Many cryptocurrency exchanges are existing today. Some of these exchanges have been reported to be scams or have poor site infrastructure to offer their users security and ease of use. These issues gave rise to the need for reviewing exchanges to guide you in your decision making, and the exchange we are going to review today is the Kraken cryptocurrency exchange.
Summary
Kraken is one of the best cryptocurrency exchanges based in the United States. Kraken claim to be the most secure and trusted cryptocurrency exchange. We will be reviewing this cryptocurrency exchange, and will briefly explain all that you need to know about this exchange.
Even though they claim to be the most secure place where you can buy bitcoin, our Kraken review will be focusing on the vital information that should be of interest to you.
About Kraken
As mentioned above, Kraken is a cryptocurrency exchange that is located in the United States of America. Kraken is owned and managed by Payward, Inc, a company registered in California’s Secretary of State’s database with the company registration number C3599291.
The cryptocurrency exchange was officially launched in the United States in 2013 but was founded in 2011.
Previously, many crypto investors complained about the platform’s instability, but after their upgrade, Kraken became more stable and as the team members said, more secure.
On October 11, Kraken announced the launch of their Kraken futures and Kraken Pro mobile apps. These mobile apps have been made available on both Google Play Store and Apple App Store.
The company which was founded by Jesse Powell holds complete reserves of their customer funds. Kraken makes use of an independent cryptographically verified audit to ensure the safety of customer funds.
Kraken exchange boasts of high liquidity, an advanced trading platform that features both OTC options and margin trading. Below, we will list the pros and cons of using this crypto exchange.
Cryptocurrencies available
At Kraken, you can buy, sell, or exchange following available cryptocurrencies:
- Algorand (ALGO)
- Augur (REP)
- Basic Attention Token (BAT)
- Bitcoin (XBT)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Cosmos (ATOM)
- Dai (DAI)
- Dash (DASH)
- Dogecoin (XDG)
- EOS (EOS)
- Ethereum (“Ether”) (ETH)
- Ethereum Classic (ETC)
- Gnosis (GNO)
- ICON (ICX)
- Lisk (LSK)
- Litecoin (LTC)
- Monero (XMR)
- Nano (NANO)
- OmiseGO (OMG)
- PAX Gold (PAXG)
- Qtum (QTUM)
- Ripple (XRP)
- Siacoin (SC)
- Stellar Lumens (XLM)
- Tether (Omni Layer) (USDT)
- Tezos (XTZ)
- Tron (TRX)
- USD Coin (USDC)
- waterMelon (MLN)
- WAVES (WAVES)
- Zcash (ZEC)
Payment Methods
Kraken has vast methods of funding for your account. As at the time of this review, Kraken accepts the following fiat currencies:
- Euro
- Dollar
- Canadian Dollar
- Japanese Yen
- British Pounds
- Swiss franc
Kraken also accepts cryptocurrency deposits from various cryptocurrencies like Bitcoin, Ethereum, Ripple you can get a complete official list on the Kraken company website.
Limits
Kraken has trading limits put in place. The cryptocurrency exchange features a tiered trading limit and verification system. The verification system in this platform ranges from tier 0 to tier 4.
These tiers are differentiated by the funding options available, and there are different levels of verification assigned to each tier. Of course, tier 0 is for newly registered accounts; they just need email verification and won’t be able to deposit, withdraw, and trade.
All other tiers have deposit and withdrawal enabled, but the trading ability for those who want to invest in crypto starts at tier 2.
Kraken Bonuses
Kraken offers occasional bonuses for its users. However, these bonuses come with conditions and sometimes in partnership with some blockchain tokens listed in the exchange.
Kraken Fees
Kraken offers low fees, and the fee can be as low as 0 percent. However, these fees are volume-based, and that means, the more trade you carry out, the lower the rate you’ll be charged.
You can see the official rates in this table:
| 30- Day Volume | Maker Fee | Taker Fee |
|---|---|---|
| $0 – $50,000 | 0.16% | 0.26% |
| $50,001 – $100,000 | 0.14% | 0.24% |
| $100,001 – $250,000 | 0.12% | 0.22% |
| $250,001 – $500,000 | 0.10% | 0.20% |
| $500,001 – $1,000,000 | 0.08% | 0.18% |
| $1,000,001 – $2,500,000 | 0.06% | 0.16% |
| $2,500,001 – $5,000,000 | 0.04% | 0.14% |
| $5,000,001 – $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
Conclusion
Kraken is an excellent option that should be considered if you’re looking for where to buy Bitcoin safely. Its low transaction fees are expertly tailored towards beginners who want to invest in crypto.
This veteran Ethereum exchange has built a lot of reputation over the years of its operation, and it seems to keep waxing strong.
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