Cryptocurrency Exchange

Kraken Exchange Review – 60+Tokens, Fast, Secure & User friendly

One of the top cryptocurrency exchanges in the world which is widely considered is Kraken. Today with more than 20 cryptocurrencies and 76 crypto-crypto/fiat pairs currently traded, Kraken has grown into a full-fledged cryptocurrency exchange.

If you are thinking about opening an account with Kraken, ensure you read our article. We will cover everything from fees, services, supported coins, pros and cons and much more

Let us look in detail regarding this review now.

Table of contents

Overview

Legal Name Kraken Exchange
HeadquartersSan Francisco, California, United States
CEOJesse Powell
Year Founded2011
Exchange TypeCentralized
Trading FeesMaker: 0.10% / Taker: 0.20%
Deposit Methods WireTransfer
Supported Cryptos20 supported coins including  Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP) and more
FiatUnited States Dollar (USD), Euro (EUR), United Kingdom’s pound sterling (GBP), Japanese Yen (JPY), Chinese Yuan (CNY).
Customer ServiceEmail, Phone
Trading OptionsSpot Trading, Margin Trading

What is Kraken?

Kraken is a veteran US-based cryptocurrency exchange that supplies an advanced trading platform complete with margin trading and OTC options. Headquartered in San Francisco, California, Kraken claims to be the largest Bitcoin exchange in terms of euro volume and liquidity.

Kraken offers comprehensive services for the crypto investor, such as the ability to buy and sell bitcoin and trade digital tokens against fiat currency. Kraken can be used in many countries. Citizens of the following countries cannot use Kraken: Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, and Tajikistan.

How to Set Up Account   

Step 1: Visit the Official website. Click on the “Sign Up” Option.  Enter your email, username, and password.

Step 2: Take the verification code from the sent email and copy it onto the verification page to complete the sign-up.

Step 3: You will then be prompted to set up two-factor identification through an authenticator app or Yubikey hardware device to get started.

How to recover the Kraken password?     

In certain cases, to recover the Kraken password, Click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password.   

How to buy cryptocurrencies 

Step 1: Visit the Official Website, Sign in to your Kraken account. 

Step 2: In the menu, click on ‘Funding’ and then choose the currency you wish to deposit on your Kraken account, on the left-hand side. Then select a depositing method.

Step 3: Deposit an amount to the IBAN account number of Kraken from your bank account with the correct reference.

Step 4: In the menu, click on ‘Trade’ on the upper left side. You can now select which of the available markets you want to trade. For example, you can trade Euros for Bitcoin (XBT/EUR).

Step 5: When you have selected the market you would like to trade-in, click on ‘New Order’. On this page, you will see several ways of placing an order. First, you will see three options: ‘Simple’, ‘Intermediate’, and ‘Advanced’. Select Accordingly.

Step 6: Then Enter a value that you want to trade for Bitcoin in the field ‘Total’. In the entry field on the left, you’ll see how many Bitcoins this amount will net you. Now click the button ‘Buy XBT with EUR’

Step 7: Click on “Submit Order”. When the orders are executed, your Euros have been converted into Bitcoin. You can see the amount of Bitcoin under the page ‘Funding’ by clicking on ‘Bitcoin (XBT)’ on the left-hand side.

How to sell cryptocurrencies

Step 1: Visit the Official Website, Sign in to your Kraken account.

Step 2: First you will need to know what assets you would like to exchange, In the menu, click on ‘Trade’ on the upper left side. You can now select which of the available markets you want to trade.

Step 3: In a Sell order, you sell the base currency, and receive quote currency. After selecting your trading pair, go to the “New Order” page and select the “Simple” form.

Step 4: Here you will see three text boxes and the option to use a Market order or limit order. Select your order accordingly.

Step 5: Once you have decided Order are looking for a market or limit order, you can select your choice with the buttons to the left of the ”Total” field.

Step 6: After which you need to press the large sell button and you will be brought to an order confirmation screen for a chance to double-check your order.

Step 7: You can view successfully executed market orders on the “Orders” tab.

How to deposit on Kraken? 

Step 1: Visit the Official Website, Sign in to your Kraken account.

Step 2: Navigate to ‘Funding’ at the top of the page.

Step 3: Check ‘Show all assets’ or use the search bar and type the asset you wish to deposit. Find ‘US Dollar (USD)’ and select ‘Deposit’.

Step 4: Select ‘Synapse’ from the drop-down menu for the deposit method.

Step 5: Carefully follow all additional instructions on the deposit page and go through our deposit checklist before sending any funds.

Step 6: Send a wire transfer from your bank by providing the USD funding instructions as shown on your Synapse page. This process may vary slightly depending on your bank.

Step 7: The account details shown are of a dedicated checking account held in the same name as that on your Kraken account.

How to withdraw on Kraken? 

Step 1: Sign in to your Kraken account, navigate to “Funding”.

Step 2: Tick “Show all assets” or use the search bar and type the asset you wish to withdraw.

Step 3: Select “Withdraw” for the digital asset/cryptocurrency you wish to withdraw.

Step 4: Next to the “Address” (“Account” for EOS) field, select a previously added address, or click the “Add Address” (“Add account” for EOS) button to add and confirm a new one.

