Full Kraken Exchange Review — 2019
The development and launch of cryptocurrencies over a decade ago have led to a number of exchanges and other platforms disrupting a new industry. Some of them are designed specifically to make it easier for cryptocurrency enthusiasts to conveniently own and store these coins. Cryptocurrency exchange platforms have become very important over the years, making them one of the most important cryptocurrencies facilitating platforms in the crypto market.
Basically, cryptocurrency exchanges are platforms that offer prospective crypto owners the opportunity to buy and sell their coins. These exchanges are currently one of the fastest-growing businesses in the crypto sphere. While there are a number of crypto exchanges in the market at the moment, we’ll take a closer in-depth look at one of the biggest exchanges in the market, the Kraken exchange. This review will discuss everything that you need to know about this exchange, and a bit of what you may not actually want to know.
The development and launch of Kraken
The hack and the poor way the exchange was run had an effect on Powell who resolved that crypto owners will need a safer and more convenient exchange to buy and sell coins. With this in mind, Powell set out to develop what would be referred to as one of the biggest exchanges in the world. While Kraken was still undergoing its launch phase, news broke out that Mt. Gox has been hacked again. This hack made quite a number of people lose interest in cryptocurrencies, some who had lost huge sums had to look for ways to make up, others who were on the verge of using the exchange were happy they delayed for a while.
This affected the image of cryptocurrencies in general. With most crypto enthusiasts and newbies entertaining doubts about these cryptocurrencies and exchanges, Powell understood that he had to get people to have trust and faith in these cryptocurrencies again. To do this, Powell entered into an agreement with banks in Japan and Germany, this made Kraken become the first crypto exchange to be listed on the Bloomberg Terminal.
Since then, Kraken has gone to become one of the biggest and best exchanges in the crypto industry. Officially, this exchange was launched in September 2013 and it is based in San Francisco, USA.
Everything you need to know about the Kraken Exchange
Kraken, as we have mentioned, is an exchange that has been designed to offer prospective and existing crypto owners the opportunity to buy and sell cryptocurrencies. One of the interesting features about this exchange is that it offers you the opportunity to buy coins with fiat currencies. This exchange allows you to buy coins with about five different fiat or traditional currencies, they are; British Pound, Euros, Japanese Yen, Canadian Dollars, and US Dollars.
Being one of the biggest exchanges in the industry, Kraken has the second-highest Euro trade volume (that is the amount of money that traders spend on each of the currencies mentioned above). One thing that sets this exchange apart from some of the others is that it is available for use in a number of countries. This is unlike what most of the other exchanges offer. In addition to that, it is one of the very few exchanges that offer traders the opportunity to make payments in five different fiat currencies.
Additionally, Kraken has a good reputation when compared to some of the others that were developed in the cryptocurrency market. Its resilient to hacks have not gone unnoticed. This exchange’s ability to resist attacks from hackers is proof that Powell really understood what it takes to develop and launch an exchange. It also shows that he learned from the mistakes of Mt. Gox. The secure and advanced nature of this exchange is why it has been chosen by the developers of Mt. Gox to be the platform where creditors who lost funds in the unfortunate hacks could reclaim their funds. Unknown to most users of this exchange, Kraken also runs a dark pool. This is simply a private security exchange where top financial institutions and organizations seeking to carry out anonymous transactions off the order books. This feature makes it one of the top exchanges in the world.
When it comes to choosing an exchange, one of the most important factors to take into consideration is the number of coins that the exchange supports. That is the number of coins that you can buy and sell on the exchange. Currently, Kraken supports the trading of 18 cryptocurrencies. They are; Bitcoin (BTC), Dash (DASH), Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Ethereum Classic (ETC), Zcash (ZEC), Ethereum (ETH), Iconomi (ICM),Gnosis (GNO), Augur (REP), Melon (MLN), Dogecoin (XDG), Tether (USDT), Monero (XMR), Stellar Lumens (XLM), and Ripple (XRP).
In addition to supporting 18 cryptocurrencies, this exchange has over 56 trading pairs. With Bitcoin and Ethereum being two of the most valuable and popular cryptocurrencies, the Kraken exchange offers 18 and 7 trading pair respectively. This simply means that on the exchange, you can trade Bitcoin for any of the coins mentioned above. Bear in mind that while this exchange offers you the opportunity to buy and sell these cryptos mentioned above, it also offers you the opportunity to buy cryptocurrencies with your fiat currencies.
