🔥 Kraken Test 2021: Exchange Experience & Rating

Kraken Exchange website

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.

We generally recommend at Bitcoin News.one eToro to use to invest in cryptocurrencies. eToro is a so-called social trading broker that not only offers classic trading in crypto currencies, but also makes it possible to copy strategies and decisions by experienced and successful traders who are all on eToro.

Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

What is Kraken?

Kraken CEO Jesse Powell

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 who is into Investing Bitcoin want.

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.

The Kraken Exchange was also a pioneer in terms of security. The exchange has also proven to be trend-setting, partnering with the first ever cryptocurrency bank. When it comes to security, Kraken is not only trusted by hundreds of thousands of customers, but it's also named and worked closely with the Tokyo government's most trusted crypto exchange the fully regulated German bank Fidor Bank together. The stock market has also proven to be resistant over the years Proven against major hacks. 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.

Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

Important facts about octopuses

We understand that it can be difficult choose the right crypto exchange for you. 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:
  • 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. This includes Bitcoin, Ethereum, XRP, EOS, Bitcoin Cash, LitecoinEthereum Classic Stellar, Tether, Monero, Zcash, Dash and more.
  • Where is the octopus exchange located? San Francisco, United States.
  • Deposit Methods: Bank transfer or cryptocurrency.
  • Can I deposit with a credit card? Kraken does not allow credit card deposits.

Kraken exchange fees

Kraken exchange fees
  • 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 crypto currencies consists in 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 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.

Overview of Kraken Marketplace

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.

Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

How can you open a Kraken account?

The first thing 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

Create a Kraken account

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.

Kraken Account Verify Levels Explained
  • 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.
Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

How can I verify my account?

Verify Kraken Account explained

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.

What security measures does Kraken offer?

Kraken Exchange security measures

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.

Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

How do I trade on the Kraken 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.

Kraken Stock Exchange Market View

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.

Is it worth trading on Kraken? Our Kraken rating

Cons of Kraken: What Did We Dislike?

  • It may take a while for your account to be verified.
  • The user interface looks dated compared to newer competitors like Binance.

We from BC1 think Kraken is a great broker, but eToro offers more features and is ideal for beginners. We therefore recommend that you have an account with eToro to create and trade in cryptos there.

Do you want to trade cryptocurrencies with the best conditions?

Start on eToro, the test winner crypto broker from Bitcoin-News.one

SIGN UP NOW
Your capital is at risk. Not ready yet? Read our Etoro review.

Advantages of Kraken: We liked that!

  • 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.

Conclusion

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 world Cryptocurrency markets is. 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:

There are some small differences between the different markets. However, the standard fee is 0,16% when buying and 0,26% when selling. Plus, all cryptocurrency deposits are free. There are varying fees for each cryptocurrency you withdraw from the exchange. In short, the fee depends on what country your bank is in and what currency you are depositing in.

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.

Do you want to trade cryptocurrencies with the best conditions?
eToro logo

Start on eToro, the test winner from Bitcoin-News.one

SIGN UP NOW
74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Read our Etoro review.

Thomas Cormik

Thomas Cormik started out with the sole focus on educating his readers about Bitcoin and its potential impact on traditional financial systems. Thomas prides itself on bringing quality content to the masses under the Bitcoin-News.one banner.

More articles on the topic:

Exchanges
🔥 FXEurope Test 2021: Broker Experience & Rating

FXEurope Test 2021: Experiences & Evaluation of the Broker 🥇 Fraud or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Smartbroker Test 2021: Broker Experience & Rating

Smartbroker test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Mkhonto Financial Services Test 2021: Broker experiences

Mkhonto Financial Services Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Capixal.com test 2021: broker experiences & rating

Capixal.com test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Tradedwell Test 2021: Broker Experience & Rating

Tradedwell.com test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Bitfinex test 2021: broker experiences & rating

Bitfinex test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Trade Republic Test 2021: Broker Experience & Rating

Trade Republic Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Coinbase Pro test 2021: broker experiences & rating

Coinbase Pro Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Anycoin Direct Test 2021: Broker Experience & Rating

Anycoin Direct Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Bitpanda test 2021: broker experiences & rating

Bitpanda test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Open a Bitcoin account guide 2023: Bitcoin account test & comparison

Open Bitcoin Account Instructions 2023: Bitcoin Account Test & Comparison 🥇 Best Bitcoin Account Germany 🥇 Simply create a crypto account

Learn more...
🔥 Capital.com review 2021: broker experience & rating

Capital.com Test 2021: Experience & Rating of the Broker 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 HFTrading Test 2021: Broker Experience & Rating

