Kraken exchange has been one of the top crypto exchanges across Global. Currently, it is the most secure and advanced cryptocurrency exchange. Is this exchange worthful to you? Yes! Just browse out how this exchange worthful?
We will answer all your questions in our deep extensive Kraken review.
Quick Navigation :
- About Kraken
- Features of Kraken
- Account Registration
- Deposit and withdrawal
- How to Trade on Kraken?
- Kraken Bug Bounty Program
- Kraken Fees and Security
- Verification tiers at Kraken
Kraken is a crypto exchange based in San Francisco. In 2014, It became the largest exchange in Euro trading volume. The other important currencies on this exchange are Canadian Dollar, US Dollar, Yen, and Pound. Jesse Powell is the CEO and co-founder of Kraken. He founded the company in 2011.
Kraken exchange has a worldwide reputation for being a secure destination for anyone interested in trading cryptocurrencies and it is also one of the most preferred exchange platforms for both traders and institutions across a variety of locations. Also, Kraken is the current world leader in terms of Bitcoin to Euro trading volumes.
Features of Kraken
The crypto industry know Kraken for its high fund’s liquidity. The transaction fee is low and thus more crypto enthusiast invests using this platform. The platform is also reliable as the company maintains complete transparency with its traders. There is also a support team is available 24*7 for any assistance or any query regarding trading and exchange.
Kraken is at number 1 for its security. The exchange saves the currency in cold storage in offline mode. This prevents the currency against any virus or cyber attack. The database with user information is also encrypted.
Kraken is yearly audited and cryptographically verified. Also this ensures our traders that the platform is genuine and the company is responsible enough to meet the standard levels of account security. The company also offers the platform for margin trading.
It benefits both lender and borrower. Lenders lend an investment amount to a trader. In return, he takes a certain percentage of interest. The lender, on the other hand, invests on cryptocurrencies at a higher price in the market thus gaining huge profit margins.
The trading engine for Kraken is fast with impeccable trading services. The order types on Kraken platform are advanced. Their banking networks and relationships are robust and strong at the same time. Kraken exchange became the first ever exchange whose trading price and volume was displayed on Bloomberg terminal.
Thus, Kraken is trusted by one and all. Whether it’s traders or the Tokyo government’s trustees or Germany’s Fider bank, all believe and rely on the services of Kraken.
Similar to other exchanges, users can create their account with basic email verification, address and phone number. Although if you want to trade Fiat currencies or high amount of deposits and withdrawal, account should be verified with a Government-issued ID.
Note: Reading some online reviews about login, I tried to create an account and completed the email verification. At the time of login, I encountered 500 application error. The issue is not handled properly. It took around 6 attempts to successfully login.
Deposit and Withdrawal
Once account registration is done then you need to complete at least Tier-1 verification for deposit and withdraw on this platform.
Click ‘Funding’ in the Menu tab, and then select your preferred deposit method. Also, You have the option to deposit into the exchange via the bank transfer function. Or use a cryptocurrency wallet in order to transfers funds.
Click ‘Funding’ > ‘Withdrawal’ page and select the currency you want to withdraw. Add New address or select a previously added address. Enter the amount you want to withdraw.
How to Trade?
Once your account has been funded, click the ‘Trade’ tab in the Menu and select ‘New Order’; Next select the currency you want to buy and choose your payment currency.
After entering the quantity you would like to purchase and select either a market or limit order, you can click on the green confirmation button in order to confirm your purchase.
Kraken Futures Trading
Kraken Futures was previously known as Crypto Facilities, the exchange offers Ethereum, Litecoin, Bitcoin Cash, Ripple and Bitcoin futures trading. As we know, Futures are an agreement between traders to buy or sell the digital asset at a later fixed date and price. Such contracts offer a synthetic way to trade cryptocurrencies.
Kraken Bug Bounty Program
No exchange is perfect in itself. There might be some bugs left out from the team. To enhance the user experience and eliminate all the bugs, the exchange has introduced a Bug Bounty Program. The users report the bugs, if any and send it to the team. If the bug is found to be critical, the user will be rewarded and his name will be displayed on their wall of fame. The minimum reward for eligible bugs is the equivalent of 100 USD in Bitcoins.
Kraken Fees and Security
There are no deposit fees for most of the digital assets, but some are charged a deposit fee and/or a deposit address setup fee. Withdrawal fee varies for different cryptocurrencies.
For Trades under 50,000 in the volume of your particular currency, maker fee is 0.16% and taker fee is 0.26%. Similarly, for volumes more than 50,000, the fee comes down to 0.14% and 0.24 %. Fees are also charged based on volume.
Kraken is one of the safest bitcoin exchanges world. The platform offers cryptography-verified proof of reserve audits. Moreover, Kraken’s security features are made public on its website.
Providing cold wallets for storing of new deposits to 2-factor authentication to keep the account secure and SSL encryption to protect while browsing.
Kraken Verification Tiers
Kraken offers a different tier level verification system for users.
- Tier 0– Here user can only navigate the platform. A user cannot deposit nor withdraw or make any trades.
- Tier 1– Deposits and withdrawal can be done by a user but in digital currencies only. However, trading is allowed in both digital and fiat currencies. Here users to input their full name, date of birth, country, and phone number.
- Tier 2– Depending on the user’s country of residence, fiat currency funding may also be available. Deposits, withdrawals, and trading in digital currencies are accessible. Margin borrow limits are higher than Tier-1. You need to provide your address.
- Tier 3– In This tier, you need to provide a valid Government ID and a recent proof of residence along with photo ID confirmation. Higher levels of fiat currency funding are accessible to Tier 3 clients. This tier also helps to deposit fiat currencies for users in the US, Canada, Japan, Germany, and some other countries. .
- Tier 4– This tier is for corporate traders or high-volume individuals. It allows for the highest levels of funding limits. The documents required include a signed application form and KYC documents.
Kraken is one of the largest and oldest platforms in crypto exchange world. It is also one of the best platforms to buy/sell cryptocurrencies. It offers low fees compared to its competitor.
While the exchange is trusted and preferred by various income levels, Kraken still needs to improve its overall user experience. The platform takes a lot of time for verification compares to other exchanges.
Overall, Kraken provides a valuable and secure platform to users around the globe.
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