Kraken, headquartered in San Francisco, California, claims to be the largest Bitcoin exchange in terms of euro volume and liquidity. In the following post, I will review the exchange, its different services, and the customer opinion about it. This Kraken Review will explain everything you need to know about this exchange in detail.
Kraken is a veteran US-based cryptocurrency exchange that supplies an advanced trading platform, complete with margin trading and OTC options. After it’s initial start Kraken’s platform was scorned because of instability. However, their site has been revamped a couple of times since then and at the moment it’s a service that’s focused on security and customer support. Additionally, Kraken offers some of the lowest trading fees around. To check out their services, visit their official website. For more information about this cryptocurrency exchange, continue reading this Kraken review. Additionally, for more news about crypto check the Bitcoin Dictionary at the Coinbet24 blog.
Basic Information
The Kraken platform was founded by Jesse Powell in 2011. It became well-known after the bankruptcy of former bitcoin exchange Mt. Gox. The reason for that is because Kraken assisted people with processing claims from the Mt. Gox exchange. Their platform was specifically designed to be an alternative to Mt. Gox who at that time was the biggest ctyptocurrency exchange. This Kraken Review will show that this platform is a worthy successor to Mt. Gox.
Now one of the oldest and most recognizable names in the industry, Kraken has spent close to a decade building out and refining its cryptocurrency trading platform. Today, Kraken serves as a secure destination where cryptocurrency newbies and professionals alike can purchase, trade, and sell their digital assets. Any Kraken review that you will read suggests that this platform has an unblemished security record. On top of that, they were the first to introduce a comprehensive audit system to cryptographically prove it holds the correct amount of users’ funds in cold storage.
Even though it’s based in San Francisco, the platform has operations in other countries like UK and Canada. Since it’s inception in 2011, Kraken went through several funding rounds. They raised $1.5 million from seed funding in 2011. In February this year, they also raised $100 million from investors, Digital Currency Group (DCG), and Hummingbird Ventures.
Kraken Services Review
Kraken offers its customers an advanced trading platform that includes spot and margin trading for more experienced users. Kraken’s interface offers plenty of options, but it isn’t the most beginner friendly—something to consider if you’re new to cryptocurrency. For high volume trades (over $100K) Kraken offers Over The Counter (OTC) services with a 1-on -1 service.
Additionally, frequent high volume traders can receive a dedicated account manager to take care of their trading needs. Kraken also offers a dark pool – an order book not visible to the rest of the market. Each trader only knows their own orders. Traders can anonymously place large buy or sell orders without revealing their interest to other traders.
Typically, outsized orders, when seen by other traders will cause the market to move unfavorably, making it more difficult to fill the order at the desired price. This unfavorable price movement may be avoided in a dark pool. Finally, Kraken also provides a staking service that allows users to earn a return on assets that would be otherwise held and unused by its users.
Simple
This is the perfect option for newbies when it comes to cryptocurrency. This option can also be used for individuals who don’t want to bother with additional small details. The simple solution will allow you to purchase or/and sell digital assets with a limited market order.
Intermediate
In the intermediate mode, several other options are introduced. Customers can use limit orders, timed orders, and leverage options. This is exactly why this option is more suitable for experienced users.
Advanced
The advanced trading option unlocks all the options of the platform. Any Kraken review will suggest this is the best option. You get increased limit orders, several new order types, and a powerful conditional close setting. The default trading view on Kraken is a bit different to other exchanges. You need to click a button called “Charting & Trading Tools”. This is a button that activates Kraken pro, which is how the advanced platform is called. However, even though this tools option is still in beta mode, it works really good.
The Kraken trading tools are surprisingly powerful, featuring enough technical indicators, charting options, and tools to keep even the most advanced traders happy.
Currencies & Payment Methods
Kraken accepts the following fiat currencies:
- Euros (EUR)
- US dollars (USD)
- Canadian dollars (CAD)
- Australian dollars (AUD)
- British pound (GBP)
- Swiss franc (CHF)
- Japanese yen (JPY)
Deposits and withdrawals can be made via SEPA, SWIFT, wire and domestic transfers. In almost all cases, deposits and withdrawals can be expected to take 1–5 business days. In my experience, the average deposit takes as little as 24 hours. It’s free to deposit most of the accepted cryptocurrencies, but there’s a small address setup fee in a few cases. With regard to fiat deposits, SEPA deposits are free, making Kraken particularly convenient if you’re in the European Union and your location is on the list of SEPA countries. A bank wire transfer from within the United States costs between $5 and $25, whereas it usually costs under $10 equivalent from outside of the United States.
Deposits/Withdrawals
FIAT Currency Deposits
- SEPA bank transfer (EUR) – deposits are free, withdrawals are charged at €0.09.
