Kraken: Your One-Stop Shop for Crypto Trading, from Beginner to Pro

Kraken is a prominent cryptocurrency exchange that makes it simple to buy, sell, and exchange dozens of different crypto assets, including market leaders Bitcoin and Ethereum. In addition to buying and selling bitcoin at spot rates, Kraken provides users with margin accounts and futures trading, riskier products appropriate for advanced trading tactics. The main Kraken site is the best spot for novice crypto investors to get started in the Kraken ecosystem. Even outside cryptocurrencies, more seasoned traders may favor the lower-cost active trading platform Kraken Pro.

A Comprehensive Look at Kraken

Kraken is a cryptocurrency exchange that was launched in 2011 in San Francisco and now has offices all over the world. It offers consumers in more than 190 countries. Kraken provides competitively priced bitcoin trading to individual and institutional clients.

Beginners would benefit the most from the standard Kraken platform, while experienced and skilled crypto enthusiasts can select Kraken Pro and its complex margin and futures capabilities. Kraken is likely to be able to meet your Bitcoin demands due to the mix of platforms and services.

Kraken offers a selection of distinct cryptocurrencies

The exchange supports around 220 crypto assets, including famous ones like:

• Bitcoin (BTC)
• Ethereum (ETH)
• Stellar Lumens (XLM)
• Polkadot (DOT)
• Polygon (MATIC)
• Solana (SOL)
• Sushi (SUSHI)
• Uniswap (UNI)
• Cardano (ADA)
• Dogecoin (DOGE)
• Litecoin (LTC)

Kraken also accepts several stablecoins, including Tether USD, USD Coin, and Dai. Fiat currencies supported include the USD, EUR, and GBP. Not each currency is available in all countries.

Kraken’s Disadvantages

Instant Buy, Kraken’s novice trading program, has quite high trading costs, and regrettably, new crypto investors may be unaware of how uncompetitive these fees are.

Furthermore, for Instant Buy customers, the service charges 1.5% on all trading pairs and 0.9% on stablecoins. Therefore, even basic cryptocurrency trading on Kraken or any other platform should be cautiously undertaken by investors.

Features on Kraken & Kraken Pro

Kraken provides consumers with two trading platforms: Kraken and Kraken Pro. Kraken Pro has lesser costs and is accessible to everyone with a Kraken account. You can select Kraken or Kraken Pro depending on your Bitcoin and active market trading expertise. In any case, there is a platform for everyone, from novices to experts.

Kraken

Beginners should begin with the center Kraken platform. Additionally, you can instantly acquire cryptocurrency with a verified account from a connected bank account, and it’s just as simple to sell or convert between currencies in your account.

Once you’ve created an account and logged in, placing an order using a simple form only takes a few seconds. The form used by Kraken to purchase, sell, and convert cryptocurrencies.

You can purchase cryptocurrency directly with your bank account balance utilizing this technique. You do not need to fund your account first.

Staking allows you to earn income on Bitcoin assets held at Kraken. Enabling two-factor authentication (2FA) makes it impossible for anybody to access your account without your device and a randomly generated code.

Kraken Pro

Kraken Pro is an active trading platform accessed via a web browser or smartphone. While the interface may be intimidating to newcomers to crypto and trading, it may be worthwhile to learn. It contains more extensive asset information, such as live charts and a look at open orders.

Kraken Pro’s active trading panel provides charts and extensive cryptocurrency information.

Kraken Pro is available to everyone who has an active Kraken account. Lower costs may be more significant than the expert interface. When you use Kraken Pro instead of Kraken to make the identical deal, you will pay less than using the main interface.

Kraken & Kraken Pro Pricing

Pricing and fees vary based on the platform and the deal. Prices may also be subject to spread costs in any instance, particularly on the main platform. Here’s a rundown of the most essential costs to be aware of:

Kraken

Kraken will impose a percentage fee and a spread for rapid purchases. The cost will be shown before you finalize your purchase. Depending on your financing arrangement, you may be charged additional fees, such as credit card fees.

