Kraken Review: The Best And Most Secure Exchange For Pro Traders
Kraken is one of the biggest and most established exchanges in the world. It was established in 2011 and debuted in 2013. And it has been focused on security since the beginning. It speaks for itself that it hasn’t been hacked in nine years.
The American exchange has constantly dominated its sector in terms of security. It enjoys both material and monetary stability. Additionally, it encourages users to adopt good security practices.
Kraken works with seven fiat currencies and more than 185 cryptocurrencies. Although it’s not the largest collection of virtual money you’ll discover, it’s on pace with some of the top exchanges. And it’s an improvement over many brokers that just provide a small selection of well-known coins. Additionally, Kraken has high liquidity, making it simpler to trade.
The exchange uses currency pairings to function, and not all of its currencies are convertible into one another. A currency pair is what? Imagine you need to convert your dollars into euros while on vacation in Germany. A currency pair is that. You are constantly exchanging one currency for another, whether you use dollars to purchase Bitcoin or Bitcoin to purchase Ethereum. Now, the Kraken Review article will explore the information points of the exchange.
This Kraken review will go through the key aspects of the exchange so you can decide whether the exchange is the best option for you or whether you’re better off using a different reputable cryptocurrency exchange. Here is a brief summary of the exchange’s advantages and disadvantages.
| Pros | Cons |
| Large selection of digital assets | Not for beginners |
| Low fees for advanced traders | Limited starter account |
| Security | Slow account funding |
| Range of cryptocurrencies | Questionable customer service |
| Advanced trading features | No tax support |
| Strong staking options | Limited options for funding accounts |
| Not available in all U.S. states |
Kraken supports over 185 cryptocurrencies, including popular ones such as:
Kraken also supports a handful of stablecoins including Tether USD, USD Coin, and DAI. You can even convert US dollars into Canadian dollars, Japanese yen, and Swiss francs if you want. Note that not all currencies are available in every country.
One of the few exchanges with margin, stop orders, and cryptocurrency short sells are Kraken. Additionally, it offers a “dark pool” where high-volume investors may trade secretly. You may use Kraken to leverage a currency pair up to 5 times, and qualified pro clients have access to up to $500,000 in the margin. Be cautious while trading on the margin because it might be dangerous. In a sense, you are borrowing money to invest.
Suppose you put $100 into Ethereum. You choose to take advantage of the 5x margin. If the price of Ethereum rises, your winnings will be multiplied by five. However, your losses will also be increased if Ethereum loses value. Investing in cryptocurrencies is already dangerous, and utilizing margin greatly compounds that risk.
Kraken’s costs are comparable to those of a number of exchanges. Although not the most affordable, its maker-taker costs are less than those of, instance, Coinbase. Exchange to exchange, trading costs vary, and they frequently depend on how much you trade each month. Consider your costs for making deposits and withdrawals as well as the fees associated with each activity. Be advised that using the instant buy function rather than the pro platform might result in additional costs.
Kraken’s Instant Buy option has various pricing, which can be appealing to newcomers who aren’t as familiar with maker/taker models.
You may buy cryptocurrency rapidly with Instant Buy, but the costs are significantly greater than if you utilized the Kraken Pro trading platform. To cut expenses, users would benefit more from learning how to utilize the trading platform.
For stablecoins and other cryptocurrencies, Instant Buy levies a fee of 0.9% and 1.5%, respectively. If users choose to buy cryptocurrency using an online bank account, they must pay a processing charge of 0.5%. Other costs apply if you use a credit or debit card.
Fees are significantly reduced for those who choose Kraken Pro. Based on activity over the last 30 days, it charges 0.16% maker fees and 0.26% taker fees for deals of $50,000 or less.
The pricing tiers for Kraken Pro are displayed in the table below:
| 30-Day Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|
| Less than $50,000 | 0.16% | 0.26% |
| $50,001 to $100,000 | 0.14% | 0.24% |
| $100,001 to $250,000 | 0.12% | 0.22% |
| $250,001 to $500,000 | 0.10% | 0.20% |
| $500,001 to $1,000,000 | 0.08% | 0.18% |
| $1,000,001 to $2,500,000 | 0.06% | 0.16% |
| $2,500,001to $5,000,000 | 0.04% | 0.14% |
| $5,000,001 to $10,000,000 | 0.02% | 0.12% |
| More than $10,000,000 | 0.00% | 0.1% |
Kraken has a maker-taker fee system, like many exchanges. It offers discounts to people who conduct a lot of trading. The currency will determine the fees for cryptocurrency deposits and withdrawals. To withdraw Bitcoin, for instance, you would pay 0.00001 BTC with a minimum of 0.00050 BTC.
Additionally, Kraken features a quick buy feature that, like other exchanges, has substantially higher costs.
