Kraken Review: Is it the BEST Exchange??

You might’ve heard about many crypto exchanges operating globally, but the Kraken crypto platform will surely give you a heads-up. This is one of the oldest trading exchanges and just grabbed the 7th spot in CoinMarketCap for spot and derivatives trading. Kraken has truly amazing features with a strong user base of 10 million people, making it more reputable in the crypto industry. In this article, we’ll have a detailed Kraken review and see how it’s one of the best crypto exchanges in the industry. 

Pros & Cons 

Before we start discussing the features Kraken has for its users, let’s take a look at its pros and cons. See this list below. 

Pros	Cons
Reliable customer service	High entry-level fees
Broad choices for cryptocurrencies	Limited availability in the United States
Advanced security features	Fiat currency restrictions
Trusted & secured platform	Complex interface, difficult for beginners
Supports staking, derivatives, and futures trading	Geographically restricted to some countries
Offers educational guides	Limited payment methods

Kraken’s Best Features

This is one of the best crypto exchanges with an average trading volume of roughly $283 million in the spot market and $217 million in the derivatives market. Kraken has literally gone places with its phenomenal features. 

It’s now considered one of the best for futures, derivatives, and stake trading. All these trading options have diversified the strategies for experienced traders beyond just buy and sell orders. 

Also, Kraken has advanced security features like 2FA, global settings lock, and much more which gives its users peace of mind. You’ll also find many educational guides that help you get started with this platform. 

The best part? Kraken has a total of 318 cryptocurrencies listed for trading, buying, and selling including bitcoin (BTC), ether (ETH), EOS (EOS), Solana (SOL), and non-fungible tokens (NFTs). You’ll also find plenty of different options to invest and trade cryptos with this one of the best crypto trading platforms. 

There’s 24/7 chat support available that even solidifies its reputation. Users can get customer service anytime through email, live chat, and phone if they have any queries. All this reliability makes this platform a top choice for millions of successful traders. 

Areas of Improvement 

This review of Kraken exchange doesn’t only brag about good features, we’ll also highlight the room for improvement in this trading platform. Kraken is said to have a complex interface that often intimidates beginners. 

People find it difficult to navigate and search through different trading options. If the exchange could introduce a “beginner mode,” that’d be so helpful and ultimately increase the user base. Despite this factor, Kraken’s trading fees are considered pretty high for entry-level traders.

The taker fees start from 0.26% which is higher than even Binance (0.10%). The exchange should consider cutting down the fee otherwise new traders won’t risk their trades. You’ll also find that this crypto exchange has regulatory compliance factors.

This platform isn’t available in some countries and has restricted features in different states of the US. Additionally, the user says there’s another area of improvement. Kraken has a pretty slow verification process while setting up the account and it gets worse during peak usage hours. 

However, advancing the Know Your Customer (KYC) policy might help this platform cater to this issue. Also, keep in mind Kraken has liquidity for smaller altcoins, and less popular coins can be low. This often leads to price slippage but if Kraken comes up with a better marketing mechanism, this problem definitely has the solution. 

Now, let’s move ahead with this review of the Kraken exchange. Let’s see some of the key features this one of the best crypto platforms has got.

Key Features of Kraken: Fees, Security, and More

Kraken App 

The exchange application is the gateway to a seamless trading experience. Kraken is all about making trades easy for all levels of traders. It’s a robust and advanced mobile-friendly application that caters to both Android and iOS users. 

Though some users say the interface is overwhelming for beginners but after getting familiar, Kraken is nothing but a sea of opportunities for crypto users. It has many amazing features. You can easily manage your trading portfolio. There’s a dedicated streamlined interface for viewing and managing all the details. 

You’ll have a full-on experience monitoring the price movements for over 70+ cryptocurrencies including Bitcoin, Ethereum, and Solana. The Kraken mobile application gives its peers tough competition. It has a simplified trading mechanism and offers its users instant buying and selling of cryptocurrencies with just a few taps. 

