Kraken Exchange Overview
The Kraken Exchange is a popular cryptocurrency trading platform that offers low transaction fees for buying and selling a good collection of tokens. Kraken supports many cryptocurrencies, with 9 million registered users across 190 countries. It has a quarterly trading volume of more than $207 billion.
Established in 2011, Kraken has been at the blockchain technology forefront as one of the world’s most significant and oldest Bitcoin exchanges. It has been consistently known for being the best place to buy and sell cryptocurrencies online, owing to its excellent service, payment options, rigorous security measures, and excellent service.
According to this Kraken exchange review, Kraken is a renowned cryptocurrency exchange that has operated for over a decade. It’s a solid option with several benefits available for all kinds of crypto enthusiasts. It is one of the world’s largest and oldest exchanges that has consistently led the exchange industry in terms of security, boasting physical and financial stability.
This Kraken review will focus on the exchange’s pros and cons, security, fee structure, funding options, staking, OTC and margin trading, and more.
Kraken Review Summary
| Official Website | https://www.kraken.com/ |
| Headquarters | San Francisco, California |
| Found in | 2011 |
| Native Token | Native Utility Token (NUT) |
| Listed Cryptocurrencies | 185 cryptocurrencies, including Bitcoin, 1inch, Ethereum, Avalanche, Bitcoin Cash, Cardano, ChainLink, Dogecoin, EOS, Ethereum, Classic, Litecoin, Polygon, Ripple, Shiba Inu, Terra Classic, Tether USD, Tron, USD Coin, and ZCash |
| Trading Pairs | Cash to Crypto – USD/BTC, EUR/ETH, GBP/BCH, CAD/BTC Crypto to Crypto – BTC/ETH, BCH/ETH Cash to Cash – USD/EUR, CAD/USD, JPY/EUR |
| Supported Fiat Currencies | USD, EUR, CAD, GPY, GBP, CHF, AED, AUD |
| Minimum Deposit | Starts at $1 |
| Trading Fees | Low fees starting at 0% |
| Withdrawal Fees | No withdrawal fees |
| Customer Support | Live chat, email support, phone support, FAQs, Help Centre |
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Kraken Exchange Features
The Kraken crypto exchange is available to traders worldwide and is one of the safest crypto exchanges. Its top-notch safety measures, low transaction fees, and wide range of available cryptocurrencies make Kraken one of the best options for traders experimenting with digital tokens and experienced investors.
According to multiple Kraken reviews, while many Kraken users experienced smooth trading, only a few experienced significant problems that were immediately resolved.
Here are some of the notable features that are available on the Kraken crypto exchange:
Kraken Pro
Advanced crypto traders can gain access to spot, margin, futures trading, and crypto staking in an interactive and robust interface. With highly customizable modules, traders can use the advanced interface per their requirements and convenience. Constantly being fed with live-market data, traders can receive real-time performance with Kraken Pro.
Kraken Pro users can confidently use the platform to generate trading strategies and execute trades where traders can discover opportunities by browsing markets per category, sorting them as per their winnings and losses, new entries, and most traded.
Pro users are spoiled for choice when there is room to trade, stake, or invest with over 210 crypto assets, fiat currencies, and stablecoins. With futures trading as flexible as they come, more experienced traders are welcome to try out long and short positions, along with capital efficiency, and engage the crypto space with competitive, low fees down to 0.01%.
Kraken Security
The Kraken trading platform takes the most comprehensive approaches to protect the NFT market and crypto assets on the Kraken platform. Kraken has never been hacked and is recognized as a secure cryptocurrency exchange to safeguard your digital assets.
Some of the key features of security provided by Kraken are as follows:
Proof of Reserves:
Kraken has assembled a team of leading security professionals to safeguard all support and maintain unparalleled performance and exceptional client experience. With the help of an external auditor, Proof of Reserves is audited, aiming at bringing greater transparency and trust in cryptocurrency assets held on the currency exchange.
