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.comKraken 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 milKraken 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. For deposit fees and times, look at the following table:
Fiat currency A range of fees Time of deposit USD Free and up to $25 Up to 5 days EUR Free and up to 3 EUR Up to 5 days CAD Free and up to 3 CAD Up to 5 days AUD Free Up to 2 days GBP Free and up to 21 GBP Up to 5 days CHF 0.75 CHF Up to 5 days JPY Free Up to 5 daysWithdrawals also depend on the methods you employ. Some may be done instantly, but generally, it may take some time to withdraw your money.
Fiat currency A range of fees Time of deposit USD From $4 to $40 Up to 5 days EUR From 0.09 to 35 EUR Up to 5 days CAD From 0.25% to 35 CAD Up to 5 days AUD Free Up to 2 days GBP From 1.95 GBP to 35 GBP Up to 5 days CHF 1 CHF Up to 5 days JPY $35 equivalent Up to 5 daysSecurity
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!
