In this Kraken review you will get an overview of the popular cryptocurrency exchange, including supported cryptocurrencies, deposit methods, fees, and security.
Kraken is a popular cryptocurrency exchange that offers competitive prices and a wide range of cryptocurrency products for casual cryptocurrency investors and active traders.
It supports over 50 currencies for spot trading and a limited number of currencies for staking and futures trading. Below is a more comprehensive review of Kraken to help you decide if it’s right for your cryptocurrency investing and trading goals.
Let’s dive into the kraken review :
What Is Kraken
Kraken has been founded by Jesse Powel.The exchange is San-Francisco based crypto exchange,its first lunch was in 2011. At the time its support was only for Bitcoin abd Litecoin, and then added many cryptocurrencies as time goes by. It’s now used by more than 10M traders, institutions, and authorities in over 19countries worldwide, with plus 207 billion dollar trading volume.
Kraken enables you to trade spot and margin with top cryotocurrencies and futures,also you stake you crypto assets and take with you up to 24%, all with a frinedly-user interface top-notch security, and proof of reserves mechanism that make it a good exchange for people who are new to crypto trading.
Supported Cryptocurrencies At the time of writing, the Kraken exchange supports over 230 different cryptocurrencies, with even more cryptocurrency pairs available. The exchange also supports a variety of FIATs, including USD, JPY, CAD, GBP. EUR, AUD and CHF.
More information about the cryptocurrencies supported by Kraken can be found On the Supported Currencies page.
What is Kraken BTC
In Kraken the cryptocurrency king Bitcoin i known as The abbreviation “XBT” that comes from the International Standards Organization (ISO)that maintains a list of internationally recognized currencies. The currency is exactly the same, and it’s still a unit of Bitcoin; however, it’s just the abbreviation that’s different.
Kraken Features Review
Trading Types Spot, margin trading and derivatives trading are offered. Trading Fees The trading fee for novice traders is (0.16% Maker Fee and 0.26% Taker Fee).
The 30-day trading volume is also taken into account when calculating the trading fee. The more you trade, the lower the trading fee, with the Kraken Pro feature you get a Kraken’s fee tier trial for clients with 30-day spot crypto trading volume of $100M+, $250M+ and $500M+.
Proof of Reserve Exchanges are audited by a third party through Merkle Tree, and you can check to see if your account has been audited by going to the Settings > Audit page.
Bugs Bounty Program Freelance developers and ethical hackers can participate in this program to help exchanges find vulnerabilities and bugs. Participants are rewarded based on the severity of bugs reported in the system. The higher the severity, the higher the reward. All rewards are paid in bitcoins.
Kraken Pro
Kraken Pro is a platform designed exclusively for experienced traders, allowing for a seamless transaction experience. It includes charts, market indicators, open orders, positions and the ability to make trades. It currently has over 9 million ratings and a trading volume of $207 billion.
Training
The company has an exclusive training center with blog articles, videos and podcasts about cryptocurrencies and blockchain.
Staking
Earn up to 21% APY by holding and betting on cryptocurrencies. Please note that this feature is not currently available in the US.
On-chain and off-chain Staking
On-chain staking allows you to stake your cryptoassets using proof-of-stake blockchain protocol such as Tezos. Off-chain steaking allows you to stake on cryptoassets using Kraken’s internal programs. Off-chain staking is limited to eligible countries.
Kraken Fees Review
The fees you pay on Kraken depend on how you use the Kraken Exchange or Kraken Pro, as well as fees for margin trading and futures contracts.
In this article on the Kraken exchange, we will focus on instant purchases on the exchange and on Kraken Pro. Kraken Pro fee Consider the fee structure on Kraken Pro for your trades. Fees are per trade and based on a percentage of the trade’s quote currency volume, with the option to calculate based on the base currency. User fee levels depend on the equivalent market value of the “Fee Volume Currency” at trade time, which might differ from the pair’s base or quote currency. These levels apply to trades within the last 30 days. Discounts are determined after each trade, catering to various traders.
Whether you trade frequently or have substantial volumes, Kraken Pro offers achievable volume-based discounts. If you’re a less frequent but high-volume trader, explore the cost-effective and personalized OTC service.
Is Kraken A Safe Protocol ?
There have been no reported cases of hacker attacks in the past, giving the platform a clear advantage over its competitors. But just how secure is Kraken? Kraken’s offline vaults have a very good reputation. According to the exchange, 95% of all deposits are stored in cold climate-controlled and geographically-distributed warehouses, and servers are housed in secure cages monitored 24/7 by armed guards and video monitors.
In addition, the platform has a troubleshooting program to leverage the expertise of security researchers, and according to the website, a team of experts is dedicated to testing its own systems against all possible attack vectors. Kraken’s list of defenses includes 2FA, withdrawal confirmation via email, API permissions with various restrictions, constant real-time monitoring of suspicious activity, no phone/SMS account recovery, and SSL encryption when browsing the web.
Kraken Vs. Coinbase
This Kraken review would never be honnest witout comparing it to its very loyal competitor Coinbase. When comparing Kraken and Coinbase, some key differences stand out. Kraken accepts more fiat currencies (USD, EUR, CAD, JPY, GBP, CHF, AUD) compared to Coinbase (GBP, EUR, USD).
Kraken fees vs. coinbase
Fee-wise, Kraken’s maker fee ranges from 0.00% to 0.16%, and the taker fee is 0.10% to 0.26%, whereas Coinbase offers 0.00% – 0.40% maker fee and 0.05% – 0.60% taker fee.
Kraken’s 24-hour trading volume is around $452 million, while Coinbase’s is higher at $1.15 billion.
Kraken features vs. Coinbase
Kraken features margin trading, futures trading, and 634 markets, along with a professional trading terminal and TradingView charts. Coinbase offers TradingView charts exclusively on Coinbase Advanced Trade.
While Kraken lacks fiat withdrawal to debit/credit cards and federal insurance, Coinbase supports both. Both platforms follow KYC procedures and allow U.S. trading, catering to a range of traders’ needs.
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