If it's crypto-related, Kris has already covered it
If it's crypto-related, Kris has already covered it
Kraken is a US-based cryptocurrency exchange and bank founded in 2011 for the trade of over 65 cryptocurrencies. They are a well-recognized crypto operator that allows you to trade assets with just a few clicks.
This Kraken review takes you through the trading platform detailing everything from signup to deposits, withdrawals and the attractive products on offer. The platform’s performance in the past and present have been taken into account while delivering this review so that you get a clear picture of what to expect before investing in Kraken.
Kraken: Pros & Cons
High trading volume & liquidity
Limited banking options
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Security, Usability, Look & Feel - Simple but powerful
Users are bound to doubt the safety of cryptocurrency exchanges before using them. So, if you want to know if Kraken is safe, you don’t have to get worked up because Kraken does a fine job of safely storing your data.
Now, is Kraken legit and licensed for this? Yes, like all of the best crypto exchanges, Kraken is a legally registered online platform for trading cryptocurrency assets with excellent safety and security standards. Kraken scores high in terms of its security and usability. This Kraken review verifies that industry-leading security features and encryption standards protect your assets and investments. Along with the two-factor authentication process set up for customers to protect their credentials from scammers, Kraken stores more than 90% of their data and funds in offline cold storage boxes.
In terms of the usability, look, and feel, Kraken delivers an intuitive approach that focuses on excellent user experience. Creating an account has never been simpler. Any user with a verified account can carry out transactions, deposits, and withdrawals seamlessly. In addition, the platform’s design and performance have been developed well so that you can manage your cryptocurrency portfolio with ease.
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The art of trading cryptocurrency is effortless with Kraken. Once you decide to be a trader on the Kraken exchange, the procedures are hassle-free.
Keep all your information handy; think of a suitable username and a tough-to-crack password, and it takes only a few minutes to get the job done. Do not worry as you type in your Social Security Number because Kraken keeps it safe. Once the KYC requirements are complete and your account is verified, you can get started.
You can opt for the regular platform or the pro version, depending on your active market trading experience. Our Kraken review observes that both builds have been optimized for users of all experience levels, ranging from newcomers to market experts. Three distinctive options, namely Buy, Sell, and Convert, are readily available to diversify your cryptocurrency portfolio. Link your bank account with your Kraken profile to begin crypto leverage trading. Kraken only has limited services for U.S. customers to add money into their accounts, like Fedwire and SWIFT. A wire transfer is possible, but it involves calling your bank to arrange the transaction. Withdrawals can be made in an undemanding manner by an ACH transfer. Kraken does a fine job of providing straightforward money transfer options.
Payments - A curated selection
The payment modalities at the Kraken cryptocurrency exchange do not go as wide as they do for other trading platforms. It may not be among the crypto exchanges that accept PayPal, but that won’t be a deal breaker as Kraken accepts wire transfers by FedWire and SWIFT as a mode of payment for US dollars. These transfers have a minimum deposit clause and take at least one business day for the transaction to be complete. Deposits can also be made using Signet and Silvergate Exchange Network, for which no minimum deposit amount or fees is required, and the transactions are fulfilled in an instant. Kraken is well appreciated for its low and straightforward fee structure. The fees for instant trades may go up to 1.5%, but the fees for crypto transactions in the pro version come under 0.26%. As per our Kraken review, withdrawals can be made by wire transfers and ACH.
Customer Service - 24/7 live support
Our Kraken review holds the platform in high regard in terms of the quality of its customer service. Along with being one of the top crypto exchanges with lowest fees, Kraken is a prime example of exceptional customer service and live support. The platform offers three forms of contact for a user with a verified account to seek help or find answers to their queries at any time via chat, phone, and email. The open chat support system is available 24/7 with a web chat support specialist for issues of immediate concern. A phone number for US customers is ready on the customer care page, while the email support system with tickets looks into serious matters. However, not all user reviews sided positively about customer service. A few complained about a slow response in cases of account hacking and delayed fund transfers during withdrawals.
