Kraken is the easy, safe and secure way to buy cryptos such as Bitcoin, Ethereum, Dogecoin, and more. This Kraken review is an up-to-date, detailed analysis of Kraken exchange, containing everything you need to know about Kraken and whether it’s the right exchange for you.
Let’s Dive in
Kraken review
Jesse Powell founded Kraken, a crypto exchange, in 2011. The Kraken exchange headquarters are in San Francisco, California, with offices all over the world. It serves customers in the majority of the world’s countries. Kraken provides competitively priced cryptocurrency trading to individual and institutional investors.
Beginners will benefit the most from the main Kraken platform, whereas advanced and expert crypto enthusiasts may prefer Kraken Pro and its advanced margin and futures features. Beginners and advanced users alike can earn interest rewards by staking coins. Kraken is likely to be able to meet your cryptocurrency needs due to the combination of platforms and services.
Kraken review: What Is Kraken exchange?
Kraken is a cryptocurrency exchange based in the United States that allows users to buy, sell, and trade a variety of assets with low commissions. Clients can also earn rewards by staking coins. The exchange has a high level of euro volume and liquidity and allows users to trade over 100 crypto assets and 7 fiat currencies on the go via a web platform and mobile apps, including USD, CAD, EUR, GBP, JPY, CHF, and AUD.
It was one of the first crypto exchanges to offer spot trading, derivatives, and index products when it was founded in 2011. Currently, the company provides a wide range of products and services, including, but not limited to, spot trading, margin trading, futures, indices, stakings, OTC, and an upcoming non-fungible token (NFT) marketplace. The exchange, which is backed by Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures, and others, serves over 8 million traders and institutional clients.
Kraken Pros and Cons
Pros
- A good number of cryptocurrencies: The exchange supports a wide array of cryptos, over 210 cryptocurrencies for buying, selling, and trading. So if there’s a cryptocurrency you’re looking for there’s a chance you can find it on Kraken.
- Intelligent and Intuitive UI: Kraken provides an intelligent and Intuitive UI design for both beginners and professional traders alike. With its ease of use, beginners can easily buy, sell, deposit, and withdraw cryptos easily.
- High liquidity exchange: Crypto exchanges are part of a highly volatile market. Volatility increases the likelihood of slippages. However, liquidity can protect investors, and Kraken is one of the most liquid exchanges.
- Educational resources: Kraken has a blog and help center dedicated to helping its users navigate its suite of products and services. Its blog contains a pool of resources all to aid/help steer readers in the right direction.
- Staking: Staking is an excellent way to generate passive income from your cryptocurrency. It entails tying up your coins in order to help secure a blockchain network. Users can stake a variety of cryptos and earn massive rewards.
Cons
- Not available in all U.S. states: Kraken is available worldwide and to the majority of US residents. The exchange, however, is not currently available to residents of New York or Washington.
- High fees: The company charges a fee of 0.9% for stablecoins and 1.5% for other cryptos when using Instant Buy. Users will also be charged a 0.5% processing fee if they use an online bank account to purchase their cryptocurrency. Other fees apply if you use a credit or debit card.
Kraken review: How Kraken Works
Kraken is a cryptocurrency exchange. It makes no attempt to provide savings accounts or loans. Users can leave assets on the platform, but it encourages them to transfer them to an external cryptocurrency wallet. Kraken emphasizes that it is an exchange, not a wallet service. You can, however, use its custodial wallet because it provides reasonable staking rates. Kraken offers a diverse range of tokens for staking as well as competitive rewards, making it a top staking platform.
It is a centralized exchange that can be accessed online or via a mobile app. As previously stated, qualified users can use Kraken to access margin, stop orders, and crypto short sales. It also allows you to stake coins to earn interest if you leave the currency in your account untouched.
You’ll need to provide information such as your name, date of birth, and address to create a basic account. You must be over the age of 18 and live in a supported area (anywhere in the U.S. apart from Washington and New York).
It has three levels of verification:
- Express: You can deposit, exchange, and withdraw cryptocurrencies with this basic account, but you can’t do much else. You can’t withdraw or deposit fiat currencies, so if you want to convert dollars to cryptocurrency, you’ll need to upgrade.
