Kraken Bitcoin Exchange, is one of the oldest crypto exchanges, founded by Jesse Powell in 2011, just two years after Bitcoin’s launch. Despite the fact that its development phase ended in 2011, the Kraken platform went live in September 2013, following two years of testing and enhancements. Using its interactive and user-friendly interface, you can convert fiat currencies such as the US dollar, Canadian dollar, Euro, and British pound with 60+ cryptocurrencies.
Residents of Washington and New York, on the other hand, are unable to use Kraken services. Despite this, it has a lot of features, such as excellent 24/7 service, an OTC desk, margin trading, futures, indices, staking, and an account management tool.
How to open an account on the Kraken crypto exchange?
- The first step in using Kraken’s services is to create an account with the company. Visit kraken.com, the official Kraken website.
2. In the upper-right corner, click the “Create Account” button.
3. On the signup form, enter your email address, a username, and a strong password.
4. Read the Terms of Service and Privacy Policy, tick the “agree” box (if you agree), and then click the “Create account” button.
5. You should receive an activation email containing an activation key.
6. Complete account activation by clicking the link in the email or entering your activation key on the account activation form.
7. Confirm your password and, if prompted, fill out the captcha. Then click the Activate Account button.
8. Congratulations! You just created your Kraken account successfully and you’re ready to get started.
How to deposit money into your Kraken account?
You can either deposit fiat currency or cryptocurrency to start trading at Kraken. The steps to funding your account are as follows:
- If you’re using a laptop, start by selecting “Funding” from the top menu.
- Second, hit the action symbol at the bottom of the navigation bar and select “Deposit” if you’re using a mobile phone.
- Finally, you can use the search box to choose your favourite fiat currency or cryptocurrency or select “Show All Assets” from the drop-down menu.
- Select one of them and then click “Deposit.”
- Then, from the drop-down option, you can choose any funding provider.
- Finally, finalize your transaction by following the steps on the Kraken deposit page.
On the other hand, users must complete their KYC up to the intermediate level in order to make Fiat deposits. Kraken Bitcoin exchange accepts the following currencies: CAD, JPY, GBP, USD, CHF, AUD, and EUR.
There are no credit card facilities at Kraken. As a result, the only means to deposit money is by bank or wire transfer. SEPA (for EU residents), SWIFT (for everyone), FedWire (for US residents), and SIC are all approved methods (for Liechtenstein and Switzerland).
How to withdraw money from your Kraken account?
You must first add and confirm the withdrawal address before you may withdraw cryptocurrency from your Kraken account. Then, to withdraw, take the following steps:
- Sign in to your Kraken account and navigate to Funding.
- Click the Withdraw button.
- Search for the currency you wish to withdraw and then click on it.
- Select an existing address or add and confirm a new one by clicking the Add Address (“Add account” for EOS) button.
- In the Amount field, type the amount you want to withdraw, or click the percent of your account balance in that currency. Make sure the amount you want to withdraw is larger than the minimum specified directly beneath this field, then click Withdraw.
- After you’ve double-checked that all of the information is correct, click Withdraw and Review Withdrawal.
- If you’re prompted for an authenticator app code, your account has 2FA enabled for funding, and you’ll need to utilize the 2FA you set up for funding (this is different from your Sign-in 2FA).
- On the right side box, you’ll see a confirmation with your withdrawal details and the withdrawal status.
Reviews of kraken crypto exchange platform
Kraken Futures
Kraken futures allow their users to trade top cryptocurrencies with up to 50x leverage. Because this feature is rather difficult for novices, it is only advised for experienced clients. Futures trading has a few advantages over trading assets directly:
- The maker’s charge on Kraken futures is as low as 0.0200%, and the taker’s cost is as low as 0.05%.
- It allows users to benefit from price increases and decreases.
- Futures provide financial leverage to users.
Litecoin, Bitcoin Cash, Bitcoin, Ether, and Ripple XRP are the five cryptos currently accessible on Kraken Futures. Futures trading earnings will be settled and available immediately.
Kraken Margin Trading
Users of Kraken Bitcoin exchange can trade with up to a 5x margin. It implies you can buy something on this exchange platform with as little as one-fifth of the required collateral, and Kraken will use the remainder as leverage. This will assist you in potentially enhancing your trading profits. This isn’t to say there won’t be any setbacks. Higher earnings are generally accompanied by greater hazards.
Margin trading is available to any verified user, and it presently supports 16 coins, including:
- Bitcoin (BTC),
- Ethereum (ETH),
- Tether (USDT),
- Bitcoin Cash (BCH),
- Tezos (XTZ),
- Litecoin (LTC),
- Cardano (ADA),
- EOSIO (EOS),
- Dash (DASH),
- Tron (TRX),
- Monero (XMR),
- Ethereum Classic (ETC),
- Augur (REP),
- Ripple (XRP),
- Chainlink (LINK),
- USD Coin (USDC).
Please keep in mind that margin trading is riskier than other types of trading. As a result, you should only utilize this tool if you have extensive investment experience. Read our article on margin trading to learn more.
Cryptowatch
Cryptowatch is a premium trading terminal that analyzes and delivers real-time data on over 4,000 markets, as well as real-time crypto charting and trading services for approximately 25 cryptocurrency exchanges. This allows you to track market fluctuations as well as your portfolio across many exchanges. To utilize Cryptowatch, users must first create a separate account.
Benefits of Cryptowatch
These are the advantages you’ll gain if you don’t pay for premium services.
