Kraken presents itself as a solid option for those looking to enter the crypto trading space or expand their trading activities, with a mindful balance of features, security, and support:
- Established reputation: Kraken, founded over a decade ago, is known for its reliability in the crypto exchange domain.
- Global reach: It operates across 190 countries, serving a community of 9 million users.
- Competitive fees: The exchange boasts a tiered fee structure that rewards high-volume traders with lower rates, starting as low as 0.16% for makers and 0.26% for takers.
- Comprehensive trading tools: Offers a range of platforms suitable for different experience levels, from Kraken for beginners to Kraken Pro for advanced users.
- Diverse crypto options: Access to over 210 crypto assets, catering to varied investment strategies.
What Is Kraken?
Kraken is a crypto exchange that is not just a player in this competitive arena but a pioneer. To do a proper Kraken crypto review, we had to inspect this platform in tiny detail to provide you with the most up-to-date information.
Founded by Jesse Powell over a decade ago, Kraken has carved out a reputation for reliability, with competitive fees, diverse funding choices, and a fortress of security measures.
With roots spread across 190 nations and a community of 9 million users, Kraken’s presence in the market is both vast and deep, evidenced by a robust trading volume that regularly exceeds the $200 billion mark. The platform’s toolkit is a treasure chest for all traders.
Kraken’s journey is fueled by a desire to broaden crypto’s appeal, bringing financial freedom to a global audience. It’s a marketplace where the Kraken coin list keeps evolving to reflect the dynamic nature of digital assets, making sure traders have access to a broad spectrum of cryptocurrencies.
In addition to individual investors, Kraken opens the doors to businesses, big and small, offering specialized account services and deep liquidity. Its influence spans the entire financial spectrum, making it a cornerstone of today’s crypto exchange landscape, whether for personal growth or corporate strategy.
How to Open an Account at Kraken
- Start by going to the official Kraken website.
- Once there, locate and click the “Sign up” button, typically found in the upper-right corner of the homepage.
- You’ll then need to fill in the signup form with your email address, a chosen username (which can’t be altered later), and a strong password.
- After submitting the form, keep an eye on your inbox for an activation email from Kraken. This email will contain a key needed to activate your account. If the email is missing, there are troubleshooting steps available on the site.
- Enter the activation key on the Kraken activation form, or simply click the link included in the email for a smoother process.
- Confirm your chosen password once more and solve a captcha if it’s requested, then hit the “Activate Account” button.
Is Kraken Safe?
Here’s how Kraken safeguards your investments with a mix of technology and expertise:
- ISO/IEC 27001:2013 certification: Kraken doesn’t just meet international security standards; it sets the bar high. This certification isn’t just a badge—it’s a promise of rigorous, consistently updated cybersecurity protocols to protect your data.
- Advanced cold storage and hot wallet solutions: Kraken’s cold storage solutions are the digital equivalent of vaults within vaults, while hot wallets—online for your trading convenience—are under rigorous surveillance.
- Two-factor authentication: With two-factor authentication options like Google Authenticator and YubiKey, hacking your Kraken account becomes exponentially harder for intruders.
- SSL encryption: Your online moves are your business. That’s why Kraken uses SSL encryption, forming a secure channel between you and its services.
- Proof of reserves audit: Trust is earned through transparency. Kraken’s regular third-party audits publicly affirm that the assets it claims to hold are actually there.
What Are Kraken Features?
Kraken distinguishes itself with an array of features designed to empower both new and experienced traders in the crypto market. These include advanced trading platforms, a mobile app, a personalized account manager, and other features we’ll discuss below.
Kraken vs. Kraken Pro
Kraken welcomes traders of all levels, offering an intuitive platform for regular users. Meanwhile, Kraken Pro caters to the more advanced crowd with a customizable interface and trading tools for high-level analysis and execution.
Mobile Trading with Kraken Apps
Whether you’re on the move or just prefer the convenience of mobile, Kraken’s apps bring robust trading to your fingertips. Choose between the simplicity of the Kraken app for straightforward buying and selling and the Kraken Pro app, designed for a more demanding trader who requires advanced trading options and features.
