Kraken Review

Kraken Review

This US-based crypto exchange platform is providing its services to the customers worldwide. With reasonable fees and an extensive list of offered support and on-site assistance, Kraken stands out among its alternatives. Crypto trading and exchanging has never been that easy! Read on to learn more and discover this platform’s full potential!

Pros & cons

Pros

  • Ensured safety
  • Fiat currency options
  • Lower fees
  • Great range of cryptos
  • Support and useful info on the site
  • High liquidity

Cons

  • Unfavorable UI

Company overview

Year Founded

2011, Payward Inc.

Official Website

kraken.com

Cryptocurrencies Available

Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and others

Customer Support

support.kraken.com

Kraken was established by Payward Inc. and is located in the US. Being one of the first pioneers in crypto trading and exchange, it has undergone many changes and modifications to become one of the most preferred platforms. Since it caters mainly to the American audience, it complies with all American regulations. However, don’t forget that Kraken is legitimate in the following countries like Japan, the EU, and Canada. 

Besides being a crypto exchange platform, Kraken also offers OTC, futures contracts, and margin trading. Another interesting aspect of Kraken is a feature of a dark pool. It’s an order book which isn’t revealed to the public to guarantee anonymity.

Currencies and payment methods

Trading on this platform is offered both in fiat and cryptocurrencies. On the site, you’ll discover more than 40 cryptocurrencies. You may find some coins like:

  • Bitcoin
  • Bitcoin Cash
  • Dogecoin
  • Litecoin
  • Ethereum
  • Chainlink

The platform accepts several currencies like EUR, USD, CAD, AUD, GBP, CHF, and JPY. But Kraken doesn’t accept any debit or credit cards, so you’re limited to bank transfers from the US and other countries.

  • for USD

  • Accepted methods

    Location

    MVB Bank

    USA

    Signature Bank

    The US, worldwide

    Synapse

    The US, worldwide

    Silvergate

    The US, worldwide

    Etana Custody

    The US, worldwide

    Bank Frick

    Worldwide

    Silvergate Exchange Network

    Worldwide

  • for EUR

  • Accepted methods

    Location

    Fidor

    Worldwide

    Etana Custody

    Worldwide

    Bank Frick

    Worldwide

    InCore Bank

    Worldwide

    Clear Junction

    Worldwide

  • for CAD

  • Accepted methods

    Location

    Credit Union

    Canada

    Canada Post

    Canada

    Wire Transfer

    Worldwide

    Bank Frick

    Worldwide

    Etana Custody

    Worldwide

  • for AUD, CHF, and JPY

  • Accepted methods

    Location

    Bank Transfer Osko (AUD)

    Australia

    Bank Frick (CHF)

    Worldwide

    Etana Custody (JPY)

    Worldwide

Limits & liquidity

Firstly, the limits are high on the platform but they depend on your account level. Also, the limits come in fiat and cryptocurrencies. Look at the following 2 tables.

Crypto limits of accounts

Daily

Monthly

Starter

$5K

No limits

Inter.

$500K

No limits

Pro

$10 mil

No limits

Fiat currency limits of accounts

Daily

Monthly

Starter

0

0

Inter.

$100K

$500K

Pro

$100 mil

$100 mil

Kraken Fees

The fees on cryptocurrency exchange vary depending on the coins you’re planning to trade or exchange. The full list is available on the site. But, when fiat currencies are taken into account, all the processes are done according to the currency you’re using.

Cryptocurrency conversions

Crypto to crypto conversion fees are appealing. On the the fee schedule page, you may check your coin and how much it’ll cost you, as fees vary from one coin to another.

Withdrawal & deposit fees and times

When depositing, you better know some methods are free and can be completed instantly. However, some methods may include deposit fees. 

Withdrawals also depend on the methods you employ. Some may be done instantly, but generally, it may take some time to withdraw your money.

Security

Kraken is great in terms of security and takes it as a main priority to protect your assets online. Thanks to modern technology, all your credentials are under protection with SSL encryption.

Also, to ensure your safety, the site employs 2FA authenticator and email confirmations for withdrawals. So, besides mentioned, with Kraken security features, you’ll get the following:

  • Coin storages: almost 95% of the deposits are stored offline to protect the data and your assets.
  • Platform online security: 24/7 surveillance conducted by the guards and video monitors allows high-security levels.
  • Information security: all your personal and financial data are saved and encrypted to ensure safety from being shared with others.
  • Penetration tests: a team of experts dedicate their time to testing Kraken’s system through imaginable attacks to check the security protocols.

How to create an account?

On the homepage, you need to click on Sign Up, and you’ll see a smaller box. Here, you’ll have to fill in your email, username, and password. Then, it’s advisable to read the Terms of Service and Privacy policy through the links. Then, check on agreeing with all terms.

Email sent to you will have an activation code and link for activating your account. Upon clicking that link, you’ll be redirected to the site, and here you’ll have to copy and paste the code, username, password, and pass through CAPTCHA. There’s no need to create an account with KYC or AML, but this will lower your limits.

Verification tiers

Tiers, or levels, of verification are determined according to how you prove your identity. The levels from 0 to 2 don’t require much for proof. For 0 level, you may just look through the site but can’t start trading. From tier 1, trading is possible, and for this level, you need to enter the name, birthdate, location, and phone number. The limit will be lower for this tier.

To get more limits, you need to upgrade your account to tier 2, where you need to give information about your address, country, city, and postal code. Here, your transaction activities become more flexible. But what about tier 3 and 4? Are they required for users?

If you’re a resident of Germany, Japan, US, or Canada, it means you may go to tier 3. Here, you need to provide your ID and proof of your address. Yet, to use tier 4, you must be a rich, high-value trader.

Kraken alternatives

Crypto users are presented with 2 other variants of alike exchange platforms, Coinbase and eToro. Coinbase looks similar in the functioning and some features. Yet, Kraken has margin trading along with OTC for advanced users. If you plan on more than exchange and trading, then eToro might be more preferable. Also, eToro has come up with a social trading concept that enables those who are new to cryptos to learn from others’ trading strategies and copy trading approaches.

Conclusion

What are your expectations from a crypto exchange platform? First of all, it’s all about being safe and legit. Then, it should offer great and affordable fees and options. Finally, it shouldn’t be confusing at all. The good news is that there’s such an exchange known as Kraken, a monster among exchange platforms. So, if you’re planning something about your coins, you know where to start from. Don’t wait and hop on this profit train!

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