Kraken is a San Francisco based cryptocurrency exchange that was founded in 2011. It is one of the largest exchanges in the world with the largest Euro trade volume and liquidity. They offer trading services for 20 cryptocurrencies and digital assets, as well as Canadian dollars, Euros and US dollars. Kraken is a partner in the first cryptocurrency bank and follows KYC and AML regulations. The exchange is popular and professional giving users the tools to deposit, trade and withdraw fiat and crypto funds. Reading this Kraken review will hopefully provide you with all of the necessary information to begin your cryptocurrency journey with Kraken.
Account Setup and Verification
Creating an account with Kraken is easy. Users just enter an email address, username, and password. Users can alternatively opt for an advanced setup by selecting ‘Advanced Options’ where they can confirm their country of residence, time zone, add a Master Key or PGP public key.
It should be noted that Kraken doesn’t offer services to residents of Japan, Cuba and several other countries. Services are also not offered to residents of Washington State or New York.
Kraken also asks users to complete up to 4 levels or ‘Tiers’ of verification in order to legally operate and trade digital assets in different jurisdictions. The higher the tier reached, the more options and services become available to you. To verify go to the ‘Get Verified’ page in your account and click on the tier you would like to achieve.
In order to access all services on Kraken, tier 2 or 3 is usually required and depends on the user’s country of residence. To reach the third level of verification users must upload a copy of a government issued ID, a document proving residency, a valid SSN (for US residents only) and an ID confirmation photo (for residents of certain countries). Note only certain file types are accepted.
Kraken provides optional, in-depth trading options that cater well to experienced traders. To buy Bitcoin with fiat currencies, users first need to complete the verification previously mentioned in this Kraken review.
To add fiat funds to an account you just need to go to ‘Funding’, then ‘Deposit’ and select the right upload option for you and follow the steps. A full list of upload options are available here but credit cards are unfortunately not supported.
Note that GBP and JPY deposit/withdrawal functions are no longer available.
Once you’ve uploaded fiat funds, completing a simple cryptocurrency order is quick and easy. For example to buy Bitcoin with USD, simply select ‘Buy’, the trading pair (eg XBT/USD) and the amount of Bitcoin (XBT) you wish to buy. Next, you will be quoted a price in USD, then you just click ‘Buy’.
The process is the same when trading cryptocurrencies and there are dozens of trading pairs offered on Kraken.
Kraken also offers more complex tools and order types for trades such as Limit, Stop Loss and others. They can be selected by clicking on the ‘Intermediate’ or ‘Advanced’ tabs in the trade window.
Deposit and withdrawal fees vary depending on currency and type, however, are up to about 5 USD. Trading fees are relatively low compared to other well-known exchange platforms (on average 0.16% for limit orders and 0.26% for market orders) and depend on which pair is being traded as well as volume. Luckily, Kraken explains the process and provides a full fee schedule for users.
Privacy and Security
Kraken stores all user data on securely encrypted databases that are not accessible from the platform’s site. They recommend the use of 2 Factor Authorization (2FA) and a Master Key as well as a Global Settings Lock. The platform also offers PGP/GPG for email encryption and verification. Kraken’s support team can assist in setting up any of these security precautions.
The exchange sends all new deposits to cold wallets and stores the vast majority of funds in cold wallets too, which keeps them separate from any online systems. All sensitive account information is encrypted and the system for uploading account verification documents is also isolated from all other systems.
Customer support services are available on their webpage through their ticket system and live chat feature. Kraken doesn’t offer phone support services but their FAQ page is a great source of information and troubleshooting tips for those interested in using the exchange or that are having issues. Kraken’s support services are generally quite good, however, as is often the case, negative comments and reviews can also be found online.
548 Market street,
San Francisco, CA 94104-5401
Kraken Review Summary
This seasoned trading platform is a great option for those who are experienced in trading and exchanging cryptocurrencies. The relatively low fees for trades and the many trading pairs and cryptocurrencies available make the platform an attractive option for buying, selling and trading assets. Although some negative reviews can be found online there are also many positive reviews too. And all the possible security measures available on the exchange platform make it a secure option for traders. We hope that this Kraken review has proved useful and have answered any questions you may have had. If you are interested in trading with Kraken then you can sign up here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Kraken review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.