Trading Options and Tools
Engage in spot trading for immediate transactions, or use margin trading with up to 5x leverage to amplify your trading power. Futures trading is also available, offering the opportunity to speculate on price movements without holding the underlying asset.
Additionally, Kraken supports staking for multiple coins, allowing you to earn rewards by locking up specific assets on the platform, though staking options are not currently available for US traders.
Asset Diversity and Access
Kraken’s coin list spans over 210 assets, including a wide variety of cryptocurrencies, stablecoins, and fiat options. This access gives traders the flexibility to diversify their portfolios and engage with the market on their terms.
Personalized Account Management
For the trader seeking a more personalized experience, Kraken’s Account Management program provides near real-time, tailored support. You can communicate effortlessly with your account rep via various channels for a trading experience that’s as smooth as it is successful.
What Are Kraken Fees?
For those who set orders that provide liquidity, fees start at 0.16% and can dip to zero as your trading volume increases over a 30-day period. When it comes to taker fees, they begin at 0.26%, also decreasing with higher volume.
|30-Day Volume (USD)
Your trading fees are based on your 30-day trading volume, measured in USD. However, purchases made through Kraken’s Instant Buy feature won’t count toward these volume incentives.
While writing our Kraken crypto review, we discovered that Kraken Pro users are charged per trade, with the option to calculate fees based on either the trade’s quote currency volume or, for some pairs, the base currency. These fees adjust in real time, meaning that as soon as your trading activity qualifies you for a discount, you receive it immediately.
Lastly, while high-volume traders can enjoy these tiered discounts, Kraken also offers an over-the-counter (OTC) service for large volume trades.
Kraken Customer Support - Which Options Does It Offer?
At Kraken, round-the-clock support is a given. Whether you’re up late trading or have a question first thing in the morning, real people are on standby to help with a simple live chat click. Also, Kraken’s Help Center acts as your personal crypto library for self-service problem-solving, packed with answers and step-by-step guides.
For traders making larger moves, the personal touch of Kraken Account Management means direct lines to experts who don’t just fix issues—they anticipate and advise, making your trading strategy sharper.
Customer Reviews - What Do Customers Say About Kraken?
According to Kraken reviews, the platform has a 2.4-star score on TrustPilot, and it’s clear that feedback varies widely.
Satisfied customers often mention Kraken’s competitive fees and its wide selection of coins as standout features. They also commend the sophisticated trading tools that cater to all sorts of traders.
On the flip side, some users express frustration with customer service, pointing out longer-than-expected wait times and hurdles in issue resolution. Reports of slow withdrawals and intermittent platform downtimes are also among the critiques, reminding potential users that patience can sometimes be as necessary as investment capital.
Despite all this, it’s crucial to look at the big picture, balancing the pluses and minuses, as personal experience can be as volatile as the market itself.
Final Thoughts: Is Kraken Worth It?
In the competitive crypto exchange world, Kraken makes a compelling case for itself with a strong platform that balances extensive features with competitive fees. It’s a platform that not only attracts beginners with its user-friendly interface but also caters to seasoned traders with its advanced toolset and volume-based fee discounts.
Moreover, Kraken’s commitment to security and customer support adds layers of trust and reliability, although it’s not without its imperfections. Nonetheless, Kraken offers a strong foundation with its transparent fee structure and comprehensive service offerings.
In essence, it’s a top crypto exchange platform with notable strengths that many in the crypto community could find advantageous despite areas for improvement.
Is Kraken legit?
Kraken is a legitimate cryptocurrency exchange with a long-standing reputation in the industry.
How much does Kraken charge for fees?
Maker fees start at 0.16%, and taker fees at 0.26%, with both decreasing as your trading volume increases over a 30-day period.
Is Kraken as good as Binance?
Both Kraken and Binance have their merits, so we have to say that the best choice depends on your trading preferences and priorities.