What is Kraken?
Founded in 2011, Kraken is a cryptocurrency spot exchange that also offers futures contracts and margin trading. As Kraken is based in the United States, and must comply with American regulations, they only offer about twenty coins for trade. That’s as compared to Binance, which offers more than one-hundred.
It’s possible to open an account on Kraken and trade cryptocurrencies without undergoing KYC or AML. However, the withdrawal limits on such accounts are low and it’s not possible to deposit or withdraw Fiat without a KYC verified account. Anyone wishing to trade futures contracts will also need to undergo a KYC verification.
Who is Kraken Best for? Day traders or Buyers?
Due to its regulatory compliance and American headquarters, Kraken is a good option for professional traders and institutional investors. Also, since Kraken offers more advanced features like margin and futures, this furthers its appeal to more sophisticated traders.
Kraken’s trading fees are somewhat below average and they begin to drop quickly once a trader starts doing more than $50,000 a month in volume. Overall Kraken is a good platform for American traders or organizations which want to be fully compliant and also execute hundreds of trades a month.
How does Kraken work?
Kraken is for both the beginner cryptocurrencies buyers and sellers as well as for professional traders to trade cryptocurrencies. You can buy and sell crypto on Kraken easily and safely. Kraken offers the best user interface that makes the buying and selling digital currencies fast and secure. If you are an experienced trader, then you can have the additional services like marginal trading of up to five times leverage and future trading with a leverage of 50x.
Trading cryptocurrencies at Kraken is easier than you think. You can trade cryptocurrencies using fiat or cryptocurrencies. It is all up to you. You can trade on Kraken with almost all the major cryptocurrencies:
- Log in to your account
- Verify your account
- Go to the Funding page and click on Deposit behind the currency you want to top-up
- Deposit money with your favorite payment method
- To buy a crypto, select your favorite trading pair
- Click on Trade and on New Order
- Specify the amount and submit the order
Is Kraken safe?
Kraken uses a sophisticated trading platform. It has one of the most secure systems available for the traders. You can have the peace of mind regarding your investment if you trade at this exchange. The exchange is financially well backed by large funds. It has raised over a hundred million dollars since its inception. This is the guarantee that if things do not go in the right direction, still your investment will be secured. Kraken offers the option to let the third party do a cryptographically verified audit to prove to their customers that their investment is in safe hands.
Kraken has been considered one of the best options that offer the most reliable software to its customers to buy and sell cryptocurrencies. There are advanced measures available on the platform to counter problems safely at the time of high order and traffic rate.
When you consider investing your hard-earned money in cryptocurrencies you make sure that the platform you have selected is safe and secure. You would not like to lose your money because of someone else fault. Always do you own research to verify that Kraken is still safe. But our opinion in this Kraken review is that this exchange is very reliable.
Advantages of Kraken
Why should you choose for Kraken?
- Low fees starting from 0.26%
- Very high trading volume to maximize the liquidity
- Over 30 digital assets available
- Trade with six major fiat currencies: EUR, USD, GPB, CAD, CHF and JPY
- 24/7 customer support to answer all your questions
- Margin trading and Future trading available
Kraken exchange fulfills all the requirements listed above. The company is ranked in the top five cryptocurrency exchanges, with the total number trades exceeding 33 million US dollars on a single day.