Top 10 Reviews: Kraken Exchange

Kraken Review: The crypto exchange for everyone.

Kraken Review: Kraken is a full-featured cryptocurrency exchange with minimal fees and a diverse selection of currencies. It’s also one of the few crypto exchanges in the United States that provide advanced trading features like margin. It claims to want to be the “best and safest.”

4.2/5


Disclaimer
The top 10 Crypto team is dedicated to ranking and comparing top exchanges in the market. To review references used in this review, please revert to the reference table at the end of this review. This review is not sponsored.  

Pros

⦿  More than 120 coins supported

⦿  High liquidity exchange

⦿  Strong security measures

⦿ Simple user interface

Cons

⦿ Higher fees when not using Kraken Pro

⦿ Not available in all U.S. states.

  • Kraken is a reputable cryptocurrency exchange that's been around for almost a decade.

  • Over 120 tokens are available to trade.

  • This exchange features both beginner-friendly and active trading platforms.

  • Margin trading is available for those with a high tolerance for risk.

Year Founded: 2011

Official Website: https://www.kraken.com

Cryptocurrencies Available: 120+

Customer Support: Help page, email ticket, chat, and phone.

Pros Explained

  1. Kraken supports more than 120 coins including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.
  2. Kraken is an active exchange where it’s easy to buy and sell at market rates.
  3. Kraken is one of the world’s largest and oldest stock exchanges. And it’s been focused on security since the beginning. It hasn’t been hacked in eight years, which speaks for itself.
  4. Kraken is relatively easy to use even if you don’t have crypto experience.

Cons Explained

  1. The main Kraken platform charges higher transaction fees than Kraken Pro.
  2. The exchange is not open to people in New York or Washington state.

Introduction to Kraken

Kraken is a large cryptocurrency exchange that allows users to buy, sell, and exchange a variety of cryptocurrencies, including market leaders Bitcoin and Ethereum. Kraken provides customers margin accounts and futures trading, riskier products useful for particular trading techniques, in addition to buying and selling bitcoin at market prices.

Kraken Review: Company Overview

Kraken is a cryptocurrency exchange based in San Francisco that was created by Payward, Inc. in 2011 and now has offices all over the world. It serves consumers in nearly every country on the planet, including the United States. Individual and institutional investors can benefit from Kraken’s low-cost bitcoin trading.

Beginners should use the regular Kraken interface, while skilled and expert crypto traders should use Kraken Pro and its extensive margin and futures capabilities. Coin staking may be used by both beginners and expert users to earn interest. Kraken is likely to be able to meet your bitcoin demands because of its mix of platforms and services.

Cryptocurrencies Available on Kraken

Kraken supports over 120 cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), Polkadot (DOT), Polygon (MATIC), Ripple (XRP), Stellar Lumens (XLM), Solana (SOL), Sushi (SUSHI), Uniswap (UNI).

Tether, USD Coin, and Dai are among the stable coins supported by Kraken. You may also exchange US dollars for Canadian dollars, Japanese yen, or Swiss francs.

How to buy Crypto on Kraken?

1- Create your free Kraken account

  • Provide your email address, and country of residence, and secure your account with a strong password.

2- Connect your funding method

  • Connect your card or bank account after Kraken verifies your account.

Go to the main page after you’ve funded your account and tap or swipe right on an asset. Then hit “Buy” on the tile and enter the amount you wish to spend. Simply examine your order’s details and swipe to confirm it.

By choosing the “Pay with” button in either the amount input or confirmation page, you can choose additional currencies and payment cards.

Tap the displayed balance to navigate to the transaction history page once your purchase is complete.

Congratulations, you’ve made it! You’ve started to invest in cryptocurrencies.

How to trade Crypto on Kraken? 

Before you can start buying and selling, you’ll need to deposit funds into your Kraken account. Once your account is funded, you can use this guide to place your first order!

1. Select currency pair

  • To begin, you must first determine which assets you wish to trade, such as buying Bitcoin with your USD or selling Ethereum (ETH) for euros. When you’ve decided the pairings you’ll be trading, go to the Trade tab and choose them from the ticker/quote bar towards the top left corner.
  • The first currency in a pair represents the base currency, while the second in a pair represents the quote currency.
  • In a Buy order: you pay the quote currency and receive the base currency.
  • In a Sell order: you sell the base currency and receive quote currency.

