Learn more about Kraken
Kraken is one of the oldest and most popular exchanges in the digital marketplace. It is a respected cryptocurrency exchange trusted among the community for its top-tier services. With Kraken, users can buy and sell market-priced crypto coins.
It is a payment solution that allows the option to buy and sell 120+ virtual currencies, including popular options like Bitcoin, Ethereum, Litecoin, and Dogecoin. It is available on various platforms and even has a useful mobile app.
Types of Assets Supported
The Kraken exchange supports over 120 virtual currencies, which includes all the major digital currencies, including BTC, LTC, ETH, and DOGE. It also features different types of stablecoins, such as USDT, DAI, and USDC in addition to fiat currencies such as EUR, USD, GBP, CHF, CAD, AUD and JPY.
Kraken Features:
Kraken Basic
This is a user-friendly trading platform that is suitable for beginners. To start, you need to have a verified account linked to your bank account. You can then purchase cryptocurrency. The conversion of fiat to crypto assets is simple and takes a few seconds.
You receive an order form that requires you to enter the amount you want to purchase, your crypto assets of choice and your payment method. You can also fund the payment directly via your bank account. If you’re starting with trading, then the Kraken basic platform is ideal.
Kraken Pro
This active trading platform is more suitable for professionals and is available on online crypto casinos and via mobile. The platform includes detailed information about cryptocurrency, which provides for active charts and lower trading fees.
Futures Contracts
With Kraken futures trading, you can gain exposure to different currencies without buying them. This is a nice feature to use if you want to get more market trend exposure. With the multi-collateral wallet, you can move your positions using different types of collateral without moving around your funds.
Deposits and Withdrawals
Funding your Kraken account can be done using methods such as:
- SEPA
- SWIFT
- Wire Transfers
- Domestic Transfers
Deposits and withdrawals are processed within 1 to 5 business days. And fiat deposit methods include USD, EUR, and CAD. All come with low transfer fees, one of the many benefits of using Kraken.
Aside from fiat methods, you can fund your account using cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Cardano, Qtum, and more. With most accepted cryptocurrencies, deposits are free, but there is a small address setup fee.
How to Deposit?
- Click on the Action icon and select Deposit.
- Then search for the currency (Cash/Crypto) you want to deposit.
- Make sure to follow the instructions provided.
- How to Withdraw
- Select the currency you wish to withdraw.
- Follow the instructions to withdraw and enter the withdrawal information. This information will be saved for the next time you want to withdraw.
- Add the amount you wish to withdraw and click ‘Review.’
- If everything is in order, then confirm the withdrawal.
- Remember that specific deposit and withdrawal methods may only be available in some regions.
Fees & Limits
Kraken Basic charges a 1.5% fee for most crypto assets and a 0.9% fee for most stablecoins. Some extra fees may apply depending on the deposit method. If you deposit via your bank, the extra fee may be around 0.5%, but deposits via debit or credit card might be 3.75%.
The fees for Kraken Pro will be lower as they are fixed based on your trading volume within a 30-day period. Most trades will be subject to a 0.26% taker fee or a 0.16% maker fee. These fees can gradually decrease until they reach 0% if traders have a more than $10 million trade volume.
When it comes to limits, you will note that these will vary based on your location, asset type, and verification level. New clients can only withdraw around $5,000 per day, and those on the intermediate level can withdraw a maximum of $500,000 per day.
Pro clients will have a withdrawal limit of $10,000,000 per day. As a new client, you can level up by completing the additional verification until you reach the pro account status.
If you are looking for a crypto wallet with lower fees check out our Binance and Coinbase reviews.
Pros and Cons of Kraken
- It features over 120+ crypto coins
- Fees on crypto are relatively low
- It comes with an easy-to-use interface
- Futures and margin trading
- Options for beginners and experts
- Supports staking
- Desktop and mobile-friendly
- High fees may apply unless you’re using Kraken Pro
- Only seven fiat currencies are accepted
- The platform features are limited