Kraken exchange is positioned among the top 10 global cryptocurrency trading platforms. Its most significant feature is the provision of high liquidity and large trading volumes for the most popular digital currencies. This article intends to provide comprehensive details on Kraken exchange, including its definition, account registration process, and procedures for executing cryptocurrency trades on the platform.
What is Kraken exchange?
Kraken is a reputable and secure cryptocurrency exchange for Bitcoin and Altcoin transactions worldwide, particularly in Europe. It boasts a high volume of transactions and liquidity in Euro. Founded by Jesse Powell in San Francisco on July 28, 2011, Kraken emerged as a leading platform after the collapse of the largest Japanese exchange, MtGox. As a result, Kraken transacted nearly all digital coins with the Japanese Yen.
Introducing the Kraken exchange platform
At present, the Kraken exchange platform permits the trading of over 120 supported coins. The majority of these coins are traded with mainstream currencies such as EUR, USD, JPY, and GBP. Several virtual currencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Monero (XMR) are available for trading on the Kraken exchange.
At the time of writing this article by 247btc.net, according to Coinmarketcap’s statistics, Kraken exchange is currently holding the third position in terms of reliability. CoinMarketCap rates and scores the exchanges based on various factors, which include website traffic; average liquidity; volume, as well as the credibility of reported traded volume. The weightage is assigned to these factors and points ranging from 0.0 to 10.0 are awarded to the exchanges for immediate trading services.
The features of the Kraken trading platform
- Creditial: Buy and sell quickly with low transaction fees,
- 24/7 support and a legitimate trading platform
- Security: Kraken uses cold storage to store customers’ digital currencies, ensuring asset safety
- Bitcoin Margin Trading: You can play Margin with Bitcoin on Kraken, with financial leverage up to x5 account
- Supports Stop-loss and automatic trading features to help users be more proactive in buying and selling
- Kraken exchange is the first digital currency trading platform to be legalized and allow public cryptocurrency trading.
- Supports virtual currency trading with fiat currencies (Fiat) such as: USD, EUR, JPY and GBP. Fiat deposits and withdrawals are made by Kraken using SEPA, Swift and banks.
- Kraken supports applications on mobile devices, currently there is an app for iOS operating systems, but there is no Android app yet.
- Two-factor authentication (2FA): This is an account security feature that no digital currency exchange should lack, to ensure the safety of customer accounts.
The advantages and disadvantages of the Kraken trading platform
The advantages of the Kraken trading platform
Kraken is considered one of the most flexible and versatile exchanges in the world due to the wide variety of fiat currencies and cryptocurrencies it supports. It accommodates major fiat currencies such as USD, EUR, GBP, CAD, AUD, JPY, and CHF, alongside several other types of cryptocurrencies.
Kraken provides a comprehensive range of features including margin trading, futures contracts, OTC desk, dark pool, as well as supplementary tools such as their proprietary Cryptowatch and index.
Kraken provides a 24/7/365 customer support service, which includes holidays, as well as account management services for experienced traders.
Since 2013, Kraken has become one of the largest cryptocurrency exchanges in the world, based on trading volume, and is widely regarded as one of the most reputable and legitimate exchanges available.
The disadvantages of the Kraken trading platform
It is important to bear in mind that fees may vary depending on the type of transaction. Basic transaction fees range from 0% to 0.26%, while Dark pool, Stablecoin trades, or margin trades are subject to varying fee structures. Please take note of these fees when considering any changes to your transactions.
A guide on how to log in and create an account on the Kraken trading platform
Step 1: Register
Visit the Kraken website and select “Sign up“
Step 2: Fill in email
On the next screen, enter your email, choose a username, create a password, and choose your geographic location.
Step 3: Check your email to get the link to log in to your account and complete the registration process.
Step 4: Update account information for more convenient transactions.
Upon creating an account, proceed to your settings to provide or verify your personal information. A range of verification levels and information is available, and it is necessary to provide complete details as per required usage. Verification is based on the Starter level for newcomers, which allows for deposits and withdrawals, an increase in withdrawal limits, access to margin trading and API calls. Verification at the Pro level unlocks trading in the dark pool and enables the management of multiple APIs and all limits raised to the highest level.
Step 5: Add money to your account.
To deposit funds, please log in and navigate to the Deposit page. Choose your preferred deposit currency and follow the provided instructions to send any amount in any currency you desire. You can now buy, sell, and trade cryptocurrency on Kraken. To access the market, navigate to the Prices section. Available options include market buy and sell, limit orders, and margin trading.
Kraken trading limit
The Kraken exchange operates a multi-tiered verification system, which defines transaction limits based on the level of authentication of the user. The specific levels of verification utilized on the Kraken platform are as follows:
To gain access to this level, the user is required to provide an Email address. Although this level permits website navigation, it does not offer support for any financial transactions, including deposits and withdrawals.
This level of access enables users to make deposits or withdrawals using various digital currencies available on the Kraken exchange. In order to do so, users are required to provide their full name, date of birth, phone number and country of residence upon login. This level of authentication ensures our compliance with regulatory requirements and provides added security to our users’ transactions.
This level of membership expands the capabilities for users to deposit, withdraw and transact with available digital currencies. Accessibility to fiat currency depends on the specific country of residence. Users residing in certain legal jurisdictions are able to deposit and withdraw funds upon providing Kraken with their accurate address information.
This tier offers a higher amount of Fiat currency sponsorship for customers. To qualify for this level, users must possess a valid government-issued ID and evidence of their recent place of residence. Additionally, certain sponsorship options may require verification of the ID through a photo.
This level of access enables trading at the highest limit, and Kraken Exchange provides all necessary documentation for individual accounts, including registration forms and KYC documents. It is typically reserved for use by large corporations and merchants.
The salient features of the Kraken platform
Kraken exchange, among numerous digital currency trading platforms in the market, vows to offer a plethora of advantageous features to its users.
- Kraken – the world’s safest exchange
- Security: Kraken exchange is recognized as the most secure trading platform in the world, owing to its employment of a cold storage system for the safekeeping of digital currency belonging to clients. Additionally, to ensure absolute asset protection, Kraken provides two-factor authentication (2FA) via trusted methods such as Google Authenticator or Yubikey for user accounts.
- Display: With its user-friendly interface and ease of use, the Kraken platform is considered a highly viable option for beginners who are just beginning to explore and engage with digital currencies.
Creditial: Kraken prides itself on being a high-liquidity exchange platform with low fees, and implements a thorough Proof of Reserves Audit to facilitate transactions.
- Reliability: Legitimate trading platform, 24/7/365 support
- Bitcoin Margin Trading: Kraken offers its users the ability to activate Margin with Bitcoin, providing financial leverage of up to 5x the account value upon withdrawal. Additionally, advanced order types such as stop-loss orders and automated trades are provided to users.
- Internationality: Kraken exchange is currently available in multiple European countries, Canada, Japan, and the United States. The trading platform offers over 47 market pairs and 7 major currencies including the US dollar, Canadian dollar, euro, British pound, and Japanese yen.
- Applications on smart devices: Kraken offers mobile applications for IOS devices and tablets, but currently does not support Android platforms.
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