Key Features Of Kraken
Like every other exchange that has been designed and launched for use, there are a number of unique features that they have. We’ll take a look at some of the main features of this exchange. They include;
When choosing an exchange to trade on, one important factor to take into consideration is security. Powell, the developer of this exchange since his visit to Mt. Gox saw the need for an exchange to be as secure as possible. This is why he has incorporated a number of advanced security systems to ensure that you do not have to worry about security each time you store, trade, deposit, or withdraw cryptocurrency on the platform. This exchange makes use of the cold storage system which makes it completely safe for all to hold and trade their cryptos. In addition to cold storage, Kraken also has the PGP and GPG encryption system. For further security, the two-factor authentication system has been incorporated as well. Additionally, a master key and a settings lock have also been incorporated to ensure maximum security.
Kraken has an amazing and easy to use interface which makes it easy for both amateurs and professionals to conveniently place and confirm trades. To further help these amateur or first-time users, a detailed guide has been written and made available for these beginners. Advanced users are not left out as well, they are offered geared charts that will help them understand and carry out market analysis.
In addition to that, an IOS mobile application has been designed and launched for use. This mobile app makes it easier for beginners and professionals alike to make and confirm trades.
This exchange according to recent market statistics and sales boasts of high liquidity which allows high trade volumes as well as fast account funding. When it comes to auditing, Kraken leads the way. It has been said to be one of the very few exchanges to carry out cryptographically verified auditing.
One of the main features that have stunted the growth of a number of exchanges is the lack of international availability. While there are a number of exchanges that offer the same services as Kraken, international availability sets them apart from this leading exchange. Kraken is currently available for use in the USA, Japan, Canada, and a number of European countries. Aside from the fact that users from these countries can conveniently trade with this platform, it also offers 47 market pairs for 5 traditional currencies.
While offering individuals from all over the world top-notch service, you will find it interesting to know that a customer service unit has been created. This unit will provide 24/7 support to all in need of it.
Unlike some of the other exchanges, Kraken offers traders the opportunity to carry out Bitcoin margin trading as well as leveraged trading. There are other advanced options that have been integrated specifically for advanced traders. The options are; automated trading and stop-loss order.
Fees Structure Of Kraken
There are a number of funding and withdrawal options that you can choose from when you make use of this exchange. While the transfer fee to be paid on Kraken depends on the total transaction cost, the funding and withdrawal options are not influenced by that.
Kraken Fee For Fiat Currencies
All account funding in EUROs done through SEPA is free.
For withdrawal which is available to only European residents, the fee is €0.09.
All Bank Wire deposits done with the US Dollar will be charged $5.
Each withdrawal is $5 as well. This option is available for residents in the United States alone.
Bank Wire deposit done in EURO is €10. This is the same for withdrawal.
For those outside the United States who decide to fund their account through bank wire deposit, the fee is $10.
Each withdrawal done through this means is $60.
Kraken Fees For Cryptocurrencies
All Bitcoin deposits are free on this exchange. Each withdrawal will cost you 0.001 BTC.
Deposits done in Ethereum (ETH) are free. Fee for withdrawal is 0.005 ETH.
All deposits done in Litecoin, Ripple, Bitcoin Cash, and Tether and free.
For withdrawals in Litecoin, the exchange charges 0.02 LTC, for Ripple, Kraken charges 0.02 XRP.
For Bitcoin Cash and Tether, the exchange charges 0.001 BCH and 5 USDT respectively.
Kraken Trading Fees
While we have gotten an idea of the deposit and withdrawal fee charged by Kraken, it is best that we take a look at the trading fees. To avoid complications, Kraken has made available a detailed guide on their trading structure and fees. According to the guide, for each trade that falls below the 50,000 trading volume mark, the trader incurs a taker fee of about 0.26% and a maker fee of 0.16%. This fee has been revealed to apply to all trades that have been made on fiat and digital currencies that are supported on the platform.
On the other hand, trades that exceed the 50,000 trading volume mark, a taker fee of 0.24% and a maker fee of 0.14% is incurred. Like most of the other exchanges, as the trading cost increases, the fees to be paid decreases. Surprisingly, for trades that are above the 10 million trading volume mark, there’s a taker fee of 0.10% and a maker fee of 0%.
