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tradingcritique.com has done wide research and reviewed the product and services of Kraken. From this review, you will understand by yourself whether Kraken is worth or not for cryptocurrency investing. You can learn more about the Kraken through this detailed Review.
Kraken is a cryptocurrency exchange that is one of the oldest and largest exchanges. It offers more than 90 cryptocurrencies, 130 trading pairs, and 7 fiat currencies for exchanging or buying, and selling
through fiat currency.
Kraken is very helpful for traders to exchange from one cryptocurrency for another. It likewise allows the exchange of fiat currencies like GBP, EUR, USD, CAD, JPY, CHF, and AUD into cryptocurrency.
It also acts as a trading platform where you can trade in bitcoin and cryptocurrencies. You can do Margin and Futures trading in Kraken.
Image 1: Home page on Kraken website
Image Copyrights reserved to Kraken
Kraken was found in San Francisco on July 11, 2011. This company has many branches across the world and operates in more than 185 countries. Its headquarters is situated in the U.S.A.
Jesse Powell is the founder of Kraken. It is backed by digital currency groups, Blockchain Capital, hummingbird ventures, and tribe capital. The Kraken account is protected with two-factor authentication. Traders can create a self-serve account lock for trades, and withdrawals and sign in to the account.
The internal team and bug bounty program of Kraken’s system have been protected by the penetration test which prevents hackers. The system of Kraken undergoes vulnerability tests regularly.
The sensitive account information of all account holders is encrypted at both the system and data levels. Its access is monitored and controlled strictly. It provides a team of experts who can test their systems against imaginable attack vectors.
Kraken Security labs were developed to test the 3 rd party services and products. This testing helps as vigilance to check any online frauds related to investing in cryptocurrency.
Kraken offers a world-class security team with various security programs that check the vulnerabilities of top brands of the world, investigate consumer data, and develop trusted security technology.
It provides additional attention such as SSL encryption, global settings time lock, PGP signed encrypted email, and configurable account time out.
Image 2: Info about the Security features given on the Kraken website
Image Copyrights reserved to Kraken
In Kraken, 95% of deposits are protected in offline and air-gapped cold storage. The crypto assets which are kept in cold storage are protected against hacks.
The physical servers of Kraken are under the surveillance of video monitors and armed guards 24/7. The code deployment and physical access to the cold storage are strictly controlled by the security team. The traders can withdraw their assets immediately on demand which is fully reserved.
Image 3: Sign Up Page of Kraken Bank
Image Copyrights reserved to Kraken
Kraken crypto exchange can be accessed from most Countries. Only some Countries forbid Kraken. The list of countries that accept and forbid Kraken Exchange are listed in Table 1.
Table 1: Accepted and forbidden countries of Kraken
 KRAKEN - ACCEPTED COUNTRIES |
FORBIDDEN COUNTRIES |
||||
|---|---|---|---|---|---|
|
Italy |
United Kingdom |
Namibia Switzerland |
Cuba |
Iraq |
|
Kraken offers platforms for crypto trading with top-notch security and low trading fees. It provides two
platforms for crypto and bitcoin trading.
Kraken Trading Platforms where you can trade all types of cryptocurrencies are:
Kraken Platform
Kraken Pro platform
Kraken crypto Exchange & Trading App
The Kraken platform is very convenient for beginner traders. Traders can easily convert the currencies in Kraken’s account. It charges basic trading fees for all trading. Traders can easily buy, sell or convert bitcoin and other cryptocurrencies with a linked bank account very instantly.
Table 2: Types of fees and their percentage in Kraken exchange
 TYPES OF FEES |
PERCENTAGE OF FEES |
|---|---|
|
Kraken fees |
1.5% - any other crypto or FX pairs 0.9% - any stablecoins |
|
Online banking /ACH processing fees/ |
0.5% |
|
Digital wallet payment processing fees |
3.5% + €0.25 |
|
Payment card processing fees |
3.5% + €0.25 |
Image 4: An intro of Kraken mobile app
Image Copyrights reserved to Kraken
Kraken Pro platform is the active platform used for trading which works through smartphones and web browsers. All the account holders of Kraken are eligible for Kraken Pro platforms.