The Proof of Reserves audit is simple to access and verify their balances backed by assets. However, tech-savvy traders can utilize third-party tools independently rather than verifying with the auditor’s portal.
Custody Security:
Kraken customers can log into their trading accounts to verify that the exchange’s custody covers all tokens in their clients’ accounts while auditing. Kraken uses advanced hot wallet and cold storage solutions to protect client funds. The crypto infrastructure is built inside secure cages under surveillance 24×7 by alarm systems, video monitors, and armed guards.
Kraken encrypts all important contact information at system and data levels, in addition to physical security practices, and regularly conducts vulnerability testing on its system.
Information Security:
All sensitive data relating to clients’ trading accounts are encrypted at the data and system levels. In addition to this, access to these data is strictly monitored and controlled by the Kraken platform.
Security Testing:
Kraken’s expert professional team tests its systems through potential attack vectors. In addition, the developers run bug bounty programs to leverage a broader security development community. The Kraken collective NFT marketplace and the advanced trading platform are secured by a variety of security features, such as:
- A 2-factor authentication protocol
- Granular and customizable API keys
- SSL encryption protocol
- Global settings time lock
- Zero settlement risk
- Constant monitoring in real-time
- Encrypted sensitive data
- High-priority email and live chat support are available 24×7
- PGP encrypted and signed email for secure communication, and many more
Staking
Traders on Kraken can earn 24% annually by staking their crypto. Staking on Kraken gives traders the power to earn massive rewards on their fiat and crypto holdings. Traders can also unstack their assets at any point in time without any penalties.
Kraken features both on-chain and off-chain staking. It also supports Proof of Stake, which works differently than Proof of Work, as in the case of Bitcoin and Ethereum, where cryptocurrencies are generated using machines that compete to solve complex equations to mine digital assets.
24/7 Customer Support
Kraken has multiple full-time, professional, dedicated Client Engagement finance and crypto specialists trained to provide service on all Kraken products. The team of experts is distributed in different parts of the world, fluent in multiple languages, responds instantly with customized solutions, and operates daily throughout the year, even on major holidays.
Liquidity
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Kraken ensures deep liquidity, offering trade execution at reasonable prices with tight spreads at one pip. The Kraken liquidity market is one of the best in the industry for the following reasons:
- High trading volume for all the Kraken-listed cryptocurrencies.
- Relatively Lower Fees motivate makers to open additional trade positions.
- Multiple funding methods cater to a wide variety of traders.
- More active crypto investors and traders to fill open trade orders.
Margin Trading
Traders at Kraken can supercharge their trading experiences with spot margin trading that offers leverage of up to 5x. Traders can access all the required tools they need on Kraken for spot margin trading, such as:
- Leverage up to 5x: Use margins easily and quickly to go short or long on crypto with up to 5x leverage in more than 100 markets.
- Stable rollover fee: With regular rollover fees on trade positions, traders can accurately predict and calculate trading costs.
- Pro trading interface: With the most intuitive platform and advanced trade order options, managing trade positions on Kraken is easy.
- High margin limits: Eligible traders can access millions of dollars of margin allowances.
- Comprehensive coverage: Traders can manage their exposure to a range of cryptocurrency assets as thousands of crypto spot markets are available for margin trading.
Indices
Kraken provides access to the most up-to-date real-time pricing data, gathered by the second, with crypto indices run by CF Benchmarks. Indices trading ensures reliable settlement prices, representing a consensus value of all assets since indices trading processes aggregated data from multiple leading cryptocurrency exchanges.
Kraken ensures index and market integrity by providing pricing indices for major cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Ripple(XRP) through robust methods that ensure real-world integrity and applicability.
Futures Trading
Kraken Futures is a popular trading option offering many products on a robust, high-performance, low-latency trading platform. Kraken Futures provides a range of collateral options with superior flexibility that traders require while opening new trade positions or maintaining current ones.
