Platform Kraken: Review of the Giant
Technology has pervaded not just the banks and the sphere of supermarkets but has also reshaped, rather redefined fiat currencies that are traded on an exchange. With the digital medium advancing leaps and bounds, there was a mandatory need for a trading cryptocurrency exchange that could virtually assimilate all trading services on one ideal platform keeping your payment methods of deposits and withdrawals safe.
Kraken Exchange Summary
|Headquarters||San Francisco, California, United States|
|Supported Fiat Currencies||USD, EUR, CAD, AUD, GBP, CHF and JPY.|
|Minimum Deposit||Depend on the currency you choose|
|Trading Fees||Fees are charged on a per-trade basis.|
|Withdrawal Fees||Depend on currency|
|Customer Support||24*7 Live Chat & Online Support|
Kraken is a San Francisco-based crypto exchange trading platform founded in the year 2011 & it provides just the right answer to all trading needs. You can buy, sell and trade many Kraken cryptocurrencies. With an extensive assortment of digital assets and natural currencies to its credit Kraken crypto exchange happens to be a renowned and oldest Bitcoin exchange in the world. The presence of Kraken is not limited to a specific place but worldwide. Operating from the main Headquarters in San Francisco, California, United States, Kraken’s trading platform is the pillar of trust by millions of traders from 190 countries around the world and garners unlimited likes and pleasant reviews by various channels, media houses, institutions, and authorities, including Germany’s BaFin, regulated Fidor Bank. The clientele of Kraken includes Blockchain Capital, Digital Currency Group, Hummingbird Ventures, and Money Partners Group.
According to reviews, no other Bitcoin exchanges, for instance, Coinbase pro, displays its market data transparently. And along with that, Kraken is one amongst crypto exchanges that publicly displays market data on the Bloomberg Terminal, passing a cryptographically verifiable proof-of-reserves audit, and is one of the first to offer leveraged margin trading. Kraken helps users discover the world of crypto and expand their portfolios especially going beyond specific coins.
Kraken Review – Overview
Kraken Review: Mission, Vision & Core Values
The solo Mission that drives the exchange is the faith of its clientele and it abides by this trust. On the top list of Mission is customer service, customer satisfaction & customer support. That makes Kraken one of the most trusted Cryptocurrency exchanges in the market. As per our review, the protection and safety in trading with Kraken is the most alluring part of it as it eliminates unnecessary vectors from intrusion thereby ensuring utmost security of your hard-earned investments.
So you are assured of financial stability and healthy banking relations. The 360-degree approach of financial experts at Kraken ensures you have all the professional support you need. Earning the trust of our clients has always been our highest priority. We earn that trust through the best security in the business — most of our digital currencies are held safely in cold wallets so bad actors can’t reach your account.
Kraken’s long-drawn vision is to build an economy enriched with money. Kraken cryptocurrency exchange purely believes in the Veto Power that ultimately empowers the end-user, the Bitcoin Trader (or any other). No wonder that Kraken crypto exchange happens to be one of the best places for volume traders for transacting cryptocurrencies online with low fees. Building on the decentralized finance-based blockchain algorithm it has revolutionized the future of money. The one-term Value best defined is – Include, Liberate, Empower- ILE Movement.
Who would have thought the growth story of Kraken would be redefined under the noble hands of Jesse Powell? The same Jesse Powell from San Francisco would rewrite the fate of billions of people in the world to make their dream of making money come true, to come out of the dirty dungeons of abject poverty and start trading rising to a secure and noteworthy identity of their own.
Features of Kraken
Our review shows it is a safe haven exchange for traders while they dabble into payment methods of deposits and withdrawals learning tricks along with trading volume and low fees. Kraken is instrumental in helping you seal a smarter and faster trade and all in a simplified manner!! Irrespective of your knowledge and expertise in cryptocurrency trading, As per our review, Kraken provides the best support amongst other exchanges and empowers you to keep up the momentum in the world of cryptos with the lowest trading fees. So, you have no cause for worry whether you are a beginner or a seasoned trader, Kraken is there to cater to all your cryptocurrency trading needs at low Kraken fees. Dive deep in the ocean and start trading in the currency seas while you get empowered in the art of trading based on our review of Kraken.
