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If you’re looking for a comprehensive Kraken review, you’ve come to the right place. We’ll provide an overview of Kraken’s features and services, as well as what users have had to say about this popular cryptocurrency exchange.

45 stars

Launched in 2013, Kraken is one of the oldest and most respected crypto exchanges in operation. The company is based in San Francisco, and it has built a solid reputation for providing a safe, secure, and user-friendly platform for trading cryptocurrencies.

Kraken offers a wide range of features and services that make it attractive to both experienced and novice traders.

One of Kraken’s biggest selling points is its liquidity. The exchange has a large user base and a high daily trading volume, which means you’ll be able to find buyers and sellers for any cryptocurrency pair you’re interested in. Kraken also offers a wide range of features and services, including margin trading, short selling, and futures contracts. The platform is relatively user-friendly, making it a good choice for beginners.

Pros

  • Reputable exchange with history of strong and reliable security.
  • High liquidity allows for large transactions.
  • Low Kraken fees for makers and takers
  • Users of CryptoWatch’s trading platform may trade across various platforms.

Cons

  • Limited payment methods
  • Slow customer support

Kraken is one of the most popular crypto exchanges in operation today. Kraken provides users with a powerful platform to buy, sell and trade cryptocurrencies.

Where is Kraken Available?

Kraken is a relatively liberal platform that extends the ability to use the services it offers to a broad spectrum of users. All American residents except in New York and Washington are eligible to register for the site. Additionally, most world countries except for Cuba, Iran, Iraq, Afghanistan, Japan, North Korea, and Tajikistan are also able to utilize the platform.

It should be noted that Japan is the only one that, while it has a great platform to support Kraken does not allow traders from that country to use Kraken. That country does have a thriving cryptocurrency market of its own that might account for this detail.

Who Uses and Trades?

Again, it is worth mentioning that American trading regulations are in place on the site. With margins and futures, it is one of the more complicated platforms in this vertical. For this reason, seasoned traders are most recommended to avail themselves of Kraken’s platform. However, other uses are welcome to register. 

The sweet spot seems to be individuals or organizations needing to remain compliant with US laws in this area, but execute hundreds of trades in a given month. This is where the fees also become much more reasonable with volume trading on the platform.

Methods of Deposit

This platform, of course, allows bank transfer deposits in any coins submitted. This area of currency continues to expand, but Bitcoin, Ethereum, Litecoin, Ripple, and Tether are some of the other such currencies. Additional Fiat currencies via bank transfer such as Canadian Dollar, Ero, US Dollar, and Yens can be utilized as account balance seeding on the site.  

Deposits are unlimited even for non KYC compliant traders, but withdrawals of funds can be limited. Deposits can be by debit and cash in Canada only, and there is no support of credit card deposits on the site of any kind. Daily deposit limits for Tier 2 (address verified) customers are captured at 2,000 USD per day. Tier 1 should be appointed out can only transaction with cryptocurrency, so worth the extra verification to expand deposit and withdrawal options for many users.

Methods of Withdrawal

Just like with deposits, withdrawals are cheapest when done to other cryptocurrencies. If moving to American bank accounts, the $5 flat rate applies, and other country bank transfers are $60. Verifying your address to enable a Tier 2 ranking with Kraken will allow withdrawal limits to be to banks and not just cryptocurrency, and additional restrictions up to $5,000 USD.  Tier 3 will be needed in the US, Canada, and a few other countries to even use fiat currency transactions for withdrawals or deposits. The highest level of validation for transaction withdrawals would be Tier 4 for companies and high-value traders.

Getting Started

Getting started is a simple registration, then depending on how you wish to do deposits and withdrawals, you may choose additional verifications for higher Tier placement. Two-Factor authentication on these platforms and Kraken offers this for your extra security, is recommended. This is your money, after all. Funding your account is done next, and then you are ready to get going. Of course, it is worth noting this is not usually a five-minute process. And depending on the tier and verification processes you choose could take days to be set up for your use and security.

