Kraken Review — FinexCrypt

Kraken is leading cryptocurrency exchange since 2011, the platform provides options to buy and sell bitcoin and altcoins against USD and other fiat currencies, as well as margin trading options for both spot and futures market up to 50x. Enhanced security features ensure your funds are safe 24/7 while their fee schedule enables smart trading at low costs. Kraken is one of the few exchanges which offers margin trading with bitcoin for US residents, however their focus is not limited to this region only and supports customers worldwide.

By 2014, Kraken was one of the most respected exchanges in the business. Within the same year, Mt. Gox got hacked again, lost $460 million of its customers’ money and went bankrupt.

Jesse Powell understood that getting customers to trust cryptocurrencies and exchanges was very important. That’s why Kraken formed links with banks in Germany and Japan. It was also the first crypto exchange that was listed on the Bloomberg Terminal (a tool used by bankers around the world).

In 2017, the exchange had some issues. It was closed for updates in January 2018. It lasted one week. Fans praised the platform for taking the problems seriously, however, there were also some people who believed that the issues will continue for Kraken.

The world of crypto can be unpredictable, so it’s hard to tell what will happen to Kraken in the future.

Fiat-to-crypto onramp with high liquidity.

Kraken allows you to trade more than 32 cryptocurrencies in more than 140 markets with six fiat currencies: U.S. dollars (USD), euros (EUR), Canadian dollars (CAD), Japanese Yens (JPY), Great Britain Pounds (GBP), and Swiss Francs (CHF).
Dark Pool. If you’re looking for an exchange with an invisible order book, look no further. In the dark pool, each trader only knows his orders and can trade anonymously without revealing their interest to other traders.
Kraken’s Over The Counter (OTC) service. High volume traders can use Kraken’s OTC with a one on one service.
24/7 customer support desk. Kraken offers around the clock global customer support chat in case you have questions or run into troubles using the exchange.
Margin and futures trading. Kraken exchange offers cryptocurrency margin trading with up to 5x leverage.
Forex trading. Aside from trading cryptocurrencies, you can also exchange your fiat currency into one of six other supported fiat currencies.
Secure and trustworthy platform. Kraken is the industry leader in terms of crypto security. It has never been hacked before, so you can get goodnight’s sleep even when your funds are left in the exchange’s custody.

All in all, Kraken is an old and reputable cryptocurrency exchange for traders looking for fiat on and off-ramp. It comes with a variety of features and advanced trading options for every seasoned trader, as well as simple trading options for novice crypto enthusiasts.

PROS

• Trusted Bitcoin exchange that has been around since 2011
• Supports many countries

✓ Fiat currency trading
You can trade with six different fiat currencies on Kraken. This means that you don’t need to visit other exchanges before you start trading. Exchanges like only allow trading with cryptocurrencies.

✓ So, is Kraken safe? Jesse Powell and the Kraken team learned a lot from the Mt. Gox hacks. Kraken has never been hacked. It keeps most of its currency offline. It also offers users two-factor authentication for their accounts.

Note: On Kraken, two-factor authentication is where a user’s account has two kinds of a password. The first password is set up by the user and the second is created by an app like Google Authenticator or Yubikey.

✓ Fees
Kraken fees are some of the lowest on the market. Trading fees are between 0% and 0.26%. What you are charged per trade depends on whether you are buying or selling. Buyers usually pay 0.16% and sellers usually pay 0.26% on each trade.

Kraken fees also depend on 30-day trading volume and the currency pair that is being traded.

Kraken offers a good choice of cryptocurrency to trade with. Some exchanges only offer the most popular coins. However, even more recommended exchanges, such as Binance, can provide you with more than 150 cryptocurrencies to choose from.

✓ Reputation
Kraken has worked hard to gain global respect. It was one of the first exchanges to prove that it manages to keep all of its customers’ money safe. Kraken managed to do that using a proof-of-reserves audit.

Note: A proof-of-reserves audit is a test that a bank or an exchange can take to show its customers that their money is where it should be.

✓ SupportKraken provides a lot of helpful information on its site. Newbies to the site can go to “ Help” and then “ Support “ to get lots of useful tips. Many other platforms don’t have such an option.

Kraken has an app for trading that allows you to use it on the go. It has a clear interface and is super simple to use. What is more, you’ll be able to take advantage of exceptional trading features.

This Kraken review is not only about the good stuff, you need to know the bad aspects too. So here it is!

CONS

• Requires ID verification, so not private
• User-interface makes it difficult for first time buyers

✗ Reliability
In 2017, Kraken had a few problems. The exchange couldn’t cope with the number of users that were signing up. It also had to deal with several cyber attacks. These problems meant that Kraken had to close for about a week in January 2018! However, after that, it came back with even better, improved security.

✗ Customer service
Multiple exchange platforms have a poor customer support, Kraken is one of them. However, it seems that the company is doing their best to improve it.

Quick Tip: It’s important to remember that crypto exchanges aren’t banks. They don’t want to be a bank! There isn’t a telephone number you can call or a building you can go to if you have a problem. You’re on your own! That’s why you should take advantage of the most secure wallets.

So, you already know what Kraken is, its pros and cons. Now it’s time to move further and figure out how to start using Kraken.

Originally published at https://finexcrypt.net on October 22, 2020.