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Kraken Exchange Review

Kraken Exchange Review

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

Kraken Review

About

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

Buy Bitcoin and Crypto

Features

Kraken has two main trading platforms;

  • Kraken
  • Kraken Pro

As a beginner, you can start on the Kraken investing platform which comprises 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, however, it’s more comprehensive for experienced traders. Some of the features present include futures trading and margin accounts which are popular with experienced traders. The interface has charts and allows users to view the open orders. 

Kraken Pro

What are Kraken trading fees?

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

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

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’re using 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%
Fees as low as 0%

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, there’s a flat fee charged for conversion. However, the charges vary depending on the coins. You can find the applicable fees on the Kraken Support page.

Kraken support page

Security Features

Kraken has a highly advanced platform packed 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, there is 24/7 security provided with armed guards available round the clock. 

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

Kraken Cryptocurrency

How to open a Kraken account?

To get started and 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 which is available 24/7 via phone, email, or live chat.

You can also register via the Kraken trading app which is available on Play Store and the App Store. There are three apps available namely 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 activities such as 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.

Kraken app

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 Futures

Kraken exchange trading instruments

As earlier noted, 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 as well as 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. In addition, you can view old trades and open orders on the charts. 

Another incredible feature is the margin and futures tradings which will allow 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. 

Kraken OTC desk

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
Kraken security

Conclusion

Kraken is a highly advanced cryptocurrency exchange that supports multiple cryptos. The platform is user-friendly and supports other activities such as futures and margin trading. Furthermore, there are multiple Kraken deposit methods and thus, 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. 

Funding options

Author

  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.