The advanced interface of this platform charges fewer fees compared to the Kraken platform. Traders can purchase the cryptocurrency by funding the account with fiat currency which is the unique feature of this platform.
Fees are charged based on trade. It is calculated as the percentage of the trade’s quote currency volume. It uses the maker-taker fees schedule along with volume incentives which are based on the trading activities of the past 30 days.
Table 3: Maker and taker fees for the Kraken pro platform
| MAKER | TAKER | 30 DAY VOLUME (USD) |
|---|---|---|
|
0.16% |
0.26% |
$0 - $50,000 |
|
0.14% |
0.24% |
$50,001-$100,000 |
|
0.12% |
0.22% |
$100,001-$250,000 |
|
0.10% |
0.20% |
$250,001-$500,000 |
|
0.08% |
0.18% |
$500,001-$1,100,000 |
|
0.06% |
0.16% |
$1,000,001-$2,500,000 |
|
0.04% |
0.14% |
$2,500,001-$50,000,000 |
|
0.02% |
0.12% |
$5,000,001-$10,000,000 |
|
0.00 % |
0.10% |
$10,000,000+ |
Image 5: Kraken Pro Platform
Image Copyrights reserved to Kraken
Kraken offers multiple apps for both iOS and Android. It is designed for the easy buying and selling of crypto. This Kraken app is not available for starter accounts which are only available for intermediate or pro levels. The Kraken app is available in all countries except Syria, North Korea, Japan, Iran, Cuba, and Crimea.
Image 6: Mobile trading of Kraken
Image Copyrights reserved to Kraken
Kraken offers more than 90 cryptocurrencies, 130 trading pairs, 7 fiat currencies, and a handful of stablecoins for trading and exchange.
Different types of Financial Instruments available in Kraken to trade:
Cryptocurrency
Futures
Stablecoins & FX pairs
Kraken offers more than 90 cryptocurrencies.
Image 7: Cryptocurrency list of Kraken
Image Copyrights reserved to Kraken
Kraken offers economy volume-based discounts in future trading which the fees are based on the trading activity of futures in the past 30 days.
Image 8: Future contract options of Kraken
Image Copyrights reserved to Kraken
Table 4: Maker and taker fees for the Futures pro platform
| MAKER | TAKER | 30 DAY VOLUME (USD) |
|---|---|---|
|
0.0200% |
0.0500% |
$0-$1000,000 |
|
0.0150% |
0.0400% |
$100,001-$1,000,000 |
|
0.0125% |
0.0300% |
$1,000,001-$5,000,000 |
|
0.0100% |
0.0250% |
$5,000,001-$10,000,000 |
|
0.005% |
0.0200% |
$10,000,001-$20,000,000 |
|
0.0050% |
0.0150% |
$20,000,001-$50,000,000 |
|
0.025% |
0.0125% |
$50,000,001-$100,000,000 |
|
0.000 % |
0.0100% |
$100,000,000+ |
Table 5: Maker and taker fees for stablecoins and FX pairs in Kraken
| STABLECOINS & FX PAIRS | ||
|---|---|---|
|
MAKER |
TAKER |
30 DAY VOLUME (USD) |
|
0.0150% |
0.0400% |
$100,001-$1,000,000 |
|
0.0125% |
0.0300% |
$1,000,001-$5,000,000 |
|
0.0100% |
0.0250% |
$5,000,001-$10,000,000 |
|
0.005% |
0.0200% |
$10,000,001-$20,000,000 |
|
0.0050% |
0.0150% |
$20,000,001-$50,000,000 |
|
0.025% |
0.0125% |
$50,000,001-$100,000,000 |
|
0.000 % |
0.0100% |
$100,000,000+ |
Kraken also offers a Buy crypto widget for easily purchasing crypto. The Kraken charge is about 1.5% of the fee per transaction when the orders are placed via this Buy crypto widget.
Kraken offers 3 types of trading and exchange accounts to execute crypto trades. These trading accounts are based on the type of trader. Beginners to Pros have different types of trading accounts with features helpful for them to execute cryptocurrency trades efficiently.
