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Kraken is a large cryptocurrency exchange suitable for a wide range of cryptocurrency users. With the Kraken account you can buy and sell more than 65 different cryptocurrencies at competitive prices. While beginners may find that Kraken works well, it is best for professional and active crypto enthusiasts looking for a powerful platform.
Features – 8
Fees – 8
Supported currencies – 6
Ease of use – 6
Customer Service – 8
Security – 7
7
Together
The Kraken is a large cryptocurrency exchange based in the United States. It is suitable for all users who appreciate low commissions, and experienced traders may appreciate that it supports advanced features such as margin trading and futures trading.
advantages
- Trade more than 65 cryptocurrencies on multiple platforms
- Low Karken Pro Trading Fees
- Strong security practices
weaknesses
- Not ideal for cryptocurrency beginners
- It can be challenging to use if you are not happy with your computers
- Higher fees with instant purchase platform
What is the Kraken?
Kraken is a cryptocurrency exchange and financial platform established in 2011. It is currently the second largest cryptocurrency exchange based in the United States, after only Coinbase.
With the Kraken account you can buy and sell more than 65 supported digital currencies if you are in the US, more is added regularly. International users can trade 136 coins and tokens. The main Kraken app is available online and on mobile devices. Kraken Pro, its upgraded account offering, offers more features and lower trading costs.
Kraken users can invest cryptocurrencies earn up to 23% interest through Kraken Earn. The company also offers a separate platform of futures contracts for cryptocurrencies with up to 50x leverage.
What does Kraken offer?
Kraken’s primary offering is cryptocurrency trading. Similar to stock trading for traditional brokerage accountyou can buy and sell cryptocurrencies with the ability to trade a number of supported pairs and trade a variety of currencies, including US dollars, euros, bitcoins, berths USD, USD coins and other currencies.
The Kraken core platform is generally easy to use if you are happy with computers and most financial applications. Kraken users who want to save money on commissions can sign up for Kraken Pro, an active platform for trading commissions of 0.26% or less.
Once you convert your dollars into digital currency, you don’t have to rest. You can transfer funds from your trading account to Kraken Earn to pledge your currency. This allows you to earn 1% to 23% depending on the currency.
How does the Kraken work?
Getting started with the Kraken is a simple process that takes less than 10 minutes if you have your data on hand. To get started, follow these steps:
- Create an account. You must first create an account with your email address and password. And plan to provide personal contact information and social security numbers for verification and tax purposes.
- Set up multi-factor authentication. You must set up multi-factor authentication for account security. Kraken requires that you have three unique codes: one for application, one for funding, and a master key. You need an application like Google Authenticator for this step.
- Connect your bank account. To use Kraken, you need to fund your account. The cheapest method uses a linked bank account. Connecting to a checking account is quick and easy.
- Add funds. Once your bank is verified and your bank is connected, you can deposit dollars into your account. Your verification level affects your account limits.
- Enter your first store. You are finally ready to trade. Download the trading screen or Kraken Pro to enter your first store.
Main features
Cryptocurrency trading
We have already discussed that trading is the main feature of the Kraken. You can choose between the online or mobile version of Kraken or Kraken Pro. According to CoinMarketCap, Kraken manages from $ 800 million to more than $ 1 billion in daily cryptocurrency trading. The best currencies traded on the Kraken worldwide are:
- Tether (USDT)
- ether (ETH)
- XRP (XRP)
- Solana (SOL)
- Bitcoin (BTC)
- USD coin (USDC)
- cosmos (ATOM)
- plaz (AVAX)
- Money (XRP)
- TRON (XMR)
Publisher
Kraken lists 15 currencies with US investment support, including ALGO, ADA, ATOM, ETH, FLOW, COFFEE, DOT, SOL, TRX, LUNA and XTZ.
Related >> Pledging and lending cryptocurrencies: everything you need to know
The future
Kraken futures is a future-oriented cryptocurrency market where you can trade with increased leverage. Forward trading is a complex and risky venture that is not suitable for most investors. However, if you want to trade cryptocurrency futures, Kraken is one of a limited number of cryptocurrency futures providers.
Fees and restrictions
Kraken prices vary depending on the platform used. You will get the best trade with Kraken Pro, which is available with the same account as the main Kraken platform.
