Kraken

Kraken
Add to compare
Operating since

2011

Website

kraken.com

# Coins

222

Fiat supported

USD, EUR, GBP, CAD, JPY, CHF, AUD

Fees

maker 0.16% / taker 0.26%

Headquarters

USA

Services

Exchange (Spot, OTC), Trading (Margin, Derivatives/Futures), Staking, NFT

Average Score 8.8
Offer range
7.5
Credibility/Security
9.5
Platform
9
Customer service
9.1
PROS:
  • Offers a wide range of cryptocurrencies for trading.
  • Has a good reputation and history of security.
  • Offers margin and futures trading options.
  • Provides an advanced trading platform for experienced traders.
  • Has low trading fees compared to other exchanges.
  • Offers a mobile app for on-the-go trading.
  • Provides 24/7 customer support.
CONS:
  • Not beginner-friendly for new cryptocurrency traders.
  • Slow customer service response times at peak times.
  • Limited payment options for deposits and withdrawals.
  • Does not offer support for PayPal or similar services.
  • Limited availability of some cryptocurrencies in certain regions.
  • Limited fiat currency support.
  • Some users report issues with freezing accounts or funds.
TOP 3 in Cryptocurrencies
TOP 3 in Forex / CFD
Latest News
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Category:

Kraken is a leading cryptocurrency exchange known for its robust security measures and user-friendly interface. It offers a wide range of cryptocurrencies for trading, including some of the most popular ones such as Bitcoin, Ethereum, and Ripple. In addition to trading, Kraken also offers margin trading, futures trading, NFT marketplace, providing a range of options for both novice and experienced traders. Kraken has built a reputation for being a trustworthy and reliable exchange, thanks to its commitment to security, transparency, and customer support. The exchange also offers a mobile app for easy access to trading on the go. Overall, Kraken is a great choice for anyone looking for a secure and reliable platform to buy, sell, and trade cryptocurrencies.

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Kraken Exchange Review – A Comprehensive Guide to Trading on Kraken

Kraken Exchange is a San Francisco-based cryptocurrency exchange that has been in operation since 2011. It is a popular platform for trading cryptocurrencies, offering a wide range of trading pairs, including fiat-to-crypto and crypto-to-crypto pairs.

When it comes to choosing a cryptocurrency exchange, reliability and security are crucial factors. Kraken Exchange is known for its high level of security, with features such as two-factor authentication, encrypted communication, and cold storage for the majority of its funds.

In this comprehensive guide, we will explore the different features of Kraken Exchange and help you get started with trading on the platform. We’ll also provide a review of Kraken Exchange, looking at its reputation, customer support, and other important factors to consider before choosing an exchange.

Getting Started on Kraken

If you’re new to Kraken Exchange, the first step is to sign up for an account. Here’s a step-by-step guide on how to get started:

How to Sign Up for a Kraken Account

  1. Go to Kraken’s official website and click on the “Sign Up” button.
  2. Enter your email address, username, and a strong password. You’ll also need to agree to the terms of service and the privacy policy.
  3. Once you’ve created your account, you’ll need to verify your identity. Kraken Exchange requires all users to complete KYC (Know Your Customer) verification, which involves providing your personal information and submitting a government-issued ID.

Setting up Two-Factor Authentication for Added Security

To enhance the security of your Kraken Exchange account, it’s recommended that you set up two-factor authentication (2FA). Here’s how to do it:

  1. Log in to your Kraken account and go to the “Security” tab.
  2. Select “Two-Factor Authentication” and follow the instructions to set it up.
  3. You can choose to use an authenticator app or a YubiKey device for 2FA. It’s important to store your backup codes in a safe place in case you lose access to your device.

Funding Your Account with Fiat Currency or Cryptocurrencies

Kraken Exchange supports a variety of funding options, including bank transfers, credit/debit cards, and cryptocurrencies. Here’s how to fund your Kraken account:

  1. Log in to your Kraken account and go to the “Funding” tab.
  2. Select the currency you want to deposit and follow the instructions to fund your account. Kraken deposit fees vary depending on the funding method you choose, so be sure to review the fees before depositing.
  3. If you want to fund your account with cryptocurrencies, go to the “Deposit” tab and select the cryptocurrency you want to deposit. You’ll need to send the cryptocurrency to the deposit address provided by Kraken.

Kraken Deposit Fees and Withdrawal Fees

Kraken is a cryptocurrency exchange that offers various funding options with minimal fees. Most of the cryptocurrency deposits and withdrawals are free, which makes it a popular choice among traders. However, certain deposits such as first-time ACH purchases, debit or credit card purchases, or digital wallet purchases may trigger a temporary withdrawal hold on the account, which lasts for 72 hours for security purposes.

