Kraken Review 2024: Full Crypto Exchange Review

Kraken is a solid newcomer-friendly cryptocurrency exchange that provides a high level of security. You get access to over 290 cryptocurrency tokens as well as a plethora of crypto trading features such as advanced trading tools, an NFT marketplace and a native crypto wallet.

In this Kraken review, we will explore the platform in-depth to discover exactly what it offers and who it is best suited for.

An Overview of Our Kraken Review

Kraken is an excellent cryptocurrency exchange for buying and selling crypto. After reviewing the platform and reading user reviews, the exchange stands as a suitable option for investors who want to participate in simple crypto trading.

Kraken is easy to use and has great customer service features, which are available around the clock.

The main drawback of Kraken is that it lacks advanced trading features. Therefore, it might not be the best option for day traders or professional cryptocurrency traders. If you want to access more advanced features, you might be interested in Kraken Pro.

We were particularly impressed with the platform’s intuitive interface and native crypto wallet. These features make it possible to confidently build your own, diverse, cryptocurrency portfolio and take advantage of long-term growth.

Kraken Crypto Exchange Overview

Pros and Cons of Using Kraken

What cryptocurrencies can you trade on Kraken?

There is a wide selection of over 290 cryptocurrencies that you can currently trade on Kraken, and this list will increase over time. The exchange has strict listing requirements and puts all coins through vigorous verification processes before making them available on the exchange.

As well as large-cap cryptos such as Bitcoin and Ethereum, you can access a number of altcoins such as:

• Ripple (XRP)

• 1inch (1INCH)

• Aave (AAVE)

• Algorand (ALGO)

• Solana (SOL)

In terms of the trading pairs, you have:

• ZRX/USD

• 1INCH/USD

• AAVE/USD

• ALGO/USD

• ANKR/USD

There are even crypto-to-crypto pairs on offer, such as ZRX/BTC and ALGO/ETH.

What Type of Crypto Trading Does Kraken Support?

Although the exchange appears relatively simple to use, Kraken supports a wide range of trading strategies including:

• Margin trading
• High-volume trading
• Crypto-to-crypto trading

Can I Trade with Leverage on Kraken?

You can trade with leverage on Kraken. There are margin allowance limits that are dependent on the level and the type of account you have created.

The maximum leverage available for cryptocurrencies is 5x, while the maximum leverage for futures is 50x.

This allows you to increase the size of your positions by borrowing funds from the exchange.

Fees, Limits, and Payment Options on Kraken

One of the most important aspects to consider before signing up for an exchange is fees.

Long-term investors should look for low account management and withdrawal fees. Whereas, day traders should focus on platforms that offer low spreads and trading commissions.

What Are the Deposit and Withdrawal Fees, Limits, and Speeds?

This will highly depend on the type of account you have and the FIAT currency you are interested in depositing.

There are several limitations and fees that you need to be prepared for prior to making a deposit or a withdrawal. Note that you will need to complete a Know-Your-Customer (KYC) procedure to unlock many of these features.

Deposit Methods

For deposits you have the following options, which vary depending on where you live in the world. Note that many of these are available across different regions.

• EUR SEPA Deposit

• USD Bank Wire Deposit

• EUR Bank Wire Deposit

• JPY Bank Deposit

• CAD Wire Deposit

• Crypto Deposits

Withdrawal Methods

In terms of the withdrawal methods, you have:

• EUR SEPA withdrawal

• USD Bank Wire Withdrawal

• EUR Bank Wire Withdrawal

• JPY bank Withdrawal

• CAD EFT Withdrawal

• Crypto Withdrawals, which have a limit of 0.005 BTC /$5,000 per day, as well as a 0.005 BTC fee.

In terms of the fees, they vary between $4 to $35 depending on the method used, and these fees will also range in terms of the currency used.

How Much Are Kraken’s Fees and Commissions?

Many cryptocurrency exchanges out there will apply fees for trading activities, and the platform might even apply its own additional fees on top of that. These are quite common in the industry, so Kraken isn’t really the only exchange here doing this.

When we look at the fee structure on Kraken, here is what you need to know:

• Kraken charges a maker and taker fee every time an order gets executed.

• This ranges from between 0.16% to 0.26% of the total cost of the order and can depend on a variety of different factors

• When you trade with leverage, you can be charged a margin opening fee as well as a margin rollover fee on top of the order fee previously discussed.

• There is a 0.01% opening fee as well as a 0.01% rollover fee.

• Crypto futures have a 0.20% fee.

Kraken Trade Sizes and Limits

In terms of the trade size and limits you can find on Kraken, this will be determined by the base currency. The minimum trade size for each crypto will vary, but here are some examples:

• Bitcoin – 0.0001BTC

• Bitcoin Cash- 0.01 BCH

• Ethereum – 0.001 ETH

• Algorand – 2.5 ALGO

• Aave – 0.02 AAVE

Kraken Trading Platform

In the next section of our Kraken review, we will take a closer look at the trading platform including how easy it is to use, its availability, and the key features of the platform.

What Devices Can I Use Kraken On?

The Kraken crypto exchange has developed multiple applications to allow you to use it across multiple devices. In fact, its own website can adapt to any screen size and orientation, even if you decide not to download the crypto trading app.

There are multiple devices through which you can access and use Kraken, including:

• Devices with the Windows Operating System: Any device which has Windows installed on it can use Kraken directly through the usage of a web browser of choice. The website will adapt to any screen size and desktop resolution as well, which makes this a convenient option.

• Devices with the macOS Operating System: The same can be stated for macOS-based devices. You can use Safari or any other web browser to access the Kraken website with ease and enjoy all of the features it has on offer.