Your Investment Protection First
It is but obvious that trading with this exchange ensures maximum safety as a robust team of security personnel guard it. So you rest assured that all your invested Bitcoins are safe and so are your KYC credentials via two-factor authentication.
An assurance on High Level of Liquidity
Kraken Review – Liquidity
A major advantage of this cryptocurrency exchange is the high flexibility on trade orders. The team at Kraken understands the value of time in trade deals and hence all trades are executed at a rapid-fire speed and with the price of your choice.
The More, the Merrier
As per recent Kraken reviews, this Exchange gives its users the benefit of “No Charges” on the basis of the frequency of their trading on the site. The Kraken fee structure is designed based on user-friendliness and suitability. Users can now avail the rewards benefit as well with low fees.
Round the clock Customer Support
The team of experts at Kraken is always there at your beck-n-call 24/7 for any kind of assistance you may need. This facility is available on chatbots, email, and phone calls.
Kraken Review – Customer Support
Flexi-Funding Options galore
Review shows the exchange has joined a league of best cryptocurrency exchange USA to match pace with changes that suit the users to the optimum. Users now have the advantage of trading in fiat as well as for cryptocurrencies with low processing times and fees. This exchange offers an option to sync your bank account for a bank transfer at the most competitive fees.
Margin Trading at your fingertips
Kraken offers the opportunity to augment your trading profits with margin trading. The main reason for the increase in profits stems from the fact that Kraken helps you execute more complex trades via strategizing and charging the lowest fees in the market.
Golden Opportunity to Invest in Futures
Kraken offers all its investors an opportunity for a golden egg called crypto hedging. Through this traders can maximize their gains leveraging up to multifold. What’s more!! This possibility comes with a bonus of Cryptocurrency hedging.
OTC Personalized help-desk
Another icing on the cake with the exchange is that it offers over-the-counter personalized service for executing large trades causing no disruption.
The in-built Help Center at Kraken equips you with all the resources for troubleshooting. We call it a Robust Support Library for your account. It empowers you to have direct interaction with clients and is there to answer virtually all queries and apprehensions you may have. Also, the help desk of Mt. Gox is set up as a knowledge base for Japanese customers. Help can be reached at their Mt. Gox office.
A Panoramic View on Exchange and Indices
Kraken gives its traders a real-time update and reference rate indices for their account. This helps them navigate the accurate aggregated pricing for multiple cryptocurrencies including the most happening Bitcoin.
A Red-carpet Hospitality
All elite and dedicated clientele of Kraken enjoy the brownie benefits of getting a red carpet treatment for their account. This entails the clients to have devoted individualized support for their account management.
Industrial Camaraderie: Brotherhood
Kraken has ensured that it partners with industrial conglomerates ensuring they offer customized trading solutions. This undoubtedly includes cryptocurrencies too with the highest API and funding limits. The institutional clients encompassing Investment Banks, Brokers, Hedge Funds, Mutual Funds, Insurance Firms, Asset Managers, High-frequency Trading firms, Algorithmic trading firms happen to enjoy complimentary Account Management service from Kraken. Also, Kraken offers crypto-related business, ATMs, payroll, and wallet services.
These are yet other tools depicted with graphs and charts. One can gauge the market movement and fluctuations by the charts. There are various ways in which these tools appear on crypto exchanges like Kraken in various views like Classic Cap View, Advanced Markets view, etc.
Corporate Social Responsibility
Kraken is actively engaged in an open-source grant program designed to highlight and elevate great work that’s crucial to helping cryptocurrencies reach their potential. These are accomplished by way of developer grants for all crypto and fiat currencies.
