🔥 Kraken Test 2021: Exchange Experience & Rating
In this guide the Kraken Exchange we will cover everything you need to know about the stock market for you. We don't just answer the most common questions like: is Kraken safe? Why should you use the octopus? We'll also show you how to create an account and how to buy cryptocurrency on the exchange.
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San Francisco-based Kraken was founded in 2011 and is one of the most established and popular cryptocurrency exchanges. The Kraken Bitcoin exchange is currently the largest exchange when it comes to trading Bitcoin in Euros, US Dollars, Canadian Dollars, Japanese Yen and GBP. This makes it an ideal choice for anyone looking to invest in Bitcoin.
Kraken is currently the 35th largest exchange by trading volume. To date, however, it has the largest Bitcoin-to-Euro market in the world and has an exceptionally loyal customer base.
Source: https://coinmarketcap.com/exchanges/kraken/
The Kraken Exchange was also a pioneer when it came to security. The exchange has also proven to be trend-setting, partnering with the first cryptocurrency bank of all time. When it comes to security, Kraken is not only trusted by hundreds of thousands of customers, but it is also named the Tokyo Government's Most Trusted Crypto Exchange and works closely with it the fully regulated German bank Fidor Bank together. The exchange has also proven resistant to major hacks over the years. With all of this in mind, there is strong evidence that Kraken is safe.
Kraken's professionalism was also quickly recognized in the media. This led to the exchange becoming the first bitcoin exchange to have bitcoin price statistics on one Bloomberg-Terminal displayed.
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Important facts about octopuses
We understand that choosing the right cryptocurrency exchange for you can be difficult. Therefore we have made a brief summary of the important points:
- Accepted conventional currencies: USD, CAD, Yen, Euro and GBP.
- Margin trading: Kraken offers margin trading for those who want to take advantage of their position. Short positions can also be taken and the maximum leverage is x5.
- Mobile support: Kraken does not have an official official app for Android or iOS. However, you can trade in a browser on your phone.
- Support: The easiest way to answer your support inquiries is to use the live chat. Please note that Kraken does not have telephone support.
- Active markets: Kraken has active markets in 17 different cryptocurrencies. These include Bitcoin, Ethereum, XRP, EOS, Bitcoin Cash, Litecoin, Ethereum Classic, Stellar, Tether, Monero, Zcash, Dash and more.
- Where is the octopus exchange located? San Francisco, USA.
- Deposit Methods: Bank transfer or cryptocurrency.
- Can I deposit with a credit card? Kraken does not allow credit card deposits.
Kraken exchange fees
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- Trading Fees: There are some small differences between the different markets. However, the standard fee is 0,16% when buying and 0,26% when selling.
- Cryptocurrency deposit fees: All cryptocurrency deposits are free.
- Cryptocurrency withdrawal fees: There are varying fees for each cryptocurrency you withdraw from the exchange. To give you an idea of the size of the fees, Bitcoin attracts a fee of 0,001, Ethereum 0,005, and Litecoin 0,02.
- Conventional deposit and withdrawal fees in currencies: In short, the fee depends on what country your bank is in and what currency you are depositing in:
- EUR SEPA transfers for European countries: Deposit (FREE) + withdrawal (€ 0,09).
- USD bank transfer from the USA: Deposit ($ 5) + Withdrawal ($ 5).
- EUR bank transfer from outside the US: Deposit (€ 10).
- USD bank transfer from outside the US: Deposit ($ 10) + Withdrawal ($ 60).
- Yen bank deposit from Japan: Deposit (free - minimum deposit is 5.000 yen) + withdrawal (20 yen).
- CAD bank transfer: Deposit (FREE) + Withdrawal ($ 10 and a daily maximum withdrawal of CAD 25.000).
Why Open a Kraken Account?
The main problem with investing in cryptocurrencies is converting conventional money into cryptocurrency. Kraken makes this process as easy as possible and gives users access to more cryptocurrencies than Coinbase.