The platform’s Futures feature also features a multi-collateral Futures digital wallet that allows traders to use various collateral types to manage their trade positions without moving their funds around. Trading Futures on the Kraken exchange is worth mentioning for the following reasons:
- Futures on Kraken offer leverage that allows traders to amplify their buying and selling power.
- The new margin mode functionality provides additional flexibility in risk management and will enable traders to trade crypto by using isolated margins to limit the downside for every contract.
- Traders can gain additional exposure to more fiat-to-crypto pairs using their multi-collateral Futures wallet, which offers ten different collateral options.
- Bitcoin miners can hedge volatility using the exchange’s Futures feature and protect their mining profits, irrespective of how the underlying trade markets move.
OTC Desk
OTC or over-the-counter desk on Kraken offers high-quality service, allowing traders to execute their orders with deep liquidity and tighter spreads, and more personalized and private service for high net-worth individuals and institutional clients who need to place large orders. The Kraken OTC desk offers trade settlement and execution services that are secure, discreet, and highly competitive.
Account Management
For novice and advanced traders, Kraken offers exclusive additional layers for instant, hyper-personalized support through the Kraken account management program. With next-level trading – institutional investors require a next-level trading service.
Traders who consistently participate on the platform will get a personal account manager as their main point of contact to handle all requests and questions and ensure that the traders can focus on their trading without any hassles.
Cryptowatch
Cryptowatch is a unique feature on Kraken that allows traders to trade cryptocurrencies over several crypto exchanges from one platform. It simplifies them to keep tabs on the different crypto markets and make profitable trades with favorable market conditions.
Traders can watch their portfolio and 2000 crypto markets across several exchanges at one glance. They can also create volume and price alerts to grab the best opportunity when required.
Kraken Exchange Pros and Cons
| Pros | Cons |
| A simple and neat user-friendly interface is suitable for beginners and experienced traders. | Limited payment options. |
| Deep liquidity and tight spreads. | The cryptocurrency exchange accepts a few fiat currencies. |
| Supports more than 185 cryptocurrencies. | No personal wallet service for traders. |
| Offers advanced trading features like margin trading, futures trading, indices, OTC trading, and staking. | |
| Extremely low transaction fees. |
Kraken Fees Schedule
Whether the traders are getting started on their cryptocurrency trading journey or are seasoned crypto traders, Kraken products are highly affordable and fit every need of the traders at the most competitive prices. Using the Instant Buy option for converting, buying, or selling crypto assets, traders must pay a small fee displayed at the transaction’s time.
The fee schedule may vary based on transaction size, chosen payment methods, market conditions, and transacted assets.
Fee Schedule Table
The Kraken NFT marketplace provides traders with zero gas fees but charges a low flat fee of 2% for all Kraken NFT transactions. There are no listing fees, cancellation fees, or deposit fees on the platform.
However, for every Ethereum-based and Solana-based transaction, Kraken charges 0.01 ETH and 0.02 SOL, respectively.
| Kraken Transaction Fee | Creator Earnings | Listing Fee; Cancellation Fee; Deposit Fee | Withdrawal Fee |
|---|---|---|---|
| 2% | 1. The amount of Creator Earnings that can be collected from NFT transactions depends on the specific collection involved. 2. When an NFT is sold, the Seller’s sale price will be reduced by the corresponding Creator Earnings. |
$0 | Ethereum-based transactions: 0.01 ETH
Solana-based transactions: 0.02 SOL |
Kraken Pro Fees
Kraken Pro users must note that the platform charges variable maker and taker fees for spot crypto trading, stablecoin, tokens, forex currency pairs, futures, and margin trading. Here is a breakdown of how the fees are calculated over 30 days:
Kraken charges variable maker and taker fees based on 30-day trading volume for spot crypto trading. The maker-taker fee for spot crypto trading starts at 0.16% and 0.26%, respectively, and it goes to as low as 0% with higher trade volumes.
