Kraken is a fully working cryptocurrency exchange with cheap costs and a diverse coin selection. It’s one of the very few digital currency exchanges in the United States that provide advanced trading features and tools like margin. It states that it aspires to be the “best and most secure.” Read our entire Kraken review to find out whether that’s accurate and if it’s the ideal exchange and trading platform for you. This Kraken review will tell you the positive and negative points about the Kraken exchange so you can decide if it is the right platform for you.
KRAKEN REVIEW – ABOUT:
Kraken is a Bitcoin trading platform. It was created in July 2011 and is headquartered in San Francisco, California. It is one of the most prominent and oldest exchanges founded by Jesse Powell. The business has raised $118 million in seed funding. Kraken enables you to convert fiat currencies such as US, Canadian, euro, and pound sterling into Bitcoin. You may also trade one cryptocurrency for another.
Over 90 cryptocurrencies are accessible on Kraken for purchase using fiat cash or exchange, but 35+ of those coins are not currently accepted in the United States. The Kraken platform has welcomed two new virtual currencies: Ocean Protocol (OCEAN) and Energy Web Token (EWT). From March 3, 2021, both currencies can be deposited and exchanged. However, it should be noted that citizens of the United States and Canada are presently unable to exchange EWT.
KRAKEN REVIEW – PERKS AND PROS:
- Security protocols
Kraken, which was formed in 2011 and debuted in 2013, is one of the world’s largest and oldest exchanges. And it’s been focused on security since the beginning. It hasn’t been compromised in eight years, which speaks for itself. The exchange based in the United States has constantly led the market regarding security. It has physical security as well as financial stability. Furthermore, it encourages users to practise good security behaviours and protocols.
- A wide variety of cryptocurrencies
Kraken accepts around 60 cryptocurrencies and seven fiat currencies. That isn’t the most extensive range of digital money available, but it is similar to some of the finest cryptocurrency exchanges. It’s also a step better from many dealers, who provide a few well-known coins. Kraken exchange also has high liquidity, making it simpler to purchase and sell at a reasonable price. Kraken operates base on currency pairings, and not all of its currencies exchanged for one another.
- Advanced trading features/tools
Kraken exchange is among the few platforms that allow margin, stop orders and cryptocurrency short selling. It also features a dark pool, allowing high-volume traders to invest secretly. Kraken offers you leverage a currency pair up to 5x and provides qualifying pro clients with up to $500,000 in the margin. Before becoming too enthusiastic, keep in mind that margin trading is dangerous. You’re effectively borrowing money to invest. Assume you put $100 into Ethereum. You decide to make use of the 5x margin. If the value of Ethereum rises, your profits will be multiply by 5. However, if Ethereum falls in value, your losses will increase. Virtual currencies are already a risky investment, and employing margin amplifies that risk tremendously.
KRAKEN REVIEW – THINGS THAT COULD BE IMPROVED:
- Not for inexperienced investors.
Kraken does provide some decent teaching materials for Bitcoin traders that are new to the market. Individual currency instructions and a series of explanatory clips include. With all of its complex features, the platform is intended for more professional ones. With so many currencies and so much functionality, it will be tough for new investors to adapt.
- Accounts for newcomers are limited.
Kraken has three account tiers: starter, intermediate, and pro. The starter profile, which is the only one available without presenting a photo ID and other documentation, allows you to accomplish very little. As a user, this might be aggravating. However, it is also part of what makes Kraken safe and enables it to provide those additional capabilities.
- Account financing is slow.
Fedwire may be used to deposit US cash, but only after you’ve submitted your ID and validated your account. Credit and debit cards cannot be used as a deposit method if you live in the United States. Deposits in fiat money might take one to five business days to complete. To deposit coins, though, you need a starter account, and it will take approximately five minutes. Kraken exchange does provide services to assist you in transferring cash from other exchanges.
- Customer care service data-ccp-props=”{"134233279":true,"201341983":0,"335559739":160,"335559740":259}”>
This cryptocurrency exchange offers 24-hour customer care and an easy-to-use help centre. However, it only received 1.9 out of 5 stars on Trustpilot. It’s tough to determine how reliable such evaluations are, but you want to trust the individuals to whom you’re entrusting your money. Several Kraken reviews state that their funds did not appear in their accounts and that the support staff did not respond promptly.
FINAL THOUGHTS:
So that concludes our Kraken review. Now it’s up to you to decide if this is the right platform for you. We feel Kraken exchange is appropriate for you if you’re an experienced trader looking to use sophisticated features like margin or if you’re a crypto investor looking to level up with different currencies and features. Also, if you value security over convenience and want to keep your money in the safest possible hands, Kraken exchange is the way to go.