EST 20'000 BTC
In July 2011, Kraken.com joined the top cryptocurrency competitors Gemini and Coinbase in the U.S. And since then, it has remained renowned for its top security in trading bitcoin and other cryptocurrencies.
Many traders and institution turn to Kraken for their trading and exchange needs, and they continually rely on this platform since it has never experienced any major hacks. In this post, you’ll get a complete review of Kraken.com, with a view to balance its upsides such as very low fees with the downsides such as poor customer support.
Before Kraken became one of the best bitcoin exchanges, it went through an incredible growth process. The San Francisco-based company was founded by Jesse Powell on July 28, 2011 and it was named one of the most important bitcoin companies. It launched on September 10, 2013 and began to work exclusively with Fidor Bank on October 9, 2013.
Interestingly, it obtained the title of the number one euro exchange by volume on February 16, 2014 and passed the world’s first verifiable proof of reserves audit in March, 2014. It experienced major improvements in 2014 and ended the year by creating the first cryptocurrency bank with Fidor.
Since 2015, the trade volume had continued to double and beat previous records and even till 2017, it kept adding other fiats and cryptocurrencies to its large collection. The public in the U.S., Canada, European countries, and Japan have access to this exchange. The multiple basecurrencies include the British Pound, the Japanese Yen, the U.S. Dollar, and the Canadian Dollar.
The supported currencies on Kraken.com exchange exceed the commonly-known bitcoin and ethereum. Some of the common fiats for trading include:
Withdrawals and deposits are done in USD, GBP, EUR, CAD, and JPY using Bank Transfer.
The following market currency pairs are used for margin trading on Kraken:
Creating an account on Kraken is a lot easier than on Bittrex.com. For signup, a new trader is required to provide their full name, email address, and password (made up of 8 characters comprising numbers, letters, and special characters). Basic account further requests that users enter their date of birth, phone number, and address. On the other hand, advanced account users will need to upload their ID and set up 2-Factor Authentication (2FA) for improved security.
The waiting period for verification can take a few days or weeks but as soon as it is done, traders can fund their account using bank transfers. There are four tiers – tier 0, tier 1, tier 2, tier 3, and tier 4. And these determine trading limits applicable to the verification system.
When your account has funds, you can select “New Order” under the “Trade” bar and select your preferred currency pair (buy and sell currencies). Enter your quantity and confirm your purchase.
Most trading volumes, which are applicable to the main trading currencies, are less than 50,000 and the maker fee is 0.16% while the taker fee is 0.26%.
These Kraken fees are closely linked to the funding partners who the exchange partners with. These transaction costs apply to each currency. While deposit for bitcoin is free, the withdrawal fee is 0.001. Other cryptocurrencies also have their rates.
In all, Kraken.com exchange is one of the most reliable cryptocurrency exchanges in the world. And even their few downsides are not enough to discourage new users from joining the platform.