Kraken supports the following currencies for funding: USD, EUR, CAD, AUD, GBP, CHF, and JPY. Depositing funds with CAD and EUR SEPA is free, which is a great advantage for users who are based in these regions.

Withdrawal fees, processing times, and minimums vary depending on the currency and method chosen. It’s essential to keep in mind that processing times are estimates only and are outside of Kraken’s control, which means that delays are possible.

It’s also important to note that cash, checks, credit and debit cards, or third-party payments processor withdrawals are not possible on Kraken. If your withdrawal does not arrive within the estimated time frame, it’s recommended to sign in to your Kraken account and navigate to the relevant funding page to see the most current information.

Kraken does not support PayPal or any similar services as a funding method also. This means that users cannot use PayPal to deposit or withdraw funds on Kraken.

Kraken funding

Kraken Spot Wallet (source: kraken.com)

Here is an overview of withdrawal options and their minimums, fees, and processing times:

  • USD Domestic Wire Transfer: $4 fee, $20 minimum, and 1-5 business days processing time.
  • USD Silvergate Exchange Network (SEN): Free of charge, $5 minimum, and 1-2 business days processing time.
  • USD Etana Custody: 0.25% fee, $100 minimum, and same-day processing time.
  • EUR SEPA: €0.09 fee, €1 minimum, and 1-5 business days processing time.
  • CAD Domestic Wire Transfer: $15 fee, $100 minimum, and 1-5 business days processing time.
  • AUD Domestic EFT: $1 fee, $10 minimum, and 1-5 business days processing time.
  • GBP Faster Payments: £1.00 fee, £10 minimum, and 1-2 business days processing time.
  • CHF Domestic Wire Transfer: 1 CHF fee, 100 CHF minimum, and 1-5 business days processing time.
  • JPY Domestic Wire Transfer: ¥500 fee, ¥5,000 minimum, and 1-5 business days processing time.

It’s important to keep in mind that this information can change without notice, so it’s recommended to check the most current information on the relevant funding page.

Kraken Trading Platform

Kraken is a popular exchange for buying, selling and trading cryptocurrency. It offers a range of features and tools to help traders make informed decisions when trading. In this section, we’ll take a closer look at the Kraken trading platform and the different types of orders available.

Kraken offers a user-friendly and intuitive trading platform that is suitable for both beginners and experienced traders. The platform allows you to trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. Traders can view price charts, monitor order books, and execute trades all in one place.

One of the standout features of Kraken’s trading platform is its advanced charting tools, which allow traders to analyze market trends and patterns with ease. The platform also offers real-time market data and price alerts to help traders stay on top of their investments.

kraken trading platform

Kraken Trading Platform/Terminal (source: kraken.com)

Types of Orders

Available on Kraken Kraken provides a variety of order types to cater to the different trading styles of its users. Traders can use market orders, limit orders, stop-loss orders, and take-profit orders, all of which can be placed directly on the Kraken platform.

Kraken Leverage and Margin Trading

Kraken also provides leverage and margin trading for its users. This allows traders to borrow funds from Kraken to trade with larger amounts than they have deposited, potentially increasing their profits. However, it is important to note that this also increases the risk of losses.

Kraken Futures and Options Trading

For more experienced traders, Kraken offers futures and options trading. These are more advanced trading instruments that allow traders to speculate on the future price of an asset.

Kraken Market and Limit Orders

Kraken supports both market and limit orders. Market orders execute immediately at the current market price, while limit orders only execute when the price reaches a specific target set by the trader.

Kraken Trading Fees

Kraken charges trading fees based on a percentage of the transaction value, starting from 0.16% (Maker) and 0.26% (Taker) with $0 – $50,000 trading volume. The fees vary depending on the volume of the trade and the currency pair being traded. For more information on the Kraken fee schedule, visit their website.

Overall, Kraken’s trading platform offers a variety of features and tools to help traders make informed decisions when trading. With a range of order types, leverage and margin trading, and futures and options trading, Kraken caters to a wide range of trading styles and experience levels.

