Kraken is a prominent cryptocurrency exchange that facilitates the purchase, sale, and swap of dozens of different crypto-currencies. It is a place where you can buy and sell digital currency at market prices. Still, it also gives users access to margin accounts and futures trading, two riskier products that might be handy for certain trading methods.
Its primary platform is the best entry point for inexperienced crypto traders. Kraken Pro, a cheaper active trading platform, may appeal to more professional ones who aren’t just in the bitcoin industry.
This is a detailed Kraken review, exploring the services offered and answering some of the most important questions about this crypto exchange.
Here’s a really useful review video to get things started….
How Kraken Works
Neither a savings account nor a lending product is promoted on Kraken. Users can keep their assets on the site, but they are strongly advised to back them up in a separate cryptocurrency wallet.
Kraken emphasizes that they are an exchange and not a wallet service. Nonetheless, you utilize its cold storage wallet because of the reasonable staking rates it provides. Kraken is a leading staking platform due to its extensive coin selection and generous incentives.
It’s a unified market that may be accessed through the web via a mobile app. Kraken’s margin trading, stop-order capabilities, and cryptocurrency short-sale offerings are all available to verified customers. Staking coins allows you to earn interest on uninvested cryptocurrency.
Your name, birth date, and physical address are required to create a fundamental account. There are age and background requirements (anywhere in the U.S. apart from Washington and New York).
Kraken Features
Kraken is a cryptocurrency trading platform that, in addition to being one of the first of its kind, offers a great deal of value to investors of all skill levels. The following are some of its most notable characteristics:
1. Security
Since their inception, cryptocurrencies have been prone to hacks that have resulted in the theft or loss of millions of dollars worth of coins. It would help if you didn’t risk having your cryptocurrency stolen by landing on a crypto exchange with poor cybersecurity since most hacked exchanges have refunded their customers for any lost value.
Kraken’s dedication to security is unwavering, as evidenced by the fact that it received a flawless score from the cryptocurrency exchange security review site CER. Since its trading activities began in 2013, Kraken has had no major hacking occurrences.
Not even Binance, a true industry leader on a global scale, can make that claim. However, there are reports of compromised accounts on internet discussion groups where users have complained about Kraken.
Kraken guarantees both user and platform safety, with 95% of customer deposits kept offline in cold storage locations worldwide. Its servers are protected around the clock by armed guards and video surveillance systems.
Kraken takes extra precautions to ensure the safety of your personal information by encrypting it at both the system and data levels and doing frequent vulnerability tests on its infrastructure. They were recently recognized with the CSO50 Award for their dedication to security.
2. Efficiency of Operation
Kraken’s Instant Buy platform may make it too expensive for a first excursion into cryptocurrency, but the exchange itself is free. Your account can undergo instant automated verification. Since the Pro level, which is the most thorough, requires some papers to be evaluated by hand, it might take several days to complete.
After your identity has been confirmed, you can load your account with fiat currency like U.S. dollars and begin buying cryptocurrencies.
To finance your account, you may use a credit card or a debt account, which the site supports. If you use your credit card to buy cryptocurrency, you’ll be charged 3.75 percent plus 25 cents. Trading fees for Kraken’s “Instant Buy” feature are a flat 1.5% or 0.9%, depending on the cryptocurrency being purchased.
Kraken assumes its customers have some expertise, which might be intimidating for new investors. However, the site provides helpful resources for learning about investing. Though Kraken is available to customers in the United States, its availability is limited. New York and Washington customers cannot use it at this time.
3. In-Depth Investment Opportunities
Kraken has several extra services that will appeal to more seasoned investors. The investors have access to speculative trading in addition to publicly tradable coins. It’s a high-stakes strategy that lets you use your existing investments as collateral to borrow money to make new acquisitions.
If you utilize excess, you may be able to double your profits by a factor of several. Still, you also make yourself vulnerable to margin calls, which may result in devastating losses if the market suddenly tanks.
As the federal government figures out how it will approach crypto, margin trading is less popular on currently accessible U.S. platforms. The maximum rate that can be charged for a margin loan is 0.2 percent.