License & Security - A reliable exchange
As a cryptocurrency exchange functioning in the United States, Kraken complies with all legal, licensing, and regulatory requirements in all its jurisdictions. In addition, Kraken is regulated by The Financial Crimes Enforcement Network, a bureau of the United States Department of the Treasury.
The questions of safety surrounding cryptocurrency exchanges have always been around. The quality of security differs for each exchange. For example, take a glance at our Kucoin review as a reference. Today’s ever-changing world takes the extra mark of industry-level security features and safety measures to ensure that large trading platforms protect their users. This Kraken review approves the trading platform for safeguarding its customer’s investments and assets with proper encryption and verification strategies. Crypto accounts are a common choice for fraud. So, users also must take care to keep their accounts safe while crypto exchanges like Kraken do the heavy lifting.
Reputation and Customer Feedback – A widely popular choice
Kraken has earned a name in the cryptocurrency industry as one of the few crypto exchanges with a comprehensive list of coins. The exchange has made it easy for everyone to understand crypto trading and practice it with an account. Kraken has proven time and time again to be a good choice for new and existing crypto traders looking to invest at a low fee.
Customer feedback has commonly been positive, as per our research for the Kraken review. However, there have been a few cases where the delay in giving responses to support tickets and holding funds caused a backlash.
Kraken Crypto Exchange
Cryptocurrencies - A ton to choose from
In this Kraken review, we are moving on to a basic question users have: What are the most popular cryptocurrencies being traded on Kraken?
Kraken is a cryptocurrency exchange that supports over 65 cryptocurrencies. The most common crypto coins available on Kraken are:
These coins are obtained by mining on the best crypto mining platform to solve complex computational math problems. Kraken offers many services which help to simplify your options and amplify your trading experience. If you possess any doubts on how to view price points, assess value and purchase coins like Bitcoin and Ethereum, you can access a short guide for each coin that clarifies your doubts and lets you make a decision. Newcomers usually take a while to figure out how trading works. These users have found detailed explanations on crypto trade using leverage and margin, calculation of trading fees, crypto arbitrage, etc.
Finally, you may have queries for how well-protected your assets are. Is Kraken safe for storing your coins? The answer, as always, is yes. This is supported by the high level of security implementations taken by the platform for securing your data.
Other Trading – A host of trading options
Kraken is a platform for trading cryptocurrency coins. This is done using traditional cash currencies and facilitated by adding money to your Kraken account by wire transfer. While most of the cryptocurrency assets in Kraken can be bought and sold with cash currencies, there are crypto coins available only as trading pairs.
NFTs (non-fungible tokens) are the latest offering that Kraken is proposing in the USA. This new marketplace venture, titled Kraken NFT, has opened its waitlist for potential users to sign up. Our Kraken review feels that trading will be a breezy process with the introduction of this new marketplace that offers unparalleled flexibility while buying and selling NFTs.
Futures trading on Kraken is available and it allows you to gain exposure to a wide range of assets without owning them outright. The variety of collateral options makes it an adaptable process when maintaining existing positions or opening new positions. Ultimately, it is upto you to convert crypto profits into a currency of your choice.
While Kraken cannot be categorized as a crypto lending platform in the US, the Kraken Bank is an approved initiative available to existing clients in the country with the intention of potential international expansion.
Jurisdictions and Limits – Licensed and ready for the US
Kraken is available in all states of the USA except for Washington and New York. Our Kraken review covers all licenses obtained by the trading platform. Kraken is legally registered as a fully licensed Money Services Business (MSB) with The Financial Crimes Enforcement Network. This department, abbreviated as FinCEN, functions as a bureau of the United States Department of the Treasury and approves the license for currency dealers and exchangers. So, if you’re wondering if Kraken is legit, don’t worry because Kraken is fully equipped to operate in 48 states of the US.
This service is not available to the residents of both New York and Washington states because the cost of maintaining regulatory compliance was deemed too high according to Kraken’s policies. In fact, Kraken pulled out of New York after executives felt that the state’s BitLicense was too invasive.
