Introduction

Kraken is a cryptocurrency exchange where you can buy and sell assets such as Bitcoin and Ethereum. Kraken is one of the oldest Bitcoin exchanges and supports more than 120 different coins to buy, sell, and trade with competitive exchange fees. It’s notable for supporting both spot trading at current market rates and cryptocurrency futures. It is a good choice for new and existing cryptocurrency investors and traders looking for low trading fees and access to a wide array of coins.

Kraken Cryptocurrency Exchange – Features

• Crypto Collection

This cryptocurrency exchange supports popular currencies, including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.

• Simple user interface

This platform is relatively easy to use even if you don’t have crypto experience.

• High liquidity exchange

Kraken is an active exchange where it’s easy to buy and sell at market rates.

• Fees

Pricing and fees vary depending on the platform you’re using and the trade you’re entering. In either case, prices are also subject to spread fees. Here’s a glance at the most important fees to be aware of:

Kraken Pricing – Kraken Cryptocurrency Exchange

For instant purchases, the fee is 1.5% for most cryptocurrencies and 0.9% for stablecoins using U.S. dollars or another stablecoin.

Additional fees depend on how you fund the purchase. Prices range from 0.5% for funding with a bank account to over 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet.

Kraken Pro Pricing – Kraken Cryptocurrency Exchange

Kraken Pro offers much lower pricing than the main Kraken platform. Pricing is based on your total trading volume over the last 30 days. Most trades are subject to either a 0.26% taker fee or 0.16% maker fee. Maker orders are trades that are not instantly matched against existing orders, which add liquidity to the platform. Taker fees are charged to orders that match against an outstanding order from another user on the market and require a slightly higher fee.

• Security

If you follow good online security practices, your Kraken account should be safe from cybercriminals looking to drain your balances. Once an account is funded, adding two-factor authentication is extremely wise. You can create different two-factor codes for sign-in, account withdrawals, and trades. There’s also a feature to lock your account from any changes if you’re concerned that your account was breached.

While most users have a positive experience, some users report hacked accounts where the owner lost everything with no options to recover lost assets. As cryptocurrency blockchain transactions can’t be reversed, crypto accounts are a common target for fraud. Beware of these risks when using Kraken or any other exchange.

• Trading Experience

Depending on your cryptocurrency and active market trading experience, you may prefer Kraken or Kraken Pro. In either case, there’s a platform suitable for anyone from beginners to experts.

• Opening and Managing an Account – Kraken Cryptocurrency Exchange

Creating a new Kraken account is a quick and easy process.

Signing up with Kraken is similar to signing up for a stock brokerage or another cryptocurrency exchange. It takes only a few minutes to get your account up and running if you have all of your information handy.

When signing up, you’ll need to provide contact information including your name, address, phone number, and Social Security number. This information is part of what’s known as know your customer (KYC) requirements in the financial industry.

To verify your account and access all trading features, you’ll need to provide additional information, including uploading a copy of a government photo ID and a picture of you holding that ID. Without adding this information, you’re stuck with limited account functionality.

Account management is mostly self-service and handled through the Kraken website and mobile apps. If you have a laptop or desktop computer, you may find the large screen makes managing your account easier.

In the Kraken Cryptocurrency Exchange dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account.

• Customer Service and Satisfaction

Kraken support is available 24 hours a day via live chat, phone, and email. We had a minor issue changing an account setting (mostly due to user error) and sent in a support ticket. Kraken staff responded and resolved the problem in about 20 minutes.

While we had a great experience with customer service, not all users report the same outcomes. Some unhappy customers report trouble with funds due to hacking and trouble getting Kraken to release held funds.

Kraken Cryptocurrency Exchange earns just 2.1 out of five stars on Trustpilot, indicating many users have experienced significant problems. The most common complaints focused on long waits for customer support responses and holding funds beyond the initial security period.

These customer service complaints are concerning, but it’s important to consider both positive and negative reviews when choosing a cryptocurrency exchange.

Kraken Cryptocurrency Exchange – Drawbacks