Kraken Test & Experiences ▷ Everything about the crypto-exchange!

Bitcoin exchange

In this guide of the Kraken börse we will cover for you everything you need to know about the stock exchange. We not only answer the most frequent questions like: Is octopus safe? Why should you use the octopus? We also show you how to create an account and how to buy crypto currency at the exchange.

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What is octopus?

Octopus Team

Source: https://imagesvc.timeincapp.com/v3/mm/image?url=https%3A%2F%2Ffortunedotcom.files.wordpress.com%2F2018%2F01%2Fkraken-down-ripple-bitcoin-price.jpg&w=800&q=85

Kraken, based in San Francisco, was founded in 2011 and is one of the most established and popular crypto currency exchanges. The Kraken Bitcoin exchange is currently the largest exchange when it comes to trading Bitcoin in Euro, US Dollar, Canadian Dollar, Japanese Yen and GBP. This makes it an ideal choice for anyone who wants to invest in Bitcoin.

Kraken is currently the 35th largest stock 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.

Active markets

Source: https://coinmarketcap.com/exchanges/kraken/

Auch beim Thema Sicherheit war die Kraken börse ein Vorreiter. Die Börse hat sich auch als zukunftsweisend erwiesen und arbeitet mit der ersten Kryptowährungsbank aller Zeiten zusammen. Wenn es um Sicherheit geht, wird Kraken nicht nur von Hunderttausenden von Kunden als vertrauenswürdig eingestuft, sondern auch zur Vertrauenswürdigsten Kryptobörse der Regierung Tokios ernannt und arbeitet eng mit der voll regulierten deutschen Bank Fidor Bank zusammen. Die Börse hat sich im Laufe der Jahre auch als resistent gegen große Hacks erwiesen. In Anbetracht all dessen gibt es starke Beweise dafür, dass Kraken sicher ist.

The professionalism of Kraken was also quickly recognized in the media. As a result, the exchange became the first Bitcoin exchange to display Bitcoin price statistics on a Bloomberg terminal.

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Important facts about octopuses

We understand that it can be difficult to choose the right crypto currency exchange for you. Therefore we have made a short 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 use their position. Short positions can also be taken and the maximum leverage is x5.
  • Mobile support: Kraken has no official app for Android or iOS. But you can trade in a browser on your mobile phone.
  • Support: The easiest way to answer your support requests is to use the live chat. Please note that Kraken does not have telephone support.
  • Active markets: Kraken has active markets in 17 different crypto currencies. These include Bitcoin, Ethereum, XRP, EOS, Bitcoin Cash, Litecoin, Ethereum Classic, Stellar, Tether, Monero, Zcash, Dash and more.
  • Where is the Kraken Exchange? San Francisco, USA.
  • Deposit methods: Bank transfer or crypto currency.
  • Can I deposit with a credit card? Kraken does not allow credit card deposits.

Kraken exchange fees

Exchange rates

Quelle: https://pbs.twimg.com/profile_images/781247043800997888/1R1pdAKq_400x400.jpg

  • Trading fees: There are some small differences between the various markets. However, the standard fee is 0.16% for buying and 0.26% for selling.
  • Crypto currency deposit fees: All crypto currency deposits are free.
  • Crypto currency payout fees: There are varying fees for each crypto currency you withdraw from the exchange. To give you an idea of the fees, Bitcoin charges 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 the country where your bank is located and in which currency you deposit:
  • 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 USA: Deposit (€10).
  • USD Bank Transfer from outside the USA: 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 25,000 CAD).

Why open an Kraken account?

The main problem with investing in crypto currencies is the conversion of conventional money into crypto currency. Kraken makes this process as easy as possible and gives users access to more crypto currencies than Coinbase.

The Kraken Bitcoin exchange is also ideal for those who want to deposit Euros to buy Bitcoin. After all, EUR deposit and withdrawal fees are practically free of charge and the exchange has the largest Bitcoin-to-EUR market in the world. Many investors prefer to buy and sell crypto currencies 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 using the Kraken Exchange.

