Crypto Exchange & Trading Platform | Kraken Review
This article will cover everything you need to know before choosing Kraken as your exchange for cryptocurrency trading.
Tom, Crypto Enthusiast
Kraken Overview
Kraken is a cryptocurrency exchange that allows you to purchase and sell assets like Bitcoin and Ethereum. It is regarded as the oldest cryptocurrency exchange and accepts over 110 different coins.
Most people love the platform because it is simple, easy to use with competitive exchange rates. Kraken is ideal for experienced and beginner cryptocurrency traders and investors looking for access to a wide range of coins with low trading fees.
If you have been thinking about investing in cryptocurrency, then Kraken is one of the best places to get started. The platform has plenty of educational material to help beginners adapt to cryptocurrency trading. You can also check out our beginner's guide to make sure you understand all the basics of crypto trading before making any transaction.
But if you are an experienced cryptocurrency trader, then Kraken Pro would be a good fit as it contains more advanced trading features and better charting tools.
When was Kraken founded?
Kraken is a cryptocurrency trading platform that was founded in San Francisco in 2011. It has several offices across the world where its operations are coordinated. The cryptocurrency exchange is available in 185 countries including the U.S. The platform works with both institutional and individual investors with reasonable crypto trading fees.
Available Crypto To Trade
As mentioned earlier, Kraken supports more than 100 cryptocurrencies. This is probably one of the things that makes the platform popular for traders and investors. Below are some of the cryptocurrencies supported by the platform:
Bitcoin (BTC)
Ethereum (ETH)
Dogecoin (DOGE)
Litecoin(LTC)
Cardano(ADA)
Polygon (MTIC)
Polkadot(DOT)
Solana(SOL)
Ripple (XPR)
Stellar Lumens(XLM)
Kraken also accepts a dozen of stablecoins including USD coin, Dai, and Tether. You can easily convert or exchange US dollars into Canadian dollars, Japanese Yen, or Swiss francs if you wish.
Trading Experience
Kraken is one of the simplest and easiest platform to trade cryptocurrency. The platform is designed to suit different types of traders and investors. For example, if you are an experienced cryptocurrency trader, then you will prefer to use Kraken Pro, unlike beginner traders who only understand the basics.
Kraken Basic Account
The central Kraken platform is ideal for anyone who is new to cryptocurrency trading. As long as you have a verified account, you can immediately start buying any digital currency through your linked bank account and convert or sell them to buyers.
After creating an account and logging in, it will take a matter of seconds to input an order via a special form used to buy sell, and convert cryptocurrencies.
Besides, you can also deposit crypto for staking and enjoy interest up to 20 percent based on the currency you are using.
Kraken Pro Account
If you have an active Kraken account, then you have a right to use Kraken Pro. The greatest advantage of using Kraken Pro is the lower trading fee. If you decide to trade cryptocurrency using Kraken Pro, then you will be charged lower fees compared to using the main interface.
Another great feature of Kraken Pro is their advanced trading platform. It works via a webs browser or even a smartphone. The platform might appear intimidating to crypto beginners but it is worth learning. It provides more detailed information on assets including live price charts and a view into open orders.
Fees & Pricing
Fees and pricing differ based on the platform you are using to trade. Besides, prices also take into account what’s commonly referred to as spread fees.
Instant or immediate purchases for most cryptocurrencies attract a fee of 1.5 percent while stablecoins using U.S. dollars are charged 0.9 percent.
Other extra fees can occurs depending on how you finance your trade. For instance, if you fund your purchase using a bank account, then you will be charged between 0.5% and 3.75%.
Here's the complete maker & taker fee chart for Kraken Pro, based on your trading volume:
Opening a Kraken Account
The account creation process is just the same way as opening a stock brokerage account or any other cryptocurrency account. It can takes around five minutes to sign up if you have all your information ready.
If you'd like to sign up for a new Kraken account, you can do so by clicking the button below.
Customer Service
You can access Kraken customer support through email, phone (during business hours) or their 24/7 live chat. I had a small problem when trying to change an account setting. I contact their support and they responded within 20 minutes.
Although I had a great experience with their customer support, some users have reported delayed responses, especially when requesting funds.
Account Management
Account management is generally via self-service through Kraken mobile apps and websites.
If you are using a desktop computer or laptop, you will realize that managing your account is a lot easier. You can easily update settings, manage your approval level, manage API keys and lock your account within the Kraken dashboard.
Pros & Cons
Here's what I found to be the strong points, and the ones that could be improved, based on my own experience with the Kraken platform and by doing some research.
Pros
Good list of cryptocurrency to trade: More than 110 coins can be traded within the Kraken platform. This includes cryptocurrencies such as Bitcoin, Ethereum, Solan, Dogecoin, Cardano among others.
User-friendly interface: It is easy and simple to use Kraken compared to other crypto exchanges.
Low fees when using the Pro account. Basic account still has reasonable fees that compares to other popular exchanges.
Good security: the platform has not been hack over the past nine years.
Advanced trading features perfect for savvy investor
Cons
Limited ways to fund your accounts
Not available in some U.S. states
Basic account is limited
My Final Rating
I can say that my experience with Kraken has generally been very good.
part from a few minor issues I've had setting up my account (all my issues have been quickly resolves with the help of their quite responsive customer support), I can confidently say that Kraken is one of the best crypto exchange platforms out there.
So, open up your Kraken account today and start trading & investing in cryptocurrency!
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