Review: Kraken Online Exchange

(Last Updated On: March 5, 2021)

Kraken is one of the biggest exchanges in terms of volumes and considered the best exchange when it comes to low fees.

Kraken was Launched in 2011 and is based in California, USA, this platform gained popularity after a major hack attack on a well-known online exchange Mr.GOX.

Kraken is known for its low fee and authentic security provided to users, another thing to praise is the high volumes of cryptocurrencies to choose from.

Kraken Online Exchange

The signup process is really simple asking for email, pass, username, the master key (a 5 digit key for security purposes), and a PGP (Pretty Good Privacy) key which is optional but useful.

The features are pretty good offering different tabs and a clean understandable User Interface to users, however trading on Kraken is vice versa and really hard for newcomers to absorb.

The website is only available in two languages including English(GB and US) and Japanese, while there is an iOS version available of the platform but has got some negative reviews because of its UI and is said to be clumsy and full of bugs.

Kraken Security

Kraken offers a good level of security to the users providing two-factor authentication on logins as well as deposits and withdrawals.

Two-factor authentication can also be settled on each trade and Kraken recommends its own two-factor authentication apps and a well-known hardware authenticating device called Yubi Key.

Currency Support

While as a cryptocurrency exchange Kraken accept a good and standard range of coins including,

Bitcoin (BTC),Bitcoin Cash (BCH), Dash (DASH), EOS (EOS) ,Ethereum Classic (ETC) ,Ethereum (ETH) ,Gnosis (GNO) ,Iconomi (ICN), Litecoin (LTC) ,Melon (MLN), Augur (REP), Tether (USDT) ,Dogecoin (XDG), Stellar Lumens (XLM) ,Monero (XMR) ,Ripple (XRP) ,Zcash (ZEC).

Kraken also supports major fiat currencies including US dollars, Euro, GB Pound, Canadian Dollars, and Japanese Yen.

Deposits and Withdrawals

Deposits and withdrawals can be made in fiat financing using Bank transfers and international wire transfers.

If the transfer is done in SEPA it is free and is good news for traders in European countries, however, for the USA or outside the USA the transfer only costs about 5 to 10 dollars or euros.

While deposits and withdrawals in cryptocurrencies are mostly free.

But for depositing and withdrawal, there are account verifications and different tiers from tiers 0 to tier 3.

Account Tiers

By default when signing up the user is on tier 0 or level 0 and the deposits/withdrawal limit is 0, for moving to tier 1 user is required to deposit :

  • Full name
  • Date of birth
  • Country of residence
  • Phone number

which will increase the deposit level to unlimited and withdrawal limit to $2500 per day and $20,000 per month only in cryptocurrencies.

For a complete account setup and moving to tier 3 user may need to submit

  • Government-issued ID
  • Verified proof of residence (e.g., utility bill no more than 3 months old)
  • Social Security number (the US only)
  • ID confirmation photo (see footnote)*

this will increase the deposits and withdrawals to as much as $25,000 per day in banks and $50,000 per day in withdrawals of cryptocurrencies.

A full list can be found in the “finance” tab in your Kraken account.

Fees

Kraken fees and pricing is the key to its current success with a very low and affordable fee on deposits and withdrawals which attracts a vast number of the target audience.

The fee schedules are tier-based: the more total volume you trade in your account, the lower your fee on subsequent trades starting from 0.16% maker and 0.25% trader fees on BTC below orders of 50,000.

Fees are charged on a per-trade basis, above 50,000 the fees decreases and so on it decreases on trades of high volumes.

A complete list of trades can be found on, https://www.kraken.com/help/fees

Customer Support

The website has got extended forums and FAQs, this support guide covers everything from verifying your account to trading and most answers can be found on the forum.

However, online support can be found by submitting a support ticket and there is a delay in response due to an increase in users and there is no live chat available.

Online Reviews

After a bit of research, online users praised its low fees and large volumes which is a positive factor for getting more audience.

While praising its security there is peace of mind from risk factors, while users complaining about as always the customer support and long waits for supports.

Roaming online we found some positive reviews about ID verification and account tiers that some users were still waiting to get verified to start trading as the volume of users is still UN-manageable for Kraken and reported that it might get an update soon.

Conclusion

Overall the results are positive and good with regards to security and fees while keeping in mind this platform might not be for newcomers and traders trying for experiments as the User Interface is quite build for heavy traders and big sharks, but overall Kraken is a legitimate platform for trading and no scam is involved how so ever.


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