Kraken offers 3 types of trading/exchange accounts which are:
Starter
Intermediate
Pro
The starter account is the basic account of Kraken. This account allows the trader to exchange, deposit, and withdraw cryptocurrencies.
But traders cannot deposit or withdraw fiat currencies. They can upgrade their account if they need to exchange dollars for crypto. Mobile trading is not available in this type of account.
Traders can deposit fiat currency in this type of account. They can trade using special features of this
type. Traders can provide the ID with a photo such as a driver’s license or passport, residence proof such as a utility bill, and social security number for upgrading the intermediate account to a Pro account. Mobile trading is available in this type of account.
Pro Account allows the traders to access additional features like a dark trading pool and over-the- counter desk. It increases the limit of the account. Mobile trading is available in this type of account.
Opening an account with the Kraken Crypto exchange is an easy process. Visit their website to open an
account.
Steps to open a Kraken account:
Go to Kraken’s website.
Click the sign-in option.
Upload the ID proof and Address proof
Click on Create Account.
Type the basic details like email address, user name, and password.
The fees and commissions of Kraken depend upon the platforms used for trading. For instant purchases, high fees of 1.5% are charged for cryptocurrencies and 0.9% for stablecoins.
Kraken charges fees of 0.5% for funding the account using a bank account and 3.75% for e-wallets, debit cards, or credit card funding methods. It offers low trading fees for non-instant purchases.
Kraken crypto exchange also charges maker and taker fees depending upon trading volumes. In the Kraken Pro Platform, most trades charge a 0.16 % maker fee or 0.26% taker fee.
The Kraken Pro Platform charges low fees and commissions when compared to the Kraken Platform.
It charges opening fees, margin fees, and rollover margin fees for margin trading. Margin fees ranges from 0.01% – 0.02%. It charges 0.9% fees for purchasing stablecoins with any stable coin and 1.5% for purchasing the stablecoin with another cryptocurrency.
Traders can use credit cards or debit cards to instantly purchase cryptocurrencies but they cannot use any cards for withdrawal. Traders can use Apple pay and Google pay for the withdrawal of money. It does allow other payment methods for trading the assets.
The minimum transaction amount of Kraken is €10 and the maximum amount is € 7,500 within 7 days rolling period.
There is a temporary holding of 72 hours for withdrawal during the first cash purchase. Traders can deposit the fund only with a few selected traditional currencies before they start trading.
Table 6: Purchasing methods & transaction fees of Kraken
| Purchasing methods | Transaction fees | Minimum transaction limit | Maximum transaction limit |
|---|---|---|---|
|
Credit or debit card |
3.5% +€0.25 |
€10 |
€7,500 |
|
E-Wallet (Apple pay and Google Pay) |
3.5% + 0.25c |
€10 |
€7,500 |
Kraken charges minimal fees for fiat currency funding with Canadian dollars, Euros, and US dollars. The depositing of funds with CAD, EUR, and SEPA is completely charge-free.
Table 7: Funding methods with traditional currencies of Kraken
| CRYPTOCURRENCIES | DOMESTIC | INTERNATIONAL | PROCESSING TIME |
|---|---|---|---|
|
$USD |
SEN |
Wire transfer |
1-5 business days |
|
€EUR |
SEPA bank transfer |
Wire transfer |
1-5 business days |
|
$CAD |
Wire transfer |
Wire transfer |
1-5 business days |
|
¥JPY |
- |
Etana custody |
1-5 business days |
|
£GBP |
Etana custody |
Etana custody |
1-5 business days |
|
CHF |
SIC-Bank frick |
SWIFT- Bank frick |
1-5 business days |
|
$AUD |
Pay ID |
NA |
Instant |
All the cryptocurrency deposits are credited to the account instantly and are available for trade within 10 minutes.
Table 8: Funding Kraken account with cryptocurrencies in Kraken
 Cryptocurrencies |
 FUNDING TIME |
|---|---|
|
Monero |
Instantly |
Signature Bank provides a fast way to withdraw and deposit funds for eligible US traders and eligible international traders. Domestic transfers are done via Fedwire which takes 1-5 hours to process during US banking hours. International transfers are done via SWIFT which takes more time than domestic transfers.