| 30-Day Volume USD | Maker Fee | Taker Fee |
|---|---|---|
| $0 – $50,000 | 0.20% | 0.20% |
| $50,001 – $100,000 | 0.16% | 0.16% |
| $100,001 – $250,000 | 0.12% | 0.12% |
| $250,001 – $500,000 | 0.08% | 0.08% |
| $500,001 – $1,000,000 | 0.08% | 0.18% |
| $1,000,001 – $2,500,000 | 0.06% | 0.16% |
| $2,500,001 – $5,000,000 | 0.04% | 0.14% |
| $5,000,001 – $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
For stablecoins, forex currency pairs, and pegged tokens, the maker-taker fee is 0.2% and goes to as low as 0% with higher trade volumes.
| 30-Day Volume USD | Maker Fee | Taker Fee |
|---|---|---|
| $0 – $50,000 | 0.20% | 0.20% |
| $50,001 – $100,000 | 0.16% | 0.16% |
| $100,001 – $250,000 | 0.12% | 0.12% |
| $250,001 – $500,000 | 0.08% | 0.08% |
| $500,001 – $1,000,000 | 0.04% | 0.04% |
| $1,000,001+ | 0.00% | 0.00% |
The rollover fee and opening fees are charged for margin trading on different cryptocurrency assets and fiat currencies.
| 30-Day Volume USD | Maker Fees | Taker Fees |
|---|---|---|
| DOGE (Dogecoin) | 0.02% | 0.02% per 4 hours |
| ETC (Ethereum Classic) | 0.02% | 0.02% per 4 hours |
| ETH (Ethereum) | 0.02% | 0.02% per 4 hours |
| USD (US Dollar) | 0.015% | 0.015% per 4 hours |
| USDC (USD Coin) | 0.02% | 0.02% per 4 hours |
| USDT (Tether) | 0.02% | 0.02% per 4 hours |
| BAT (Basic Attention Token) | 0.02% | 0.02% per 4 hours |
| BCH (Bitcoin Cash) | 0.02% | 0.02% per 4 hours |
| BTC (Bitcoin) | 0.01% | 0.01% per 4 hours |
| CAD (Canadian Dollar) | 0.015% | 0.015% per 4 hours |
| EUR (EURO) | 0.015% | 0.015% per 4 hours |
| GBP (British Pound) | 0.015% | 0.015% per 4 hours |
For futures trading, the maker-taker fee starts at 0.02% and 0.05%, respectively, and goes to as low as 0% and 0.01% with higher trade volumes.
| 30-Day Volume USD | Maker Fees | Taker Fees |
|---|---|---|
| $0 – $100,000 | 0.0200% | 0.0500% |
| $100,001 – $1,000,000 | 0.0150% | 0.0400% |
| $1,000,001 – $5,000,000 | 0.0125% | 0.0300% |
| $5,000,001 – $10,000,000 | 0.0100% | 0.0250% |
| $10,000,001 – $20,000,000 | 0.0075% | 0.0200% |
| $20,000,001 – $50,000,000 | 0.0050% | 0.0150% |
| $50,000,001 – $100,000,000 | 0.0025% | 0.0125% |
| $100,000,001 + | 0.0000% | 0.0100 |
Note that trade volumes on spot markets, stablecoins, and forex pairs order books do not contribute any discounts on Futures and vice versa.
Funding Options
The Kraken crypto exchange is dedicated to offering the lowest prices and a plethora of fiat currency and digital funding options to empower cryptocurrency investments and trades. Whether traders execute spot trades or schedule recurring buys, Kraken’s flexible and fast payment options make it easier to buy and sell assets from any part of the world. Traders at Kraken can fund their accounts in three ways:
1. With Traditional or Fiat Currencies
- All new and experienced crypto investors can use fiat currency funding options to get the most seamless trading experience in a few steps. Traders can fund their accounts using US dollars (USD), Canadian dollars (CAD), European euros (EUR), Japanese yen (JPY), Pound Sterling (GBP), Swiss franc (CHF), Australian dollars (AUD), and United Arab Emirates Dirham (AED).