Also, it should be stated that other exchanges do allow bank card deposits and, thus, quicker transactions. If this is important to you, Kraken is not the best option for your needs.

The security practices may be cumbersome, but overall. At the same time, getting started may take a bit longer, long-term it pays dividends in your money being secure. Additionally, the user interface and scope of products are a bit more robust, so researching upfront and reviewing all aspects of the platform is an excellent idea for the best results.

Register your free account with Kraken here

Is Kraken Safe?

As should be evident by now, one of Kraken’s most significant selling points is security. From adherence to American security laws, two-form identification via Google or YubiKey, and other verification steps, security is taken seriously on this site. Of course, you need to be part of the plan, so availing yourself of all features made available is essential.  It is important to note that Kraken is one of the few known secure exchanges, and

boasts a record of never been hacked. Additionally, they offer email confirmations in addition to the telephone as secondary security if one source is hacked. Kracken also offers a bug bounty to third parties that do discover exploits to their system, and employees an internal security team for added assurance.

Kraken Fees

Maker fees are when you complete an order, you posted and taker fees when you complete someone else’s order in an exchange such as Kraken. Taker fees will always be higher on all these platforms, to place on the book orders that others can purchase. At Kraken, their fee structure is extremely reasonable in this market place against their competitors, with maker fees starting at 0.16% for 30-day volume under $50,000 and up to free at the $10 million mark.

Taker fees on Kraken begin at 0.26% again at $50,000 or less volume to a 0.10% at the top $10 million-plus tier. Withdrawal fees are entirely in line with other exchanges at .0005 for bitcoin (BTC) withdraws and varied for Ethereum, Stellar Lumens, and other options.

The fee structure definitely is one of the best pros to the platform versus others. In fact, for the advanced services offered, they are probably most reasonable for the seasoned trader, especially.

Challenges

Most cryptocurrency exchanges are in their infancy in relation to other trading methods, and more is being learned and developed regularly. That being said, Kraken is an excellent platform for those that do their research and know their options. This can be a confusing world for the novice, and thus doing extensive research, knowing your options, and adopting safety measures can make this a good exchange for your trading.  

The level of difficulty versus other cryptocurrency exchanges is probably rated intermediate, as the nuances of regulations, futures, margins, and other features can be overwhelming and thus makes this site best rated for seasoned traders. This does not mean that newbies can’t learn and adapt to the platform, but research and learning all the ins and outs might be a bit more extended than on other exchanges.

Customer Service

Peace of mind, any time of day or night, is attained on this platform from their 24/7 global customer service. Services are rendered via chat in real-time when problems do arise on the platform.

This is actually their second tier of support, as the first is a robust support center of knowledge base articles, facts, and questions where users can self-serve resolutions to most needs that come up in trading via Kraken.  Customer service on these platforms via traditional trading is all virtual.

The support mechanisms are thus also virtual chat or knowledge base structured. This can be one of the nuances that make these exchanges a bit more troublesome for newcomers. Learning the ins and outs on your own can be a bit of a challenge.

While chat is available, some comments and reviews indicate that for newbies to cryptocurrency trading, this little bit more hands-off approach can sour them on this approach.

Kraken Review Conclusion

Kraken may not be the biggest cryptocurrency exchange, but its features are world-class. The American exchange regulations that guide security and other features help make it secure for traders and organizations alike. The various exploit detection and prevention methods in two form verification, redundant notices, and withdrawaland deposit limits without advanced verifications provide traders additional peace of mind.

If you are a sophisticated or high-value trader, which might be the platform, as margins and futures are also part of the offering of this growing robust exchange.

Register your free account with Kraken here

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CryptoWhat
CryptoWhat was created in 2015 and has become one of the most trusted and well-respected sources of information on all things crypto. The blog's authors are dedicated to providing clear, concise, and jargon-free explanations of this complex technology, so that everyone can understand it.
By: Patrick Moore
By: Patrick Moore