Moving ahead, you’ll find many advanced trading tools as well. For established traders, there are different options available like margin trading and stop-loss orders. Kraken users will also have an edge with many rewards. 

They can stake different cryptocurrencies like ETH, DOT, and SOL directly from their mobile device and earn rewards of up to 20% APY. Don’t you think this application is a pretty good deal for passive income?

Moreover, the Kraken application offers support in over 90 countries which strengthened its global clientele. This app is the best for beginners and has pretty simple procedures for buying, selling, onboarding, and selling currencies. 

Needless to say but if you’re a high-volume trader, this platform has a competitive fee structure for you. You’ll be charged a good 0.16% maker and 0.26% taker fee and established traders know it’s not a big deal. If we sum it up, this application is all you need to simplify your trading needs. 

Kraken Pro

As we told you, this Kraken cryptocurrency review will be a powerpack of information. So, now let’s see what Kraken Pro got for you. It’s an advanced version of the main Kraken trading platforms with special features, and robust controls, and caters to all high-level experienced traders. 

First up, it’s the interface that seals the deal. You’ll find an intuitive design with customizable options. There’s a detailed order book displayed in the forefront that keeps you updated with all your trading details. You’ll also find time charts, advanced trading views, and so much more with Kraken Pro that makes trading a seamless experience. 

With Kraken Pro, traders will also get to see different order types so that you’ll have precise control of your trades and of course risk management. The best part? Kraken Pro lets you do margin trading with upto 5x leverage. Its fee structure is also pretty good. The charges are as low as 0.16% and taker fees at 0.26% and it is reduced even further with high-volume traders. 

Kraken pro suits the advanced traders very well. It has access to high-frequency trading tools, advanced chart monitors, live order books, and custom indicators. All this helps the traders place more successful trades and avoid maximum risk.

This pro version also has industry-level, unmatched security parameters. It has two-factor authentication (2FA), encrypted API keys, and cold wallets available to protect your funds. 

The Kraken Pro version also has deep liquidity and supports over 170+ trading pairs which means you’ll have pretty fast and efficient trades for large volumes. This is definitely stealing the deal game! 

Last but not least, this pro version of Kraken exchange allows users to integrate an API that enables connection with third-party trading bots or softwares. You can also download the pro mobile application which is well-known for its features and offers you an on-the-go trading experience.  

Difference between Kraken vs Kraken Pro 

We’ve just discussed Kraken Pro but there’s also a beginner version of the main platform. Kraken and Kraken Pro are two similar trading platforms that cater to different user bases. However, they both are top-notch in terms of security and lucrative measures. First up, let’s see what Kraken has for you. 

It’s specially designed for newcomers with a less complex interface and is pretty easy to navigate with all the trading options. Kraken also allows users to manage cryptocurrency directly with fiat currencies like USD, EUR, and CAD.

If you’re just starting and have no prior experience, Kraken could be the number one choice. There are many educational resources available like manuals, guides, and video tutorials to teach you crypto basics. Even if you’re an investor, this is the most straightforward platform you’ll find for long-term holding or staking. ,

Now, if we talk about Kraken Pro, it’s simply the advanced version of Kraken that caters to established traders. The interface is pretty amazing. There’s a detailed order book displayed in the forefront that keeps you updated with all your toading details. You’ll also find time charts, advanced trading views, and custom indicators that even simplify your trades. 

It has stop-loss, take-profit, and trailing stop orders for precise trading management. It supports upto 5x leverage and future contracts for speculative trading. However, there are limited staking rewards compared to Kraken. Kraken Pro caters to you best if you’re a professional who trades frequently and handles large-volume trades. 

This pro version also has industry-level unmatched security parameters. It has two-factor authentication (2FA), encrypted API keys, and cold wallets available to protect your funds. 

