Kraken Exchange Review
- Bitcoin Margin Trading
- Advanced Order Types
- Proof of Reserves Audit
|Support Types||Email , Online|
|Minimum 1st Deposit||No Minimum|
|Minimum Account Size||No Minimum|
|Minimum Trade Amount||No Minimum|
|Maximum Trade Amount||No Maximum|
|Free Demo Account|
|Commission Info||Trading Commission|
|Account Types||Real Money|
|Deposit Methods||Bank Transfer , Debit Card , Other|
|Withdrawal Methods||Bank Transfer , Debit Card , Other|
|Trading Currency||Bitcoin , Ethereum|
|Account Currency||EUR , USD , CAD , GBP , JPY|
|US Traders Allowed|
- Limited payment channels
What is it Kraken Exchange?
Kraken Exchange has been described by crypto enthusiasts as one of the leading cryptocurrency exchange for professional and serious-minded traders. This exchange was designed with advanced and sophisticated blockchain technologies that were adopted by professional traders in mind. The Kraken trading platform also provides many appealing features like margin trading, fast transaction execution speed as well as deep liquidity.
This trading platform gained prominence after the shut down of Mt. Gox. This made more Japanese traders to easily jump on the Kraken platform. Kraken is one of the best cryptocurrency exchanges in the world and it seats only behind Poloniex as the second largest cryptocurrency exchange based on their 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 that is called the “proof of audits reserve”. What this audit does is to ensure the verification of all digital tokens or coins that are on the platform. To ensure more security, all new digital currency deposits made are first stored on the platform’s cold wallet. 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 they can be verified and processed. Another interesting thing to know about this exchange is that it is one of the very few exchanges that has a comprehensive and clear transaction fee and charge schedule.
Karken Exchange – Platform Features
Some of the features that make the Kraken platform stand out include:
- Dark pool. The Kraken platform has a feature called the dark pool. A dark pool is a security feature of the platform where mainly large investment companies and individuals with a large block trade can carry out anonymous transactions. The dark pool was 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.
- 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 token on a cold wallet which is also encrypted.
- Margin trading. Kraken platform ensures that it provides its millions of users with leveraged products
- 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 purchase 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.
- Audit. Kraken is the first official cryptocurrency exchange to conduct an audit. With the help of the proof of audits reserve, all digital tokens or coins that were held by the Kraken platform was calculated.
- Supports mobile devices. Kraken exchange’s mobile application can be used on all iOS devices. Nevertheless, users can always access the platform’s website through their various web browsers.
- The Kraken platform supports the trade of over 18 cryptocurrencies and 6 fiat currencies.
Kraken exchange offers a good set of analytical tools with a wide range of charts and data.
Kraken Exchange – Pros and cons
- Kraken exchange is one of the largest 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.
- It offers users limited payment channels or methods
- The platform is not recommended for beginners.
Kraken Exchange trading fees
As 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). Trading XBT / EUR pair, for example, will cost 0.16% to the Maker and 0.26% for 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 borrow 50,000 USD and 25,000 ETC at the same time. A full list of Kraken margin borrow limits is available below:
Opening an Account with Kraken
Setting up an account on the Kraken exchange is easy. Since accounts are not anonymous, you will be asked to fill in some personal information. You can either decide to open a “basic” Kraken account or an advanced account. After you must have filled 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.
After you must have confirmed the account with the help of the mail that was 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 be asked 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 might be one of the biggest and most recognisable names in the cryptocurrency exchange business, but it is not without its problems. Customers of this platform frequently complain about the persisting outages of service on the platform, where users are unable to log in and trade with their portfolio. 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 Exchange Features
Kraken Exchange – Conclusion
Kraken is one of the most popular cryptocurrency exchange among professional Bitcoin and Ethereum traders. Exchange offers a secure environment, fast trading engine and advanced order types. Another strong advantage is an ability to take long and short positions in bitcoin with margin trading.
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