Kraken is a crypto exchange based in San Francisco. It is one of the largest exchanges when it comes to 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.
Features of Kraken
Kraken is known for its high funds’ liquidity. The transaction fee is extremely low and thus more crypto enthusiast invests using this platform. The platform is 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 ranked number 1 for its security. All the currency is saved 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. 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. Both lender and borrower are benefited. 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 a 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.
How to setup a Kraken account?
In order to register for a new account, log on to www.kraken.com. Click on “Signup” tab, a new window will appear. Fill in the details such as email ID, username, and password, country, time zone. The password should at least 8 characters in length with numbers, letters, and special characters. Click on I agree to T&C.
Chart Analysis for Trading
The user can click on the “Chart” tab to enter the new window. On the left-hand side, the user can select the trading pair or currency of interest such as XBT/EUR, XBT/USD or DASH, ETC, ETH etc. There are four line charts that show the currency spread, its current bidding pattern, the depth and volume of the crypto. The trading tool also shows a table with the recent trade that has occurred on the trading pair.
The table defines the timeline, the type of order placed, its price and volume. This chart would help a user understanding the current market trend of a crypto and also the amount of suitable investment. The top panel shows the amount of last trade, highest and lowest trade amount on the trading pair in a day and the total volume in 24-hours.
Types of orders on Kraken
Kraken exchange has a platform for multiple order types such as market & limit orders, stop loss orders; take profit orders, combined order. In limit orders, a user buys/sell at a fixed price while in market orders, the user buys/sell at the best average price available. In Stop Loss order, a user makes an order when the market hits the stop price. It basically limits the losses of a user and locks the profits available at a given time.
Thus, Kraken is a wonderful platform for traders to exchange, buy/sell their cryptocurrencies.