Kraken Wallet and App

Kraken offers a mobile app with wallet function that is available for both iOS and Android devices. It is designed to provide users with a secure and convenient way to manage their digital assets on the go. Here are some key features of the Kraken wallet app:

Overview of the Kraken wallet app

As stated on the Kraken website, it is important to note that Kraken is an exchange service and not a wallet service. However, Kraken provides a corporate wallet where clients can deposit funds for safekeeping while they are being exchanged, used for trading, or staking. The Kraken wallet app is a secure and user-friendly platform for storing and managing your cryptocurrencies. It allows you to view your account balances, track your transaction history, and manage your digital assets all in one place.

kraken app

Kraken App (source: kraken.com)

Features of the Kraken app

The Kraken app offers a range of features, including:

  • Secure storage of your cryptocurrencies
  • Simple and user-friendly interface
  • Real-time market data and charts
  • Price alerts and notifications
  • Built-in trading functionality

How to download and install the Kraken app

To download and install the Kraken app, follow these steps:

  1. Visit the App Store or Google Play Store on your iOS or Android device, respectively.
  2. Search for “Kraken” and select the Kraken Pro app.
  3. Tap “Get” or “Install” to download and install the app.
  4. Once the installation is complete, open the app and log in with your Kraken account credentials.

Kraken wallet fees and security features

The Kraken wallet app is free to download and use.

When a user deposits funds to Kraken, the funds are moved to both hot wallets and cold storage for security purposes. The cold storage is an offline, secure storage space, while the hot wallet is used to facilitate quick withdrawals.

It’s worth noting that withdrawals on Kraken are processed from the hot wallet, not the deposit address. Therefore, the sending address for a withdrawal will be different from the deposit address. This is a standard practice among most cryptocurrency exchanges.

Kraken takes the security of its wallets seriously and has implemented several measures to ensure the safety of client funds. However, it is always recommended for users to keep their funds in a personal wallet that they have control over, especially for long-term holdings.

Kraken takes security seriously and has implemented various security features to protect your digital assets. These features include:

  • Two-factor authentication for added security
  • Biometric login options (such as fingerprint and face recognition)
  • Encrypted storage of your private keys
  • Secure PIN code access to the app

Kraken Crypto Exchange Review

Kraken Exchange offers a diverse selection of cryptocurrencies for trading. The following are some of the digital assets available on the platform:

Cryptocurrencies Available for Trading on Kraken

Kraken offers trading in a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), and many more. With over 70 cryptocurrencies available for trading, Kraken offers one of the most comprehensive selections in the industry.

Kraken Cryptocurrency Trading Features and Tools

Kraken provides advanced trading tools for experienced traders, as well as a simplified trading interface for novice users. Kraken offers the following trading features and tools:

  1. Advanced Trading Interface: Kraken’s trading platform offers a range of advanced order types, including stop-loss, take-profit, and conditional close orders, to help traders manage their risk and maximize their profits.
  2. Margin Trading: Kraken allows users to trade on margin, enabling traders to borrow funds to increase their buying power and potential profits. Kraken offers up to 5x leverage on margin trades.
  3. Futures Trading: Kraken offers a wide range of futures trading options, including Bitcoin futures, Ethereum futures, and Ripple futures. Futures trading allows traders to take long or short positions on the future price of a cryptocurrency.
  4. OTC Trading: Kraken offers an over-the-counter (OTC) trading service for high-volume traders looking to execute large trades outside of the public market.

Kraken Crypto Exchange Pros and Cons

Overall, Kraken Exchange provides a comprehensive and secure platform for cryptocurrency trading. With its advanced trading features and diverse selection of cryptocurrencies, Kraken is an excellent choice for both novice and experienced traders.

Pros:

  • Wide range of cryptocurrency options available for trading, including many lesser-known coins
  • Robust security features, including two-factor authentication and cold storage for the majority of funds
  • User-friendly interface with a variety of trading tools and order types to suit different needs
  • High liquidity and trading volume, which can lead to tighter bid/ask spreads and better pricing
  • Competitive fees with maker fees as low as 0% and taker fees starting at 0.1%

Cons:

  • Some users have reported slow response times from customer support
  • Limited payment options for fiat currency deposits and withdrawals, which may not be ideal for some traders
  • Kraken has experienced occasional outages and website slowdowns during periods of high trading activity
  • The verification process for higher tier accounts can be time-consuming and may require additional documentation beyond what other exchanges require.

Users Reviews

Kraken has received positive reviews from users on both Google Play and the App Store. On Google Play, Kraken has a rating of 4.3 based on ‎20,226 votes. Users have praised the platform for its ease of use, security features, and reliable customer support. On the App Store, Kraken has a rating of 4.7 based on ‎2,661 reviews. Users have appreciated the intuitive interface, fast trade execution, and comprehensive market analysis tools provided by the platform. However, some users have also reported occasional glitches or slow loading times when using the app. Overall, the reviews suggest that Kraken is a reliable and user-friendly platform for cryptocurrency trading.

