Kraken exchange has been of the top crypto exchanges in the world. Currently, it is one of the most secured and advanced cryptocurrency exchanges . Is this exchange worth for you? if yes, then how?
We will answer all your questions in our deep extensive review of the platform.
Quick Navigation :
- About Kraken
- Features of Kraken
- Deposit and withdrawal
- How to Trade?
- Kraken Fees and Security
- Kraken verification tiers
- Latest Updates and Announcements
- Latest News
Kraken is a crypto exchange based in San Francisco. In 2014, It became the largest exchanges 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 worldwide reputation for being a secure destination for anyone interested in trading cryptocurrencies and it is also one of the most preferred exchange platform 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
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.
Deposit and Withdrawal
Once account registration is done then you need to complete atleast 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 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. This guide will help you If you are adding a new withdrawal address.
How to Trade?
Once your account has been funded, click ‘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 selecting either a market or limit order, you can click on the green confirmation button in order to confirm your purchase.
Kraken Fees and Security
There are no deposit fees for most of digital assets, but some are charged deposit fee and/or a deposit address setup fee. withdrawal fee varies for different crypto currencies ,you can find here.
For Trades under 50,000 in 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 charge based on volume. you can find complete trade fees here.
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 account secure and ssl encryption to protect while browsing.
Kraken Verification Tiers
Kraken offers a different tier level verification system for user’s.
- Tier 0– Here user can only navigate the platform. User can not deposit nor withdraw or make any trades.
- Tier 1– Deposits and withdrawal can be done by 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 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 platform in crypto exchange world . It has been considered has one of the best platform to buy/sell cryptocurrencies. It offers low fees compare to it’s competitor.
While the exchange is trusted and preferred by various income levels, Kraken still need to improve its overall user experience. The platform takes a lot of time for verification compare to other exchanges.
Overall, Kraken provides a valuable and secured platform to the user’s around the globe.
Latest updates and announcements
- Feb 04, 2019 : Unlock futures trading with our Crypto Facilities acquisition!
- Jan 23, 2019 : WebSockets Public API Launching Soon!
- Feb 04, 2019 : Kraken Acquires Crypto Derivatives Trading Platform and Index Provider, Crypto Facilities
- Jan 29, 2019 : Kraken rebranding – do you like it?
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