Trying to seek out a reliable cryptocurrency exchange are often a challenge. It seems exchanges are being hacked monthly . And with BTC hitting new highs almost hebdomadally , finding an exchange you’ll trust is critical.
Kraken seems to see all the required boxes for a reliable and secure crypto exchange. it’s based within the U.S. and has never been hacked. Kraken allows you to trade directly from fiat currency to crypto. There also are 50+ cryptocurrencies available to trade. during this article, we’ll provide an summary of what Kraken has got to offer.
Who Is Kraken?
Kraken may be a cryptocurrency exchange. it had been founded in July 2011 and is predicated in San Francisco , CA. it’s one among the most important and oldest exchanges. Its founder is Jesse Powell. the corporate has raised $118 million in seed funding.
What Do They Offer?
Kraken allows you to exchange fiat currencies like USD, Canadian dollar , Euro, and GBP into cryptocurrency. you’ll also exchange from one cryptocurrency into another. There are over 50 cryptocurrencies available on Kraken for purchasing via fiat currency or exchanging.
The Kraken platform just added support for 2 more cryptocurrencies: Ocean Protocol (OCEAN) and Energy Web Token (EWT). Both currencies are often deposited and traded as of March 3, 2021. However, it should be noted that U.S. and Canadian residents are currently unable to trade EWT.
Fiat Funding Options
Kraken has different methods available for funding your account with fiat. It uses companies that provide funds transfer services (similar to Plaid). Each has different minimums, maximums, and costs for funding the account.
You can also buy crypto employing a mastercard , but it is the most expensive method. there’s a 3.75% + $0.25 fee. To use fiat currency, you’ll got to complete KYC (know your customer) validation. KYC requires verification of your identity. After your account is opened, you can’t withdraw funds for 72 hours.
Once the account is funded with fiat, you’ll select a crypto to shop for . There are coins that allow you to travel from fiat to crypto directly (majors) and there are (alt) coins that you simply can only access through a serious cryptocurrency. for instance , if you would like to take a position in EOS, you can’t pip out using fiat currency. You’d need to buy BTC (Bitcoin) first or another major crypto then use that to trade into EOS.
One of the draws of Kraken is staking. this might allow you to earn rewards on the coins that are available in your wallet.
Not all coins are often staked, but you’ll simply exchange into one among the staking coins. Rewards are paid out bi-weekly. the quantity you’ll earn and therefore the specific rewards vary by coin.
Check out all of our favourite crypto savings accounts >>>
Account Section And Trading
In the account section, you’ll find open orders and positions. you’ll place trades here also , including market and limit orders. This area includes the essential web-based interface and Kraken Pro, which we’ll discuss shortly.
Once you’ve completed a trade, consider moving your cryptocurrency to a software or hardware wallet. to maneuver money to your software wallet, you’ll withdraw from Kraken by providing your software wallet address. You’ll got to confirm your wallet via email for the primary withdrawal. From then on, your wallet address are going to be available in Kraken.
Kraken Pro is out there after you create a wallet. Kraken Pro is more polished than the essential web-based trading interface. It’s almost like Coinbase Pro. It includes graphs, market depth, open orders and positions, and therefore the ability to put trades.
Like many of the opposite crypto exchanges, Kraken doesn’t emphasize customer support. there’s no phone or maybe email support. There’s only chat or the choice to submit an invitation .
Are There Any Fees?
Yes, Kraken uses a maker/taker fee structure. the speed for both decreases as your 30-day volume increases. Below are the 30-day volume-based rates for maker and taker:
Kraken Fee Structure
30-Day Volume (USD)
0 – 100,000
100,001 – 1,000,000
1,000,001 – 5,000,000
5,000,001 – 10,000,000
10,000,001 – 20,000,000
20,000,001 – 50,000,000
50,000,001 – 100,000,000
You’ll also run into various fees for depositing and withdrawing funds, counting on the tactic used.
Up to 0.26%
Up to 1.49%
Up to 1.49%
How Do I Open An Account?
You can visit the Kraken website to open an account. you will need to be a minimum of 18 years aged to open an account and must sleep in one among Kraken’s supported areas.
Is My Money Safe?
Kraken has never been hacked and is taken into account a reliable crypto exchange. However, it’s probably still best to maneuver your crypto onto an off-site wallet.
Kraken provides various levels of protection for its users. It uses Google Authenticator 2FA for
Trading and Funding. there’s also a Masterkey (Yubikey recommended) level of security. Masterkey is sweet just in case you lose your phone or Yubikey.
Global Settings Lock (GSL) is merely available after the above three levels are set. GSL prevents Funding 2FA and Trading 2FA from being changed if login is compromised.
Is It Worth It?
There’s a lot to explore on Kraken. it’s one among the most important supported currencies list (including the favored Dogecoin meme currency) you will find today, it offers rewards once you stake coins, and even allows margin and futures trading. It’s certainly worth finding out .
However, other cryptocurrency exchanges may offer higher interest rates/rewards on staked crypto assets or a simpler fee structure. to match your options, inspect our 10 favorite cryptocurrency investing sites for 2021.
Minimum Initial Deposit
Varies by currency
0.00% to 0.26%
Coins Available To Trade
Basic Attention Token
Dash (normal send)
Dash (instant send)
Energy Web Token
Tether USD (OMNI)
Tether USD (ERC20)
1.5% to 40%
Card Deposit Fee
3.75% + $0.25
Minimum Card Transaction
Maximum Card Transaction
$4,000 within a time-based 7 day rolling period.
Crypto Withdrawal Fees
Varies by currency
Fiat Withdrawal Fees
FedWire of SWIFT: $4 to $40
Business ProSilvergate Exchange
Network (SEN): Free
Hold On First Deposit
2FA (Google Authenticator and Yubikey)
95% of all deposits are kept in cold storage
Global Settings Lock (GSL)
Customer Service Options
Chat or support requests only
Mobile App Availability
iOS and Android
Liquidity Fees Supported Currencies Security
Kraken may be a secure cryptocurrency exchange that supports 50+ cryptocurrencies and offers advanced trading tools.