Kraken NFT

Kraken’s NFT marketplace features a wide range of unique digital assets, including artwork, music, video games, and more. It provides a platform for creators to showcase their work and for buyers to purchase verified, one-of-a-kind NFTs.

The Kraken NFT marketplace offers several features that make it stand out from other NFT marketplaces. One of these is its focus on security and authenticity. The platform uses blockchain technology to ensure that every NFT is verified and authenticated, and that ownership is secure and transparent.

Another notable feature is Kraken’s commitment to environmental sustainability. The platform uses Proof-of-Stake (PoS) blockchain technology, which consumes significantly less energy than Proof-of-Work (PoW) blockchains used by other NFT marketplaces. This means that the Kraken NFT marketplace is more environmentally friendly and sustainable.

Kraken’s NFT marketplace also offers a seamless buying and selling experience. Creators can easily upload their digital assets and set their own prices, while buyers can browse a wide range of NFTs and make purchases using a variety of payment methods, including cryptocurrency and fiat currency.

In summary, Kraken’s NFT marketplace offers a unique and secure platform for creators and collectors to buy and sell digital assets. With its focus on authenticity, sustainability, and ease of use, it has quickly become a popular destination for NFT enthusiasts.

Overview of Kraken’s reputation and history

Kraken was founded in 2011 and is one of the oldest cryptocurrency exchanges in the world. It was created by Jesse Powell, who is still the CEO of the company. Since its inception, Kraken has grown to become one of the largest and most respected exchanges in the industry.

Kraken has built a reputation for being a reliable and secure exchange that takes the safety and security of its customers seriously. The company has never been hacked, which is a testament to its commitment to security.

Kraken has also been very transparent about its business operations and has been working closely with regulators to ensure that it complies with all relevant laws and regulations. This has helped to build trust with its customers and has made Kraken a go-to platform for many cryptocurrency traders and investors.

Overall, Kraken has built a strong reputation in the cryptocurrency industry for being a reliable and trustworthy exchange. Its long history in the industry, commitment to security, transparency, and customer support have all helped to solidify its position as one of the leading exchanges in the world.

Kraken’s customer support and community engagement

Kraken’s customer support and community engagement are two aspects that are highly regarded by its users. The exchange offers customer support through a variety of channels, including email, phone, and live chat. The Kraken support team is available 24/7 to answer user questions and resolve any issues that may arise.

In addition to offering excellent customer support, Kraken has also built a strong community around its exchange. The Kraken community includes active social media channels, a blog, and a forum where users can discuss topics related to the exchange and the broader cryptocurrency industry. Kraken also offers a comprehensive support center that includes a knowledge base, FAQs, and guides to help users navigate the platform.

Kraken has a reputation for being highly engaged with its community, often soliciting feedback and suggestions from users on how to improve the platform. The exchange has a history of implementing user-suggested features, which has helped it to build a loyal user base.

Overall, Kraken’s commitment to customer support and community engagement has played a significant role in establishing its reputation as a reliable and user-friendly cryptocurrency exchange.

Kraken Pro

Kraken Pro is an advanced trading platform designed for professional and institutional traders. It offers a range of features and tools to help traders analyze market trends and make informed trading decisions.

Kraken Pro has a number of advantages over the regular Kraken trading platform, including faster trade execution, more advanced order types, and customizable trading interfaces. It also offers a more comprehensive trading dashboard that allows traders to view and manage multiple accounts and orders at once.

Some of the most notable features of Kraken Pro include advanced charting tools, customizable indicators and trading signals, and the ability to place complex conditional orders. Traders can also use a range of technical analysis tools to help them identify key market trends and trading opportunities.

Despite its many advantages, Kraken Pro may not be suitable for all traders. Some users may find the platform too complex or difficult to navigate, while others may prefer the simplicity and ease-of-use of the regular Kraken trading platform.

In summary, Kraken Pro is a powerful and feature-rich trading platform designed for advanced traders who require a high level of functionality and customization. While it may not be suitable for all traders, those who are looking for a more advanced trading platform will find that Kraken Pro offers a range of features and tools that can help them maximize their profits and minimize their risks.

Kraken in South Africa

Kraken is a popular cryptocurrency exchange that offers services to users from around the world, including South Africa. The exchange allows South African users to trade in cryptocurrencies, but does not support the South African Rand (ZAR) as a fiat currency.

