, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Kraken Crypto Exchange?

There are two main options for topping up your balance on Kraken. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Kraken Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Kraken Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Kraken Fees

Fees on the platform vary across different products, such as Instant Buy, Kraken Pro, Stablecoins, Margin, Futures and NFT. For the basic Instant Buy service, the company charges a fee of 0.9% for stablecoins and 1.5% for other crypto assets, on top of fees charged for different payment methods. For Kraken Pro, it uses a maker-taker fee model where maker fees range 0.00% to 0.16% and taker fees range from 0.10% to 0.26%, depending on how often a user trades each 30-day period.

NFT Fee

Industry leading fees across all your products

Whether you’re just getting started on your investing journey or you’re a seasoned crypto trader, you’ll find a Kraken product that fits your needs at a competitive price point you’ll love. Browse the table below to learn more about the fee structure for each of your offerings. 

Instant Buy

The fee for buying, selling or converting all cryptoassets using Instant Buy is displayed before the transaction is submitted and may differ for transactions that are similar. Fees depend on several variables including but not limited to transaction size, assets being transacted, payment method and market conditions.

Spot Crypto

Kraken Pro

The below table details the different trading fees that apply to different markets and products. Currently and until February 15, 2023, Kraken is running a fee trial on select pairs. Clients trading over $100,000,000 in 30-day volume on spot crypto pairs benefit from 0.00% maker fees and 0.08% taker fees.

Kraken Pro fee considerations:

• Fees are charged on a per-trade basis.
• Fees are calculated as a percentage of the trade’s quote currency volume (by default). Certain pairs allow the fee to be calculated based on the trade’s base currency, which can be specified when ordering using the Fee Currency option.
• User fee volume levels are measured using the equivalent market value of the listed “Fee Volume Currency” at the time of the trade. Note that this currency may be different from the pair’s base or quote currency.
• User fee volume levels are measured and applicable for trades occurring in the last 30 days only.
• Discount tiers are assessed after every trade, so you get your discounts when you earn them.
• Your volume-based discounts are designed to be attainable so investors of all sizes are rewarded for their trades.
• If you’re not a frequent trader but you do big volume, consider your OTC service for a more cost-effective, personal experience.

Features Of Kraken Crypto Exchange

Available At Android & IOS Store

Kraken Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Wide Range of Cryptocurrencies

Kraken supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many more.

Advanced Trading Options

The platform offers advanced trading options, such as margin trading, futures trading, and options trading, for more experienced traders.

Low Fees

Kraken has competitive trading fees and offers discounts for higher volume traders.

High Security

Kraken places a strong emphasis on security and implements measures such as two-factor authentication and PGP encrypted emails to protect user accounts.

User-Friendly Interface

The platform has a user-friendly interface that is intuitive and easy to navigate, even for beginner traders.

Strong Customer Support

Kraken has a strong customer support team that is available to assist users with any questions or issues.

Global Availability

Kraken is available in multiple countries and supports a range of fiat currencies, making it accessible to a global audience.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Kraken Conclusion

Kraken is a cryptocurrency exchange platform that was founded in 2011. It is considered to be one of the largest and most secure exchanges in the world, offering a wide range of cryptocurrencies for trading and supporting multiple countries. Kraken is known for its strong security measures, low fees, and advanced trading features, making it a popular choice among traders and investors. However, like all cryptocurrency exchanges, it is subject to market volatility and security risks, so it’s important to do your own research and assess the risks before using the platform.