In this Kraken review, we will provide you with a comprehensive overview of Kraken’s features, services, and security measures to help you decide if it is a suitable exchange for you.
If you are new to the cryptocurrency world, then choosing an exchange can be a daunting task. With so many options available, it’s important to do your research and find an exchange that meets your needs in terms of security, fees, and available trading pairs.
By the end of this Kraken review, you will have a thorough understanding of the exchange platform’s strengths and weaknesses. And be able to make the decision about whether it is a good exchange for you or not.
Kraken Review: About Kraken.
Kraken is a UAS-based cryptocurrency company that was founded in 2011 and has been dominating the crypto market ever since.
This platform extends a vast selection of trading pairs and sustains the function of deposits and withdrawals using both fiat currency and cryptocurrencies. It is worth noting that Kraken has earned a laudable reputation as a prominent figure in the industry, and a well-known fact is that it prides itself on securing its users’ funds and personal information by implementing robust measures.
Kraken Features.
Kraken claims that it is the perfect crypto exchange platform for those who have just started crypto trading. It has almost all the features a new or experienced crypto trader would need. such as
- Crypto Buying: It supports eight fiat currencies and different payment methods.
- Security: high-level fund security that is capable of keeping customer funds safe.
- Customer Support: Kraken’s customer support team is available 24/7 to assist users with any issues or questions they may have.
- Advanced Trading Tools: Kraken offers advanced trading tools such as margin trading and futures trading.
- Kraken Pro is an advanced platform for advanced traders.
- NFT market: buy and sell the best NFTs in the market.
- Low fee: lowest among the crypto exchanges.
- Crypto Learns: Learn about cryptocurrency with crypto articles and videos.
- OTC Desk: Large crypto trades with private and personalized services.
Payment methods.
Like every exchange platform, Kraken also offers the option to buy crypto. Currently, it is supporting USD, EUR, CAD, JPY, GBP, CHF, AUD, and AED fiat currencies to buy different types of cryptocurrency. The payment method varies with every fiat currency; for this, you have to see for yourself which one is better.
Kraken Security.
In terms of security, Kraken is counted among the top cryptocurrency exchange platforms. So far, there has not been any such security breach that the platform has suffered much, but some such work has happened due to which legal action is being taken on the platform. Recently, for some reason, the Kraken exchange had to pay a fine of $30 million and had to stop the staking feature for UAS customers.
If we talk about customer account security, then Kraken gives different security features. Such as 2FA (Google Authenticator and Yubikey) to keep your account secure, No phone or SMS account recovery; your account stays in your hands. Email confirmations for withdrawals with self-serve account lock, configurable account timeout for another layer of protection, and many more.
Kraken fee.
The Kraken fee structure is competitive with other cryptocurrency exchanges, and the fees charged depend on the user’s trading volume. It varies for different trading and products, but for spot trading, the prices range from 0.16% to 0.26% for maker and taker fees. The fees have decreased for users with higher trading volumes.
On the other hand, crypto deposits are absolutely free, while crypto withdrawals are subject to some charges, depending on the miner’s fee.
Kraken Customer Support.
Their customer support is not as good as they say, and that is probably why their score on Trustpilot is very bad. Although they have made all platforms available to contact, what is the use of all this when replays do not come?
For customer support, they have a complete FAQ desk. If this also does not work, then you can also seek the help of a chatbot. Also, Kraken customer support is available 24/7 via email and live chat. You can also use social media platforms to solve your problems.
How do I create a Kraken account?
To create an account, you will need an email and password; after that, you will have to verify the account. For this, some documents will be required. Verification can be located by signing into your account, selecting your name in the upper right, and then selecting Get Verified. Now your account is ready to use, but before that, secure the account as much as possible; otherwise, there will be a risk of fund loss.
Kraken Review: Pros and Cons.
Pros:
- Wide range of popular cryptocurrencies.
- Kraken charges some of the lowest fees in the industry.
- Strong security measures include two-factor authentication.
- Margin trading: Kraken allows users to leverage their trades.
- High liquidity: Kraken has high liquidity in several currency pairs.
Cons:
- Slow and poor customer support.
- There are limited fiat currency deposit options.
- There are a small number of listed cryptocurrencies.
- There are not many crypto product comparisons to others.
- Restricted access: Kraken is not available in all countries.
Conclusion: Kraken Review.
Based on our analysis, Kraken is a reliable and feature-rich cryptocurrency exchange that offers competitive fees, strong security, and a user-friendly interface. Kraken’s regulatory compliance and banking license also add to its credibility and trustworthiness. However, Kraken may not be the best exchange for traders who seek high liquidity. The market depth and order book density may vary depending on the currency pair and time of day. Overall, we recommend Kraken as a solid choice for traders who value security, transparency, and a wide range of trading options.
FAQs.
Is Kraken available worldwide?
Yes, Kraken is available to worldwide users.
Is Kraken safe to use?
Kraken is considered one of the safest cryptocurrency exchanges in the industry. It has 7.7 scores on Coinmarketcap.
What cryptocurrencies can I trade on Kraken?
Currently, Kraken supports 224 coins and 700+ market pairs, including BTC, ETH, USDT, DOGE, and SHIB.
Does Kraken Exchange support fiat currency?
Yes, it supports eight fiat currencies for buying cryptocurrency.
Can I use Kraken on my mobile device?
You can download the app on your Android or iOS mobile device.
Can I deposit via bank account transfer?
You can use SEPA to deposit with a bank account transfer.
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