Start Trading with Kraken
Trading on Kraken is as easy as it can get, says the review.
Kraken Review – Create account
Create an account
First, you have to create an account with all the necessary information and a password to log in. You will also be informed that the website uses trusted third parties to provide the services to go through the buying process, and hence, the information is to be shared with them for your account. Thus, everything about Kraken is transparent and above board.
Verification through KYC
The process can take some time but once your particulars like Name, Email, etc, are saved on the site, it goes pretty fast. The system is similar to Coinbase pro.
Start Trading with Secure transaction
After the verification is completed post-two-factor authentication, you can buy/sell your favorite Bitcoins or any other currency with your credit card or bank transfer via Kraken. Check the review.
Very few trading websites worldwide offer this facility as it is a combination of virtual currency purchases with traditional fiat currency (credit card). As per the review of Kraken, it also provides in-depth information you need on advanced trading order types and API usage with our advanced trading product documentation. Kraken fees are as low as 0%. The fees are charged on a per-trade basis. Apart from the crypto deposit and withdrawal fees, as it depends on the currency. You can check the Kraken table to learn more about the fee structure for each offering (Instant Buy, Kraken Pro, Stablecoin & FX pairs, Margins, and Futures).
Kraken Websockets API 1.4
Kraken Review – Websockets API
Real-time data updates are enabled by WebSockets API. The public message types presented below do not require authentication. Private-data messages can be subscribed to on a separate authenticated endpoint. A typical benefit to be had here is that all messages sent and received via WebSockets are encoded in JSON format and all floating point fields (including timestamps) are quoted to preserve precision. Traders are advised to use the REST API endpoint to get the list of pairs that can be subscribed via WebSockets API. For instance, field ‘wsname’ gives the supported pairs name which can be used to subscribe.
Trading: Learning the Tricks of Trading!
Compared to conventional fiat currencies listed on sites like Payward Inc. etc. Cryptocurrency, popular as digital assets like Bitcoin, Ethereum, Litecoin, etc. is a short-term profit generator and witnesses fluctuations too. Hence a trader needs to have not only the information but also be quick to see the opportunity to make big gains. Time is a crucial factor here. Kraken is an effective trading platform for exchanging fiat currencies like USD, EUR, and CAD for cryptocurrency, or exchanging one cryptocurrency for another.
As per our review, Kraken is also a good educator should you wish to follow how-to guided to buy and sell Bitcoin, for instance. A simple guide on how to buy and sell bitcoin is available along with a Trading glossary that has definitions of terms that you will come across while trading. A comprehensive list of coins that you can trade is listed on Kraken Exchange. You have thorough support on how to trade using leverage and margin and the methodology on the calculation of trading fees. A thorough Information on setting up of various types of order and their alternatives are quite evident on the Kraken platform. Apart from this, currency trading pairs are available for trading on Kraken. Trading prices and charts for Kraken and given along with detailed listed variations in spot trading with and without the use of margin.
Toddler Trader Learning from Mistakes
It is but natural that even the wisest trader gets into an uncomfortable zone of mistakes while trading through his account. It is not restricted to beginners alone. Hence Kraken’s customer service section which works 24/7 is always a help regarding :
- Your Price and volume decimal precision may have gone wrong
- You may not have followed the minimum order size (volume) for trading
- It could be that the maximum number of open orders are still showing
- A possibility could be that you do not have sufficient funds in an account
- You may have misinterpreted the opening and rollover of trading using margins
- You could have run out of credits for your trading
While the above are manually committed mistakes, there could be many internal system-generated errors while trading, and these are clarified in the list given hereunder on Kraken Exchange for your ease and Not-to-Panic situation. As these are system-generated errors, you need to wait and try again. Some of these could be:
- 801: Network problem
- 804: API key lacking necessary privileges
- 808: Invalid passphrase
- 810: Timeout
- 902: Order amount is too low
In all such situations, you need to contact the help desk for such matters and your query will be solved at the earliest.