Funding fees
| TRANSACTION | MINIMUM | FEE |
|---|---|---|
| FedWire (MVB Bank / Signature Bank) | $1 | Free |
| FedWire(Synapse) | $20 | $5 |
| FedWire (Silvergate) | $100 | $10 |
| FedWire(Etana Custody) | $150 | Free |
| Instant buy | — | 0.9% fee for stablecoins* and FX pairs. 1.5% fee for any other crypto |
| Cryptocurrency deposit/withdrawal | Depends on currency | Depends on currency |
Maker-taker fees
| 30-DAY VOLUME | MAKER | 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% |
| $10,000,000+ | 0.00% | 0.10% |
Stablecoin and FX pairs
| 30-DAY VOLUME | MAKER | TAKER |
|---|---|---|
| $0 – $50,000 | 0.20% | 0.20% |
| $50,001 – $100,000 | 0.16% | 0.16% |
| $100,001 – $250,000 | 0.12% | 0.12% |
| $250,001 – $500,000 | 0.08% | 0.08% |
| $500,001 – $1,000,000 | 0.04% | 0.04% |
| $1,000,000+ | 0.00% | 0.00% |
Active trading platform Kraken Pro is accessible by smartphone or web browser. Although the UI could be intimidating to beginners in trading and cryptocurrency, it might be worthwhile to learn. It contains more thorough asset data, such as live charts and an overview of open orders.
Kraken Pro is accessible to everyone with a valid Kraken account. Lower fees can be more significant than the sophisticated interface. You’ll spend less than using the main interface if you make the identical deal using Kraken Pro as opposed to. Kraken.
Customers from the United States may receive staking rewards on 17 cryptocurrencies through Kraken, with the highest rate being close to 20%. You may withdraw your money at any time, and payouts can come as frequently as twice every week.
Kraken provides a variety of iOS and Android applications. The KrakenPro app, which is still free but has more sophisticated capabilities, and its basic version both have generally positive user reviews of little over 4 stars.
Kraken distinguishes itself from other exchanges by providing one of the greatest customer service experiences available. You can get in touch with one of the hundreds of qualified experts. Kraken works seven days a week, twenty-four hours a day, using its live chat service. Even on significant holidays, you’ll be able to have your inquiries answered. According to the business, anyone who is interested in these services should email vipdesk@kraken.com.
You won’t have to worry about just being able to reach someone during the work week or during typical business hours because Kraken has increased phone support to be accessible 24/7. In the realm of cryptocurrencies, phone help is quite uncommon, therefore, the fact that Kraken provides it is a huge plus. Having the option to speak with a professional is vital, especially for a field as new as cryptocurrencies, since certain issues just cannot be satisfactorily addressed through chat or email.
Additionally, Kraken’s support library will be available to you, which may assist with more fundamental queries like account setup and how to begin trading.
All collectors, from experienced flippers to those just starting their collections, may easily navigate the NFT world thanks to Kraken NFT. It was designed from the bottom up to be one of the safest, most user-friendly, and most dynamic markets currently accessible in the market.
Over 110 of the NFT collections with the largest trading volumes will be available on Kraken NFT. Supported collections undergo a thorough and thorough verification process, and new collections are frequently added. The NFT screener tool on Cryptowatch allows collectors to keep track of real-time NFT market data, the typical sale price, and comprehensive information for hundreds of different collections.
One of Kraken’s basic values is security. Since its debut in 2013, it hasn’t seen a hack, making it one of the most secure cryptocurrency exchanges. Despite this, the security of cryptocurrencies is a fiercely contested issue, and any exchange is vulnerable to attacks. Find out more about Kraken’s security strategy below.
I like that multiple two-factor authentications (2FA) codes may be set up for various Kraken security-related functions, such as logging in, fundraising, and password reset.
Despite being one of the earliest platforms, Kraken is also competing with many competitors in the crypto industry. Typically, Binance, the world’s largest exchange, or Coinbase, Kucoin, BitMEX are all dominating the market.
Washington state citizens and New York residents are not currently served by Kraken. Although the corporation claims it wishes to offer services to all Americans, some regions have too high of maintenance expenses for regulatory compliance. It could be challenging to locate an exchange that runs in every state in the United States because other exchanges, such Binance.US and Crypto.com, have limits in some areas.
Kraken is a great option for investors who are just beginning with crypto as well as more seasoned traders because to its top-notch security, reasonable trading costs, and strong selection of accessible cryptocurrencies.
If you are one of the following, this might be the right exchange for you:
The extensive selection of coins offered by Kraken, as well as its staking and margin trading tools, should appeal to more seasoned investors as well. Note that only customers with very high account balances are permitted to engage in margin trading in the United States. Hopefully the Kraken Review article has helped you understand more about the project.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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