Among the most famous cryptocurrency exchanges, Kraken offers some of the best learning resources, particularly for altcoins. In addition, the Kraken exchange is a great selection for beginners because it is rather simple to register and use. For investors and organizations who are actively enthusiastic about trading cryptocurrencies, futures and other assets, Kraken is the best decision.
Advanced traders who would like to make a significant investment with a margin account can also consider the exchange. Today, let’s take an objective look at the US-owned cryptocurrency exchange Kraken with Betomon!
What is Kraken?
Kraken is a cryptocurrency exchange where you can buy and sell assets like Bitcoin and Ethereum. With competitive trading fees, Kraken, one of the earliest Bitcoin exchanges, allows users to buy, sell, and trade over 120 different tokens. Particularly, it supports both spot trading and cryptocurrency futures at current market prices. New cryptocurrency investors and traders who seek reasonable trading fees and access to a wide range of cryptocurrencies can consider the Kraken.
The whole experience of getting started with cryptocurrency investing becomes more efficient because of its offered competitive transaction fees and a variety of deposit methods.
Users of Kraken Exchange can access a mobile app with technical features that more experienced traders are looking for as well as an intuitive platform that is easy to use for beginners. For traders of any experience level, Kraken is the most effective option.
Several features of the Kraken trading platform
- Liquidity: Rapid purchases and sales speed with low transaction fees.
A legal trading platform with 24/7 support - Security: Kraken ensures asset safety by saving customers’ digital currencies in cold storage.
- Bitcoin Margin Trading: On Kraken, you can trade margin with Bitcoin and up to x5 account leverage.
Supports automated trading and stop-loss features to encourage users to take more initiative when purchasing and selling.
Kraken is one of the first digital currency trading platforms that was legalized and allows public cryptocurrency trading.
Facilitates the trading of virtual currencies for fiat currencies such as USD, EUR, GBP, and JPY. Kraken uses banks, SEPA, and Swift to process fiat deposits and withdrawals.
Kraken supports applications on mobile devices. Presently, there is an app available for iOS devices, but not yet for Android.
Two-factor authentication (2FA): To protect consumer accounts, every digital currency exchange should have this feature for account security.
Which coins does Kraken allow to trade?
Kraken has expanded the number of virtual currencies that can be traded on their platform to 17 after officially listing Bitcoin Cash. These are provided below:
- Note: XBT is the Bitcoin symbol used by Kraken instead of BTC
- Bitcoin (XBT)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Dashcoin (DASH)
- EOS (EOS)
- Gnosis (GNO)
- Iconomi (ICN)
- Litecoin (LTC)
- Melon (MLN)
- Augur (REP)
- USDT (Tether)
- Dogecoin (XDG)
- Stellar (XLM)
- Monero (XMR)
- Ripple (XRP)
- Zcash (ZEC)
Advantages and disadvantages of the Kraken exchange
Benefits:
- Wide selection of trading tokens.
- Trading on margin gives you more buying power.
- By staking qualified assets, you can earn rewards.
- The website features both high-quality educational content and tutorials.
- 120+ coins supported.
- User-friendly interface.
- High liquidity exchange
Drawbacks:
- Limited level of customer support.
- Only EUR available for card payments. This means you will have to pay a foreign currency conversion fee.
- Some of the listed cryptocurrencies are not available in Australia.
- ID verification is mandatory. So it may not be as private as some traders expect.
- Fees are higher when Kraken Pro is not used.
What are the transaction fees on the Kraken exchange?
With fees assessed to both buyers (0.26%) and sellers (0.16%), Kraken is among the greatest fee exchanges available today. These fees apply to all Bitcoin transactions with USD, EUR, JPY and GBP. The majority of altcoins, including DASH/EUR, DASH/USD, and DASH/XBT, also have similar fees.