- You can trade on various exchanges from a single terminal for free (Also available on mobile).
- On your portfolio page, you can see your orders, positions, and trade history.
- In the Trollbox, users can communicate with other traders.
- Users can use common tools and indicators like Moving Averages, MACD, RSI, and Bollinger Bands to analyze charts.
- On your charts, you may customize your price, technical analysis alerts, and volume.
Cryptowatch’s commercial edition adds features like importing market data into Google Sheets, automating orders and notifications, and more.
OTC Trading
Kraken’s over-the-counter (OTC) desk trading is excellent for clients who don’t want to place huge orders on a crypto exchange. Customers will be able to connect directly with Kraken traders and execute particular transaction prices and information as a result of this. Kraken provides high-net-worth individuals with more liquidity and a private but personalized service.
Benefits of OTC desk
- It works with all of Kraken’s supported cryptocurrencies.
- This service is provided without charge.
- Regardless of the amount of the order, it will quote a competitive price near the spot rate.
- Users will receive exceptional one-on-one service.
- The highly skilled employees at the desk will provide you with expert market analysis.
Staking
The staking option offered by Kraken encourages users to maintain their funds on the platform. You can use this feature to purchase assets for which you will receive rewards over time. It’s a good idea to compare it to your savings account. You have the option of betting on ten different cryptocurrencies.
Kraken crypto exchange app
For both Android and iOS users, Kraken has three official mobile applications. The designs in this Kraken application are gorgeous and bright. It’s user-friendly and designed to buy and trade cryptocurrency swiftly. You may use this to:
- Set up an account on the Kraken cryptocurrency exchange site.
- Complete the verification process.
- You can make a deposit or purchase at any time using your credit card or ACH online banking.
- instantly sell or withdraw.
- Save your favorite cryptocurrency.
- Use credit or debit cards to complete your transactions. It should be noted that the purchases are only possible in euros at this time. For a detailed list of requirements, contact Kraken support.
- Read the articles from the blog.
- Keep your balance hidden.
- Setup your Two-Factor Authentication system.
- Manage the devices that have been approved.
Except for Crimea, Cuba, Iran, Japan, North Korea, and Syria, this application is available in all countries and areas. The app is available for Android and iOS devices.
Security
Kraken is one of the most established and secure exchange platforms, having never been hacked. They say that the users’ deposits and funds are maintained in cold storage that is offline, air-gapped, and geographically scattered. Encryption protects the personal details of the user’s data at both the system and data levels.
Users’ accounts are safeguarded by the many Kraken security mechanisms that are accessible. 2FA (Two Factor Authentication), email confirmations for withdrawals, global settings time lock, PGP signed and encrypted email, and a few additional security features are available. You can learn more about it by going to their website’s “Security” section.
In terms of liquidity security, Kraken crypto exchange keeps all of its funds on hand to prevent a bank run.
Kraken Customer Support
Kraken’s customer service is just outstanding. If a person is dissatisfied, for whatever reason, they can always contact support and submit a request. In addition, the live chat is available 24 hours a day, seven days a week in case of an emergency.
The nicest part about this live chat is that you may connect directly to a live specialist rather than relying on a virtual assistant (A.I.) to respond. It takes about 5–10 minutes for live chat help to be allocated to you. Users can also reach them via email, but there is no Kraken Bitcoin exchange support phone number.
Kraken Fees
Kraken, like many other cryptocurrency exchanges, operates on a maker-taker fee mechanism. This essentially means that if you supply liquidity to the market rather than taking it away, you will pay a lower charge rate.
When an investor places a trade order that is not immediately matched with an order already on the books, maker costs are charged. Because it creates demand for more cryptocurrencies, this is referred to as a “maker.”
When an investor’s order is matched with one already on the books, taker fees are charged. Because it removes an already existing currency from the market, this reduces liquidity, which is why it’s dubbed a “taker” charge.
Kraken does not charge a fee until your order is completed, or until it is matched with the order of another trader. Your charge will range from 0.0 percent to 0.26 percent, depending on whether you are a maker or a taker (which you won’t know until the order is executed). The amount of your charge is determined by your order status as maker or taker, the currency pair being traded (for example, US dollar to Dogecoin), and your 30-day trading volume (in dollars). The lower your cost, the more you’ve traded in the last 30 days.
What crypto can you trade on Kraken crypto exchange?
- Bitcoin
- Ethereum
- Bitcoin Cash
- Litecoin
- Dash
- Chainlink
- Stellar
- Cardano
What stocks can you trade on Kraken?
- Alibaba
- Barclays
- Airbnb
- Boeing
- Disney
Kraken crypto exchange Pros and Cons
Pros
- Low Trading Fees
- It has a strong emphasis on security.
- Customer service is available 24/7 with a live chat option.
- Have high liquidity.
- Staking, OTC desk, futures trading, margin trading, and crypto watch are among the features accessible.
- Three mobile applications, each with its own set of features,
- user-friendly with an attractive interface.
Cons
- Not for beginners,
- The amount of time it takes to fund an account is low.
- No tax support is available.
Conclusion on Kraken Bitcoin Exchange
Overall, Kraken bitcoin and crypto exchange is one of the greatest cryptocurrency trading platforms available. Because this platform has been around since 2011, people must have liked the services it provides. Users can trade, buy, sell, and stake using advanced security mechanisms and a variety of crypto and fiat currencies.
The most recent app, “Kraken,” is a beginner-friendly app with additional functions among the three accessible. Kraken will surely continue to develop and provide the greatest services to its users based on its current trajectory.