Pros and cons of using Kraken
It can be used to trade against fiat options.Reasonable spot trading fees.Has a wide range of trading pairs and a reasonable number of listed cryptocurrencies.Supports fiat deposits and withdrawals.
Not a very beginner-friendly interface.Some of its fiat deposit and withdrawal processes attract high fees.Mobile apps don’t support deposit and withdrawal functionalities.Kraken was founded in 2011 and has a strong presence in US, Japan and Europe. Its popularity as a leading cryptocurrency exchange throughout the world has seen its user base rise to 4 million spread through approximately 200 countries. In 2018, the Kraken exchange volume surpassed 85 billion US dollars.
If you are struggling with trust issues for exchanges, which are often based offshore etc, then Kraken is one of the more regulated and blue chip type of exchanges.
For Kraken, “The more you trade, the lower your rate.” Trading fees charged by Kraken are based on the trading volume for the past one month.
Fees vary depending on whether you are a maker (limit orders) or taker (market orders).
For normal spot trading, makers pay between 0.02 percent and 0.16 percent if they have a 30-day trade volume of between $0 and $10,000,000 while trades valued over $10,000,000 are free.
Takers pay between 0.10 percent and 0.26 percent in fees when their trade volume ranges between $0 and $10,000,000, while trades valued at over $10,000,000 attract a taker fee of 0.01 percent.
| 30 Day Volume | Maker | Taker |
|---|---|---|
| Up to $50,000 | 0.16% | 0.26% |
| $50,000 to $100,000 | 0.14% | 0.24% |
| $100,000 to $250,000 | 0.12% | 0.22% |
| $250,000 to $500,000 | 0.10% | 0.20% |
| $500,000 to $1,000,000 | 0.08% | 0.18% |
| $1,000,000 to $2,500,000 | 0.06% | 0.16% |
| $2,500,000 to $5,000,000 | 0.04% | 0.14% |
| $5,000,000 to $10,000,000 | 0.02% | 0.12% |
| Over $10,000,000 | Free | 0.10% |
However, the trading fees on Kraken change when the trade involves a stablecoin or a fiat currency. In such a scenario, makers and takers with a trade volume of between $0 and $1,000,000 are charged a fee of between 0.04 percent and 0.20 percent while trade volumes exceeding $1,000,000 are charged a fee of 0.00 percent. Note that, in this case, the fee is similar for both makers and takers in each category.
In 2015, Kraken wanted to separate heavy Bitcoin traders from the rest of the traders on its platform leading to the creation of the Kraken dark pool. Although its name suggests something outlawed, it’s not. Dark pool is simply an order book hidden from traders placing small BTC orders and only visible and accessible to traders placing large Bitcoin trades. Kraken’s main reason to create such an order book is to prevent large Bitcoin trades from affecting the price of Bitcoin on the “normal market.”
According to Kraken: “Typically, outsized orders, when seen by other traders will cause the market to move unfavorably, making it more difficult to fill the order at the desired price. This unfavorable price movement may be avoided in a dark pool. The dark pool will accept orders for trading between Bitcoins and EUR, USD, JPY, or GBP. Dark pool pairings are designated by a ‘.d’ extension (e.g. XBT/EUR.d or XBT/USD.d)”
Although the fees are adjusted according to the 30-day trade volume, dark pool fees are higher than for other trade types on the Kraken cryptocurrency exchange.
For instance, makers and takers with a BTC trade volume of between $0 and $50,000 in the last month pay a 0.36 percent fee while those with a trade history of $10,000,000+ pay a 0.20 percent fee.
Margin trading fees are calculated differently compared to other fee schedules. Here, traders incur both the opening fee and the rollover fee, which, in most cases, are capped at the same rate. Also, margin fees on Kraken are influenced by the currency.
