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Kraken, what it is, how it works, review

Creak it's a Exchange di cryptocurrency since 2011: the platform offers options to buy and sell Bitcoin and Altcoin versus USD and other fiat currencies, as well as margin trading options for the spot and futures market up to 50x.

Le advanced security features they ensure your funds are safe 24/24. Plus, the commission program enables smart trading at low cost.

Creak is one of the few exchanges that allows bitcoin margin trading for US residents.

However, the Kraken Exchange supports customers around the world.

Kraken review - Kraken, what it is, how it works, review

Exchange Kraken: what is it?

The Kraken Exchange has been a leader in cryptocurrency trading since 2011: the platform offers options to buy and sell bitcoin and altcoins against USD and other fiat currencies, as well as margin trading options for the spot and futures market up to 50x.

Kraken is one of the largest Bitcoin Exchange in terms of volume and liquidity. Entrepreneur Jesse Powell decided to offer the world's first professional BTC Exchange: this is how Kraken was born.

The company was founded in San Francisco on July 28, 2011 and remains headquartered in California.

The platform is an excellent choice for European users, but after a series of acquisitions initiated over the past two years, their focus has shifted from Europe to the world market.

They have supported USD deposits since 2017 and introduced futures trading in early 2019.

Il Kraken.com website is available in eight other languages, including Spanish, French, Italian, Portuguese, Russian, Turkish, Chinese, and Japanese (although the Japan is not currently in the list of supported countries).

Kraken: verification process

Il verification process it's simple: there are four levels. Level 1 takes only a few minutes and is done automatically. It may take longer if the application requires manual review. Level 2 and 3 verification usually takes a couple of days to complete.

Level 4 (company verification) currently takes more than 5 days due to increased demand.

Kraken does not allow deposits, withdrawals or trading without verification.

Here's how i increase user limits with levels:

Level 1 (Starter) - Deposits and withdrawals are only available in digital currency. Trading can be done with digital and fiat currencies.

Level 1 verification requires:

  • Full name
  • Birthday
  • Country of residence and physical address
  • Verify the phone number

Level 2 (intermediate): deposits, withdrawals and digital currency trading are available. Margin trading is also available for verified accounts. Intermediate verification requires:

  • Valid government ID
  • Recent proof of residence
  • Occupation
  • Social security number (for US customers)

Level 3 (Pro): fiat currency deposits and withdrawals are available and funding limits, API call limits are much higher than intermediate verification. Level 3 verification also allows trading on margin. Verification requires a KYC to be completed and signed.

Level 4 (Pro Corporate): Company account verification requires submission of company specific documents to support the application.

Kraken accepts the following fiat currencies:

  • US dollar (USD)
  • Canadian dollar (CAD)
  • Gb Pound (GBP)
  • Euro (IN EURO)
  • Japanese Yen (JPY)

And users can trade these cryptocurrencies:

Augur (REP), Basic Attention Token (BAT), Bitcoin (XBT), Bitcoin Cash (BCH), Cardano (ADA), chainlink (LINK), Cosmos (TO TOM), Dash (DASH), Come on come on), Dogecoin (XDG), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Gnosis (GNO), ICON (ICX), Litecoin (LTC), Watermelon (MLN), Monero (XMR), Nano (NANO), OmiseGO (OMG), PAX Gold (PAXG), Qtum (QTUM), Ripple (XRP), Siacoin (SC), Stellar Lumens (XLM), Tether (Omni Layer) (USDT), Tezos (XTZ), Waves (WAVES), Zcash (ZEC).

Exchange Kraken: Fees

When it comes to commissions, The Kraken Exchange has drastically reduced its prices to be in line with the competition and is currently one of the cheapest trading platforms.

The Exchange charges the following fiat withdrawal fees:

  • SEPA EUR withdrawal - EEA countries only € 0,09
  • SWIFT USD withdrawal - all other countries 0.125% with a minimum commission of $ 35
  • GBP SWIFT Wire Transfer - 0,125% with a minimum commission of £ 35
  • CAD EFT - Canada only, 0,25%

Le cryptocurrency withdrawal fees and the minimum amounts are different.

  • Bitcoin ฿ 0,0005
  • Ether Classic ξ0.00500
  • Ripple Ʀ0.02000
  • Litecoin Ł0.02000
  • Zcash (z) 0,00010
  • Dogecoin Ð2.00
  • Stellar STR 0.00002
  • Augur (REP) Ɍ0.01000.

Kraken: Trading fees

For the trading with margin, Kraken charges an opening fee of 0,01% -0,02% and a rollover fee of 0,01% -0,02% after every 4 hours until the leveraged position is opened in the trading platform.

Most trades are subject to a 0,16% and a commission of 0,26%.

Fees apply to Bitcoin transactions, with USD, CAD, EUR pairs.

Kraken Trading

Kraken offers less than ten different cryptocurrencies for trading, but it is possible to trade directly between all available pairs.

The Exchange offers interesting trading options for all traders, both newbies and experts.

Margin trading is not available on all currency pairs, but only on the following altcoins:

Augur, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Monero, Ripple, Tether.

For those who are looking to have maximum control over their businesses, Kraken remains the best choice.

The Exchange recently introduced the futures trading, which is only available to verified users outside of the United States.

Futures are available for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin and are quoted in USD.

Kraken: Ease of use

Kraken software is highly regarded for both professional trading and newbies cryptocurrency trading.

The interface offers simple, intermediate and advanced templates. The trading platform has an official iOS application e an android application which include all the necessary features for trading.

Kraken: Customer assistance

Kraken offers support 24 hours on 24, 7 days on 7, with instant replies via email and chat.

 

 

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Jacqueline Facconti

Graduated in Business Economics and Strategy, Management & Control with 110 cum laude from the University of Pisa, editor and editorial collaborator for various blogs and Economic and Business sites

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