Kraken is one of the most popular cryptocurrency exchanges, and you can trade several crypto exchanges. It’s an excellent choice for crypto investors thanks to its lower trading fees and availability of multiple trading coins. It supports 120 plus coins, including;

• Bitcoin(BTC)
• Ethereum(ETH)
• Cardano(ADA)
• Solana(SOL)
• Dogecoin(DOGE)
• Litecoin(LTC)
• Polka Dot(DOT)
• Polygon(MATIC)
• Ripple(XRP)

Here, we have a comprehensive Kraken review, including fees, features, and everything else you need to know. Keep reading.

About Kraken

Kraken was established in 2011 in the US state of San Francisco. Because it has been around for a long time, it supports various countries, individual users, and companies by offering competitively-priced crypto trading.

Features

Kraken has two main trading platforms;

• Kraken
• Kraken Pro

As a beginner, you can start on the Kraken investing platform, which has a highly intuitive and user-friendly interface. 

To get started, you only need to have a verified account to start trading. Once your account is linked to a bank account, you can buy Kraken crypto instantly without funding your Kraken account. 

Besides trading, you can deposit your cryptos, stake and earn over 20% interest depending on your preferred currency, 

Kraken Pro

Kraken Pro may seem intimidating for new users, but it’s more comprehensive for experienced traders. Some features include futures trading and margin accounts, which are popular with experienced traders. The interface has charts and allows users to view open orders. 

What are Kraken trading fees?

The fees depend on whether you’re using Kraken or the Pro version and the spread fees.

For example, a 1.5% fee is imposed on most cryptos and 0.9% on stablecoins.

Other fees may apply depending on the platform you use to buy the cryptos. The rates can be 0.5% for bank accounts or 3.75% if you use debit/credit cards or digital assets.

Generally, the Pro pricing is lower than the main platform and depends on your trading volume in the last month. Most often, the traders are exposed to the following charges;

• Taker fee 0.26%
• Marker fee 0.16%

How to deposit money with Kraken

There are Kraken deposit methods for funding your Kraken online account. Here are the popular methods;

• Bank transfers( ACH)
• Fedwire
• Swift
• Wire transfer
• Apple Pay
• Google Pay
• SEPA
• Debit or credit cards for non-US clients
• Cryptocurrency transfers

Depositing crypto into the Kraken exchange is free. However, charges may apply for fiat currencies. For example, depositing $(USD) with FedWire may cost you up to $5. You can find the charges on the Kraken support page.

When withdrawing your Kraken crypto, a flat fee is charged for conversion. However, the charges vary depending on the coins. You can find the applicable fees on the Kraken Support page.

Security Features

Kraken has a highly advanced platform with multiple features that enable users to trade or hold cryptocurrencies.

One of the most prominent features is the 2FA, whereby users can enable their accounts to prevent 3rd parties interference.

Another feature blocks third parties from making changes to your account. 

In addition, the Kraken online platform stores up to 95% of digital assets in cold storage and the surveys are geographically spread. In addition, 24/7 security is provided, and armed guards are available around the clock. 

Lastly, Kraken is under the FinCEN regulation to ensure legal compliance and protection of members’ assets.

How to open a Kraken account?

To begin Kraken investment, you must sign up with your name, country, and city and accept the terms and conditions.

You must also provide the following useful information as part of your KYC.

• Contact information
• Address
• Phone number
• Social security number(SSN)

You’ll also need to provide a copy of your government identity card (ID) and a photo of you displaying the ID. Failure to meet the above requirements will prevent you from transacting with your account.

If any problem arises during the Kraken registration process, you may contact support, available 24/7 via phone, email, or live chat.

You can also register via the Kraken trading app on the Play Store and the App Store. There are three apps available: Kraken, KrakenPro, and Kraken Futures. Therefore, you can download one depending on your trading needs. 

The most popular is the Kraken trading app, which has user-friendly features and is easy to navigate. The other two are highly advanced and suitable for 5x margin trading, conventional close parameters, and advanced order types. 

However, the Kraken Future is more specific and suitable if you’d like to trade futures.

Trading

After Kraken registration and verification of your account, you can now buy cryptos using the following fiat currencies;

• USD
• EUR
• GBP
• JPY
• CAD
• CHF
• AUD

Luckily, you don’t have to convert your fiat currency to BTC or USD before purchasing the altcoins. You can also use the instant buy functionality on your Kraken account to buy fiat currency. 

Kraken exchange trading instruments

As noted earlier, the Kraken platform is packed with advanced features to improve your trading experience. One of these features is the Kraken Terminal, which comprises highly advanced charts and tools. The charts are highly adaptable, and you can use different drawing tools, chart styles, indicators, or overlays to interpret the market conditions.

In addition, you can activate the alerts feature to receive notifications for technical analysis, price, and volume. You can also view old trades and open orders on the charts. 

