Kraken Review – Exchange Features, Trading Fees and Security

Kraken is one of the oldest and most respected cryptocurrency exchanges available today. The platform has managed to secure over four million clients and is used by professional and intermediate traders daily. Additionally, Kraken consistently ranks among the top five exchanges in the world. For these reasons, many consider this platform one of the most successful Bitcoin exchanges. 

Benefits of The Kraken Exchange

Kraken’s success didn’t happen overnight and can be attributed to a combination of factors. Nevertheless, the exchange has remained on the cutting edge of innovation since its introduction. Here are some of the top benefits Kraken traders enjoy. 

• Security

It’s all about securing your funds. Kraken employs top-quality industry security measures. For example, your account remains protected via a multi-layered approach that includes a 2 Factor authentication system and PGP email encryption. Impressively, Kraken has never been site-wide hacked despite being one of the oldest and most active options available today.

• Beginner Friendly

Kraken is designed to make it easy for new users to navigate the exchange’s core functionalities. Additionally, the platform supports using new investors and small starting capital. In this way, Kraken continues to do its part regarding large-scale crypto adoption.

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• Trade Fees

As part of this support for new users, Kraken integrates a moderate fee structure. As a result, the platform’s fees fall in line with its competitors in most categories. In addition, however, the network features reduced withdrawal and trading fees. These reduced fees are seen as a significant draw for the network.

• Transparency

Transparency was another primary concern for Kraken’s developers. As such, Kraken was the first exchange in the world to carry out proof of reserves audits. These protocols provide users with a monitoring tool to ensure the exchange’s operations remain above water. Unfortunately, to this day, popular exchanges still haven’t matched this level of commitment to their users.  

• Fiat On-Ramp

Kraken also serves a valuable role as a reliable fiat on-ramp in the sector. Currently, the platform accepts various global currencies. This strategy makes Kraken an ideal choice for an international clientele. It also gives global traders more options regarding how they want to interact with the network. 

• Flexibility

Kraken users can trade various cryptocurrencies and fiat currencies using the platform. In addition, the network provides a host of trading activities, including spot and margin trading, for more experienced users. Crypto-wise, the platform supports a healthy selection of coins, including Bitcoin, Ethereum, Litecoin, Monero, and numerous other cryptocurrencies. 

How Does The Kraken Exchange Work

Kraken is a custodial exchange, meaning your funds are kept directly in network wallets. In addition, the platform introduces a clean and easy-to-use interface that simplifies trading activities. Users must choose between three distinct account types when registering for the exchange. These options are set based on your trading skill level.

• Starter

The first account type available to new users is the Starter account. This portal lets you quickly buy and trade crypto on the Kraken network. To get started, you must provide the system with a primary address, phone number, full name, and email address. Notably, this account level doesn’t permit fiat purchases. 

• Intermediate

More advanced traders should go with the intermediate account setting. This account provides more options but also requires you to provide more identification. Intermediate users must supply Kraken with their occupation, social security number, government ID, proof of residence, and face verification. Once approved, intermediate users enjoy lower funding restrictions and purchase crypto directly using fiat currency.

• Pro

Professional traders must choose between an individual or business account. This style of account unlocks the full potential of the platform. You gain access to powerful features such as margin and over-the-counter trading. Notably, it takes a little longer for these accounts to receive verification. On average, a Pro account takes around five days to verify.

Margin Trading

Pro users can leverage their efforts using the margin trading feature. To utilize this feature, you must load your account via wire transfers. Kraken supports USD, JPY, CAD, and GBP transfers for margin trading. 

Futures

Kraken also offers professionals the ability to trade futures. Trading futures is an advanced strategy that allows users to bet on a digital asset’s future price. Kraken users can trade top cryptocurrency futures with up to 50x leverage. In addition, trading futures brings the benefit of low transaction fees. Currently, the exchange supports future trading on Bitcoin, Ether, Litecoin, Ripple XRP, and Bitcoin Cash.

History of The Kraken Exchange

Kraken entered the market in July 2011.  It was among the first contenders in the market. Today, it operates as one of the largest Bitcoin exchange service platforms globally regarding Euro market trading value. In recent years, Kraken has expanded its network to include the world’s first brick-and-mortar cryptocurrency bank – Fidor Bank AG.

How to Use The Kraken Exchange

Kraken has a regular signup procedure in line with most major exchanges. To start trading on this platform, you must create an Account page on the top right. Here you will be required to fill in the personal information. Next, you must create a master key to secure your account. This key gives your account another layer of protection against unauthorized withdrawals. Once you complete this step, you will receive an email with an activation key. Copy and paste the key into your trading portal, and you are all set.

Kraken – Experience and Innovation

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Kraken exchange remains a popular option in the market for multiple reasons. First, the platform’s stellar security record and many features make it ideal for many traders. As a result, you can expect Kraken to remain a top contender in the market moving forward.