Kraken Pro 

Kraken Pro is significantly less expensive than the regular Kraken platform. Pricing is determined by your overall trading volume over the last 30 days. Most trades are subject to a 0.26% taker or 0.16% maker charge.

Maker orders are transactions not immediately matched against existing orders, increasing market liquidity. Taker costs are applied to orders that match an outstanding order from another market user and require a slightly higher fee.

Security

Cryptocurrencies have been demonstrated to be particularly vulnerable to hackers, resulting in the loss of millions of dollars in coins. Further, while most hacked exchanges have reimbursed their customers for any lost funds, you don’t want to end up at a crypto exchange with poor cybersecurity, which could expose your coins to theft.

Using appropriate internet security measures can protect your Kraken account from fraudsters who attempt to drain your funds. In addition, once an account has been funded, it is extremely prudent to add two-factor authentication. However, Two-factor codes can be generated for sign-in, account withdrawals, and trading. If you’re afraid that your account has been compromised, you can also lock it from any modifications.

However, Kraken is dedicated to security, placing second on the crypto exchange security review site CER. Notably, Kraken has not had any big hacking incidents. Users have complained about Kraken on internet forums regarding hacked individual accounts.

Kraken maintains 95% of its deposits offline in cold storage locations worldwide and secures its platform. Armed guards and video monitors keep their servers in secure cages under 24-hour observation.

Kraken encrypts all of your important contact information at the system and data levels, in addition to physical security measures, and performs frequent vulnerability testing on its system. Kraken has been awarded for its security endeavors the CSO50 Award.

Creating a Kraken Account

Creating a new Kraken account is a simple procedure. Joining Kraken is similar to registering a stock brokerage or another cryptocurrency exchange. If you have your information ready, setting up your account will take a few minutes.

When you sign up, you must provide contact information such as your name, address, phone number, and Social Security number. This data is part of the financial services industry’s know-your-customer (KYC) requirements.

To authenticate your account and have access to all trading capabilities, you’ll need to give extra information, such as an image of yourself carrying a government identification ID. You will have restricted account functionality unless you enter this information.

Customer Service & Account Management

Kraken offers live chat, phone, and email assistance 24 hours a day, seven days a week. We experienced a slight problem updating an account option (due primarily to a human mistake) and submitted a service request. In about 20 minutes, Kraken staff responded and resolved the issue.

While we had an excellent customer service experience, not all users reported the same results. Some dissatisfied customers have reported problems with funds due to phishing attacks and obtaining Kraken to release held funds.

Furthermore, account management is primarily self-service and is handled via the Kraken website and mobile apps. The widescreen on a laptop or desktop computer makes managing your account easier.

You can modify settings, adjust your approval level, add 2FA, manage API credentials, and lock down your account through the Kraken dashboard.

The Global Settings Lock function allows you to instantly hide critical account information while also preventing changes to account settings, such as withdrawal addresses.

Kraken’s Distinctiveness in Comparison to Other Cryptocurrency Firms

Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals. Consider these differences between other popular crypto exchanges:

Kraken vs. Binance

Kraken and Binance are cryptocurrency exchange platforms that have millions of customers. Therefore, both are among the top ten largest exchanges by trading volume, with Kraken ranking third and Binance ranking first. However, Users in the United States must utilize Binance’s U.S. site, Binance.US, which ranks eighth on the list.

The cryptocurrency exchange systems include extensive trading features, cheap costs, and mobile apps. Furthermore, both are aimed at intermediate or advanced users. Binance has cheaper costs, a wider selection of currencies, and more options to add or withdraw cash. On the other hand, Kraken is recognized for its excellent security standards and received bank charter certification in Wyoming in 2021.

Conclusion

Kraken’s price and features suit new cryptocurrency traders and investors, from beginners to experts. Moreover, its inexpensive Kraken Pro and futures market fees are very appealing. However, Kraken Pro is more difficult to use. Overall, Kraken is a fantastic platform for Bitcoin trading and investment. Ascertain that you are aware of all expenses and hazards, and take measures to safeguard your account using two-factor authentication. If you do, you should enjoy buying and trading cryptocurrencies on Kraken.