HFTrading Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 FXTB test 2021: broker experiences & rating

FXTB test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Trading 212 test 2021: broker experiences & rating

Trading 212 test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 QTrade Test 2021: Broker Experience & Rating

QTrade Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Markets.com review 2021: broker experience & rating

Markets Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Admiral Markets Test 2021: Broker Experience & Rating

Admiral Markets Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 AvaTrade Test 2021: Broker Experience & Rating

AvaTrade Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 FxPro Test 2021: Broker Experience & Rating

FxPro Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 IG Test 2021: Broker Experience & Rating

IG Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 XM Test 2021: Broker Experience & Rating

XM Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 GKFX test 2021: broker experiences & rating

GKFX in the test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Flatex Test 2021: Broker Experience & Rating

Flatex test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 BDSwiss Test 2021: Broker experiences & evaluation

BDSwiss Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 OInvest Test 2021: Broker Experience & Rating

OInvest test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Ubrokers test 2021: broker experiences & rating

Ubrokers Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 XTB test 2021: broker experiences & rating

XTB test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 IQ Option Test 2021: Broker Experience & Rating

IQ Option Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 FXCM Test 2021: Broker Experience & Rating

FXCM test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Investous Test 2021: Broker Experience & Rating

Investous test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 ETFinance.eu test 2021: broker experience & rating

ETFinance.eu test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 T1 Markets Test 2021: Broker Experience & Rating

T1 Markets Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 ROInvesting Test 2021: Broker Experience & Rating

ROInvesting Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Global.TradeATF Test 2021: Broker Experience & Rating

Gloabl.TradeATF test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 101Investing Test 2021: Broker Experience & Rating

101Investing Test 2021: experience & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 ExCentral Test 2021: Broker Experience & Rating

ExCentral Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Stormgain Test 2021: comparison & experience with the Exchange

Stormgain Test 2021: Comparison & experiences with the Exchange 🥇 What are the conditions? 🥇 Our rating 🥇

Learn more...
🔥 Ternion Test 2021: Broker Experience & Rating

Ternion test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 PrimeXBT test 2021: broker experiences & rating

PrimeXBT test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Bitmex test 2021: Exchange experiences & rating

Bitmex test 2021: experiences & evaluation of the Exchange 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
Binance versus KuCoin ▷ which exchange is better? Our experiences, fees & more

What you need to know about the two crypto exchanges! BC1 explains where the differences between Binance and KuCoin lie and which exchange is best for you! ✓ Our experiences ✓ Click here for more information!

Learn more...
Binance for the iPhone ▷ Everything about the Exchange iOS app!

What you need to know about the Binance app for the iPhone! BC1 explains how to use and set up the iOS app from Germany. ✓ Review test ✓ Click here for more information!

Learn more...
Binance App Test & Experience ▷ Everything about the desktop app!

What you need to know about the Binance desktop app! BC1 explains how to use the app from Germany and what the advantages are. ✓ Review test ✓ Click here for more information!

Learn more...
🔥 Changelly Test 2021: Exchange Experience & Rating

Changelly Test 2021: Experience & Evaluation of the Exchange 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 HitBTC test 2021: Exchange experiences & rating

HitBTC Test 2021: Experience & Evaluation of the Exchange 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Bittrex Test 2021: Exchange experiences & rating

Bittrex test 2021: experiences & evaluation of the Exchange 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 YoBit test 2021: Exchange experiences & rating

YoBit Test 2021: Experience & Evaluation of the Exchange 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 The 5 Best Coinbase Alternatives ▷ Exchange Comparison

The 5 best Coinbase alternatives 2021! 🥇 Best Coinbase alternative in Germany, Austria & Switzerland Trade cryptocurrencies now with the best conditions! 🥇

Learn more...
🔥 Binance Test 2021: Exchange experiences & rating

Binance Test 2021: Experience & Evaluation of the Exchange 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Coinbase test 2021: our experiences & evaluation

Coinbase test 2021: experiences & evaluation of the exchange 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Plus500 test 2021: our experiences & evaluation

Plus500 test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 eToro test 2022: our experiences & evaluation

eToro Test 2021: experiences & evaluation of the broker 🥇 fraud or serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 Kraken Test 2021: Exchange Experience & Rating

Kraken Test 2021: Experience & Evaluation of the Exchange 🥇 Scam or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...
🔥 KuCoin Test 2021: Exchange experiences & rating

KuCoin Test 2021: Experience & Evaluation of the Exchange 🥇 Fraud or Serious? 🥇 Our experience with the costs and conditions🥇

Learn more...