Kraken Review

Kraken is one of the oldest still-active crypto-currency exchanges operating today, having been founded back in 2011. Employing hundreds of people around the world, Kraken is a secure and well-established company in what can be a very volatile industry.

Following the hacking of Mt Gov, which then accounted for 70% of all Bitcoin trades, Kraken was established as an alternative platform to increase the options for Bitcoin trading. Since then Kraken has added multiple cryptocurrencies and Fiat currencies to its trading options, becoming one of the worlds most popular currency trading platforms in the process.

Facts & Figures:

Name: Kraken Bitcoin Exchange
Year Founded: 2011
HQ: San Francisco, California, USA
CEO: Jesse Powell
Fees: 0% to 0.26% of value of order; Deposit fees vary
Deposit options: USD, EUR, JPY, GBP, CAD

Trade With Kraken

Clicking on the Create Account tab on the Kraken home page is the first step towards opening a free account with this popular trading site. Enter a username, password and your email address and the account will be created and you will receive a confirmation email. Verifying your account with scans of ID and proof of address will allow customers to make deposits and withdrawals.

Once your account has been created, verified and funded, you can start to buy and sell cryptocurrencies, margin trade cryptocurrency pairs and trade futures on Kraken futures. Trades can be carried out in Fiat to cryptocurrency pairs or crypto to crypto pairs, and there are more than 20 cryptocurrencies plus 5 Fiat currencies to choose from.

Promotions & Loyalty Program

Kraken is one of the oldest cryptocurrency exchange sites in the world and has earned a reputation as a secure and fair place to trade. As a result, they clearly do not feel the need to try to entice potential customers with welcome bonuses or special promotions. Occasionally clients will be offered Kraken Fee Credits, known as KFEEs, which can be used to pay trading fees. Each KFEE is worth $0.01 towards trading fees and these can be given to clients in the form of a bonus. Besides these, Kraken does not operate any rewards or bonus schemes.

Educational Resources

The Learning section of Kraken features some interesting ways to get ahead of the curve when it comes to online currency trading. A six-part (to date) podcast provides information on a variety of subjects related to both Kraken specifically and trading in general.

 

It remains to be seen whether this podcast continues to be updated but at time of writing there has been a 6 month gap since the last episode. The Kraken blog certainly is updated on a regular basis, and this is a fantastic resource for discovering the latest news in the world of cryptocurrencies. The Help section is another important resource and features information on all things related to trading.

Trading Tools

Cryptowatch is the primary trading tool on offer from Kraken. This platform provides real time cryptocurrency market data as well as charting and trading services. The data covers more than 3,000 markets – ie, a currency/cryptocurrency pair listed on an exchange – on over 25 exchanges.

Cryptowatch allows users to follow their trades in real time as well as keeping on top of market trends. This trading platform also allows users to take advantage of popular trading tools like Moving Averages, MACD, Bollinger Bands and RSI, to name but a few. Trading using Cryptowatch and text alerts on price and volume are offered as a paid extra service, but all other features are free to use for Kraken members.

Cryptocurrency Offerings

Kraken offers its clients a wide range of different cryptocurrencies, with more than twenty at last count. Having started life as a Bitcoin trading site, Kraken now offers many more cryptocurrency trading options.

Currently the site features the following cryptocurrencies: Augur, BAT, Bitcoin, Bitcoin Cash, Cardano, Cosmos, Dash, Dogecoin, EOS, Ethereum, Ethereum Classic, Gnosis, Litecoin, Monero, Qtum, Ripple, Stellar Lumens, Tether, Tezos, Watermelon, WAVES, ZCash. With so many options, cryptocurrency traders will not need to look elsewhere to be able to buy and sell online.

Kraken Security

Given the number of hacks that have afflicted cryptocurrency trading sites over the years, security remains of prime importance. Kraken is regularly audited to prove that it has sufficient reserves of cryptocurrencies to back up its trading operation. Two factor verification is always recommended on the user’s side to ensure that nobody else can access their trading account.

Personal information is held securely at Kraken using the latest encrypted software. Kraken is licensed by FinCEN in the United States as a Money Services Business. Kraken Futures is regulated by the Financial Conduct Authority (FCA) in the UK.

Fees

Kraken charge fees on both deposits and withdrawals, with these fees varying greatly depending on the payment method used and the fiat currency. For example, a withdrawal in euros using SEPA incurs a fee of just 9 cents (US) per transaction. USD Swift withdrawals have a flat fee of $15, and there is a £10 flat fee should you choose to withdraw in GBP via wire transfer.

Trading fees range from 0% to 0.26% depending on the size of the trade in question. Trades of more than $10 million in a 30-day period will not incur any maker fees, whereas trades from $0-$50,000 will have maker fees of 0.16% and taker fees of 0.26%. Check the Fee Schedule section of the site for full details. There are no fees charged for storing funds, inactivity or account maintenance.

Kraken Customer Support

Kraken are justifiably proud of their commitment to customer support, with more than 2 million tickets having been resolved to date. Unlike many trading sites, live chat is available around the clock and 24/7. The Help section gives a lot of advice to both novice and veteran traders, from basic trading advice to more complex information.

Here you will find real-life examples on subjects such as calculation of profit and loss, sample trade mechanics, effective leverage and perpetual futures contract specifications – and that is just within the Futures section. This is a company that knows how to take care of its customers, which is always a positive sign.

Conclusion

ApprovedThe mythological Kraken is a giant sea monster that terrorized sailors, but this Kraken is an altogether more benevolent beast. Trusted by millions, this is one of the longest-serving online cryptocurrency trading sites as well as being one of the best. With a fantastic range of currencies to choose from, an elegant site design, low fees and a very useful trading tool in the form of Cryptowatch, it is hard to top Kraken when it comes to cryptocurrency trading.

Is this your final decision?

We suggest you visit one of the most popular trading platforms instead!

 

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General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Pros

  • Very good liquidity
  • Margin trading and short selling
  • Low fees

Cons

  • Lags at peak times
  • Limited number of crypto pairs
  • No stop loss feature

7 Binary Options review: Kraken: 3 stars

 

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