Kraken became popular back in 2013 when the only cryptocurrency traded was the bitcoin. To this day, Kraken is known as the “bitcoin exchange”. The exchange today features 20 currencies 76 fiat – crypto pairs. Today Kraken is full blown cryptocurrency exchange. There is something very important to know about Kraken if you are starting with crypto trading and want to know which exchange is worth it – Kraken is proud of never being hacked.
Kraken is crypto-crypto and fiat-crypto currency exchange that has developed safe and fair trade system with the latest technology. As one of the most secure exchanges, Kraken has become a popular stop for those who want to trade cryptocurrency – it is safe and lacks frauds and scams. Kraken launched in 2011 and became popular very fast. It launched trading with Bitcoin in 2013 and in 2015 added the option of buying Ether thus becoming one of the two largest exchanges to trade ether-bitcoin pairs.
One of the best advantages of Kraken is its magnificent security features and record-attracting hedge and pension plans, many banks and serious traders. Trader – trader option is now available at Kraken with its new OTC service. The acquisition of Crypto Facilities /UK based/ has also made indices and derivatives available – all very important tools for risk management and something that professional traders frequently use. Except Ether and Bitcoin, now at Kraken you can buy futures Ripple and also Litecoin. The market cap of Kraken is 37 billion dollars and it is on spot 57 at Coinmarketcap.com.
How Kraken Works
Kraken is known as CEX which stands for centralized cryptocurrency exchange but looking to provide the security protocols and standards of DEX which is decentralized crypto exchange.
DEX does not keep user’s personal information, funds or any data and because of this is less vulnerable of hacking. After the exchange Cryptopia in New Zealand was hacked, Kraken advised its traders to store funds in offline wallets and to try and manage their private keys. Traders were advised to keep only the funds needed at the moment for trading at their Kraken accounts. Kraken operates 24/7.
Here is the list of crypto-crypto and fiat-crypto pairs which are available for trading at Kraken exchange:
REP/USD, REP/EUR, REP/XBT, REP/ETH, XBT/USD, XBT/EUR, XBT/JPY, XBT/GBP, XBT/CAD, BCH/USD, BCH/EUR, BCH/XBT, BSV/USD, BSV/EUR, BSV/XBT, ADA/USD, ADA/EUR, ADA/CAD, ADA/XBT, ADA/ETH, DASH/USD, DASH/EUR, DASH/XBT, XDG/XBT, EOS/USD, EOS/EUR, EOS/XBT, EOS/ETH, ETC/USD, ETC/EUR, ETC/XBT, ETC/ETH, ETH/USD, ETH/EUR, ETH/CAD, ETH/GBP, ETH/JPY, ETH/XBT, GNO/USD, GNO/EUR, GNO/XBT, GNO/ETH, LTC/USD, LTC/EUR, LTC/XBT, MLN/XBT, MLN/ETH, XMR/USD, XMR/EUR, XMR/XBT, QTUM/USD, QTUM/EUR, QTUM/CAD, QTUM/XBT, QTUM/ETH, XRP/USD, XRP/EUR, XRP/CAD, XRP/JPY, XRP/XBT, XLM/USD, XLM/EUR, XLM/XBT, USDT/USD, XTZ/USD, XTZ/EUR, XTZ/CAD, XTZ/XBT, XTZ/ETH, ZEC/USD, ZEC/USD, ZEC/JPY, ZEC/XBT
Countries Where Kraken is Available
Kraken offers trading of cryptocurrency worldwide. It is based in US.
- Here are the countries where Kraken DOES NOT operate in:
- North Korea
- Also, Kraken does not provide service in
- Washington State (WA)
- New York (NY)
What are Kraken’s Fees and Limits?
