Kraken Cryptocurrency Exchange Review: A Secure Platform with Extensive Coin Selection
Kraken is one of the oldest cryptocurrency companies on the market. It started up just two years after Bitcoin (BTC). Even though being the oldest doesn't always mean being the best, Kraken has a secure site with more than 120 coins to choose from in the U.S. The price of the platform is also on the lower end of the normal.
The Kraken platform is accessible to people all around the world, including most residents of the United States. Residents in the states of New York or Washington cannot currently access the exchange.
Kraken only accepts a few fiat currencies, so it's important for potential clients to know this. Residents of certain countries may incur additional conversion fees. But U.S.-based users don't need to worry because U.S. dollars are accepted.
Kraken is a good choice for both new and experienced traders. It offers excellent security, low trading fees, and a wide selection of cryptocurrencies to choose from.
It is not recommended for new users to spend too much time on Kraken's beginner platform. The fees charged by Kraken Instant Buy are not competitive. They charge a flat fee of 0.9% for stablecoins and 1.5% for all other cryptocurrencies.
Traders who are experienced and use the Kraken Pro trading platform are charged affordable fees. They also have the advantage of accessing a variety of cryptocurrency trading markets. Fees decrease as trading volumes go up, which is even better.
Experienced investors will also find Kraken appealing because it offers a wide variety of coins and margin trading options. Please be aware that in the United States, margin trading is only available to users with substantial account balances.
Kraken's trading program for beginners, called Instant Buy, has high trading fees. Unfortunately, new cryptocurrency investors may not realize that these fees are not competitive.
If you decide to use Instant Buy as a trader, the platform will charge you 1.5% on all trading pairs. However, if you prefer to trade stablecoins, the fee will be 0.9%. Be careful when trading cryptocurrencies on platforms like Kraken or any other platform.
- Trading Fees
- Available Cryptocurrencies
Kraken's Instant Buy option has various fees. This might be more suitable for beginners who are not familiar with maker/taker models.
Instant Buy is a feature that lets you purchase cryptocurrency rapidly. However, it's important to note that the fees associated with Instant Buy are higher compared to using the Kraken Pro trading platform. It would be beneficial for users to learn how to use the trading platform in order to reduce costs.
When using Instant Buy, the company applies a fee of 0.9% for stablecoins and 1.5% for other cryptocurrencies. If users use an online bank account to buy crypto, they will also have to pay a 0.5% processing fee. Additional fees may be charged when using a credit or debit card.
If you choose Kraken Pro, you'll enjoy significantly lower fees. For trades of $50,000 or less made in the last 30 days, there is a 0.16% fee for creating an order and a 0.26% fee for taking an order.
Here is a table displaying the different pricing tiers for Kraken Pro:
|30-Day Volume (USD)||Maker Fee||Taker Fee|
|Less than $50,000||0.0016||0.0026|
|$50,001 to $100,000||0.0014||0.0024|
|$100,001 to $250,000||0.0012||0.0022|
|$250,001 to $500,000||0.001||0.002|
|$500,001 to $1,000,000||0.0008||0.0018|
|$1,000,001 to $2,500,000||0.0006||0.0016|
|$5,000,001 to $10,000,000||0.0002||0.0012|
|More than $10,000,000||0||0.001|
Cryptocurrencies have been prone to hacks, leading to the loss of millions of dollars in coins. If you don't want to risk losing your coins, it's important to choose a crypto exchange with strong cybersecurity. While many hacked exchanges have compensated their clients for any losses, it's best to avoid exchanges with low-security measures that could make your coins vulnerable to theft.
Kraken is highly focused on security and has been ranked second on the crypto exchange security review site CER. It is worth mentioning that Kraken has not experienced any significant hacking incidents. However, there are users who have complained about Kraken on online forums, specifically regarding their individual accounts being hacked.
Kraken not only provides secure storage for coins, but it also ensures platform security. 95% of deposits are kept offline in cold storage units located worldwide. The servers are stored in secure cages and are constantly monitored by armed guards and video cameras.
Kraken takes multiple steps to ensure the security of your information. They not only have physical security measures in place but also encrypt all of your sensitive contact information at both the system and data levels. Additionally, they regularly test their own system for vulnerabilities. Kraken recently won the CSO50 Award for its security efforts.
Kraken's Instant Buy platform can be expensive for entering the world of cryptocurrency. However, if you're a beginner, there are no obstacles to getting started. You will be verified in just a few minutes.
It may take a few days to get authorized to use Kraken Pro because they need to manually review certain documents.
After you have been verified, you can add money to your account using regular currency like U.S. dollars. Then, you can begin buying cryptocurrencies. You can use credit cards and debit accounts to add funds to your account on the platform.
Kraken assumes that customers already have some knowledge, which might be overwhelming for new investors. However, they do provide educational information, but when it comes to actual investing, you are mostly responsible for yourself.
Kraken operates in the U.S., but there are certain geographic limitations. Users in New York and Washington cannot access the platform.
In the U.S., Kraken provides access to over 120 different cryptocurrencies. Here are some of the main cryptocurrencies traded on Kraken:
|Coin||Available on Kraken|
To sum up, Kraken is one of the oldest and most secure cryptocurrency exchanges available. There are more than 120 coins to choose from and the interface is easy to use. It is designed for both new and experienced traders. The platform is appealing to people who want to explore digital assets because it prioritizes security, offers low trading fees, and has a wide range of cryptocurrencies available. If you're a beginner, be careful about the higher fees that come with the Instant Buy option. Instead, consider using the Kraken Pro trading platform, which is more affordable. Kraken is a trustworthy platform that provides a wide range of features and a large selection of cryptocurrencies for traders all over the world.