Apart from the services aforementioned which are offered by many sites, Kraken offers some special privileges to its users. These are special attractions listed hereunder for your Kraken account:
- In one go the traders can have a look at the summary of all orders placed and alternatives available. There are also suggestions given for pairing currencies and how to set prices for market order limits.
- Navigation is also given on choosing your order types. Advice and consultation are offered on price terminology, taking profit from limit orders. This is a special help at the time when one gets too greedy to acquire Bitcoins to a massive extent as a word of caution!!! Not a joke for sure!
- An additional handholding is given for margin trading especially with regard to spot transactions on margin and settling a spot position on margin. The terminologies used in the margin trading section is followed by a complete glossary for an understanding of technical terms for a beginner. This allows users, first time, and experts equally, to settle or close a spot position on margin wisely.
- Advice is given on a trader’s order position vis-a-vis his trade position. It elaborates in detail on how leverage works in spot transactions on margin and usage of the collateral currency. Kraken also sheds light on the terms restricted to Margin obligation and allowance limits. There are specific dates and periods mentioned against each margin trading fees. Kraken appreciates the opening and closing position of margin trading.
Kraken wants its users to make money responsibly and they have never been hacked in the process.
Kraken Review – Benefits
Face to Face With Kraken
The Kraken website offers a user-friendly interface for all traders, novices, and experts alike. Even those who are new to the concept of trading and who are experienced hands at trading can benefit from Kraken enormously. The Fat Finger warning here is a novel concept that tells you where to draw the line as much as the cursor flashing that you can change the default currency
Fresh from Kraken’s Oven
Kraken keeps updating its advanced features to make users not only be comfortable with trading but also match pace with changing technology and times. One new feature in the same momentum got added as Pro Trading Mobile App which is a Futures application available on Mobile. While you are on the go, the Kraken futures app too keeps moving for your future advantage.
A power-packed high-performance trading engine, Kraken Futures recommends a flawless and rapid-fire transfer for your on-the-Spot needs. What’s more! Kraken offers a 30% revenue share of net trading fees to highly aggressive traders every week.
Seal your Future Deals with Kraken Futures trading app:
Kraken Review – Trading App
Traders benefit from sealing some of the deals by not on-the-spot booking or selling but also buying or selling at a later date. For this purpose, they sign or seal a contract which is called “Futures, or futures contracts”. This is used by traders as a way to hedge other investments or to lock in profits when trading in volatile markets. As already told, the prices shown on Kraken Futures trading for each cryptocurrency on an exchange are quite transparent and there is no hidden path anywhere. Kraken comes with its official mobile app, which makes your crypto trading experience more easy & secure. With the help of Kraken app, you can buy cryptos with your payment card, monitor prices, track your portfolio, save your favorite cryptos & more features are available. The app is available in all countries, except for Crimea, Cuba, Iran, Japan, North Korea, Syria, and the USA.
In order to safeguard their position from a price plummeting, traders take a “short” position in a futures contract for their digital assets. This is hedging that gives extra revenue reducing the risk.
The actual speculation benefits cryptocurrency traders in their futures. More than their spot buying and selling, the speculations earn them good futures positions. Imagine Bitcoin skyrockets and you earn on the futures!
Wise Traders always bank on long-term stability rather than quick gains along with the market risk. Futures are a great tool for crypto users to expand their horizons on a distant land. Kraken Futures allows access to regulated futures product offerings by:
- You can log in with a simple step of QR code
- Stay updated with the live order book and price chart
- Kick-off technologically and commercially developed order types
- View, execute, manager all open positions and open orders
- Your account history at your fingertips
- Plethora of periodical contracts to choose from
- Keep yourself ticking with live updates on maturity, premium, and trading volume
Staking Coins: Earning Rewards
Kraken Review – Staking Coins
Why let your cryptocurrencies or fiats lie dormant in your Kraken account? Or why to trade on Kraken regularly? You would be surprised that even sleeping assets could get you gains. You can stake them further apart from your current holdings and cumulate your future rewards. However, some coins in the staking method may need a contractually binding term. But once an asset has completed the bonding, you can start staking and earn rewards twice a week from the Proof of Stake process.
