Kraken is one of the oldest US based Cryptocurrency exchange. It supplies an advanced trading platform which offers margin trading as well as OTC options. The company is headquartered in San Francisco, California as it claims to be one of the biggest Bitcoin exchange in terms of euro volume and liquidity. This Kraken Review will explain everything you need to know about this exchange in detail.
After it’s initial start Kraken’s platform was scorned because of instability. However, their site has been revamped a couple of times since then and at the moment it’s a service that’s focused on security and customer support. Additionally, Kraken offers some of the lowest trading fees around. To check out their services, visit their official website. For more information about this cryptocurrency exchange, continue reading this Kraken review. Additionally, for more news about crypto check our blog post on Cryptocurrency Information.
The Kraken platform was founded by Jesse Powell in 2011. It became well-known after the bankruptcy of former bitcoin exchange Mt. Gox. The reason for that is because Kraken assisted people with processing claims from the Mt. Gox exchange. Their platform was specifically designed to be an alternative to Mt. Gox who at that time was the biggest ctyptocurrency exchange. This Kraken Review will show that this platform is a worthy successor to Mt. Gox.
Now one of the oldest and most recognizable names in the industry, Kraken has spent close to a decade building out and refining its cryptocurrency trading platform. Today, Kraken serves as a secure destination where cryptocurrency newbies and professionals alike can purchase, trade, and sell their digital assets. Any Kraken review that you will read suggests that this platform has an unblemished security record. On top of that, they were the first to introduce a comprehensive audit system to cryptographically prove it holds the correct amount of users’ funds in cold storage.
Even though it’s based in San Francisco, the platform has operations in other countries like UK and Canada. Since it’s inception in 2011, Kraken went through several funding rounds. They raised $1.5 million from seed funding in 2011. In February this year, they also raised $100 million from investors, Digital Currency Group (DCG), and Hummingbird Ventures.
Kraken Review Services & Features
Since Kraken are one of the oldest exchanges that still operate, they have vast knowledge about what the general market expects from someone who provides these services. Because of their experience, Kraken has developed a perfect solution for all types of customers. This Kraken review will show you how their trading interface is separated in 3 sections. These sections are known as simple, intermediate, and advanced. They are set in place to allow an increasingly diverse (and complex) set of trading parameters.
This is the perfect option for newbies when it comes to cryptocurrency. This option can also be used for individuals who don’t want to bother with additional small details. The simple solution will allow you to purchase or/and sell digital assets with a limited market order.
In the intermediate mode, several other options are introduced. Customers can use limit orders, timed orders, and leverage options. This is exactly why this option is more suitable for experienced users.
The advanced trading option unlocks all the options of the platform. Any Kraken review will suggest this is the best option. You get increased limit orders, several new order types, and a powerful conditional close setting. The default trading view on Kraken is a bit different to other exchanges. You need to click a button called “Charting & Trading Tools”. This is a button that activates Kraken pro, which is how the advanced platform is called. However, even though this tools option is still in beta mode, it works really good.
The Kraken trading tools are surprisingly powerful, featuring enough technical indicators, charting options, and tools to keep even the most advanced traders happy.
Deposits, Withdrawals & Fees
Any Kraken review that you will read will tell you how competitive Kraken is when it comes to fees. Compared to other exchanges, their trading fees are pretty much in line. However, Kraken really excels for high-volume traders. Kraken offers the best rates in the business for these traders. Kraken has a volume-based fee schedule for traders. They also offer zero percent fees for high volume traders. For traders with a 30-day trade volume under $50,000, Kraken charges 0.16 percent for makers and 0.26 percent for takers, but this is reduced to as low as zero percent and 0.10 percent respectively for high volume traders.
When it comes to trades with stablecoins, the charges are different. They start from 0.20% for makers and takers. However, it can also be free if a monthly volume of $1 million + is achieved. The margin fees are also different. They range from 0.01% to 0.02% for opening a position. Additionally, a 0.01% to 0.02% rollover fee is charged every four hours.
Next in line are fiat currency deposits and withdrawals. Below we will list all of them for you. However, keep in mind that these fees are charged by Kraken’s payment partners. That’s why any Kraken review will tell you that the charges can be changed without notice.
FIAT Currency Deposits
- SEPA bank transfer (EUR) – deposits are free, withdrawals are charged at €0.09.
- US domestic wire transfer (USD) – charged at a flat fee of $5 for both deposits and withdrawals.