For example, margin positions with either Bitcoin (XBT), Tether (USDT), and USD Coin (USDC) as the base currency and EUR or USD as the quote currency, attract an opening fee of 0.01 percent and a rollover fee of 0.01 percent per 4 hours. Other margin position with either Cardano (ADA), Bitcoin (XBT), Bitcoin Cash (BCH), DASH (Dash), EOS, Ether (ETH), etc. as the base currency and paired with EUR, USD, ETH, XBT, CAD, GBP, and or USDT as the quote currency attract an opening fee of 0.02 percent and a rollover fee of 0.02 percent per 4 hours.
While the rollover fees may seem small, it greatly eats into your profits when a position is maintained for a whole day. For instance, let’s assume a trader maintains an XBT/USDT position open for an entire day (24 hours). The fee will be applied six times (24/4=6), making it 0.06 percent (0.01 percent *6) per day. Or it can be 0.12 percent per day (0.02 percent *6). Note that margin fees are deducted from the borrowed funds.
Also, while the trading fees charged are influenced by a trader's 30-day trading volume, the actual fee calculation is done on a per trade basis. Additionally, the fee structure is meant to encourage traders to frequently trade on the platform in order to benefit from lower fees. Apart from traders, this fee structure is meant to drive liquidity into the Kraken digital asset exchange.
Kraken carries over 90 different cryptocurrencies, including BTC, ETH, ADA, AXS, 0x, LINK, and many others.
As seen in the section on fees charged on Kraken, the exchange also supports a variety of fiat currencies such as USD, EUR, CAD, JPY, GBP, CHF, and AUD.
Most cryptocurrencies can be purchased on Kraken with USD, EUR, GBP, or AUD. Only 5-9 different coins can be purchased directly with CHF, CAD, or JPY. But users of these currencies can get any crypto they want by first trading for BTC or ETH, then trading for the coin they want.
For crypto-to-crypto pairs, all 90+ available cryptocurrencies form the base currencies of each pair, with BTC and ETH being the counter currencies. There are also a few additional pairs that are not part of the BTC or ETH markets. These include 12 different USDT pairs, as well as BTC/USDC, ETH/USDC, ETH/DAI, BTC/DAI, and KSM/DOT.
Some of the key coins tradable on Kraken are below
For margin traders, Kraken offers 24 base currencies and eight counter currencies. But not all margin trading pairs on Kraken have the same leverage cap.
For instance, the margin pair between Augur (REP) and EUR, BTC, or ETH, only unlocks a 2X leverage. A trading pair between BTC and USD or EUR opens a 5X leverage while an XBT/CAD allows maximum leverage of 3X. Kraken maintains a chart with all leverage caps for users that want more detail on this subject.
Like many exchanges, most of Kraken's volume is with BTC, ETH, USDT, USD, and EUR, with pairs formed from various combinations of these accounting for 47.8% of all volume on the exchange or approximately $1.2 billion worth.
Kraken cryptocurrency exchange is a global platform. However, due to regulatory concerns and the costs of doing business in some jurisdictions, the exchange does not accommodate traders from some geographical areas.
For example, while Kraken offers its services to traders in the United States, it excludes users in Washington state and New York.
According to the exchange, “the cost of maintaining regulatory compliance in some states can be very high, forcing us to make hard choices about whether cost justifies doing business in the state.”
In hopes that the platform will allow residents from these states to actively access the platform, Kraken encourages them to submit verification details for pre-verification
Additionally, US residents in the states of New Hampshire (NH) and Texas (TX) are restricted from all EUR-paired cryptocurrencies, including depositing or holding EUR.
Deposits to Kraken from the US can only be done through wire transfer. Kraken does not currently accept ACH deposits, nor does it allow users to buy crypto with USD via a debit or credit card.
For wire transfers, Kraken charges $0-$10, depending on which intermediate bank is used. In most cases, the sending bank will also charge its user a US$25-$30 fee for initiating a bank transfer.
Kraken has stated that it is trying to get regulatory approval for ACH deposits in the US.