Proof of Stake – Proof of Value:
Proof-of-Stake is a valuable system based on an algorithm that ascertains the functioning of the interconnectivity of computer software exchanging the cryptocurrencies. Traders vide POS can “lock” coins in special contracts so that enhanced performance can be achieved for ledger history. Hence it benefits the users by an extra garnishing of cryptocurrency with this algorithm. Currently, Kraken provides on-chain staking for Tezos (XTZ), Polkadot (DOT), and Cosmos (Atom). Atom is also paired with Euro in many currency combinations on Kraken.
However, staking at Kraken has a slightly different connotation compared to interest payments. The main differentiator is a guarantee. There is no regulation or strict law that should ascertain who reaps rewards. Kraken has addressed this matter by facilitating dividends for staking services.
Pros and Cons of Kraken
Let us review a few pros and cons of Kraken –
|Trusted Crypto Exchange||Not a beginner-friendly|
|Supported in many countries||Limited deposit options|
|Low fees or Reasonable fees||Low Leverage|
|Secure and Reliable – Safe to use||No tax support|
|250+ cryptocurrencies to trade|
Is Kraken legal in the US?
Yes, Kraken is legal in the US & all American residents can use Kraken except residents from Washington or New York. Kraken Exchange is based in the US, and it is registered with FinCEN. USA residents can buy, sell and trade cryptocurrencies by using this exchange.
How Does Kraken Decide When to Enable Staking?
- Customer demand
- Token utility and technical sophistication
- Whether the asset is currently listed at Kraken
What Are the Advantages of Staking on Kraken?
- Instant rewards unlike other crypto exchanges
- The highest fixed returns amongst the top exchanges
- Payouts twice a week, among the fastest in the top crypto exchanges of the market
How Much Does Kraken Pay in Staking Rewards?
At 6% compounded annually, we offer the highest fixed-rate returns in the top-notch crypto exchanges.
When Do I Get My Rewards?
Unlike other staking services, you start earning rewards within minutes of staking your funds. Payouts happen twice a week – every Monday and Thursday at 14:00 UTC.
Is Kraken Safe & Reliable?
Yes, Kraken is one of the safest and the most reliable cryptocurrency exchanges. Kraken has never been hacked like other exchanges which are hacked with Mt Gox.
What is the Kraken fee schedule?
As per our reviews, regarding fee structure, the Kraken account charged negligible fees which are charged on a per-trade basis for almost all pairs. Maker & taker fee is also at the lowest. Kraken takes minimum withdrawal fees for each withdrawal. Additionally, Kraken takes a fixed flat fee along with minimum withdrawal fees.
Are there any geographic restrictions for Kraken services?
Yes, if you are from Washington State or New York, Kraken won’t be able to offer services to you.
Conclusion & User Opinions on Kraken Crypto Exchange
As you have read our review, Kraken is one of the largest, oldest & safest Bitcoin exchanges in the world. Kraken is consistently named one of the best exchange to buy, sell & trade crypto online, with low fees, versatile funding options, and rigorous security standards. In the future, it is expected that Kraken continues to expand its crypto offering & come up with more solutions and benefits. And, if you are a beginner, you can also read reviews on Kraken to gather more information about this exchange before crypto trading.
“Make easy deposits and withdrawals with the lowest trading fees, measure your portfolio’s performance, and keep track of all of your digital assets in the account. I have had a mesmerizing experience with Kraken cryptocurrency exchange, never been hacked, and my dedicated portfolio manager there.” —Natasha Kirloski
“I was blown away with Kraken’s customer support. A real person replying with a real response in under an hour.”-Tony De Rodrigues, New York, United States