The fee will be lowered to 0.24% and 0.14% if your trading volume exceeds 50,000 coins (applies to all coins). This fee will continue to decrease as the transaction volume increases above 10,000,000 for sellers (0%) and buyers (0.1%).
Deposits into the Kraken platform will be subject to a fixed fee of $5 for Americans, 10 EUR or 10 GBP for Europeans and UK members. Users from Canada and Japan can use it for free.
For EUR withdrawals via SEPA, the fee is 0.09 EUR, 5 USD for US users when withdrawing via bank accounts and 60 USD for non-US citizens.
Deposit fees are free for cryptocurrency, and withdrawal fees will be calculated by Kraken as follows:
- Bitcoin: 0,0005 XBT
- Ethereum: 0.005ETH
- Ethereum Classic: 0.005ETC
- Ripple: 0.02XRP
- Litecoin: 0,001LTC
- Dogecoin: 2 XDG
- Stellar: 0.00002 STR
- Iconomi: 0.2 ICN
- Zcash: 0.0001ZEC
- Augur: 0.01 REP
Outstanding characteristics of the Kraken exchange
Kraken offers a wide range of useful features. Some outstanding features are as follows:
Deposit
Users can also place bets on Kraken. Anyone can increase the value of their money holdings by staking. This gives the tokens more functionality and prevents them from sitting passively in a Kraken account. Participants can grow their assets further by pooling future rewards after they have staked assets on Kraken and earning rewards from those assets.
Margin trading
You can leverage or borrow for a maximum of five times your account balance with Kraken’s margin trading option in order to trade more. Investors are allowed to borrow up to $500,000. If you trade on margin, do so with caution because you will generate larger profits and losses.
Fees
Kraken’s fees are divided into many different types.
- Instant Buy: 0.9% fee on any stablecoin and 1.5% fee on any other cryptocurrency or forex pair.
- Payment card processing fee: 3.75% + additional fee of €0.25.
- Digital wallet payment processing fee: 3.75% + 0.25 €.
- Internet banking fee: 0.5%.
Kraken Pro offers tiered fee schedules based on your 30-day trading volume. The higher your trading volume, the lower your fees will be.
>>> Kraken acquired the Dutch exchange, expanding the European market
How to open a Kraken account?
You can use your email address and password to create a free Kraken account. After verifying your email, you’ll need to use two-factor authentication to secure your account. Kraken has three separate account ranges. Each has different levels of account verification and access to various trading functionalities.
Beginner
Once your email address has been verified, you can access this account. It is restricted to cryptocurrency deposits, trades, and withdrawals. Without additional verification, fiat currency cannot be deposited or withdrawn.
Express
The Express account meets all of the requirements for beginners but additionally requests the social security number and occupation details of US clients.
Intermediary
You must provide identification with a photo, proof of residency (for example, a utility bill), and your Social Security number or ITIN in order to set up this account. This upgrade allows you to deposit and withdraw fiat currencies and trade futures contracts.
Professional
Professional accounts need extra confirmation via human review. In addition to margin trading and anonymous trading via Kraken’s “dark zone,” this tier gives users access to lower cryptocurrency trading fees. Larger transactions are kept anonymous in these transaction groups so as not to affect the cryptocurrency market, and users can only view their own transactions in the order book.
Is Kraken Exchange a Fraud?
Kraken is one of the most secure exchanges in the world. Since its establishment and operation for more than 6 years, Kraken has not encountered any hacker attacks. They use cold storage for safeguarding client assets. Additionally, Kraken’s company applies 2-factor authentication, PGP encryption for Email responses, and a settings lock that prevents any changes in the account.
To sum up
Kraken provides many trading features in a visually appealing interface, which is appropriate for both newbies and professional traders. Active traders can trade on the Kraken platform for as little as 0%, even though the fees are higher for normal investors. Users can buy, sell, and trade their favorite cryptocurrencies safely with Kraken, which offers extra security measures for cautious traders.
>>> SEC sued Kraken for operating illegally and not separating customer funds
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