The Kraken Bitcoin exchange is also ideal for those who want to deposit euros to buy Bitcoin. After all, the EUR deposit and withdrawal fees are practically free and the exchange has the largest Bitcoin-to-EUR market in the world. Many investors prefer to buy and sell cryptocurrencies in their home currency, and Kraken simply offers more currency pairs than many other exchanges. If you are from Japan, Canada, or the UK then you should definitely consider saving yourself some foreign exchange fees and taking advantage of the octopus exchange.
The exchange is easy to use and has great 24/7 live chat support. When it comes to customer support, we have little concern when we say it's better than competitors like Coinbase.
In terms of additional features, Kraken offers margin trading up to x5 leverage and allows you to put the markets long or short. Many traders will love this feature and it is used by some other major exchanges like Coinbase and Binance not offered.
We recently wrote a detailed Kraken vs. Coinbase comparison that highlights the key differences between the two major exchanges.
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How can you open a Kraken account?
- Fiat deposits: USD, CAD, Yen, Euro and GBP can all be deposited through bank transfers.
- You get access to 17 different cryptocurrencies.
- Founded in 2011: The octopus exchange has always proven itself.
- Safety: The exchange is highly praised in the media for its excellent security.
- Special Features: The exchange offers margin trading with x5 leverage. Customers have the ability to serve both long and short markets.
How can you sign in?
The first thing you need to do when you land on the Kraken Exchange page is to make sure you see the lock icon and the words "Safe" in the URL bar. This quick check will show you if you are on the official website and not a fake one. Once you've verified that, you can log in.
Registration steps
- Go on kraken.com and fill in the necessary information to create an account.
- You will then receive an activation key for your account by email. Check your email and enter this key and password to activate your account.
- You will then receive an email confirming that your account has been activated and will then be logged into your Kraken account.
What's the point of being verified for Kraken?
There are 5 different levels of verification on the Krakenbörse. Essentially, the more verified your account is, the higher the deposit and withdrawal limit. You won't be able to make deposits or withdrawals at the beginning, which makes a verification essential if you want to take advantage of the exchange.
- Level 0: Deposits and withdrawals are not allowed.
- Requirements: Register yourself.
- Level 1: Allows crypto deposits (no limit) and crypto withdrawals ($ 2,5k daily & $ 20k monthly).
- Requirements: Full name, womenswear, country of residence and phone number.
- Level 2: Allows conventional currency deposits ($ 2k daily & $ 10k monthly) and withdrawals ($ 2k daily & $ 10k monthly). Level 2 also increases your monthly crypto withdrawal limit from $ 20k to $ 50k and your daily limit to $ 5k.
- Requirements: All of the above pluses: address verification.
- Approved functions: Trading with margins is activated.
- Level 3: Increases deposit limits ($ 25k daily & $ 200k monthly) and withdrawals ($ 25k daily & $ 200k monthly). Level 3 also increases your daily withdrawal limit for crypto withdrawals to $ 50.000 and the monthly limit to $ 200.000.
- Requirements: All of the above pluses: ID, proof of address, Social Security number (US only) & ID confirmation photo.
- Level 4: Is for high net worth individuals or corporate clients. To get one of these high-level accounts, you'll need to contact Kraken support.
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How can I verify my account?
When you log into your Kraken Forex account, you will see the account dashboard. Click the Get Verified tab to go to the verification section of the website.
Scroll to the bottom of the Get Verified page to find the forms to fill out and increase your verification level.
How do you increase the security of your Kraken account?
It looks like your account is only secured with a login name and password. The next step in increasing your security is to enable two-factor authentication for your account. To do this, simply click on the "Security" tab on your account dashboard and you will be taken to the security section of the website.
Move the slider for two-factor authentication from "off" to "on". You will then be presented with three different options to choose from. We recommend using the Google Authenticator app. This option doesn't require you to purchase a hardware device and is more secure than a static password.
Once you have selected the Google Authenticator app, you have the option to adjust the settings. We like to use the default settings and just click on "Next".
The next step is to download the Google Authenticator app on your phone.
Then all you have to do is scan the QR code that appears on your screen and enter the 6-digit code generated in Kraken.