The fees for buyers and sellers /makers and takers/ are declining which depends on the increase in volume of trading. Most of Kraken’s cryptocurrencies have free deposits. USD bank transfers are charged $5. The fees for withdrawal vary based on the type of the cryptocurrency.
|Volume 30 day||Buyer/ maker||Seller/ taker|
|$0 – $50,000||0.16%||0.26%|
|$50,001 – $100,000||0.14%||0.24%|
|$100,001 – $250,000||0.12%||0.22%|
|$250,001 – $500,000||0.10%||0.20%|
|$500,001 – $1,000,000||0.08%||0.18%|
|$1,000,001 – $2,500,000||0.06%||0.16%|
|$2,500,001 – $5,000,000||0.04%||0.14%|
|$5,000,001 – $10,000,000||0.02%||0.12%|
How to start trading at Kraken
When you sign in at your account, the system directly takes you to the trading order and balance page. Once you click Trading Tools the dashboard Kraken pro will come up.
You have to register first so you can start trading with Kraken. You need to enter email, password and username. At this step you can create the master key and the public key PGP. Copy the verification code from the email Kraken sent you and paste it to the page where it needs to be verified. Then you will be asked to set up 2-factor identification.
You must verify ID with one of the three pints mentioned before you can start trading. There is a telephone number providing access of up to $5,000 a day limit for withdrawals. In order to start trading fiat, you have to upgrade your level to level 2 and to verify your ID.
Here you have the option of a wire transfer or deposit with cryptocurrencies.
There are 3 types of order forms: Advanced, Intermediate and Simple.
Traders have the option to choose either a market or a limit order.
The process of withdrawing funds is very simple and requires and address for deposit if you are withdrawing to a cryptocurrency external wallet.
Is Kraken exchange regulated?
No, Kraken is not regulated. Kraken is one of the vivid supporters of the self-regulation model of crypto exchanges. Kraken stopped operations in the State of New York in 2018 after it failed to apply for the mandatory BitLicense.
How safe is Kraken?
As we mentioned Kraken is operating with a self-regulation type of model. Kraken traders are protected by the below security features:
- A proven and secure crypto exchange with history of hacking
- Cold wallets storage without internet linkages
- Encrypted data security
As a user you can also activate the following:
- 2 factor identification
- PGP emails encryption which stands for Pretty good privacy
- Master accounts lock
Kraken is one of the crypto exchanges with a great reputation in the crypto world and exquisite reputation of security for the ability of fending off hackers ‘attacks. However, if Kraken gets hacked you have to know that it does not own deposits insurance.
Is there a Kraken app?
No, Kraken does not have an Android or iOS application.
- If you have any questions on using Kraken here is what you can do:
There are FAQ section for all questions you might have regarding the Kraken exchange – simple, intermediate or advanced trading, trading of futures, Crypto Watch or Dark pool.
- At the bottom right corner of the Kraken’s screen you can access:
✓ Email – via the Submit Request button
✓ Live Chat – you can chat with a customer rep directly
Kraken Advantages and Disadvantages
|🙂 PROS||🙁 CONS|
|✓ Very secure crypto exchange – no incidents with security and hacking||✘ It is not regulated|
|✓ 76 cryptocurrency pairs and small fees||✘ Restricted educational assets|
|✓ 5x margin trade leverage||✘ Options for deposits are limited|
|✓ Crypto Watch lets you access over 25 exchanges||✘ There is no simulated option for trading|
|✓ Trading Dark Pool||✘ There is no iOS or Android app|
|✓ Crypto derivatives and crypto indices||✘ Failed to apply for required Bit License|
- Go to the official site – www.kraken.com
- Click Create account – top right corner
- Fill in your email, username, password /choose username wisely – it cannot be changed/
- Click Sign up. You will receive an activation email.
- Complete your activation via the link provided.
- Confirm password. Click Activate Account.
- You are now ready to start trading.
- Login to your Kraken account.
- Click “Get Verified” option under your profile icon.
There is no option for a test account. However, you there is an option for a demo account.
In order to create a second account:
- Log out of the current account you have with Kraken
- Go to Sign Up page
- Fill in new email, username and password.
- You now have a second account
In late 2019 Kraken launched Kraken Futures and Kraken Pro mobile apps. If you do not wish to install the mobile apps, there is a mobile-friendly site option for both apps.