In most cases, Euro deposits to Kraken using SEPA are free. So users who live within the Eurozone and broader SEPA region should have no problem depositing to Kraken cheaply and easily.
For deposits outside of the SEPA area, Kraken does not charge a fee for those using SWIFT (Etana Custody) to deposit Euros, while those using SWIFT (Bank Frick) and SWIFT (Fidor) have to pay 3 EUR and 5 EUR in fees, respectively. As with other currencies, most banks that initiate a SWIFT wire transfer of Euros will charge from €30-€65 in fees to their users.
In many European countries, purchasing crypto with a debit card represents an additional deposit option. Debit card purchases at Kraken can only be made with Euros, and they incur a fee of 3.75% + €0.25 per transaction. So this should only be used for small purchases. But if you need crypto fast, this may be a great option.
To view the current list of countries where debit card purchases are available, click Supported countries on the official debit card purchases page.
If you're depositing less than C$10,000 to Kraken, the most inexpensive method is generally going to be Canada Post. In this case, Canada Post will charge C$3.95 and Kraken will charge C$1.25 + 0.25%, for a total of C$5.20 + 0.25%. This is usually going to be less expensive than paying bank fees for wire transfers.
If Canada Post is not an option or if you're making a big deposit and don't want to get charged a percentage fee, you can use wire transfer instead. Most banks will charge you C$15-$40 for this service.
Kraken does not usually charge anything on its end for accepting these transfers. However, if you are doing an International (SWIFT) transfer through Bank Frick as an intermediary, Kraken will charge C$3 on top of what your bank charges you.
Kraken does not charge a fee for AUD deposits through a bank transfer or for Japanese-Yen deposits through SWIFT (Etana Custody).
Swiss Franc deposits through SIC carry a 0.75 CHF fee for traders in Liechtenstein or Switzerland. For SWIFT transfers, Kraken charges between 0 and 0.75 CHF. The sending bank may also charge a fee of 35 CHF or more for the SWIFT transfer.
Pound Sterling deposits to Kraken through Faster Payments are free, while CHAPS deposits cost 21 GBP. SWIFT transfers cost a £13-£35 fee charged by the sending bank, and Kraken may charge an additional 3 GBP for receiving it the deposit through SWIFT.
If you already have an account with a different cryptocurrency exchange, you can buy cryptocurrency from the other exchange and deposit it into Kraken. This may allow you to bypass fees and waiting times as compared to depositing fiat. This can be useful if Kraken carries coins that your primary exchange doesn't carry and/or your primary exchange has better deposit methods.
Kraken does not charge a fee for depositing cryptocurrency. So the only fee involved with this method is the transaction fee of the crypto network you use.
In the US, Kraken offers ACH withdrawals. So most US residents can cash out and receive their funds from Kraken within 1-3 business days without paying a withdrawal fee. If you do need Kraken to initiate a domestic wire transfer instead of ACH, the fee will be US$4-$35, depending on the intermediate bank used.
Traders who live outside the US can expect to pay a fee of $4-$35 to withdraw USD through International Wire Transfer.
Euro withdrawals from Kraken can be made cheaply and easily using SEPA. The withdrawal fee for this ranges from €0.90 to €1.00. If you need to use SWIFT instead, you can expect to pay anywhere from €5-€35.
In Canada, the simplest way to withdraw cash from Kraken is to use EFT(POSconnect). In this case, the withdrawal fee is 0.25% and takes 2-5 business days. If you are withdrawing a large amount, you may want to pay the C$13-$35 fee and wait 3-5 days for a wire transfer instead.
In the UK, Kraken offers withdrawals through either Faster Payments, CHAPS, or SWIFT.
Faster Payments is generally the less expensive and most efficient option. It costs £1.95 and is nearly instantaneous. However, the maximum amount allowed in a Faster Payments transfer is £250,000, so you'll have to use another method if you're withdrawing more than this.
For large domestic transfers, CHAPS is usually the best option. It costs £21 and completes on the same day it is initiated.