Once that's done, your account will be protected with two-factor authentication. That means you'll need to use your authenticator app when you sign in to your account. You can make your account even more secure by enabling 2FA for deposits / withdrawals and trading.
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How can you trade on the Octopus Exchange?
Once you have verified and funded your account, go to your account dashboard and select the "Trade" tab. The Kraken Exchange Trading screen will appear.
The first thing you need to do is select the "Buy or Sell" option. In Kraken, XBT means Bitcoin. This will be selected as the default trade. You can change this to other cryptocurrencies by clicking on 'XBT' and the little down arrow that fills in a drop-down menu with all of the tradable cryptocurrencies.
The second step is entering how much of the chosen cryptocurrency you want to buy. You will also see the two buttons 'Market' and 'Limit'. Market means that you are buying at the current market price and is the option we always use. As soon as you are satisfied with your purchase order, simply click on the green purchase button and your cryptocurrency will be credited to your account.
Selling on Kraken works very similarly to buying. If you had Bitcoin Cash in your account and wanted to buy more Bitcoin (XBT) with it, you can do so by placing a sale on the BCH / XBT market. This will convert the amount of Bitcoin Cash you have chosen to Bitcoin.
Simply enter the details you want in the order form and click the 'Sell BCH for XBT' button to complete the transaction.
Summary
Benefits
- The exchange allows bank deposits and offers you 17 different cryptocurrencies. This is a significantly larger selection than from competitors like Coinbase.
- Live chat customer support is quick and easy. We love this type of support and would like more cryptocurrency exchanges to support this feature.
- Offers margin trading with up to x5 leverage and the possibility of entering into long or short positions.
- Kraken's fees are lower than Coinbase's.
- The exchange has the largest EUR to Bitcoin market in the world. This makes the stock exchange particularly attractive for European investors.
- Kraken accepts a large number of fiat currencies: USD, CAD, Yen, Euro, and GBP.
Disadvantages
- It may take a while for your account to be verified.
- There is no official mobile app for iOS or Android.
- The user interface looks dated compared to newer competitors like Binance.
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The Kraken exchange has a very good reputation, the fees are low, and the service is overall, we think Kraken is a solid entry-level fiat exchange into the cryptocurrency markets. Just note that the verification process can take a while and there is no official mobile app.
Frequently asked Questions:
San Francisco-based Kraken was founded in 2011 and is one of the most established and popular cryptocurrency exchanges. The Kraken Bitcoin exchange is currently the largest exchange when it comes to trading Bitcoin in Euros, US Dollars, Canadian Dollars, Japanese Yen and GBP. This makes it an ideal choice for anyone looking to invest in Bitcoin.
We understand that choosing the right cryptocurrency exchange for you can be difficult. Therefore we have made a brief summary of the important points:
Trading Fees: There are some small differences between different markets. However, the standard fee is 0,16% when buying and 0,26% when selling. Cryptocurrency Deposit Fees: All cryptocurrency deposits are free. Cryptocurrency Withdrawal Fees : There are varying fees for each cryptocurrency you withdraw from the exchange. To give you an idea of the size of the fees, Bitcoin attracts a fee of 0,001, Ethereum 0,005, and Litecoin 0,02. Conventional currency deposit and withdrawal fees : In short, the fee depends on which country your bank is in and what currency you are depositing in: EUR SEPA transfers for European countries: deposit (FREE) + withdrawal (€ 0,09). USD Bank Transfer from the US: Deposit ($ 5) + Withdrawal ($ 5). EUR bank transfer from outside the US: Deposit (€ 10). USD Bank Transfer from Outside the US: Deposit ($ 10) + Withdrawal ($ 60). Japan Yen Bank Deposit : Deposit (Free - Minimum Deposit Is 5.000 Yen) + Withdrawal (20 Yen). CAD Bank Transfer : Deposit (FREE) + Withdrawal ($ 10 and a daily maximum withdrawal of CAD 25.000).
The main problem with investing in cryptocurrencies is converting conventional money into cryptocurrency. Kraken makes this process as easy as possible and gives users access to more cryptocurrencies than Coinbase.