The Kraken trading platform provides a lot of features that help traders to efficiently execute crypto trading. You can also execute different types of trading in the same Kraken trading platform.
Various trading features and trading types available in Kraken Crypto Trading Platform:
Staking
Indices
Future Trading
OTC Trading
Margin Trading
Liquidity
Crypto watch
Kraken is an excellent way to increase the holdings in staking coins. Traders can earn the staking awards on top of the holdings after the assets are staked.
Traders can earn rewards when they stake the cryptocurrencies and fiat currencies for a certain period as an incentive to acquire and hold on to staking assets. The bonding period is required for some stake coins.
Once you select the assets for the stake it starts staking after finished bonding and also earns rewards twice a week from the process called proof of stake. It means popular coins which are generated by using machines compete to solve complex equations to mine coins and digital assets.
Table 9: Staking assets and rewards of Kraken
 Crypto assets for staking |
 Staking Rewards |
|---|---|
|
ALGO |
4.75% |
|
FLOW |
4.6% |
|
ATOM |
7% |
|
KSM |
12% |
|
SOL |
6.5% |
|
ADA |
4-6% |
|
DOT |
12% |
|
ETH 2 |
5-7% |
|
KAVA |
20% |
|
XTZ |
5.5% |
Image 9: Staking in Kraken
Image Copyrights reserved to Kraken
Kraken provides pricing indices through robust methodologies for the lite coin, bitcoin cash, ripple-XRP, ether, and Bitcoin. It ensures real-world replicability and integrity.
The real-time indices are compiled from the order book data from top cryptocurrency exchanges and it is accurate to second by second across all the data sources. It enables traders to mark portfolios and manage risk-free trade.
Image 10: Indices trading in Kraken
Image Copyrights reserved to Kraken
Futures trading is an agreement to sell or buy an asset later for a fixed price. It is the way to lock profit and hedge other investments in volatile markets.
The price of Kraken futures trading is very clear and transparent which depends upon aggregated indices. Some countries like UK and AU traders are not eligible for Kraken futures.
Image 11: Future trading in Kraken
Image Copyrights reserved to Kraken
Over-The-Counter (OTC) Trading takes place off the online Kraken exchange open. It offers more personalized, private service and deeper liquidity. This OTC desk provides excellent settlement and execution services which is very competitive when traders are trading blocks of €10,000,000 or $100,000 and 2000 bitcoin.
The OTC client will receive daily market recaps and high-tech services. It provides global coverage in Asia-Pacific, Europe, and America. The OTC desk supports all digital currencies and fiat currencies on the Kraken exchange.
Table 10: OTC-supported fiat currencies and digital assets of Krakenn
 OTC-SUPPORTED FIAT CURRENCIES |
OTC-SUPPORTED DIGITAL ASSETS |
|---|---|
|
AUD |
BTC |
Kraken allows the U.S high net worth investors to margin trading. But it charges margin fees and rollover margin fees. It allows the traders to borrow money for funding the purchase using the trader’s other investments as collateral.
Either a huge gain or a huge loss could occur in margin trading. Both the opening fees and rollover margin fees of margin trading are from 0.01%-0.02% which depends upon the base currency.
All margin fees are charged with trading fees during the opening and closing of margin positions. The maximum term for maintaining opening margin positions for non-U.S. traders was limited to 365-day and 28-day for U.S. traders.