Users who do not have a UK bank account will have to rely on SWIFT to withdraw GBP. In this case, Kraken will charge you £13-£35, and you will receive the funds in up to 5 days from the time the withdrawal is initiated.
Withdrawals of the Swiss Franc (CHF) through SIC incur a fee of only 1 CHF and should be received on the same day. If you don't have a bank account in Liechtenstein or Switzerland, you can use SWIFT instead. In this case, it will cost from 1-35 CHF and take from 1-5 days for you to receive your funds.
Japanese traders on Kraken can only withdraw JPY through SWIFT. This incurs a fee of 35USD (charged in Yen equivalent) and can take up to 5 days to process.
Kraken has three personal account levels; Starter, Intermediate, and Pro. Each level determines the amount of funds a trader can deposit and or withdraw. Also, these levels determined the documents needed before being allowed to trade on the platform. Below are the limits applied to each account level for both fiat and cryptocurrency deposits and withdrawals.
This is the basic level that a new user is gifted when they first register on the exchange. The level allows for unlimited cryptocurrency deposits in both 24 hours and 30 days. To join this level, a trader only needs to provide their names, phone number, email address, date of birth, and physical address.
Unfortunately, the less the information a user provides, the more restriction they have on the platform. Starter level traders on Kraken have no access to fiat deposits and withdrawals on both a daily and a monthly basis. Being verified for the Stater level is automated and takes a maximum of 60 minutes. Apart from restrictions on withdrawals and deposits, Starter-level traders have very low limits when they want to trade on margin. Also, they have low API call rate limits and can generate a maximum of 16 API keys.
Kraken users on this level have higher limits for margin trading. Also, Intermediate-level traders have access to the Kraken Futures platform provided they are not located in the US, Canada (Ontario province), Ukraine, Vietnam, and about 20 other countries.
To get to this level, a Kraken user has to provide what he does for a living (choose between employed and unemployed), social security number for US users, a face photo (users in South Africa, Germany, and the USA), a government-issued ID (only a passport, drivers licence or national identification card is accepted), and a proof of residence in addition to everything provided in the Starter level.
Valid documents for proof of residence can either be a bank statement, a tax document, an insurance document, a residence certificate, a credit card statement, a payroll statement, or a utility bill.
Once Kraken verifies everything, a trader on this level will have access to unlimited crypto deposits for both 24 hours and 30 days. However, while this level attracts unlimited monthly cryptocurrency withdrawals, it puts a $5K cap on daily withdrawals.
For fiat deposits and withdrawals, Intermediate-level traders have their daily deposits and withdrawals capped at $100K, and their monthly deposits and withdrawals capped at 500K. It’s important to note that fiat deposits are calculated in United States dollar regardless of the traders’ currency. Therefore, when depositing amounts exceeding $100K, the transaction is put on hold.
This scenario is likely to happen if a deposit involves euros. To avoid it, a trader can first check the USD-EUR conversion rate before funding their fiat account to avoid the funds from being held. Note that Intermediate-level verifications take not more than 10 minutes and are automated.
This is the highest level of personal Kraken exchange accounts. Here, the only limit the trader has to put up with is a $10 million per day withdrawal cap for both crypto and fiat. There is no additional monthly withdrawal limit and no deposit limit whatsoever.
However, to get to this level, a trader has to provide, in addition to Intermediate-level requirements, financial statements, and complete a know-your-customer (KYC) questionnaire. Verification for the Pro level is manual and takes anywhere between one and five days.
Traders on this level enjoy the highest limits on margin trades, have access to the dark pool, can trade on the exchanges Futures platform (excludes residents of countries stated on the Intermediary section), can trade on the Kraken OTC desk, can generate up to 25 API keys and have the highest limit on API call rate.
Like many other cryptocurrency exchanges today, Kraken puts a keen eye on the security of its users’ accounts. Methods used to provide the much-needed security include:
Simply put, two-factor authentication adds an extra layer of security on a user’s account apart from just a username and a password. However, the strength of the second layer depends on the type of 2FA employed.
