Kraken Cryptocurrency Exchange Review
Kraken has been based out of the United States since 2011. The platform focuses on experienced traders, and it is the largest exchange for trading in Euros. There are a variety of safety measures in place that makes it one of the most secure in the industry. Most of the funds of the users are kept in offline wallets to be kept safe from hackers. The fees are competitive, but support can take a while, and some customers have even been left waiting for weeks to get help.
- Cryptocurrencies and fiat currency
- Strong and secure
- Small fees
- Complicated to use
- No credit or debit cards for deposits or withdraws
- Lacking in customer support
Many users are attracted to Kraken because of their low fees. The Takers pay anywhere from 0.1% to 0.35% depending on the cryptocurrency they are using and the amount they have traded in the previous 30 days. Newer trades or those that aren’t as popular may have to pay up to 0.75%
The Makers are lower than the takers, but they vary just the same. They start at 0.16% and can go to zero for trades over $10 million.
Deposits are free for most currencies. Exchangers may have to pay a low fee for those types that aren’t very well-known. There are fees with withdrawals as well. Bitcoin isn’t necessarily the cheapest, but the rates are low. Fiat currencies through SEPA require a small fee as well.
After the demise surrounding Mt. Gox in 2014, Kraken has been chosen by the Tokyo District Court to handle all of the customer claims. They offer a wide range of order types, making them directed more towards people with experience in trading. Several cryptocurrencies can be used, but they don’t have as many options as some of their counterparts.
Safety and Security
The site is secure with a four-tier account verification setting available. That is ideal for people that are making transactions with large values. Some of their other security features include:
- Global settings lock to keep unauthorized users from making changes on the account
- Encrypted user data
- Verification documents are kept highly secure
- Encryption for emails
- Protection against information leaks like passwords and login details
- Two-factor authentication for trades, logins, funding, and other actions
Ease of Use
It isn’t necessarily the most straightforward interface to operate. A lot of the information that users need to see is kept in several different tabs. That means there is plenty of clicking back and forth to get the trade accomplished. There are several different trade types and margin trading that make it a strong interface, so all the details on separate tabs isn’t necessarily a downfall.
Deposits and Withdrawing
Customers can use three different methods to deposit Euros including Fidor Bank AG SEPA, Fidor Bank AG Wire Transfer, and SMBC (SWIFT). Withdrawals are similar with a tier-two verification minimum depending on the location of the user. Without a verification, withdraws can only be done to an external crypto wallet.