Signing Up On Kraken
The sign-up process for this exchange has been made to be as easy as possible. You just have to follow these simple steps that will be outlined in this section of the Kraken review.
Step 1: You have to visit the official website.
There, you will be asked to provide an active email address, a username, and a password. For security reasons, all passwords must contain numbers, letters, and uppercase words.
Once the information has been provided, you’ll have to choose the account you prefer. Generally, Kraken offers users two account types – the Basic and the Advanced Account. If you opt for the Basic Account, you’ll be required by the platform to provide your full name, your address, date of birth, and telephone number. Those who decide to settle for the Advanced Account will have to go through stringent rules if they must successfully create their accounts.
Step 2: You will need to upload your ID.
For your account to be verified by this exchange, you will be required to upload any government-issued Identity card. For United States residents, they will have to provide an ID, a proof of residence, as well as their social security number. Those residing in Germany, Japan, etc. will have to provide additional forms of identification if they want their accounts to be verified.
Documentation; this can be done under the “Get Verified” tab. For your documentation to be verified, it depends on the number of applications that have been received by Kraken. Some of the times, it could take a week before your account is verified.
Two-factor authentication set-up; to ensure that your account is secure, there’s every need to integrate this technology.
Once your account has been verified, you can then decide to fund your account. On the Kraken exchange, you can only fund your account through bank wire and transfer.
How to make a deposit on Kraken:
Making a deposit on this exchange has been made to be as easy as possible. All you need to do is click on the tab that reads “Funding”, then you select a deposit method and the amount of money you want to deposit into the account. If you have a cryptocurrency wallet, you can conveniently fund your Kraken exchange account through your wallet.
Kraken Trading Limits
Your trading limit depends entirely on the tier of verification. There are actually five tiers.
Tier 0 – this tier requires only an email address. You cannot fund or make withdrawals on this tier
Tier 1 – you can only make deposits and withdrawal in cryptocurrencies.
Tier 2 – you can trade, withdraw, and make deposits in cryptocurrencies, however, depending on your country of residence you may fund your account in fiat currencies.
Tier 3 – you can fund your account in fiat currencies as well as in cryptocurrencies.
Tier 4 – this is the highest funding limit on Kraken. This tier is available for both individuals and institutions.
Pros and Cons Of Kraken
It offers traders the opportunity to make withdrawals and fund their accounts with fiat currencies.
It is a secure platform that incorporates cold storage and a master key setting for further security.
When compared to some of the other exchanges in the market, Kraken has one of the lowest trading fees. Additionally, all crypto deposits are free. It supports the best and most valuable cryptocurrencies anyone would want to buy or sell in the market.
It is a reputable crypto exchange. This exchange is available internationally. It also has a support team for these international users.
This crypto exchange does not have a mobile application compatible on the Android operating system
This exchange had experienced problems back in 2017. This led to the shutdown of the exchange for a couple of months. It was later reopened in 2018 after the issues were resolved.
Kraken is a fine crypto exchange platform and has proven time and again to be the best when it comes to security. This veteran exchange has gained a considerable amount of reputation throughout the years and doesn’t seem to be going anywhere anytime soon.
Explore More articles
How to Avoid Crypto Theft!@Crypthena_support August 14, 2019 - 3 min readHow to keep your Bitcoin safe? The ultimate guide for protecting your cryptocurrency Cryptocurrencies are an excellent tool for making money, paying for good and store of value. However,...
Bitseven full review and trading guide!@Crypthena_support October 1, 2018 - 6 min read What is bitseven? Bitseven offers leverage trading for Bitcoin, Ethereum, Ripple and Bitcoin cash. Bitseven is a crypto-to crypto trading platform only. Their head quarter is...
Best Coinbase Pro / GDAX Review 2019 @Crypthena_support, 13th of July 2019 - 10 min read Is it smart to use Coinbase Pro / GDAX in 2019? Is Coinbase Pro really a world-class trading platform? When you are trading Bitcoin, Litecoin or other digital currencies,...
The complete Cryptohopper Guide!@Crypthena_support May 20, 2019 - 15 min read The complete guide to set up your cryptohopper. What is Cryptohopper? Plainly put Cryptohopper is a Cryptocurrency trading robot. Its made to help short term traders automate their already...