South African users can still trade on Kraken, but they will need to use another supported fiat currency, such as the US dollar or the Euro, to deposit funds into their Kraken account. This can be done through a bank transfer or other payment methods available on the platform.

Kraken offers a wide variety of trading pairs, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more. South African users can trade these cryptocurrencies against other major cryptocurrencies, as well as against fiat currencies like the US dollar, Euro, and British pound.

One advantage of using Kraken is the platform’s security features. Kraken uses advanced security measures to protect users’ funds and personal information. The platform is also regulated by multiple regulatory bodies, which can provide peace of mind for South African users.

Another advantage of Kraken is the availability of its mobile app, which allows users to trade on the go. The Kraken app is available for both Android and iOS devices and provides access to all of the trading features available on the Kraken website.

Overall, while Kraken does not support the South African Rand (ZAR) as a fiat currency, South African users can still use the platform to trade cryptocurrencies against other fiat currencies and major cryptocurrencies. The platform offers strong security features and a user-friendly mobile app, making it a good option for South Africans looking to trade cryptocurrencies.

Kraken Summary

Kraken Exchange is a well-established and reputable cryptocurrency exchange with a wide range of features, tools, and security measures. The platform offers a robust trading interface for both beginners and experienced traders, with competitive fees, strong liquidity, and a diverse range of supported cryptocurrencies. The exchange also offers advanced features such as margin trading, futures trading, and staking.

While the platform has many strengths, it is important to note that Kraken’s customer support can sometimes be slow to respond, and some users have reported issues with the verification process. Additionally, Kraken does not support PayPal or similar services for deposits and withdrawals.

Overall, Kraken Exchange is a reliable and trusted option for users looking to trade cryptocurrencies, particularly those based in South Africa. With its extensive features and tools, as well as its commitment to security and compliance, Kraken is a strong competitor in the cryptocurrency exchange landscape. However, it is always important for users to do their own research and assess their personal needs before choosing an exchange to trade on.

Expert score

8.8Expert Score
Kraken is a leading cryptocurrency exchange known for its robust security measures and user-friendly interface. It offers a wide range of cryptocurrencies for trading, including some of the most popular ones such as Bitcoin, Ethereum, and Ripple. In addition to trading, Kraken also offers margin trading, futures trading, NFT marketplace, providing a range of options for both novice and experienced traders. Kraken has built a reputation for being a trustworthy and reliable exchange, thanks to its commitment to security, transparency, and customer support. The exchange also offers a mobile app for easy access to trading on the go. Overall, Kraken is a great choice for anyone looking for a secure and reliable platform to buy, sell, and trade cryptocurrencies.
Offer range
7.5
Credibility/Security
9.5
Platform
9
Customer service
9.1
PROS
  • Offers a wide range of cryptocurrencies for trading.
  • Has a good reputation and history of security.
  • Offers margin and futures trading options.
  • Provides an advanced trading platform for experienced traders.
  • Has low trading fees compared to other exchanges.
  • Offers a mobile app for on-the-go trading.
  • Provides 24/7 customer support.
CONS
  • Not beginner-friendly for new cryptocurrency traders.
  • Slow customer service response times at peak times.
  • Limited payment options for deposits and withdrawals.
  • Does not offer support for PayPal or similar services.
  • Limited availability of some cryptocurrencies in certain regions.
  • Limited fiat currency support.
  • Some users report issues with freezing accounts or funds.

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Risk Disclosure: The information provided on this website is intended for general informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment product or service. Trading forex, cryptocurrencies, and other investment products carries a high level of risk and may not be suitable for all investors.

 

This website may contain links to third-party websites, which are provided for your convenience and information. We are not responsible for the content, accuracy, or reliability of these external sites and do not endorse or guarantee any products or services offered therein. It is your responsibility to carefully review the terms and conditions, privacy policies, and risk disclosures of any third-party websites before engaging in any transactions or investments.

 

By using this website, you acknowledge and agree that you have read, understood, and accept this Risk Disclosure in its entirety and that you are solely responsible for any investment decisions you make.

 

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Please note that our affiliate partnerships do not influence our reviews, comparisons, and educational content. Our priority is to remain unbiased and transparent in all our recommendations. We maintain a strict editorial policy to ensure the quality and integrity of our content, and we always put our users’ best interests first. Your trust is our top priority, and we are committed to providing you with reliable information to help you make informed decisions in the world of forex, CFD, and crypto trading.

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 72% – 89% of retail investor accounts lose money when trading CFDs.You should not risk more than you are prepared to lose. Please ensure you fully understand the risks associated with the product and read our full risk disclosure statement.

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