The exchange is user-friendly and offers excellent 24/7 live chat support. When it comes to customer support, we have few reservations when we say that it is better than competitors like Coinbase.

In terms of additional features Kraken offers margin trading up to x5 leverage and allows you to set markets long or short. Many traders will love this feature and it is not offered by some other major exchanges like Coinbase and Binance.

We have recently written a detailed comparison to Kraken vs. Coinbase, which shows the most important differences between the two major exchanges.

<<>>

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How can you open an octopus account?

  • Fiat deposits: USD, CAD, Yen, Euro and GBP can all be deposited via bank transfer.
  • You get access to 17 different crypto currencies.
  • Founded in 2011: The octopus exchange has always proved its worth.
  • Security: The exchange is highly praised in the media for its excellent security.
  • Special features: The exchange offers margin trading with x5 leverage. Clients have the ability to serve both long and short markets.

How to register?

The first thing to do when you land on the Kraken Exchange site is to make sure that you see the lock icon and the words "secure" in the URL bar. This quick check will show you that you are on the official website and not on a fake one. Once you have checked this, you can log in.

Registration steps

  1. Go to kraken.com and fill out the necessary information to create an account.
Create account
  1. You will then receive an activation key for your account by e-mail. Check your email and enter this key and password to activate your account.
Account activation
  1. You will then receive an email confirming that your account has been activated and you will then be logged into your Kraken account.

What's the point of being verified on octopi?

There are 5 different levels of verification at the Krakenbörse. Essentially, the more verified your account is, the higher the deposit and withdrawal limit. At the beginning you cannot make deposits or withdrawals, which makes verification essential if you want to use the exchange.

  • Level 0: Deposits and withdrawals are not allowed.
  • requirements: Register.
  • Level 1: Allows crypto deposits (no limit) and crypto withdrawals ($2.5k daily & $20k monthly).
  • requirements: Full name, DOB, 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 payout limit from $20k to $50k and your daily limit to $5k.
  • requirements: All of the above mentioned plus points: Address verification.
  • Released functions: Trading with margins is activated.
  • Level 3: Increases deposit limits ($25k per day & $200k per month) and withdrawals ($25k per day & $200k per month). Level 3 also increases your daily payout limit for crypto withdrawals to $50,000 and the monthly limit to $200,000.
  • requirements: All of the above mentioned plus points: ID, proof of address, Social Security number (USA only) & ID confirmation photo.
  • Level 4: Is for high net worth individuals or corporate clients. To get one of these high level accounts you have to contact the Kraken Support.
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How can I verify my account?

When you log in to your Kraken Forex account, you will see the account dashboard. Click on the Get Verified tab to go to the verification area of the website.

Octopus Verification

Scroll to the bottom of the Get Verified page to find the forms you can fill out and increase your verification level.

verification process

How do you increase the security of your Kraken account?

As it looks, your account is only secured with a login name and password. The next step to increase your security is to enable two-factor authentication of your account. To do this, simply click on the Security tab on your account dashboard and you will be taken to the site's secure area.

Login Security

Move the two-factor authentication slider 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 safer than a static password.

Authentication

Once you've selected the Google Authenticator App, you'll have the option to customize the settings. We like to use the default settings and just click "Next".

Authentication App

The next step is to download the Google Authenticator app to your phone.

Then all you need to do is scan the QR code that appears on your screen and enter the 6-digit code generated in Kraken.

QR Code authentication

Once this is done, your account is protected by two-factor authentication. This means that you must use your authenticator app when you log 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 one trade at the Kraken Exchange?

Once you have verified and funded your account, go to your account dashboard and select the "Trading" tab. This will bring up the Kraken Stock Exchange Trading screen.

Trade

The first thing you need to do is to select the "buy or sell" option. On Kraken, XBT means Bitcoin. This is selected as the default trade. You can change this to other crypto currencies by clicking on 'XBT' and the small down arrow that fills a drop down menu with all tradeable crypto currencies.