Kraken’s 2-factor authentication can be implemented using two methods; hardware security key and an authenticator app.
This is considered the most secure 2FA method used by Bitcoin exchanges like Kraken and Binance because it instantly generates the 2FA code. In order to use the Kraken security key method, the account holder must have a compatible device such as a Bluetooth or Near Field Communication (NFC) device. Kraken supports numerous protocols for this purpose, including YubiKey, Yubico OTP, and FIDO U2F. It is working on gaining FIDO 2 compatibility.
If you don't have a Yubikey or FIDO 2 device, the next best option is Google Authenticator, which is available in both the Google Play and iOS app stores. An authenticator app is less secure than FIDO or Yubikey because it only generates a new code every 30 seconds. However, it provides better security than SMS because it is impervious to SIM hacking.
While using an authenticator app, extra permissions must be activated on the mobile phone to provide for remote access and erasing in case the phone gets lost or falls into the wrong hands.
Apart from being used to provide an extra layer when signing in into Kraken, these two-factor authentication methods provide an extra layer of protection when depositing, withdrawing, trading, or as a master key. A master key has a different use on Kraken. For instance, it must be provided each time a trader wants to change their account password without the need to go through the email confirmation. Also, it allows a trader to turn off the global settings lock and by-pass the 2FA method when signing in.
For this option to work, a trader needs to activate the global settings lock. Activating a 2FA method when depositing and/or withdrawing funds prevents malicious individuals from hijacking the process even when the exchange’s security is under attack.
For deposits, a 2FA method must be invoked when generating a new deposit address. Such addresses stay active until a new address has been generated. For withdrawals, a 2FA method is required each time a trader moves funds out of their account or sends funds to their Futures wallet. However, transfer of funds from the Futures wallet to the regular spot trading wallet does not require a trader to go through 2FA verification. Withdrawal 2FA is also needed when creating a new withdrawal address, but global settings lock must first be enabled.
The two-factor method can also be enabled for trading. With this option on, a trader requires to provide a 2FA code before a trade is activated. This provides an extra layer of security in case someone or the systems wants to tamper with a position or the balance. Unfortunately, when this option is active, it presents a barrier when a trader needs to immediately cancel a trade to prevent losses.
Yes. In 2016, some users took to social media to complain that their accounts had been compromised and funds stolen. But, the exchange never openly admitted that Kraken security had been breached. Instead, the exchange said it was a phishing attack.
In a statement, Kraken said: “We have no reason to believe that Kraken itself has been breached. The vast majority of reports of hacked accounts so far have admitted to reusing credentials across services, and have not used two-factor authentication on login. Some hacked accounts had two-factor set only on withdrawals but had not enabled the settings lock, which left open the opportunity for an attacker to remove the settings upon logging in.”
Kraken’s failure to admit that it was on fault angered a section of its users, forcing them to create a mail group to form a public petition directed to the FBI with the aim of getting a refund for funds lost.
Although Kraken started as a spot trading platform, it has since evolved to address Futures and margin trading needs that have been on the rise in the cryptocurrency community. When cryptocurrency newcomers first land on the platform, they’ll need to sign up and provide personal information such as their full name, date of birth, address, and a current phone number. However, additional information required depends on the trading level; Starter, Intermediate, or Pro.
Apart from the level of verification required in these levels, each level has its limitations on trading volume, daily, and monthly deposits and withdrawals both in cryptocurrency and fiat.
After creating an account on Kraken, a new user is welcomed with a screen requesting the user to verify their account and show all balances in fiat equivalents and in individual cryptocurrencies starting with Bitcoin. Below the individual balances is the total margin currency balance, the trade balance combined with unrealized profits or losses (Equity), total margin amount used in open positions (Used Margin), usable margin balance (equal to equity minus margin), and percentage ratio of equity to used margin (Margin Level).