From here you can select any of the trading pairs.

2. Fill out the order form

  • After selecting your trading pair, go to the New Order page and select the Simple form.

  • Here you’ll see three text boxes and the option to use a market or limit order. Before we input values into these boxes, knowing how a market or limit order works is necessary.
Because it will match with limited orders that are already accessible on the order books, a market order is intended for quick execution. A slightly higher cost known as a taker fee will always apply to market orders (the second percent beside your 30-day volume). You can only put in the volume you want to purchase or sell using market orders, not the price.
Once the market hits your limit price, limit orders will execute at that price or better. Depending on when it executes, they may be liable to maker or taker fees. Taker costs will be assessed if a matching order already exists and is performed promptly.
 
3. Submit order
  • Once you’ve decided if you’re looking for a market or limit order, you can select your choice with the buttons to the left of the Total field.
  • After things look good you just need to press the large buy/sell button and you’ll be brought to an order confirmation screen for a chance to double check your order.
  • This screen can be avoided if the Skip order confirmations box is checked.
Note: The quantity of cryptocurrency to spend/receive will be truncated (not rounded) on the order confirmation page based on the coin’s pricing precision (rather than the volume precision). The order still includes the additional volume that isn’t listed.

Essential tips when spot trading:

  • If a market order is selected, the trade will happen instantly and your balance will change. Funds can be withdrawn or used to trade again right away. You can view successfully executed (closed) market orders on the Orders tab.
  • Limit orders may not be filled right away but you can view their status in the Orders tab. In the below example, the BTC/USD price would have to reach $54,500 for the limit buy order to be executed.
  • If your order has not yet been executed you are able to cancel the order by selecting the red x button under New & Open Orders.

Happy trading on Kraken!

Security

If you follow proper internet security measures, your Kraken account should be protected from fraudsters seeking to drain your funds. It’s a good idea to add two-factor authentication to an account once it’s been financed. For sign-in, account withdrawals, and trades, you can establish distinct two-factor codes. If you’re afraid that your account has been hacked, you can also lock it from making any modifications.

While the majority of users have had a favorable experience, some users have reported hacked accounts in which the owner has lost all of their funds and has no way of recovering them. Crypto accounts are a prominent target for fraud since bitcoin blockchain transactions cannot be undone. When utilizing Kraken or any other exchange, be aware of these dangers.

Kraken Review Fees:

You’ll be charged different Kraken Fees based on the Kraken product you use. Investors in the United States can select between Instant Buy and Kraken Pro. For the convenience of usage, you might want to stick with the Instant Buy approach if you’re a newbie.

Kraken Pro, which is aimed at more experienced bitcoin traders, has a different fee structure than Kraken Instant. While Kraken Pro offers the lowest fees, you should use it only after you’ve become more familiar with the ins and outs of bitcoin trading. The ordering system and options are more difficult. Kraken Pro charges fees according on the amount of money you trade; the more money you buy, the lower your fee will be.

Maker to Taker Fee

Opening a Kraken Account

Getting started with Kraken is comparable to getting started with a stock brokerage or another cryptocurrency exchange. It simply takes a few minutes to set up your account if you have all of your information readily available.

You’ll need to supply contact information such as your name, address, phone number, and Social Security number when you sign up. This information is part of the banking industry’s “know your customer” (KYC) regulations.

You’ll need to give more information, such as a copy of a government photo ID and a photo of yourself holding that ID, to validate your account and gain access to all trading capabilities. You’ll have restricted account functioning unless you add this information.

How Kraken Compares to Other Cryptocurrency Companies

Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals.

Top 10 Approach: Kraken Review

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  1. Kraken “Fee Structure.” https://support.kraken.com/hc/en-us/Accessed May 30, 2022.
  2. Kraken “FAQ” https://support.kraken.com/hc/en-us Accessed May 30, 2022.
  3. CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” https://coinmarketcap.com/rankings/exchanges/ Accessed May 30, 2022.
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