The second step is to enter how much of the selected crypto currency you want to buy. You will also see the two buttons 'Market' and 'Limit'. Market means that you buy at the current market price and is the option we always use. Once you are satisfied with your purchase order, simply click the green buy button and your crypto currency will be credited to your account.

Selling on octopus works very similar to buying. If you had Bitcoin Cash in your account and wanted to buy more Bitcoin (XBT), you can do so by placing a sale in the BCH/XBT market. This will convert the amount of Bitcoin Cash you selected into Bitcoin.

Coin trade

Simply enter the required information in the order form and click on the 'Sell BCH for XBT' button to complete the transaction.

Conclusion

Personnel

Advantages

  • The exchange allows bank deposits and offers 17 different crypto currencies. This is a much larger selection than from competitors like Coinbase.
  • Live chat customer support is fast and easy. We love this kind of support and hope that more crypto currency exchanges will support this feature.
  • Offers margin trading with up to x5 leverage and the ability to take long or short positions.
  • The fees for octopus are lower than those of Coinbase.
  • The exchange has the largest EUR to Bitcoin market in the world. This makes the 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 to complete the verification of your account.
  • There is no official mobile app for iOS or Android.
  • The user interface looks outdated compared to newer competitors such as Binance.

<<>>

The Kraken exchange has a very good reputation, the fees are low and the service is Overall, we believe that Kraken is a solid Fiat entry exchange to the crypto currency markets. Just note that the verification process may take a while and there is no official mobile app.

Frequently asked questions: 

Kraken, based in San Francisco, was founded in 2011 and is one of the most established and popular crypto currency exchanges. The Kraken Bitcoin exchange is currently the largest exchange when it comes to trading Bitcoin in Euro, US Dollar, Canadian Dollar, Japanese Yen and GBP. This makes it an ideal choice for anyone who wants to invest in Bitcoin.

We understand that it can be difficult to choose the right crypto currency exchange for you. Therefore we have made a short summary of the important points:

<ul><li><strong>Trading fees: </strong>There are some small differences between the various markets. However, the standard fee is 0.16% for buying and 0.26% for selling.</li><li><strong>Crypto currency deposit fees: </strong>All crypto-currency deposits are free.</li><li><strong>Crypto Currency withdrawal fees:</strong> There are varying fees for each crypto currency you withdraw from the exchange. To give you an idea of the fees, Bitcoin charges a fee of 0.001, Ethereum 0.005 and Litecoin 0.02.</li><li><strong>Conventional deposit and withdrawal fees in currencies: </strong>In short, the fee depends on the country where your bank is located and in which currency you deposit:</li><li><strong>EUR SEPA transfers for European countries: </strong>deposit (FREE) + withdrawal (€0.09).</li><li><strong>USD Bank Transfer from USA: </strong>Deposit ($5) + Withdrawal ($5).</li><li><strong>EUR Bank Transfer from outside the USA: </strong>Deposit ($10).</li><li><strong>USD Bank Transfer from outside the USA: </strong>Deposit ($10) + Withdrawal ($60).</li><li><strong>Yen Bank Deposit from Japan: </strong>Deposit (free - minimum deposit is 5,000 yen) + withdrawal (20 yen).</li><li><strong>CAD Bank Transfer: </strong>Deposit (FREE) + withdrawal ($10 and a daily maximum withdrawal of 25,000 CAD).</li></ul>

The main problem with investing in crypto currencies is the conversion of conventional money into crypto currency. Kraken makes this process as easy as possible and gives users access to more crypto currencies than Coinbase.

Do you want to trade crypto currencies with the best conditions?
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Get started on eToro, the test winner crypto broker from Bitcoin-News.one

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Thomas Cormik

Thomas Cormik started with the sole focus of educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas is proud to offer high quality content to the masses under the Bitcoin-News.one banner.

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