On the Simple interface, a user has to first select a trading pair on the upper far left corner under “Market.” They then select the price and the order type; Market or Limit. Note that a market order is fulfilled at the current market price while a limit order is filled at a trader’s preferred price.
The process gets a bit complicated in the Intermediate section. Here, a trader has to choose the trading pair, amount, order type (either market or limit), total, leverage, start, expiry, and the fee currency.
The advanced tab has all the functionalities of the Intermediate tab only that it adds flexibility to the order type. Here, a trader can choose between limit, market, stop loss, take profit, stop loss limit, take profit limit, and settle position. Additionally, the advanced tab allows a trader to take full control of the order type chosen by allowing them to set the prices.
Expiry of orders on Kraken can be custom set, or a trader can select between good until cancelled, good this day, good this week, or good this month.
A look at reviews on Kraken’s customer support paints a picture of both love and hate, with most reviews indicating unsatisfactory customer support. For example, reviews from Trustpilot the exchange a rating of 2.3 out of 5 compiled from 400 reviews.
One of those who left a review on the platform complained that the “[customer] support is impossible and slow.” Another one noted that they have had it smooth on the exchange, and they “can’t really understand how they’re so underrated.”
Kraken exchange forums such as the Kraken exchange Reddit and other Reddit crypto communities portray the same hot-cold relationship with the exchange. For example, a Kraken user on Reddit like the platform for the fact that they do not accept “onerous and invasive regulations.” However, not everything is smooth on Kraken; some users have taken to social media to complain about the exchange’s complex user interface.
Those with a technical eye love Kraken for its use of Rust programming language in their backend. This programming language is known to be secure.
Compared to many exchanges, Kraken does not offer very much additional functionality beyond the basics
Kraken supports both on-chain and off-chain staking for popular cryptocurrencies. Currently, the exchange supports on-chain staking for Tezos (XTZ), with Cosmos (ATOM) and Dash (DASH) next on the line. Also, the exchange supports off-chain staking for USD, EUR, and Bitcoin. Stakers earn rewards twice a week.
API’s on Kraken can be used to initiate both public and private functionalities. For example, they can be used to get public market data such as server time, asset information, tradable asset pairs, ticker information, order book, and recent trades.
Also, a Kraken API can be used to get a users’ account balance, open orders, trade balance, closed orders, orders information, trades history, open positions, add standard orders, get deposit methods/addresses, among others.
For traders on the go, Kraken provides three versions of its mobile app for both Android and iOS-powered devices. The three versions are named Kraken, Kraken Pro, and Kraken Futures.
Kraken is unusual in providing three different apps for its exchange while most crypto exchanges provide only a single app. This has confused many users and left them wondering which app they are supposed to use. We'll try to answer that question now.
The basic Kraken app has all of the functions most users will need. It's great for beginners. And even experienced users will often find that it suits their needs.
The Kraken app uses the instant buy system. There are no limit orders, stop losses, take profit points, or any kind of advanced orders used by professional traders. Instead, the app simply allows you to buy or sell cryptocurrency. You can also use the Kraken app to make deposits, withdraw, or buy crypto with a debit card. The Kraken mobile app does not allow users to trade futures.
As the name implies, the Kraken Pro app is for professional crypto traders. It allows users to place limit orders, stop-losses, take profit points, and other complex orders that serious traders often must employ in order to implement their trading strategies.
It also provides extra security in that it does not allow deposits or withdrawals. Instead, Kraken Pro users must deposit or withdraw using the website. This is to help prevent theft of your crypto if your phone falls into the wrong hands.
The Kraken Pro app does not allow a user to trade futures.
The Kraken Futures app is the only mobile Kraken app that allows a user to trade futures. It allows for complex orders such as limits, stop-losses, take-profit points, stop-limits, and more. Like Kraken Pro, it also does not allow users to deposit or withdraw. Spot crypto trades cannot be made using Kraken Futures.