- US domestic wire transfer (USD) – charged at a flat fee of $5 for both deposits and withdrawals.
- US domestic wire and ACH transfers (USD) – deposits are charged a flat $5 each.
- Canadian domestic wire transfer (CAD) – deposits are free on Kraken’s end. However, your bank may charge an additional fee, typically around $10.
- Electronic Funds Transfer (CAD) – withdrawals are subject to a 0.25 percent fee, with no minimum or maximum fee amount.
Last but not least, we have cryptocurrency deposits and withdrawals. The fee schedule for this category is kind of complicated. However, most of the fees are low so that’s a positive thing. This Kraken review will show you the fee details for the most well known digital assets.
Crypto Deposits/Withdrawals
- Bitcoin (XBT) – Free deposits, 0.0005 XBT withdrawal fee. 0.0001 XBT minimum deposit, and 0.005 XBT minimum withdrawal amount.
- Litecoin (LTC) – Free deposits, 0.001 LTC withdrawal fee. 0.0001 LTC minimum deposit, and 0.01 LTC minimum withdrawal amount.
- Ripple (XRP) – Free deposits, 0.02 XRP withdrawal fee. 0.00001 XRP minimum deposit, and 25 XRP minimum withdrawal amount.
- Tether (USDT) – Free deposits; however, there is a 5 USDT withdrawal fee. 1 USDT minimum deposit, 10 USDT minimum withdrawal amount.
- Zcash (ZEC) – Free deposits, 0.0001 ZEC withdrawal fee. 0.0001 ZEC minimum deposit, and 0.0005 ZEC minimum withdrawal amount.
- Stellar Lumens (XLM) – Free deposits, 0.00002 XLM withdrawal fee. 0.00001 XLM minimum deposit, and 25 XLM minimum withdrawal amount.
- Ethereum (ETH) – Small fee to move ETH into Kraken’s wallet, 0.005 ETH withdrawal fee. 0.05 ETH minimum deposit, and 0.01 ETH minimum withdrawal amount.
- EOS (EOS) – Free deposits, 0.05 EOS withdrawal fee. 0.01 EOS minimum deposit, and 0.5 EOS minimum withdrawal amount.
Fees & Supported Countries
Kraken’s fees are among the lowest of all the major bitcoin exchanges. The fees you pay depend on your last 30 days’ trading volume. In general, fees are based on a maker-taker basis. Makers, who add limit orders to the exchange, pay a lower fee than takers, who fulfill existing orders.
- Spot trading fees range from 0.26% – 0%.
- Stablecoin trading fees range from 0.2% – 0%.
- Dark pool fees range from 0.36% – 0.2%.
Kraken is available worldwide except for the following countries:
- Afghanistan
- Congo
- Cuba
- Iran
- Iraq
- Libya
- North Korea
- Syria
- Tajikistan
Kraken accepts US traders on its platform except for residents of Washington state (WA) and New York (NY).
Kraken vs Bitfinex
The exchanges at Bitfinex and Kraken are both designed to support advanced traders. They both offer trading tools and leverage that lets traders manage risks and maximize their returns. However, there are several differences among them. While Kraken is open to anyone, Bitfinex wants only high-volume traders. Kraken is also available to US traders while Bitfinex is not. On the other hand, Bitfinex is available in Japan, contrary to Kraken.
These are just the basic differences between these two platforms. While our Kraken Review has covered everything you need to know about it, at the moment you don’t know a lot about Bitfinex. For that reason, head over to our Bitfinex Review and learn more about that exchange.
Kraken Review Conclusion
It’s fair to say that Kraken is an option well worth considering thanks to its excellent security features and low transaction fees. However, it’s not the best option for beginners due to its more complex interface. This veteran Bitcoin exchange has gained a considerable amount of reputation throughout the years and doesn’t seem to be going anywhere anytime soon.
All in all, Kraken is a very strong player in a business that changes every day. They held their ground through times filled with trouble and are now growing every day. Kraken leads the market when it comes to security and liquidity. These are traits that are most important for serious traders. Kraken caters best to European traders looking to trade high-quality digital assets with excellent liquidity, though still presents itself as a promising platform for US and Canadian cryptocurrency traders.
However, if they want to be the best in the business, they need to make a couple of changes. According to our Kraken Review, they need to work on withdrawal times. Additionally, a bigger asset selection will bring them even more traders, regardless of their experience level. If you decide to go with Kraken, make sure you test their service with some Bitcoin Gambling. We suggest visiting the Coinbet24 Bitcoin Sportsbook & Online Casino for the best markets, odds, and games that can be played with Bitcoin and other cryptocurrencies.