Cryptocurrency Exchange

Kraken Cryptocurrency Exchange Review

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

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,

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 of the countries. Citizens of the following countries cannot use Kraken: Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, and Tajikistan.

Kraken Services

Kraken offers its customers an advanced trading platform that includes spot and margin trading for more experienced users. Kraken’s interface offers plenty of options, but it is not the most beginner-friendly, something to consider if you are new to cryptocurrency.

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 own orders. Traders can anonymously place large buy or sell orders without revealing their interest to other traders.

Kraken Fees and Limits

The Kraken exchange fees can be listed as below:

Kraken Deposit fees and options

  • EUR SEPA Deposit (Free) – EEA countries only
  • USD Bank Wire Deposit ($5 USD) – the US only
  • EUR Bank Wire Deposit (€10) – outside the US only
  • USD Bank Wire Deposit ($10 USD) – 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 USD) –the US only
  • USD Bank Wire Withdrawal ($60 USD) – outside the US only
  • EUR Bank Wire Withdrawal (€60) – outside the US only
  • JPY Bank withdrawal (¥20) – Japan only
  • CAD EFT Withdrawal ($10 CAD fee, $25K CAD 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 20 different coins:

  • 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.

Kraken-Mobile-App

How to register on Kraken?   

  1. Step 1:

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

  2. Step 2:

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

  3. Step 3:

    You will then be prompted to set up two-factor identification through an authenticator app or Yubikey hardware device to get started.register-on-Kraken

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.   

recover-the-Kraken-password

How to buy cryptocurrencies on Kraken?

  1. Step 1:

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

  2. 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.

  3. Step 3:

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

  4. 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).

  5. 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.

  6. 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’

  7. 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 deposit on Kraken? 

  1. Step 1:

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

  2. Step 2:

    Navigate to ‘Funding’ at the top of the page.

  3. 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’.

  4. Step 4:

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

  5. Step 5:

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

  6. 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.

  7. 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? 

  1. Step 1:

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

  2. Step 2:

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

  3. Step 3:

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

  4. 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.

  5. Step 5:

    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.

  6. 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.

  7. Step 7:

    Click “Review Withdrawal”. Double-check that all of the information is correct and then click “Confirm withdrawal”.

  8. 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.

How to sell cryptocurrencies on Kraken?

  1. Step 1:

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

  2. 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.

  3. 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.

  4. Step 4:

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

  5. Step 5:

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

  6. 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.

  7. Step 7:

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

Kraken Pros and Cons

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

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 as 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.

Recent Updates

  • On March 12, 2020, Crypto Exchange Kraken Launches Forex Trading for Nine Currency Pairs.
  • On April 06, 2020, Kraken Appoints SAFT Architect Marco Santori as Chief Legal Officer.
  • On June 17, 2020, Kraken Launches Support for Aussie Dollar Trading Pairs.
  • On July 08, 2020, Cryptocurrency Exchange Kraken Adds New Banking Option for US Users
  • On July 07, 2020, Kraken rolls out a new USD funding option for US residents.

Kraken FAQ’s 

  1. Does Kraken offer margin trading?

    Yes. Kraken offers margin trading with up to 5x leverage on select crypto-asset pairs.

  2. What are the trading fees on Kraken?

    Retail traders can expect a range of maker and taker fees between 0.12% – 0.26% depending on their 30-day trading volume

  3. Does Kraken have a mobile app?

    Unfortunately, Kraken does not have a mobile application for either Android or IOS.

  4. Is Kraken a safe exchange?

    Kraken has been in business since 2011 and is one of the most established and respected cryptocurrency exchanges on the market.

  5. Does Kraken accept US customers?

    Yes. US customers are allowed to trade with no restrictions on Kraken.  

Kraken Ratings

Reviewed By Nidhi Kolhapur

Easy to use 
Trading
Fees and Limits
Registration

Summary

Kraken is a veteran US-based cryptocurrency exchange that supplies an advanced trading platform complete with margin trading and OTC options.

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Kraken Exchange Review
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Kraken Exchange Review
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Kraken exchange is known for its high funds' liquidity. Coinpedia shares detailed guide Kraken exchange review, Kraken fees, and some more tips of trading
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Nidhi
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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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