You can choose to use one, two, or all three Kraken apps. Installing one will not interfere with installing either of the others. So users should feel free to mix and match them based on their individual preferences.
This section will review the basic Kraken app for Android.
The Kraken Android app can only be installed on a device with Android 8.0 or higher, and 9.0 is recommended for optimal use.
Upon the app opening, three tabs are shown; Markets, Trade, and Balances. The Markets section displays all of the 184 markets available on Kraken. These markets are grouped according to their base currency. The markets can be sorted either by volume or alphabetical. The Trade tab shows all the open orders, margin positions, and trades carried out in the last 24 hours. This section also allows for the placement of new orders, whether spot or margin.
The app has a good rating on the App Store with a rating of 4.7 out of 5.
The basic Kraken app on iOS presents a similar interface as it does on Android devices. It requires iOS 13 and up. On the App Store, the Kraken app has a rating of 4.7 out of 5 calculated from over 500 ratings.
In the United States, Kraken is competing with other major exchanges like Coinbase. When pitting these two exchanges together, Coinbase can be the better option for very new cryptocurrency buyers owing to its user-friendly interface. However, Kraken wins on other fronts, such as having a higher number of tradable coins, lower fees and the ability to offer Futures and margin trading.
On the world stage, the Kraken exchange platform can be compared to Binance. Each has its strengths, but Binance has more listed and tradable coins, lower trading fees, has its own coin (Binance Coin), which drives trading fees even lower, and is more beginner-friendly.
Kraken operates within a legal framework in the US and Canada, where it is registered as a Money Services Business (MSB). Although it’s registered with FinCEN in the US and FINTRAC in Canada, its Futures platform is governed by UK’s financial watchdog; the Financial Conduct Authority.
In Australia, the exchange adheres to operating guidelines set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Note that Kraken exchange UK and Kraken Australian were born through the acquisition of CryptoFacilities and Bit Trade Pty Limited, respectively.
Also, Kraken complies with all regulatory guidelines in jurisdictions where it operates.
In the United States, deposits on Kraken are not insured by the Federal Deposit Insurance Corporation. Kraken doesn’t see the need to be insured as it argues that deposit insurance programs are meant for savings institutions. However, to cover for potential losses, the exchange maintains an insurance fund with over $100 million.
Apart from the hack in 2016, Kraken has maintained a clean security record since then, making it one of the most secure cryptocurrency exchanges in the world. Also, their insisting on using 2FA methods and a master key ensures user accounts are safe. However, Kraken adds that “no amount of security on our end can make up for poor personal security.”
Yes. Especially for pro crypto traders looking to use leveraged trading and those keen to save on spot trading fees.
Yes. Cryptocurrency exchanges operating in the United States like Kraken report to the IRS. However, whether the IRS is aware of your involvement with cryptocurrencies or not, a trader in the US is supposed to declare their crypto holdings in their annual tax forms.
It depends on what services you are looking for and your level of experience in trading cryptocurrencies. If you are a beginner, then the ease of use and beginner-friendly features of Coinbase are probably the best. But, if you are a sophisticated trader looking to trade on margin and Futures, then Kraken will be better.
Kraken offers crypto sales via debit card denominated in Euros. This is available in most European countries and some countries outside Europe. It is not available in the US or Canada. However, Canadians can make debit card deposits to Kraken through Canada Post retail locations. Paypal is currently not accepted at Kraken.
No. Kraken is a Bitcoin exchange. As such, funds on the Kraken exchange wallet should only be used for trading and not for safekeeping. Also, this means that Kraken users cannot receive airdrops or coins from hard forks, and funds deposited to the wrong account cannot be recovered. Also, users cannot transfer cryptocurrencies between Kraken accounts.
Uphold makes buying crypto with popular currencies like USD, EUR and GBP very simple with its convenient options to swap between crypto, fiat, equities, and precious metals.
With over 50 coins and an obsession with security, Kraken is one of the safest places to buy and trade crypto.
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