Table 11: Market trading fees of Kraken
|
Rollover fee |
Opening fee |
Base currency |
Quote currency |
|---|---|---|---|
|
0.02% per 4 hours |
0.02% |
ADA (Cardano) |
EUR, USD, ETH, |
|
0.02% per 4 hours |
0.02% |
ALGO (Algorand) |
EUR, USD, BTC |
|
0.02% per 4 hours |
0.02% |
BCH (Bitcoin Cash) |
EUR, USD, BTC |
|
0.01% per 4 hours |
0.01% |
BTC (Bitcoin) |
EUR, USD |
|
0.02% per 4 hours |
0.02% |
BTC (Bitcoin) |
GBP, CAD, USDT |
|
0.02% per 4 hours |
0.02% |
DASH (Dash) |
EUR, USD, BTC |
|
0.02% per 4 hours |
0.02% |
DOT (Polka dot) |
ETH, EUR, USD, |
|
0.02% per 4 hours |
0.02% |
EOS (EOSIO) |
EUR, USD, ETH, |
|
0.02% per 4 hours |
0.02% |
ETC (Ethereum |
EUR, USD, ETH, |
|
0.02% per 4 hours |
0.02% |
ETH (Ethereum) |
EUR, USD, USDT, |
|
0.02% per 4 hours |
0.02% |
FIL (File coin) |
EUR, USD, BTC |
|
0.02% per 4 hours |
0.02% |
LINK (Chain- |
EUR, USD, ETH, |
|
0.02% per 4 hours |
0.02% |
LTC (Lite coin) |
EUR, USD, BTC |
|
0.01% per 4 hours |
0.01% |
USDC (USD Coin) |
EUR, USD |
|
0.01% per 4 hours |
0.01% |
USDT (Tether) |
EUR, USD |
|
0.02% per 4 hours |
0.02% |
REP (Augur) |
EUR, ETH, BTC |
|
0.02% per 4 hours |
0.02% |
TRX (TRON) |
EUR, USD, ETH, |
|
0.02% per 4 hours |
0.02% |
MXR (Monero) |
EUR, USD, BTC |
|
0.02% per 4 hours |
0.02% |
XRP (Ripple) |
EUR, USD, BTC |
|
0.02% per 4 hours |
0.02% |
XTZ (Tezos) |
EUR, USD, ETH, |
Image 12: Margin trading in Kraken
Image Copyrights reserved to Kraken
Kraken offers tight spreads of just one pip and deep liquidity, allowing traders to execute trades at a favourable price. It is the largest exchange in the world by Euro volume and bitcoin liquidity.
Crypto watch makes it easy to keep tabs on crypto markets and make trades when the condition is right. It is very helpful to watch the portfolio and 2000 crypto markets across multiple exchanges.
Traders can create volume and trade alerts using the crypto watch. It helps to analyze the crypto market with a visualized library of data for order flow, volume, and price.
Image 13: Crypto watch section of Kraken
Image Copyrights reserved to Kraken
Kraken provides a support section that offers articles, Blogs, crypto guides, and podcasts that are loaded with solutions for all troubleshooting problems. It built the support library which contains a wealth of knowledge for the clients to get information about the Kraken platforms.
The traders can get API usage and advanced order types in the advanced trading documentation. It provides a YouTube channel that contains interview videos and webinars.
Image 14: Blog section in Kraken
Image Copyrights reserved to Kraken
Customer support is available via email and live chat and the reports are resolved in 20 minutes. The response time is quick, and customer care is available in a variety of languages. From Monday to Friday, from 6 a.m. to 6 p.m., live phone support is offered.
Table 12: Customer support of Kraken
Customer Support
Telephone
UK – +44 808 501 5031
US – +1 888 871 2573
EU – +353 1 223 8162
Website https://www.Kraken .com/
LinkedIn https://www.linkedin.com/company/krakenfx/
Twitter https://twitter.com/Kraken fx 
Facebook https://www.facebook.com/Kraken FX/
Kraken has both advantages and disadvantages which are listed in Table 14.
Table 13: Advantages and disadvantages of the Kraken Crypto Trading Platform
 Kraken Pros |
 Kraken Cons |
|||
|---|---|---|---|---|
|
Kraken offers advanced trading features with reasonable fees.
The user interface is straightforward and simple to use.
It is a reputable cryptocurrency exchange that has been in the field for almost a decade.
Kraken provides excellent security against hacking.
It provides a high liquidity exchange. |
Kraken does not have more altcoins like other crypto exchanges.
It charges high transaction fees.
The options available for funding the Kraken account is limited.
It does not offer tax support.
Kraken is not accessible in all US states. |
|||
How to purchase Cryptocurrencies in Kraken Crypto Exchange?Cryptocurrencies are purchased in Kraken with euros only. The amount spent for purchasing cryptocurrencies will be automatically converted into euros while using the payment method in credit and debit cards.
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