- Intermediate: You’ll need to provide a valid photo ID (such as a passport or driver’s license), proof of residence (such as a utility bill), and your Social Security number or ITIN to upgrade to an Intermediate or Pro account. You’ll be able to deposit fiat and trade Kraken futures once you’ve upgraded.
- Pro: The Pro level grants access to the anonymous “dark” trading pool and over-the-counter desk, as well as higher account limits. The desk allows for large orders to be placed without causing price disruptions on the public exchange.
How to use Kraken Exchange
To use Kraken Exchange, you’ll need to sign up on the exchange. Signing up gives you access to start buying and selling by depositing money into your account. Once your account is funded, you can then place your first order.
The quickest way to buy, sell, and convert crypto instantly is by using the Buy Crypto button when you are signed in to Kraken or on the Kraken app. Trades on the exchange can be carried out in the following steps:
Select currency pair
First, decide which assets you want to exchange, such as buying Bitcoin with your USD or selling Ethereum (ETH) for euros. When you’ve decided which pairs to trade, you can select them from the ticker/quote bar in the top left corner of the Trade tab.
The first currency in a pair represents the base currency, while the second in a pair represents the quoted currency. From here, you can select any of the trading pairs.
Fill out order form
After you’ve decided on your trading pair, navigate to the New Order page and select the Simple form. There are three text boxes here, as well as the option to use a market or limit order.
Submit Order
Once you’ve decided whether you want a market or limit order, use the buttons to the left of the Total field to make your selection.
When everything looks good, simply press the large buy/sell button to be taken to an order confirmation screen where you can double-check your order.
Note: The order confirmation page will truncate (rather than round) the amount of cryptocurrency to spend/receive based on the price precision of that cryptocurrency (rather than the volume precision). The order still includes the extra volume that is not shown.
Wait for the order to be executed
If you choose a market order, the trade will be executed immediately and your balance will change. Funds can be withdrawn or used to trade immediately. The Orders tab displays successfully executed (closed) market orders.
Limit orders may not be filled immediately, but their status can be viewed in the Orders tab. If your order has not yet been executed, you can cancel it by clicking the red X button under “New & Open Orders.”
Kraken review: Cryptocurrencies Available on Kraken
This Kraken review shows that Kraken has a wide array of cryptocurrencies available to buy, sell, and trade. Some of the most popular cryptos include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Monero (XMR)
- Cardano (ADA)
- Polkadot (DOT)
- TRON (TRX)
- Stellar (XLM) and many more.
Kraken Sign up
Step 1
Firstly, visit kraken. On the landing page, click on the “Create Account” button located in the upper-right corner.
Step 2
Fill in the outlined details by entering your email address, username, and strong password on the signup form. Make sure you read the Terms of Service and Privacy Policy, before ticking the agree box, then click on the “Create account” button.
Step 3
Now go to your email address, you should receive an email containing an activation key. Enter your activation key on the account activation form, or alternatively, complete activation by clicking “Activate account” in the email.
Step 4
Alternatively, if you copied out the activation code, input it in the activation code section on the activate account page and click the “Activate account” button.
Step 5
Now to begin to explore all of Kraken, all you need to do is input your Kraken login, i.e. the username and password you generated.
Kraken Exchange KYC
After your account is created, verifying it will allow funds to be deposited and trades to be made.
Step 1
Sign in to your Kraken account. Then click on your name in the upper-right corner of the page. Click on “Get Verified.”
Step 2
Press the Verify button for the account type you want to apply for.
The express level is available in the US only, excluding NY, TX, WA, and overseas US territories. Each level enables more funding options and higher limits, with Pro being the highest available.
Kraken App
Kraken offers apps for Android and iOS mobile devices. With the mobile app, users can unlock a pool of features like buying crypto, placing trades, withdrawing funds, and more, all within the mobile app.
The Kraken exchange app has over 1 million downloads on the playstore and a 3.8 ⭐ rating. It is also built with support for Android and iOS users. The app has also accumulated a pool of user reviews. Below is a review from a user of the Kraken app.
