Founded during 2011, this San Francisco-based Kraken is one of the largest crypto exchanges when it comes to trading in euro volume, liquidity, and the trading of Canadian dollars, US dollars, British pounds and even Japanese yen.
It’s become one of the most secure forms of exchange, given the comprehensive range of safety measures the exchange has undertaken, such as keep the vast majority of user funds in offline wallets.
Another large positive note is that its fees are among the lowest in the industry. With free deposits and very competitive withdrawals and trades. Even so, with these advantages on its side, it support team has been known for talking a long time when responding to queries, with some customers having to wait weeks before receiving help.
For this review, let’s go through some of the pros and cons of Kraken and decide on whether it’s good for you or not.
Pros and Cons
When it comes to the current opinion of most users when concerning the use of Kraken, its gained a mixed feeling across all board.
Let’s start with the pros:
The Pro: Positive reviews of Kraken can be mostly credited due to the exchange being able to trade and have a seamless experience. However, each positive review has the user leaving a note stating that the software (for trading) still has a lot of room for improvement. With Kraken available for accessibility internationally makes it one of the best choices among most international users.
And then comes the cons:
The Con: Searching through Google or any other search engine of choice, reveals a hefty amount of vehemently negative reviews concerning the exchange and Kraken’s customer service. One thing to note down is that many of the negative reviews oftenly result due to customers having a very unpleasant experience, and decide to vent their frustration on the internet. While these reviews may paint and accurate depictions, there are still users who’ve had positive experience using this platform. The negative reviews of Kraken mainly point out that the lack of customer services makes the experience extremely frustrating for users. Furthermore, the withdrawals times can be quite slow and some users have reported limited access to their funds.
So in short here what we know so far:
- Low fees
- Strong security measures
- Allows trades in cryptocurrencies and fiat currencies
- Complicated user interface
- No credit/debit card deposits and withdrawals
- Customer support isn’t all that supportive
Owned by Payward, Inc, and having investors pump millions into it, Kraken has become of the largest cryptocurrency exchanges.
Kraken has quite the variety of cryptocurrencies, surpassing that of its rival company Coinbase, and makes it easy for international traders.
In order for you to get started, the first step is to get verified by Kraken. New users are sorted into different tiers which specify things such as how much a users in a specific tier can deposit per day. Each tier requires a different set of details
A interesting thing to keep note of is that Kraken portfolio provides its users with either a USD, EUR and so on amount that your portfolio is worth.
Making orders on Kraken
Ordering on Kraken is quite the simple task to pull off with their basic interface, although their trading tools provide a much more robust functionality should you decide to use them. You can place either a simple market or limit orders.
On average, limit orders come with a 0.16% fee, and market orders with up to 0.26% fee. The fees mostly vary based on the volume of the trade. For the main trading pairs, the fees are mostly between .1% and .35%, and for other less common crypto pairs the range can vary somewhere between .05% and .75%. Traders who offer liquidity get 0% fees.
Furthermore, its possible for you to trade do margin trading but this can be a very risky way of going about it and not recommend to undergo unless you really understand what your getting yourself into.
One of the many things I enjoy about Kraken is that it has tons of different fiat and cryptocurrency pairs.
This means people can purchase a variety of cryptos directly utilizing USD and EUR, instead of having to purchase BTC first and then using a secondary exchange to purchase a specified altcoin.
This is one of the distinct advantages Kraken has over Coinbase and other rival exchanges that are limited to only a handful of cryptocurrencies and fiat/crypto pairs.
Withdrawals are quite simple and straightforward on the platform. What you need to simply do is go to the withdrawal section and withdraw money directly to your bank account. If you want to withdraw Euro and have a European bank account open, then that option is available through SEPA for only a measly 9 cents.
The Withdrawal and deposit fees mainly vary on the method, but they generally stay between 0.19% with a $20 minimum. Although, when it comes to the Japanese Yen, there is a minimum deposit of 5000 Yen with no transaction fee for deposit, but it takes 20 yen to make a withdraw.
Security wise, Kraken allows its users to setup 2 Factor Authentication, but you must go through the Security tab to set this up. It helps to always be cautions and if you decide to use Kraken as your exchange of choice, be sure to enable the 2 Factor Authentication.
Overall Summary for Kraken.
Kraken has been in the cryptocurrency exchange race since 2011, a year before one of its more popular competitor Coinbase. Kraken has spent quite a long time establishing it’s reputation in the cryptocurrency space, and has become the first choice most international cryptocurrency traders decide to use.
While the majority of online reviews due paint a rough picture filled with kinks that require the Kraken team to work on, mainly their currently abysmal customer support services, Kraken still continuous to provide a huge value to traders living in the United States and overseas.
It’s a relatively secure platform and has become one of the major players for the evolution currently undergoing in the cryptocurrency world. Kraken also has much more lower fees than Coinbase does with access to a much more robust trading platform form within Kraken.
Using it requires a little less than and intermediate understanding on how to trade cryptocurrencies, but make sure to read up on a couple of guide to learn the ins and out of trading, to ensure you are doing everything correctly.
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