• Devices with the Android Operating System: Things get interesting on Android, as there is a special application developed for the Android operating system, which supports Android 8.0 and above. Keep in mind that Android 9.0 is recommended for the most optimal performance here.

• Devices with the iOS Operating System: There is also a special, separate application developed for mobile devices that run the iOS operating system as well. Here, you have support for iOS 13 and above, so as long as you are on an up-to-date and relevant version of iOS, the Kraken app will work flawlessly and allow you to access all of the tools it provides.

Can I Use Kraken in Any Country?

Kraken is available in many countries across the globe. In fact, you can access it from over 170 countries. The best way to verify whether you can access Kraken from your country is to visit the official Kraken website and check the availability.

Is Kraken Available in My Language?

Kraken supports multiple languages including:

1. Chinese

2. English (UK)

3. English (US)

4. Filipino

5. French

6. Italian

7. Japanese

8. Portuguese (Brazilian)

9. Russian

10. Spanish

11. Turkish

12. Vietnamese

More languages may be implemented in the future.

How Easy Is It to Use Kraken?

Kraken is beginner-friendly in the sense that it provides users with educational content that can be used to improve their crypto market knowledge. It is easy to use the buy and sell orders with just a few clicks on the primary exchange.

However, when you explore more advanced tools, you will require a little bit of know-how. There are many features on offer at Kraken, such as futures, personalized Over-the-Counter (OTC) trades, and margin trading, all of which work great.

Key Features of The Kraken Exchange

During our review, we found several features that make Kraken stand out from its competitors.

Security

Kraken offers a vast number of security features that help its clients maintain a high level of protection across their funds.

For example, it allows you to enable two-factor authentication (2FA) and has PGP signed and encrypted email verification.

Additionally, Kraken claims that over 95% of all deposits which are made on the platform are kept in offline, cold storage wallets.

Over-the-Counter Trading

Kraken is known for its OTC Desk, which is created for clients who want to conduct larger orders and do not want to place them directly on the public exchange, where they might cause public disruption.

Here, high net-worth individuals can conduct large purchases, whether they are trading blocks of $100,000, €10,000,000, or 2,000 Bitcoin.

Educational Content

The Kraken Learn platform has a lot of in-depth resources tailored towards understanding Bitcoin and cryptocurrencies as a whole.

The company has put together a collection of articles as well as videos that explain everything you need to know about the world of crypto through wording that is simple to understand for anyone.

Tools and Charting

In terms of the tools that you have on offer at Kraken, you have trading tools that include deep liquidity, spreads, futures trading, leverage, and an API for advanced interface customization options. Kraken also provides you with a lot of cryptocurrency pairs that you can invest in and even leverage.

In terms of the chart, you have the toolbar, the OHLC chart, the indicator panels, the history scrollbar, the drawing tools, the depth chart, the order book, and the watchlist. You can also view the trade feed, the settings and theme menus, the utility belt, the trading form, the trading history, and any potential errors which might have occurred.

Customer Support

The customer support team is available around the clock and you can access the team via phone, live chat and email.

There’s also a frequently asked questions section that you can access to find answers to any urgent queries that you might have.

We particularly like the articles section, which provides in-depth guidance around popular crypto topics and offers a lot of value to both existing and potential users.

Security and Regulation

Another crucial aspect to consider when signing up for a crypto exchange is security. Here is an overview of the security features that are offered by Kraken.

Is Kraken Safe?

Kraken makes great attempts at providing a secure environment through which traders can enjoy peace of mind. From two-factor authentication to over 95% of the cryptocurrencies being stored in offline cryptocurrency wallets, it has a solid security offering.

Is My Cryptocurrency Protected?

Kraken has made claims that over 95% of the cryptocurrencies that are stored on the platform are kept in cold wallet storage devices. This means that they cannot be remotely compromised by hackers or bad actors.

Is Kraken Regulated?

Kraken complies with legal as well as regulatory requirements in the jurisdictions on which it operates, including:

• Financial Crimes Enforcement Network (FinCEN) regulation in the United States.

• Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) regulation in Canada.

Do I Have to Verify My Account with Kraken?

There are a total of three account levels on Kraken, each of which is available the more documentation you submit. You are required to complete a Know-Your-Customer (KYC) procedure, but this is dependent on how much information you are willing to provide.

• For the starter account level, you are only required to provide your full name, date of birth, phone number, address, and email.

• For the intermediate account level, you will need to provide a valid photo ID.

• For the pro account level, you will need to provide additional proof of residency through a utility bill, occupation information, Social Security Number (SSN) if you live in the U.S., as well as a photo of yourself, alongside filling a questionnaire.

How to Buy and Sell Cryptocurrency on Kraken

Buying and selling cryptocurrencies on the Kraken exchange is simple. Here is a step-by-step guide on how to do both of these processes.

How to Buy Crypto on Kraken

How to Sell Crypto on Kraken

Final Thoughts

Overall Kraken stands out as a good crypto exchange for traders who want to buy, sell and swap cryptocurrencies. The platform has a user-friendly interface, a good selection of cryptocurrencies and a range of additional features such as OTC trading, NFTs and staking.

Although the primary exchange may not be suitable for active traders, you can access advanced trading features through Kraken Pro.

Its popularity and trading volume are solid, and its security measurements, such as the two-factor authentication option, are solid. Additionally, Kraken claims to store over 95% of all cryptocurrencies on their platform in cold storage devices, which gives investors excellent peace of mind. Its Over-the-Counter (OTC) offering is quite excellent as well, but it’s cryptocurrency offering can be improved upon with more tokens added in the future.

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