Kraken Review

Crypto enthusiasts have described Kraken Crypto Exchange as one of the leading cryptocurrency exchanges for professional and serious-minded traders. This exchange was designed with advanced and sophisticated blockchain technologies that professional traders adopted in mind. The Kraken trading platform also provides many appealing features like margin trading, fast transaction execution speed, and deep liquidity. Read this Kraken review to find out what makes this crypto exchange stand from the crown and why so many aspiring investors choose to buy Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, and other altcoins with this crypto exchange.

Kraken Review – About the Company

This trading platform gained prominence after the shutdown of Mt. Gox. This made more Japanese traders easily jump on the Kraken platform. Kraken is one of the best cryptocurrency exchanges globally, and it seats only behind Poloniex as one of the best crypto exchanges based on its trading volume. This cryptocurrency exchange has a high liquidity ratio in some lesser fiat currencies. It was designed with serious-minded investors in mind. This is why it provides a list of comprehensive services. Some of these services include trading Ethereum, Bitcoin and other altcoins against traditional or fiat currencies.

Kraken cryptocurrency exchange is available for users in all countries of the world. Kraken was launched in 2011, and since its official release and launch, it has grown to become one of the largest exchanges. To ensure users security on the platform, it adopted the cryptography technology called the “proof of audits reserve”. This audit ensures the verification of all digital tokens or coins that are on the platform. All-new digital currency deposits made are first stored on the platform’s cold wallet to ensure more security. Most of the digital tokens or assets held by the Kraken platform are stored on the cold wallet, and this wallet is fully encrypted.

All international transfers on the Kraken platform take about 2-5 working days before being verified and processed. Another interesting thing to know about this exchange is that very few exchanges have a comprehensive and clear transaction fee and charge schedule.

Kraken Review

Kraken Review – Platform Features

Some of the features that make the Kraken platform stand out include:

  1. Dark pool. The Kraken platform has a feature called the dark pool. A dark pool is a platform where mainly large investment companies and individuals with a large block trade can carry out anonymous transactions. The dark pool developed because most companies and individuals want to carry out hundreds of transactions that cannot be traceable. This feature offers them the opportunity to do so.
  2. High security. Kraken platform makes use of high-security features to ensure that all data on the platform is encrypted. To ensure maximum security, the platform stores most of its tokens on a cold wallet which is also encrypted.
  3. Margin trading. Kraken platform ensures that it provides its millions of users with leveraged products.
  4. Comprehensive transaction charges schedule. All trades that are less than 50,000 of any particular currency attracts a maker or sender fee of 0.16% and a taker or receiver fee of 0.26%. This transaction percentage is for all Bitcoin and Ethereum trading and exchange. It is also applicable for all altcoin purchases or investing on the Kraken platform. For users who trade above 50,000 of any particular fiat or digital currency, the transaction charge is reduced to 0.14% for the maker and 0.24% for the receiver. Since it was developed mainly for professional traders, the transaction charge keeps reducing as the trading volume increases.
  5. Audit. Kraken is the first official crypto exchange to conduct an audit.
  6. Supports mobile devices. Kraken exchange has a mobile application for all iOS devices. Nevertheless, users can always access the platform’s website through their various web browsers.
  7. The Kraken platform supports the trade of over 18 cryptocurrencies and 6 fiat currencies.

Kraken Review

Kraken exchange offers a good set of analytical tools with a wide range of charts and data.

Kraken Review

Kraken Review – Pros and cons

Pros:

  • Kraken exchange is one of the best crypto exchanges.
  • It offers professional traders on its platform lower transaction fees.
  • Designed specifically for professional and serious-minded traders.
  • Fast transaction speed
  • It supports about 6 fiat currencies.

Cons:

  • It offers users limited payment channels or methods
  • The platform is not recommended for beginners.

Kraken Review

Kraken Review – Exchange Trading Fees

As with every crypto exchange, Kraken makes money on transactions and fees are charged on a pre-trade basis. The fee schedule is tier-based which means the more volume you trade, the fewer fees you pay. The fees are also different for those sellers and buyers of cryptocurrency. Typically, the buyer (or Taker) will pay higher fees than the seller (Maker). FOR EXAMPLE, trading XBT / EUR pair will cost 0.16% to the Maker and 0.26% to the Taker. These fees are more or less the same for all currency pairs. There are also different fees if you use margin or leveraged trading.

Kraken Margin Borrow Limits

Kraken also offers margin or leverage. Trading and the margin borrow limit will depend on your tier of verification. Please note that each limit (below) is independent of each other, which means you can simultaneously borrow 50,000 USD and 25,000 ETC. A full list of Kraken margin borrow limits is available below:

Kraken Review – How to  an Account

Setting up an account on the Kraken exchange is easy. First, since accounts are not anonymous, you will be asked to fill in some personal information. After that, you can either decide to open a “basic” Kraken account or an advanced account. After filling in your personal information and an active email address, the platform will send a confirmation email to the address you gave while creating the account.

Kraken Review

After you must have confirmed the account with the help of the mail sent, you will be given a “basic” Kraken account. If, on the other hand, you decide to open an advanced Kraken account, then you will have to provide the platform with extensive personal information. Creating an advanced Kraken account is just like opening a bank account. Advanced Kraken accounts are for those users that want to trade large amounts of tokens. Some of the personal information that will ask for include government ID, certificate of Residence, next of kin etc. For users in the US, they will be asked for their SSN, individuals living in Japan and Germany will be asked for ID authentication documents.

Kraken Customer Service

Kraken might be one of the biggest and most recognisable names in the cryptocurrency exchange business, but it is not without its problems. For example, customers of this platform frequently complain about the persisting outages of service on the platform, where users cannot log in and trade with their portfolios. Other customer concern includes the less than satisfactory customer support, which can be very frustrating for traders.

If none of these sections on the website works, users can also write and submit a request on the platform’s website.

Kraken Review – Our Verdict

Kraken is one of the best crypto exchanges among professional Bitcoin and Ethereum traders. The exchange offers a secure environment, a fast trading engine and advanced order types. Another strong advantage is the ability to take long and short positions in Bitcoin with margin trading.

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Risk Warning
The trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.

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