Step 6: Enter the amount you would like to withdraw in the “Amount” field. Make sure the amount is greater than the minimum listed directly under this field.

Step 7: Click “Review Withdrawal”. Double-check that all of the information is correct and then click “Confirm withdrawal”.Step 8: You will see a confirmation with your withdrawal ID and receive an email notifying you that a withdrawal from your account has been requested.

Fees, Limits & Supported Currencies

Kraken Deposit fees and options

  • EUR SEPA Deposit (Free) – EEA countries only
  • USD Bank Wire Deposit ($5) – the US only
  • EUR Bank Wire Deposit (€10) – outside the US only
  • USD Bank Wire Deposit ($10) – outside the US only
  • JPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan only
  • CAD Wire Deposit (Free)

Kraken Withdrawal fees and options

  • EUR SEPA Withdrawal (€0.09) – EEA countries only
  • USD Bank Wire Withdrawal ($5) –the US only
  • USD Bank Wire Withdrawal ($60) – outside the US only
  • EUR Bank Wire Withdrawal (€60) – outside the US only
  • JPY Bank withdrawal (¥20) – Japan only
  • CAD EFT Withdrawal (CAD 10 fee, CAD 25K daily max) – Canada only

Kraken Supported Currencies

Kraken accepts the following fiat currencies:

  • Euros (EUR)
  • US dollars (USD)
  • Canadian dollars (CAD)

In terms of cryptocurrencies, Kraken currently supports 68 different coins, below are some of the examples

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Dogecoin (DOG)
  • Litecoin (LTC) 
  • Stellar Lumens (XLM)\
  • EOS (EOS)
  • Ethereum Classic (ETC)
  • Ethereum (ETH)
  • Gnosis (GNO)
  • Tezos (XTZ)
  • Iconomi (ICN)
  • Melon (MLN)
  • Augur (REP)
  • Tether (USDT)
  • Monero (XMR)
  • Ripple (XRP)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Cosmos (ATOM)
  • Qtum (QTUM)

Kraken Mobile App

Kraken offers a native mobile app on both Google Play and the iStore, free of charge. It was launched on Nov 21, 2019. The app allows you to trade, access your wallet, fund your account, receive notifications, and check your transaction history.

Referral Commission & Other Services

Kraken Affiliate Program

If you are a Social media influencer with a minimum of 5,000 followers/subscribers or Websites, Facebook groups/pages, and mobile apps with finance or crypto-related content. Kraken offers a payout of 20% of the trading fees collected from clients you refer to us for the lifetime of the client with Kraken — up to $1,000 payout per referral.

Other Services

  • For high volume trades (over $100K) Kraken offers Over the Counter (OTC) services with a one on one service. Additionally, frequent high-volume traders can receive a dedicated account manager to take care of their trading needs.
  • Kraken also offers a dark pool, an order book not visible to the rest of the market. Each trader only knows their orders. Traders can anonymously place large buy or sell orders without revealing their interest to other traders.

Is Kraken Safe & Secure

  • 95 percent of Kraken’s crypto assets are stored in cold storage, according to the company. It has also completed an external proof of reserves audit and has full reserves.
  • Its physical servers are monitored 24 hours a day, seven days a week. Both the system and the data are encrypted to protect sensitive information.
  • Kraken’s systems are protected by ongoing penetration tests, which are conducted by both its internal team and a bug bounty program.

Conclusion

The exchange is extremely transparent and they document all of their procedures and policies online. They have also received extensive coverage in the past and the Kraken price is also affordable. Kraken is regulatory compliant in all jurisdictions of operation and accepts US customers.

Kraken recently raised $13.5M from over 2,000 investors at a valuation of $4B USD. A secure track record, fiat deposits, multiple trading options, and excellent customer service have made Kraken’s reputation one of the most reputable cryptocurrency exchanges.

Thus Kraken is highly recommended for both US and international users.  It is an excellent choice for high-net-worth individuals looking to purchase large amounts of crypto assets.

FAQ

  1. Can US customers use Kraken?

Except for New York and Washington residents, all Americans can utilize Kraken. All of the typical countries have constraints when it comes to overseas customers.

  1. Is Kraken a safe exchange?

Yes, Kraken is a safe exchange. It has been prevalent for a decade and has never faced hacks or frauds. Scroll above to know more details.

  1. Is Kraken free?

Kraken is essentially free for Transferring funds to and from the Futures wallet. Staking. The registration to the platform is however free.

  1. How long does it take for Kraken to verify?

The procedure is primarily automated. Kraken estimates that it takes 60-120 seconds to authenticate a Starter account. 

  1. Does Kraken require an ID?

Kraken has 4 Tiers of verification. For Tier 3 and 4 levels ID is necessary.

Kraken Rating
  • Currency Support
  • Online Reputation
  • Fees
  • Customer Support
Overall
3.8

Pros

  • Low transaction fees
  • Margin Trading with 5x leverage
  • High financial security
  • Several fiat currencies tradable
  • Dark pool trading

Cons

  • Limited deposit options
  • No simulated trading option
  • No Wallet
  • Delisted in New York for failure to apply for BitLicense
  • Limited trader educational resources
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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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