Kraken is one of the best cryptocurrency exchange platforms and it gives you access to all the leading cryptocurrencies.
It’s designed for sophisticated traders, and as such, it comes with some pretty complex and advanced features and functionality.
It was founded in 2011 by Jesse Powell in San Francisco. You can watch his interview in the following YouTube video:
Having been founded in 2011, Kraken is one of the first few cryptocurrency exchanges in the world, and is trusted by banks throughout Europe and government officials in Japan as well.
In this Kraken review, I’ll give you a detailed overview of this trading platform so you can decide whether to set up an account and how to go about it.
PART 1: Is Kraken Safe?
Kraken is a completely legitimate and safe cryptocurrency exchange platform. As one of the oldest platforms in the market, it has an immensely successful track record. Furthermore, the fact that it’s used by the government of Japan and by reputed banks across Europe is a fair indication of how secure it is.
Furthermore, Kraken also works with complete transparency in all of its operations and they offer proof of reserve audits as well. All the deposits go straight to the cold wallets, so there’s no risk of loss from hacking either.
Your account information and verification documents are also encrypted and thus kept secure.
PART 2: Trading Information
Kraken supports the largest number of cryptocurrencies amongst all its competitors. The following are the cryptocurrencies you can trade in with Kraken:
Bitcoin, Ether, Ether Classic, Gnosis, Litecoin, Augur, Melon, EOS, Bitcoin Cash, Ripple, Monero, Dash, Stellar, Zcash, Iconomi, and Dogecoin.
The following government-issued fiat currencies are supported by Kraken:
US Dollars, Canadian Dollars, British Pound, Japanese Yen, and Euros.
Kraken is available in most countries across the globe. However, there are certain restrictions on it. While there’s no list as such, you’ll realize that your country isn’t eligible if your account verification status comes up as “pre-verified”.
Kraken offers the smallest fees amongst all of its competitors. Fees are based on a percentage of the transaction made, and they range between 0% to 0.25%. Furthermore, the buyer, in this case, pays a higher fee than the seller.
The withdrawal limits are determined by the Account Tier, which is based on the verification level.
- Tier 0 is what you start with, and it doesn’t permit any deposits or withdrawals.
- You reach Tier 1 after verifying your phone number and adding personal details. This makes you eligible to withdraw up to $2,500 a day or $20,000 a month.
- With Tier 2, you can withdraw $5,000 a day or $50,000 a month. For this tier, you need to verify your postal address.
- Tier 3 requires confirmation of a government-issued ID, a utility bill, and a selfie with the ID. With this tier, you can withdraw up to $50,000 a day and $200,000 a month.
- You need to personally request an upgrade to Tier 4 by contacting the support. This is mostly meant for corporate entities and it gives you a withdrawal limit of up to $100,000 a day or $500,000 a month.
How fast are your funds available?
Wire transfers are processed within 5 days.
PART 3: Kraken Customer Support & User Reviews
PART 4: How to Create an Account on Kraken
- Go to Kraken Website.
- Enter your email, username, and password, and click on ‘Sign Up.’
- If you want an advanced sign up, you can go to https://www.kraken.com/signup. In this case, you will also have to enter your country of residence, time zone, and PGP public key.
- If you use the PGP encryption setting, all your emails will be sent in an encrypted state for advanced security. If you want to activate this, you can retrieve the link from an email sent to you.
- Once that is done, click on the activation link in the email.
- Confirm your password and enter the captcha. Click on ‘Activate Account.’
With that, you’re done! You’ve created an account for yourself! If you’re still unsure about the process, you can check out a step-by-step video guide in this YouTube video:
PART 5: Kraken Compared (and other Alternatives)
Kraken is a professional cryptocurrency exchange meant to be used by serious traders. To that end, it offers a minimal transaction fee. However, it also comes with a complicated interface and functionality, and as such it’s not ideal for beginners. If you’re looking for an easy means of simply buying cryptocurrencies (rather than actively trading), you should check out sites like Coinbase and Coinmama.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 6: Conclusion — Is Kraken a Good Choice?
Kraken is a great option for serious cryptocurrency traders because it offers the most diverse range of cryptocurrencies and you can hold transactions at a very low fees. However, it’s not an advisable avenue for beginners in the world of trading.
Feel free to comment down below and ask any questions you might have.
Kraken is one of the best avenues for serious cryptocurrency traders as it offers a wide range of altcoins and an incredibly low transaction fee.
- Low transaction fee.
- Supports a wide range of altcoins and fiat currencies.
- Complicated UI.
- Not ideal for beginners.