- Note that the processing time and deposit fees for fiat currencies vary greatly depending on the currency the traders choose. Hence, checking the official website before joining the platform is essential.
2. With Digital Assets
- Traders who own cryptocurrencies and other digital assets supported on the Kraken cryptocurrency exchange can use them to fund their accounts. All crypto deposits are instantly credited to the trading account after account confirmation.
3. With a Payment Card
- Kraken allows traders to instantly buy crypto using their digital wallets, bank transfers, or qualifying a credit or debit card to purchase crypto instantly. Kraken provides a digital wallet for traders to hold crypto between purchases; however, there is no personal wallet service for traders.
Kraken also features Corporate funding options for corporate-level traders, such as international wire transfers.
Kraken Account Opening & Verification Process
To start trading on Kraken Exchange, ensure you have a verified user account. Follow the steps below to open an account and get it verified without any hassle.
Account Opening Process
- Go to the official Kraken website (https://www.kraken.com/) or download the Kraken App from the Play Store / App Store to open the account.
- Look for the “Sign Up” or “Create Account” button on the homepage and click on it. The details you have to provide while creating the new account are as follows:
- Your Email ID
- Username and Password
- Your Country
- You will receive a confirmation mail on the mail ID you have provided. Just click on the activation link to activate your Kraken account.
Account Verification Process
- Click on the “verify account” button on the Kraken website/app to get your account verified to start trading with Kraken.
- Provide all the necessary documents required to get your account verified. The major documents needed to verify your account are as follows:
- Your first name and last name as per your official ID’s
- Phone Number
- Date of Birth
- Address
- Occupation
- Any of your National ID
- Proof of Address
- Once your account has been verified, you will receive an official mail, and you can start trading with Kraken Exchange.
Kraken Exchange Review: Conclusion
According to this Kraken exchange review, Kraken’s price and features make it a suitable choice for both novice investors who are experimenting with the crypto world and experienced crypto investors looking for top-notch security measures, a solid variety of cryptocurrencies, and low trading fees.
FAQs
Is Kraken Safe
Kraken has a history of operating as the most reliable crypto exchange since 2011. It is an excellent choice for trading crypto with industry-standard security measures like two-factor authentication.
What Are the Advantages of Staking On Kraken?
With staking on the Kraken exchange, traders can earn interest of up to 24% annually on crypto balances held on the web platform. Traders can use Kraken’s 2FA or two-factor authentication feature to keep Kraken accounts safe and secure. This helps Kraken customers achieve financial freedom by earning a passive income.
What is Kraken Instant Buy?
The Instant Buy Crypto feature on Kraken allows new and advanced users to instantly convert, buy, or sell their choice of crypto and fiat currencies. The Instant Buy fees are set at 0.9% for stablecoins and 0.15% for other digital currencies.
Can I buy NFT on Kraken?
Traders can buy NFT on Kraken without paying sky-rocketing gas fees or clogging up the blockchain network. Trading is accessible on the Kraken NFT marketplace, even during peak hours.
Is Kraken Legal In The US?
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Kraken is legal in many countries, meeting the legal and regulatory requirements, except in New York and Washington in the United States.
Does Kraken Require KYC?
Yes, Kraken Exchange requires KYC to ensure that the user accounts are verified. This process helps in enhancing the security measures for its users.
Does Kraken Have Minimum Withdrawal?
Yes, Kraken has different minimum withdrawal limits for different crypto currencies. Withdrawal amount varies depending on the cryptocurrency you like to withdraw.
Are Kraken Fees High?
No, Kraken fees are competitive as compared to other crypto exchanges. Kraken usually charges 0% to 0.26% per transaction depending on the currency pair & 30-day trading volume.
Does Kraken Allow Day Trading?
Yes, Kraken allows day trading with high liquidity and low fees. Kraken offers a wide range of features and tools that help users engage in day trading activities.
Why Is Kraken so Popular?
Kraken is considered a popular crypto exchange across countries because of its top-class service, multiple funding options, reasonable fees, and security.