Z Kraken’s immediate purchase program, you pay 1.5% for most cryptocurrency transactions, with a lower commission of 0.9% for stable coins. If you pay by card or digital wallet, you pay 3.75% + $ 0.25. A commission of 0.5% is required for purchases directly from a bank account without prior transfer of funds to Kraken.
| Kraken fee | Commission for card purchase | Digital wallet fee | Bank Transfer Fee (ACH). |
|---|---|---|---|
| Stablecoins: 0.90% | 3.75% + $ / 0.25 € *** | 3.75% + $ / 0.25 € *** | 0.5% |
| Crypto or FX pair: 1.5% |
On Kraken Pro, the producer / recipient model is used in pricing. The highest fee category is for users with up to $ 50,000 per month. At this stage, recipients pay 0.26% and manufacturers 0.16%. With a larger volume, your fees are reduced by 0%.
| 30-day trading volume | Manufacturer’s commission | Acquisition fee |
|---|---|---|
| 0 – $ 50,000 | 0.16% | 0.26% |
| $ 50,001 – $ 100,000 | 0.14% | 0.24% |
| $ 100,001 – $ 250,000 | 0.12% | 0.22% |
| $ 250,001 – $ 500,000 | 0.10% | 0.20% |
| $ 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% |
Depending on the level of verification, Kraken users may encounter funding and withdrawal restrictions. Adding more information and sending copies of your ID unlocks higher limits.
Who is the Kraken best for?
Based on features and offers, Kraken is the best for medium to advanced cryptocurrency users with some experience and knowledge of digital currencies. This is not the easiest platform to navigate or use and anyone who thinks they are not good with the internet has a problem.
However, if you have some crypto experience, Kraken will probably seem intuitive and full of features for what you need most.
How do I open an account?
To open an account, go to the Kraken website or download the Kraken app for your device. You must enter your email address and password to begin the login process. Then enter the code you receive via email to activate your account.
Kraken then requires you to follow special security settings. He recommends that you take more of these steps, and that’s a good idea. You need to use two-factor authentication for your email address and follow online security best practices to keep your account truly secure.
At this point, you can use the account with limited capacity. Kraken offers several levels of account verification, sometimes called Customer Knowledge Requirements (KYC). Most users will probably want to unlock the middle level.
You can now top up your account and buy cryptocurrency.
What about customer service?
Kraken’s customer service is far above average for the industry. When testing the online chat support feature, the help of a friendly person can be sought in less than 10 seconds. You can also reach the Kraken by phone. At the time of this writing, one minute was waiting for telephone support.
For the most part, Kraken and other cryptocurrency platforms are self-service. Past Kraken users rate poorly on Trustpilot, with an average rating of 2.1 (out of 5) with around 1600 reviews. Complaints focus on poor response times and frozen bills. But in my personal experience, Kraken’s support is very responsive.
Is the Kraken safe?
Kraken is a respected cryptocurrency exchange with sound security practices. Kraken requires state-of-the-art personal account security using email and two-factor authentication, with additional two-factor authentication requirements for some transactions. And all this is in addition to other robust security measures.
It may seem a bit cumbersome to users. But these extra steps are designed to keep digital evil guys out of your account.
Most of the clients ’assets are stored offline in an extremely high security repository. The currency is hedged with full reserves and is always 100% accessible to users.
Alternative Kraken
Don’t you think the Kraken is for you? Here are some alternatives to consider:
- Coinbase: Coinbase is one of the most recognized cryptocurrency exchanges. It’s beginner-friendly, but the shops may be more expensive. And the Earn program offers lower interest rates. Read our Coinbase review.
- Twins: Gemini is a stock exchange full of features, good for cryptocurrency trading and betting. But some costs are higher than with the Kraken. Earnings rates vary by currency and are very good for stable coins. Read our Gemini review.
- KuCoin: KuCoin is a cryptocurrency application that is best suited for professionals and highly active traders. It is more complex and more difficult to use. However, it supports a huge list of currencies. And it charges extremely low trading fees.
- Crypto.com: Crypto.com is a major stock exchange with many currencies and highly competitive trading fees. And it offers exciting rewards for credit cards and a program of stakes.
Want more options >> See our full list of the best crypto exchanges
Bottom line
The Kraken is a large and noteworthy cryptocurrency exchange. Although not our best choice for cryptocurrencies, it is suitable for all intermediate to experienced cryptocurrency users who want to keep their cryptocurrency or actively trade. If you’ve been thinking about trying Kraken, it could be a great addition to your cryptocurrency strategy.
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