Another incredible feature is the margin and futures trading, allowing you to go short or long on various cryptos with a 5X leverage and minimum rollover fees. 

The OTC desk is a personalized feature offered by Kraken. It’s mainly available for corporate users trading over USD10000. Here, you can get one-on-one service and expert consultation alongside a 24/7 service. 

Pros

• Has safety features
• Supports multiple coins
• Low fees under Kraken Pro
• Easy Kraken registration process

Cons

• Higher fees under the Kraken platform
• Claims of hacking

How to Buy Crypto on Kraken

To successfully purchase crypto on the Kraken crypto exchange, follow these streamlined steps:

1. Create an Account: Start by visiting the Kraken website or download the Kraken app, both adorned with the recognizable Kraken crypto logo. Click “Create Account” and fill in the required information to establish your profile on this reputable platform.
2. Complete Verification: As part of Kraken’s commitment to security and compliance, you’ll need to undergo a KYC process. Submit a photo ID and necessary documents to verify your identity, ensuring your engagement with Kraken crypto coins is secure.
3. Deposit Funds: Access your Kraken crypto account and head to the “Funding” section. Choose your preferred method—be it a bank transfer or another cryptocurrency—to deposit funds swiftly and securely.
4. Purchase Cryptocurrency: In the “Trade” section, pick the crypto coin you wish to buy. Input the amount and confirm your purchase. For those interested in more sophisticated trading experiences, Kraken Pro offers advanced options that cater to seasoned investors.
5. Security and Fees: Protect your crypto Kraken account by enabling two-factor authentication (2FA) and keep an eye on any Kraken fees tied to transactions. Staying updated with Kraken crypto news is also advisable for informed trading decisions.

Kraken crypto currency trading offers a comprehensive platform for both beginners and pros, backed by positive Kraken crypto reviews. Whether you’re exploring what is Kraken crypto for the first time or are a seasoned trader, these steps will guide you in navigating the dynamic world of cryptocurrencies on Kraken.

Frequently Asked Questions

Is Kraken a reliable exchange?

Kraken is considered a reliable exchange with a strong reputation in the crypto industry, offering robust security measures and a range of features including Kraken Pro for advanced trading.

Is Kraken allowed in the US?

Yes, Kraken is allowed in the US and operates in compliance with US regulations, allowing users to trade various cryptocurrencies.

Does Kraken report to the IRS?

Kraken complies with US tax regulations, which means it may report certain transactions to the IRS as required by law.

Does Kraken require KYC?

Yes, Kraken requires KYC (Know Your Customer) verification to ensure compliance with regulatory standards, enhancing security for Kraken login and transactions.

Does Kraken ask for your SSN?

Kraken may request your Social Security Number (SSN) during the KYC process for US residents to comply with regulatory requirements.

Can I trade on Kraken without verification?

Trading on Kraken requires some level of verification, as it ensures security and compliance, though basic features might be accessible with minimal verification.

Is Kraken under investigation?

Kraken operates under strict regulatory oversight, but like many exchanges, it may face periodic scrutiny to ensure compliance with financial laws.

Can Kraken account be hacked?

While no platform is immune to hacking, Kraken employs advanced security measures and encourages the use of Kraken Wallet for enhanced protection.

Can I trust the Kraken app?

The Kraken app is designed with user security in mind, offering safe access to your Kraken crypto assets and facilitating secure trading.

Does Kraken require a photo ID?

Yes, providing a photo ID is part of the KYC process on Kraken to verify your identity and protect against fraud.

Is Coinbase or Kraken better?

The choice between Coinbase and Kraken depends on individual needs; while Kraken offers lower fees and advanced features like Kraken Pro, Coinbase is known for its user-friendly interface.

What is the maximum withdrawal from Kraken?

Kraken has varying withdrawal limits based on the verification level of the user, but users can check precise limits through their Kraken login.

Why is it so hard to withdraw from Kraken?

Withdrawal difficulties can arise due to security protocols and verification processes, which are in place to ensure the safety of funds on the Kraken exchange.

Is it safe to leave money in Kraken?

Leaving money in Kraken is generally considered safe due to its strong security measures, but using a Kraken Wallet for storing assets offline is recommended for added safety.

What is the Kraken 72 hour rule?

The Kraken 72 hour rule is a security measure that may delay certain actions, such as withdrawals, to protect users against unauthorized account access and ensure the safety of their Kraken crypto assets.

Conclusion

Kraken is a highly advanced cryptocurrency exchange that supports multiple cryptos. The user-friendly platform supports other activities, such as futures and margin trading. Furthermore, there are multiple Kraken deposit methods that are highly convenient. The security system is highly advanced to protect your Kraken cryptocurrency. Despite the security enhancements, some users have complained of their accounts being hacked into. 

Disclaimer:

All information has been prepared by TraderFactor or partners. The information does not contain a record of TraderFactor or partner’s prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may read it. Past performance is not a reliable indicator of future performance.