Reviews

An Easy & Detailed Review Of The Kraken Crypto Exchange

Kraken was launched just after 2 years of Bitcoin’s launch. It is the most established crypto exchange in the market presently. Kraken is known to provide a platform with top-notch security. It offers more than 60 crypto coins for the users to choose from and it also has the ability to stake or loan out your digital currencies for rewards, all at a very low price. This is a detailed review of Kraken.

Who Should Use Kraken?

Kraken can be a good option for investors who are just starting their journey with cryptocurrency because of its high security, range of available cryptos, and lower trading fees. If compared with Coinbase this is a great option for beginners to avoid spending chunks of dollars on the transaction fees. But if you are looking for a cheaper option than this then you can also opt for Binance. The trading fee of Kraken is 2%.

The range of coins available in Kraken can be a good opportunity for advanced players in the market. Having said that, all investors should trade with a small amount of money or the money they won’t fear losing as every investment is subject to market risk.

Features Of Kraken

Along with being one of the first digital currency exchanges, Kraken has an array of features to offer its investors. With time, this exchange has evolved and has inculcated the features based on market requirements.

Security

Over the years, the digital currency has proven specifically vulnerable to hacks that resulted in the loss of millions of dollars. While most of the exchanges that were hacked have reimbursed their clients, you will not want to wind up at a digital currency exchange that offers low cybersecurity that might leave your crypto ripe for being hacked.

Kraken is serious about the security of the exchange. Over the years, there have not been many records of Kraken being hacked or cryptos being stolen, which even the most leading crypto exchange Binance cannot claim.

Ease Of Use

Even though its “instant Buy Platform” can make Kraken a bit expensive, there is no obligation for entry in this exchange. Most of the user types allow you to verify automatically in a minute. The higher level “Pro” can take up to several days as it needs few documents to be reviewed manually. Once your verification is completed you can fund your account with fiat currency and start buying cryptocurrencies. Even though the majority of the crypto platforms these days have this feature, not all allow this, and instead, users can buy crypto from some other platform to buy from them.

And finally, the mobile application of Kraken has been launched in the United States, it is still not available in New York and Washington. Though the application currently prohibits the use of credit or debit cards it does enable both traditional trading and Instant buy trading using other methods of payment.

Fees

Like other crypto exchanges, Kraken also employs a maker and taker model. This implies that the user receives a lower fee rate if they add liquidity to the market in place of taking it away.

The maker fee is levied when an investor inserts in a trade order that is not matched immediately with an order that already exists in a book. This is termed as “maker” as it is creating a demand for digital currencies.

Taker fees are levied when the order of the investor is matched with an order that is already prevailing in the books. This is decreasing liquidity as it takes prevailing crypto off the market, which is why it is termed as a “taker” fee.

Cryptocurrencies Available At Kraken

Kraken being the first digital currency exchange offers more than 60 digital currencies which are mentioned below.

  • ox (ZRX)
  • Aave (AAVE)
  • Aavegotchi (GHST)
  • Algorand (ALGO)
  • Ankr (ANKR)
  • Aragon (ANT)
  • Augur (REP)
  • Augur v2 (REPV2)
  • Bancor (BNT)
  • Basic Attention Token (BAT)
  • Balancer (BAL)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Compound (COMP)
  • Cosmos (ATOM)
  • Curve (CRV)
  • Dai (DAI)
  • Dash (DASH)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Energy Web Token (EWT)
  • Enjin Coin (ENJ)
  • Enzyme Finance (MLN)
  • EOS (EOS)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Flow (FLOW)
  • Gnosis (GNO)
  • ICON (ICX)
  • Kava (KAVA)
  • Keep Network (KEEP)
  • Kusama (KSM)
  • Kyber Network (KNC)
  • Lisk (LSK)
  • Litecoin (LTC)
  • Livepeer (LPT)
  • Maker (MKR)
  • Mina (MINA)
  • Monero (XMR)
  • Nano (NANO)
  • Ocean (OCEAN)
  • OmiseGO OMG
  • Orchid (OXT)
  • PAX Gold (PAXG)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • QTUM (QTUM)
  • Rarible (RARI)
  • Ren Protocol (REN)
  • Ripple (XRP)
  • Siacoin (SC)
  • Stellar Lumens (XLM)
  • Storj (STORJ)
  • Sushi (SUSHI)
  • Synthetix (SNX)
  • tBTC (TBTC)
  • Tether (USDT)
  • Tezos (XTZ)
  • The Graph (GRT)
  • The Sandbox (SAND)
  • Tron (TRX)
  • Uniswap (UNI)
  • USD Coin (USDC)
  • Waves (WAVES)
  • Yearn Finance (YFI)
  • Zcash (ZEC)

Kraken: Pros And Cons

Being the first ever platform for the exchange and trading of cryptocurrencies, Kraken has received immense popularity. Here are the pros and cons of Kraken as a gist.

Pros

  • Great security that has no history of being hacked
  • A wide array of cryptocurrencies is available
  • Futures and margin trading for some investors
  • Good staking rewards

Cons

  • High fees for beginners who are using the Instant Buy platform
  • Limited customer support
  • No tax support

Conclusion

Kraken is one of the first digital currencies to be established in the crypto space, and since then it has always maintained a good record among its customers. It offers high security and a great ease of use. Along with that this exchange supports more than 60 digital currencies for its investors to choose from. But one drawback is the transaction and other fees for beginners can at times be a bit high. Other than that this is a perfect crypto exchange one can choose.

Stephanie Walker

Stephanie Walker has been a great journalist and continues to do so. Her knowledge of journalism helps her passion grow and survive in the field of the Dark Web. She has been continuously making efforts in scouring the darknet and deep web to find out gems for the users. Her dedication towards offering proper yet knowledgeable information is rightly reflected in her reviews.

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