Fees – A reasonable structure
Based on our Kraken review, the fee structure for transactions made through the exchanges seems reasonable. Compared to its competitors like Coinbase in the US and Shakepay in Canada, Kraken does a tremendous job protecting its users’ interests by charging low fees. Take a look at our Shakepay review to see how other exchanges often charge fees. You can leave all your concerns behind when you choose Kraken.
The exchange offers an entry-level service known as Instant Buy, where the fee charged amounts to almost 1.5% of the transaction for most cryptocurrencies. However, this price is lower, at 0.9%, for stable coins. An additional 0.5% processing fee is charged when ACH or online banking is used to purchase crypto. Meanwhile, traders on the pro version pay need not pay more than 0.26% as a taker and 0.16% as a maker.
Product Summary – A well thought out product
Crypto trading has never been more manageable than it is with Kraken. The entire business model provides the best experience for its users regarding navigation, payment, security, fees, and customer service. Trading on Kraken is a pleasant process despite a few flaws that need to be addressed. Users who start their cryptocurrency portfolio with Kraken will not need to move to another exchange. This smooth and seamless flow of procedures is highly commendable, and that is why our Kraken review claims it as a recommended platform for trustworthy crypto trade.
Kraken review FAQ
🔐 Are my assets and personal data safe on Kraken?
Exchanges like Kraken have often been targeted by cybercriminals, including hackers and scammers who attempt to gain the funds in the users’ accounts. Therefore, it is critical that the standard of security measures undertaken matches the industry level, such as two-way authentication, email confirmation, real-time monitoring, account verification and SSL encryption to protect the crypto assets in safe storage and hide sensitive data. Take a glance at our Kraken review to determine the extent of security the platform provides.
💸 How do I buy coins on Kraken?
Kraken offers its users a wide range of cryptocurrencies to choose from. These include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ETC), Melon (MLN), Zcash (ZEC), Dogecoin (XDG), Tether (USDT), and many more. The platform has laid out an advanced system for new users to get accustomed to the trading practices that require minimal effort from the users to set up and configure their accounts. Our Kraken review will give you detailed instructions on buying coins in Kraken.
🏁 How do I start a Kraken account?
Like most exchanges, Kraken also gives importance to customer service and user satisfaction. Creating an account on a cryptocurrency exchange is now closely relatable to opening up a social media profile or starting a brokerage account. Each process is fast-tracked for the comfort of the new customers. This Kraken review easily explains the procedures behind starting an account.
💵Does Kraken have a reasonable fee structure?
Transaction fees are levied by every cryptocurrency exchange for facilitating the trading platform and the transfer of coins between accounts. Even though Coinbase has a wider reach than Kraken, its high fees are often demotivating for upcoming traders and investors. Kraken, on the other hand, has structured the settling of transaction fees in a way that suits each service it provides. There are different fee arrangements for the Instant Buy service and pro version of the platform. You can read more about this in our Kraken review.
💱 Does Kraken offer any advanced investing options?
Kraken is proud to be home to a wide range of investment options for enthusiastic customers, from cryptocurrency-to-cryptocurrency trades to crypto-to-cash transfers to trading pairs. You can get an in-depth look into the trading and investing options with this Kraken review.
Conclusion - A premium experience
With over 6 million users worldwide, Kraken is a safe option for crypto enthusiasts to securely make their investments and trade worthy assets available from hundreds of coins. Beginners can quickly grasp the concept of cryptocurrency trading with the platform. At the same time, advanced investors and crypto experts may prefer the pro version for the advanced margin and other exciting features.
Kraken also offers the chance for customers, from beginners to advanced users, to earn interest rewards via coin staking. With the combined supremacy that the exchange reigns in from a UI tailor-made for comfort, the availability of valuable coins that can be traded at low fees, the sense of privacy and security offered to both users and their accounts, and the care of considerate customer service with live support options. Kraken has made the bold statement that it can handle all of your cryptocurrency needs.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.