Not only can you use margin trading, but you can also stake (and unstake) particular coins. You can stake several different cryptocurrencies, such as Ethereum (ETH), Cardano (ADA), and Solana (SOL). Kraken furthermore provides cryptocurrency futures trading.
Brief Description of Payment
The Kraken exchange is typical in that it charges fees to the maker and the taker of a trade. Those who regularly engage in high trade volumes receive discounts. Transaction fees for buying and selling cryptocurrencies vary amongst different cryptocurrencies. A minimum Bitcoin withdrawal fee of 0.00001 BTC applies.
Like other exchanges, Kraken’s instant buy feature will cost you a pretty penny in fees. Although the transaction fees on a debit card are high, you are allowed to use it since it does not reside in the United States.
Picking a Cryptocurrency
Kraken provides an excellent variety of cryptocurrencies for its customers. About 130 coins are listed for U.S. dealers out of a total of about 160. Bitcoin, Ethereum, and Cardano are just some renowned cryptocurrencies that fall within this category. It supports seven different fiat currencies and three stablecoins.
Is Kraken a safe place to store your cryptocurrency?
Keeping your data safe is one of Kraken’s primary goals. Since its inception in 2013, it has maintained its reputation as one of the safest places to trade cryptocurrencies since it has never been compromised. However, concerns about the safety of bitcoin exchanges have sparked much controversy. Learn more about Kraken’s security methodology below.
1. The Safekeeping of Coins: Kraken claims that 95 percent of its crypto holdings are stored offline in “cold storage” (essentially offline and protected against hacks). It has complete reserves and an independent audit of those reserves to verify their accuracy.
2. Protecting platforms and data: It constantly monitors all of its physical servers. System and data-level encryption protect sensitive information.
3. Testing for safety: The company’s in-house staff and a bug bounty program continuously test Kraken’s systems for vulnerabilities. B bug bounty schemes incentivize ethical hackers to seek and disclose vulnerabilities actively.
4. Instructional tools and measures for user safety: As stated on the Kraken website, “No amount of security on our end can make up for poor personal security.” There’s two-factor authentication, encrypted email, and locks. Furthermore, it enhances its security by instructing customers on the best practices for keeping their accounts safe.
One of Kraken’s favourite security features is the ability to assign unique two-factor authentication (2FA) credentials for various tasks, including logging in, making a deposit, or changing your password.
Providing Assistance to Clients
Live chat, phone, and email are all ways to contact Kraken’s helpful support staff, which is on hand around the clock. There was a slight hiccup when people tried to modify a setting in their account (mainly due to human error). Therefore they submitted a ticket. In a little over 20 minutes, Kraken’s support team arrived and had the issue fixed.
Customer support is excellent. However, some people have complained about the opposite. Because of hacking and difficulty persuading Kraken to release stored payments, several consumers are dissatisfied with the service.
Satisfaction of Needs
The fact that Kraken only has 2.1 ratings on Trustpilot shows that many consumers have had serious issues. Holding cash beyond the first security period and lengthy wait times for replies from customer care were the two most often cited causes of dissatisfaction.
These issues with customer support are cause for concern, but it’s crucial to weigh both positive and bad feedback when selecting a bitcoin exchange platform.
Invoicing and Collections
Kraken’s online and mobile app platforms provide extensive customer self-service for account administration. Account management may be simplified when viewed on a laptop or desktop computer with a larger screen.
Kraken’s control panel allows you to make changes to your account’s configuration, check your approval status, activate two-factor authentication, handle your API keys, and even secure your account.
Frequently Ask Questions (FAQ’s)
Some of the more frequent inquiries regarding Kraken are as follows:
Is Kraken a U.S.-based firm?
Kraken is headquartered in Golden Gate City and can be found in 48 of the 50 states.
Does Kraken offer a cryptocurrency loyalty card?
No, and no announcements regarding future cards have been made.
How much are Kraken’s margin trading costs?
The starting fee for traders using margin is 0.02%, and the rollover fee is 0.02% every four hours.
Does Kraken Accept Shiba Inu Coin?
On November 29, 2021, Kraken started accepting Shiba Inu deposits, and trading started the next day.
If you enjoyed this Kraken review then you should also check out our Gala Games review, our Koinly 2023 review our review of Tokentax and of course this review .
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