- US domestic wire and ACH transfers (USD) – deposits are charged a flat $5 each.
- Canadian domestic wire transfer (CAD) – deposits are free on Kraken’s end. However, your bank may charge an additional fee, typically around $10.
- Electronic Funds Transfer (CAD) – withdrawals are subject to a 0.25 percent fee, with no minimum or maximum fee amount.
Last but not least, we have cryptocurrency deposits and withdrawals. The fee schedule for this category is kind of complicated. However, most of the fees are low so that’s a positive thing. This Kraken review will show you the fee details for the most well known digital assets.
- Bitcoin (XBT) – Free deposits, 0.0005 XBT withdrawal fee. 0.0001 XBT minimum deposit, and 0.005 XBT minimum withdrawal amount.
- Litecoin (LTC) – Free deposits, 0.001 LTC withdrawal fee. 0.0001 LTC minimum deposit, and 0.01 LTC minimum withdrawal amount.
- Ripple (XRP) – Free deposits, 0.02 XRP withdrawal fee. 0.00001 XRP minimum deposit, and 25 XRP minimum withdrawal amount.
- Tether (USDT) – Free deposits; however, there is a 5 USDT withdrawal fee. 1 USDT minimum deposit, 10 USDT minimum withdrawal amount.
- Zcash (ZEC) – Free deposits, 0.0001 ZEC withdrawal fee. 0.0001 ZEC minimum deposit, and 0.0005 ZEC minimum withdrawal amount.
- Stellar Lumens (XLM) – Free deposits, 0.00002 XLM withdrawal fee. 0.00001 XLM minimum deposit, and 25 XLM minimum withdrawal amount.
- Ethereum (ETH) – Small fee to move ETH into Kraken’s wallet, 0.005 ETH withdrawal fee. 0.05 ETH minimum deposit, and 0.01 ETH minimum withdrawal amount.
- EOS (EOS) – Free deposits, 0.05 EOS withdrawal fee. 0.01 EOS minimum deposit, and 0.5 EOS minimum withdrawal amount.
Withdrawal Times & Supported Countries
At some point any crypto customer will want to make a withdrawal. However, this can often mean reduced business for that exchange. For that reason, there are certain restrictions. The restrictions are different depending on the exchange. For instance, they can restrict how much you can withdraw. Additionally, restrictions can apply to how long the withdrawal will take.
Any Kraken review suggests that withdrawals there depend on the trade. For example, EUR SEPA and USD US domestic wire transfers take between 1 and 5 business days. On the other hand, CAD Canadian domestic EFT takes 2 to 5 business days. However, customers claim that withdrawals often take much longer than advertised.
When it comes to withdrawing cryptocurrencies, the timing is much different. Every digital asset has a different withdrawal time. However, it usually takes about 0-20 minutes for the withdrawal. That’s the amount needed for the crypto withdrawal to pass internal checks. After that, the asset will reach your account depending on the network activity.
If you read any Kraken review, it will tell you that this exchange is available everywhere. While that’s not completely true, Kraken is available in most countries. For that reason, it’s easier to list the countries where Kraken is not available. Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, and Tajikistan. It’s important to note that Kraken accepts US traders on its platform. However, residents of Washington state (WA) and New York (NY) are not allowed.
Kraken vs Bitfinex
The exchanges at Bitfinex and Kraken are both designed to support advanced traders. They both offer trading tools and leverage that lets traders manage risks and maximize their returns. However, there are several differences among them. While Kraken is open to anyone, Bitfinex wants only high-volume traders. Kraken is also available to US traders while Bitfinex is not. On the other hand, Bitfinex is available in Japan, contrary to Kraken.
These are just the basic differences between these two platforms. While our Kraken Review has covered everything you need to know about it, at the moment you don’t know a lot about Bitfinex. For that reason, head over to our Bitfinex Review and learn more about that exchange.
Kraken Review Conclusion
All in all, Kraken is a very strong player in a business that changes every day. They held their ground through times filled with trouble and are now growing every day. Kraken leads the market when it comes to security and liquidity. These are traits that are most important for serious traders. Kraken caters best to European traders looking to trade high-quality digital assets with excellent liquidity, though still presents itself as a promising platform for US and Canadian cryptocurrency traders.
However, if they want to be the best in the business, they need to make a couple of changes. According to our Kraken Review, they need to work on withdrawal times. Additionally, a bigger asset selection will bring them even more traders, regardless of their experience level.