Kraken review: Kraken Fees
Kraken charges maker-taker fees with volume incentives based on your activity in the previous 30 days. The fee for buying, selling, or converting all crypto assets using Instant Buy is displayed before the transaction is submitted and may vary for similar transactions.
The company charges a fee of 0.9% for stablecoins and 1.5% for other cryptos when using Instant Buy. Users will also be charged a 0.5% processing fee if they use an online bank account to purchase their cryptocurrency. Fees are determined by a number of factors, including transaction size, assets being transacted, payment method, and market conditions.
Fees for Kraken Pro users are significantly lower. For trades of $50,000 or less, it charges a 0.16% maker fee and a 0.26% taker fee based on activity within the last 30 days.
| 30- Day Volume (USD) | Maker | Taker |
|---|---|---|
| 0 - $50,000 | 0.16% | 0.26% |
| $50,001 - $100,000 | 0.14% | 0.24% |
| $100,001 - $250,000 | 0.12% | 0.22% |
| $250,001 - $500,000 | 0.10% | 0.20% |
| $500,001 - $1,000,000 | 0.08% | 0.18% |
| $1,000,001 - $2,500,000 | 0.06% | 0.16% |
| $2,500,001 - $5,000,000 | 0.04% | 0.14% |
| $5,000,001 - $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
Kraken review: Deposit and Withdrawal on Kraken
Once you have been verified, you will be able to fund your account to purchase cryptocurrencies. Follow the below step-by-step instructions on how to move funds in and out of your account.
How to withdraw on Kraken
The below instructions show how to make a withdrawal via the Kraken exchange website. If you are using the Kraken app, then follow these instructions.
Step 1
Sign in to your Kraken account and navigate to the Funding tab.
Step 2
Click Withdraw and use the search bar to find your preferred currency.
Step 3
Choose a funding source from the drop-down menu. If you are only given one option, you can skip this step and proceed to step 4, or you can follow the instructions for withdrawing funds from Etana Custody or Synapse.
Step 4
Add a new bank account.
Click on “Continue.” Fill in your bank account details (all fields are mandatory) and click on “Add bank account.”
Step 5
Request a withdrawal.
Repeat steps 1, 2, and 3.
- Scroll to the bottom of the page, and select the bank account from the drop-down menu.
- Enter the amount you wish to withdraw and click on Review Withdrawal.
Note: Do not use punctuation or currency symbols (use 1000 instead of €1,000).
Step 6
To help your withdrawal go smoothly:
- Make sure you are not withdrawing funds from a third-party payment processor.
- Check that your bank or financial institution meets the funding provider’s requirements.
- Use only a bank account in your name that matches the verified name or entity on your Kraken account.
Kraken review: How to Deposit on Kraken
Once you have been verified, you will be able to fund your account to purchase cryptocurrencies. Follow the below step-by-step instructions on how to move funds in and out of your account.
Step 1
Tap the action icon at the bottom of the navigation bar to open the action menu, and then select Deposit.
Step 2
Search for the currency you’d like to deposit. Carefully review the important information.
Step 3
If you have funding 2FA enabled, you will need to complete this before proceeding.
Step 4
Copy the wallet address into the wallet from which the funds will be sent. Do not type the address by hand.
Step 5
Alternatively, you can also use the provided “QR code.” Important: If you use the QR code for XRP and XLM, ensure the tag/memo is included. For EOS, the memo will need to be manually typed in.
Note: For certain cryptocurrencies, you will need to include more details than just the address, like:
- Ripple (XRP) deposits need a ‘destination tag’ tag’
- Lumens (XLM) deposits need a ‘memo’
- EOS deposits need a ‘memo’
Step 6
After initiating a valid transaction from your wallet, the deposit will be credited to your account once the required number of confirmations is reached.
