Kraken Exchange Review

• 2% share of crypto spot volumes in 2021
• Supports staking, OTC desk, margin, and futures trading
• Upcoming NFT marketplace.
• Based on Euro trading volume, Kraken is the largest cryptocurrency exchange.

Kraken exchange is one of the oldest digital asset marketplaces around. While age and quality are not synonymous, this site has gained popularity in the crypto community for offering top-notch services. Users can use the exchange to buy and sell market-priced crypto coins. If you are an advanced trader, you can also do margin and futures trading. It supports at least 120 virtual currencies and comes with additional unique features such as coin staking to earn rewards. Like Coinbase, it’s one of the few crypto exchanges that are licensed to operate in the US, which also increases its credibility. Kraken exchange serves both individuals and large institutions by offering deep liquidity and personalized solutions. You can trade over the counter or use spot and futures trading features to invest in digital assets. Novice traders will have abundant trading options when using the main Kraken platform. For advanced users, it’s best to go with Kraken Pro, which offers premium features and low trading fees.

Reviewing a crypto exchange’s security features when looking for one is critical, as this will determine how secure your crypto will be. Kraken exchange has unique features that protect your funds. Here are the leading ones:

• Two-factor authentication (2FA): Two-factor authentication (2FA) adds an additional safety layer to your login process, making it impossible for anyone to access your account without a second authorization. You can create two different factor codes to sign in, withdraw and trade with.
• Cold storage: Kraken exchange claims to store 95% of its users’ funds and NFTs in cold storage units worldwide. This eliminates the possibility of users losing funds to hackers like it happened with Mt. Gox between 2011 and 2013.
• Kraken Security Labs: The exchange uses the Kraken security lab to test third-party products and services to identify, publicize, and resolve issues before online attacks exploit them.
• World-class security team: The Kraken exchange team has hired security professionals who take a risk-based approach to secure users’ assets. The security team comprises professionals who have spent decades designing security programs for well-known brands, investigating the most difficult consumer data breaches, and developing security technology that top brands and businesses rely on.
• 24/7 surveillance: Platform security is also guaranteed with 24-hour surveillance. Kraken exchange secures its servers with secure cages constantly monitored by armed guards.
• Data encryption: The crypto exchange has encrypted all sensitive information belonging to users at both the system and data levels. It performs vulnerability testing regularly to ensure the security of your funds.

Online attackers have been targeting cryptocurrency firms for some time. While some companies refund users’ lost funds, you don’t want to be on this side because a refund isn’t guaranteed. As a result, selecting a secure platform is critical. Our Kraken crypto exchange review demonstrates that it’s safe due to the following features:

• Withdrawal email confirmations with self-service account lock
• API key permissions are granular and customizable, with range boundaries.
• Email that is PGP-signed and encrypted for secure communication.
• Account timeout can be configured for an additional layer of security.
• Global time lock for maximum security while you’re away.
• To keep you safe while browsing, Kraken employs SSL encryption.
• Continuous, real-time surveillance for suspicious activity.
• When trading cryptocurrency, there is no settlement risk and no charge-back
• For urgent issues, live chat and email support are available 24 hours a day, seven days a week.

The Kraken crypto exchange supports stablecoins and over 120 crypto assets. They include:

• Bitcoin (BTC)
• Cardano (ADA)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Litecoin (LTC) (LTC)
• Polkadot (DOT) (DOT)
• Polygon (MATIC)
• Ripple (XRP)
• Exceptional Lumens (XLM)
• Solana (SOL)
• Sushi (SUSHI) (SUSHI)
• Uniswap (UNI) (UNI)
• Tether
• US Dollar Coin
• Dai

Deposit and Withdrawal Methods

You can fund your Kraken account using SEPA, SWIFT, wire transfers, or domestic transfers. In most cases, your deposits and withdrawals will be processed within 1-5 business days.

Fiat deposit methods supported include US Dollars (USD), Euros (EUR), and Canadian Dollars (CAD), all with low fees. A bank wire transfer from within the US costs between $5 and $25, while it usually costs less than $10 outside the US. Depositing funds in CAD and EUR SEPA is completely free.

You can also fund your account with coins like Bitcoin, Ethereum, Qtum, Zcash, Ripple, Cardano, Litecoin, and Monero, which are all supported. Most accepted cryptocurrencies are free to deposit, but there is a small address setup fee in some cases. You can start trading within 10 minutes after funding your account.

Kraken Fees

Kraken Basic charges a 1.5% fee for most crypto assets and a 0.9% fee for stablecoins. Extra fees will apply depending on how you deposit. For example, you will be charged 0.5% if you fund with a bank account, and 3.75% if you deposit with a debit/credit card or digital wallet.

Kraken pro fees could be lower as they are fixed based on an investor’s average 30-day trading volume. Most trades are subject to a 0.26% taker fee or a 0.16% maker fee. These fees gradually decrease until they reach 0% for traders with a past 30-day trade volume of more than $10 million.

Limits

Your funding limits are determined by your location, verification level, and asset type. It should be noted that Kraken limits are calculated in USD (even for currencies other than USD). A beginner client can only withdraw $5000 per day, whereas an intermediate user can withdraw up to $500,000. A pro-level client’s daily withdrawal limit is $10,000,000. New account holders can always level up by completing additional verification until they get to the pro account status.

Desktop

Kraken exchange desktop version is user friendly, even for beginners. Everything from registration to taking trades is intuitive. You don’t need a lot of guidance to start trading. Unlike most digital currency platforms, this one doesn’t use the usual dark coloured background themes. Instead, it went for a blue and white them that gives it a neat appearance. Navigation is simple as the platform is highly organized. The extra security layers such as 2FA and API keys management gave us a sense of safety during this Kraken exchange review process. We understand the need for KYC, but we thought privacy-conscious users might not be comfortable with all the three levels of verification. Nevertheless, the process was seamless, and we had not issues at all.

Mobile App

The Kraken exchange mobile app is user-friendly with a vibrant design. You can use it mobile app to create and verify a new account, buy, sell, and convert cryptocurrency, enable sign-in 2FA, and deposit and withdraw cryptocurrencies. You can also use credit and debit cards to make purchases, pay with ACH online banking, and manage approved devices. The mobile app is as user friendly as the desktop platform, save for the small screen size.

Everything you need to find help on the site is available on the support page. You can submit a support ticket by filling the contact us form, or seek help via the platform’s live chat feature. Unlike most exchanges, the marketplace has also provided a direct contact phone number. If your issue is broad and probably requires evidence like screenshots or documents, we recommend seeking help via email. We did not find an FAQs page on the site. There are however, several crypto guides you can read to enlighten yourself about the marketplace. There is also a community around the exchange, even though it’s not big. You can follow it through Kraken’s social links below.

It goes without saying that every level of trader requires a secure platform. Kraken is a trustworthy and safe cryptocurrency exchange. It also has offers for both novice and experienced investors. Novice traders can begin their trading journey on the main Kraken platform, while experienced traders can proceed directly to the Kraken Pro. Kraken Pro has lower trading fees than the main platform. As a beginner, don’t upgrade to the pro version because you may struggle to navigate the platform. We believe the exchange is one of the best for traders as all levels.

Kraken offers you four investment options at Kraken: crypto assets, futures trading, margin trading, and over the counter (OTC) trading. Also, the crypto exchange supports over 120 coins, attracting more users to the platform, increasing engagement, and creating more liquidity for existing users. As a crypto investor looking for a secure crypto exchange with better trading fees and advanced features, Kraken is a great pick.