Kraken Staking
Staking with Kraken gives you the power to earn rewards on your cash and crypto holdings. You can start staking with just a couple of clicks and automatically earn rewards twice a week. You can also instantly unstake at any time with no penalties. You can stake the following cryptocurrencies:
| Cryptos | Yearly rewards |
|---|---|
| Algorand (ALGO) | 1-4% |
| Cardano (ADA) | 3-6% |
| Cosmos (ATOM) | 12-15% |
| Ethereum 2.0 (ETH2) | 4-7% |
| Flow (FLOW) | 6-9% |
| Kava (KAVA) | 14-18% |
| Kusama (KSM) | 7-11% |
| Mina (MINA) | 12-20% |
| Polkadot (DOT) | 9-12% |
| Polygon (MATIC) | 5-9% |
| Secret (SCRT) | 18-21% |
| Solana (SOL) | 5-8% |
| Tezos (XTZ) | 5-7% |
| The Graph (GRT) | 5-10% |
| Tron (TRX) | 3-6% |
| Bitcoin (BTC) | 1.25% |
| Euro (EUR) | 2.5% |
| Tether (USDT) | 1.5% |
| US Dollar (USD) | 3.5% |
| USD Coin (USDC) | 1.5% |
How to Stake on Kraken
This Kraken review displays how to stake on Kraken. First off, you must have a Kraken account. At the moment, you cannot stake assets with Kraken directly from your wallet, such as Trezor or Ledger. You must first deposit funds from your wallet if you wish to stake them with us. Before being able to stake, your account must first be verified at the starter level or higher.
Step 1
Once signed in, go to “Earn” at the top of the page and carefully read through the page.
Step 2
Click on “Stake” and then select the asset you would like to stake.
Step 3
Enter the amount of the asset you want to stake and click Continue.
Step 4
Your funds will now be initiated for staking. You will see this entry under Transactions.
Step 5
A few minutes later, your transaction will go from “initiated” to “success,” which means your funds are now staked.
Note: Certain assets have a bonding period, which means that rewards will not begin to accrue to your account until the asset has been staked for a period of time.
Step 6
Under Total rewards and Staking balance, you will see the number of rewards you have earned so far, as well as the total amount staked.
Step 7
Once you have received your desired amount of rewards, you can “unstake” (excluding staked ETH or FLOW.H).
Kraken Customer Service
This crypto exchange boasts 24/7 customer service and an easy-to-navigate help center. That said, it only scores a 2.2 ⭐ rating out of 5 on Trustpilot. It’s always difficult to know for sure how trustworthy those reviews are, but you want to trust the people you’re transferring your hard-earned cash to.
Several reviews complain that their money didn’t arrive in their account and that the support desk hadn’t responded. This Kraken review shows a user review of Kraken’s customer service.
Is Kraken safe?
Cryptocurrencies have proven particularly vulnerable to hacks over the years, resulting in millions of dollars in lost coins. While the majority of hacked exchanges have reimbursed their clients for any lost value, you don’t want to end up at a crypto exchange with poor cybersecurity, which could leave your coins vulnerable to theft.
This Kraken review shows how serious Kraken is about security. It ranked second on the crypto exchange security review site CER. Notably, Kraken has not experienced any major hacking incidents. Having said that, there have been user complaints about Kraken on online forums regarding hacked individual accounts.
Kraken not only promises safe coin storage (with 95% of deposits held offline in cold storage units around the world) but also platform security. Its servers are housed in secure cages that are monitored around the clock by armed guards and video monitors.
In addition to physical security measures, Kraken encrypts all of your sensitive contact information at the system and data levels and performs vulnerability testing on its own system on a regular basis. Kraken was recently honored with the CSO50 Award for its security initiatives.
kraken review: Conclusion
According to this Kraken review, its pricing and features make it a good choice for new cryptocurrency traders and investors, from beginners to experts. Its low Kraken Pro fees, high staking rates, and futures markets are all appealing. However, some users report serious account security issues, and the platform is not the easiest to use when compared to competitors.
Overall, Kraken is a good cryptocurrency trading and investing platform. Make sure you understand all of the costs and risks and take precautions to secure your account with two-factor authentication. If you follow these steps, you should have a pleasant experience buying and selling cryptocurrency on Kraken.
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