The Kraken Pro version also has deep liquidity and supports over 170+ trading pairs which means you’ll have pretty fast and efficient trades for large volumes. 

That’s pretty much the difference between both of the platforms. It’s just a simple and pro version of each other with a dedicated user base. 

Kraken Fees 

Now, as we’re having a detailed Kraken Cryptocurrency review how can we not discuss the fee structure? It accommodates a wide range of traders from beginners to professionals. The best part is Kraken has divided the fee criteria into different sections. 

First up, we have spot trading. The maker fee for this starts from 0.16% for users creating liquidity whereas the taker fee starts from 0.26%. But Kraken has got a special tiered structure for its users. The maker and taker fee will be reduced to 0% and 0.10% respectively as you reach the 30-day trading volume. 

For margin trading, Kraken charges opening and rollover fees particularly. However, when it comes to futures trading fees, the maker fees start at 0.02% whereas the taker fees start from 0.05%. 

Despite this basic fee structure, Kraken has minimal fees involved with deposits and withdrawals. It varies based on the method and currency. Just like USD wire transfers can cost you $5 and on the contrary international transfers might be very high. 

Now, moving ahead to crypto deposits, it’s mostly free but you might have to pay for withdrawals and it depends on the asset. Also, it’s worth mentioning that Kraken doesn’t charge for staking but takes a percentage of staking rewards as a service fee. 

If we sum it up, Kraken is an all-in-one trading platform with a low maintenance fee structure. However, entry-level traders might find it a bit difficult but as the trading volume increases, you’ll find plenty of discounts and rewards. 

Kraken Wallet 

Next up, we have Kraken Wallet to discuss. Safe to say, it’s the most versatile, secure, and user-friendly crypto wallet you’ll ever find. It’s a special offering from Kraken designed for its large user base to protect, store, manage, and interact with their cryptocurrency holdings. 

Kraken Wallet has some of the most phenomenal features. It supports ETH, BTC, SOL, DOT, and many more cryptocurrencies. Traders with diverse portfolios can make the most of this wallet. One thing that truly sets this wallet apart is its core functionality of allowing users to stake currencies directly. 

There’s no requirement for any third-party softwares for staking. You will even have the chance to earn upto 30% APY on assets like ETH, DOT, and SOL. Additionally, if you’re worried about the security measures, Kraken gives you absolute peace of mind with that. 

Kraken Wallet is encrypted with API keys and has 2FA authentication. You can also protect your wallets with a passcode to add an extra security layer. The best part? This wallet easily gets integrated with Kraken’s system and enables the user to further stake, store, and deposit funds effortlessly. 

With Kraken Wallet, you can also have your portfolio overview with real-time monitoring. The wallet is highly preferable for beginners and has an advanced design that caters to all levels of traders. You’ll also have 24/7 customer support in case of any technical emergency. 

Kraken Customer Service 

Kraken’s customer support often gets trolled. However, according to the masses, this trading exchange has been facilitating customers with good services so far. It mainly focuses on speed, accessibility, and reliability thus no customer will have to face any technical emergency for a longer period. 

Kraken has a 24/7 live email and chat support system. Even if users require information regarding the simplest query during trade, customer support will make sure to provide immediate assistance. 

There’s a multilingual chat facility available thus no matter what region you belong to, you’ll be facilitated on an immediate basis. The team is pretty skilled and well-trained to cater to technical queries. Kraken ensures you receive precise and accurate solutions. 

The help center is packed with articles, FAQs, video tutorials, and guiding manuals so the users can also solve the issue themselves. You can find answers to common problems without waiting for any support agent. 

The best part? Kraken has a quick update system. All the users will be notified of maintenance schedules, system changes, network updates, OS updates, and all necessary details. Now, let’s see what Kraken Academy has got for you. 

Kraken Academy 

Next up, we’ve Kraken Academy. When it comes to education, this trading platform isn’t left behind. This feature truly makes this exchange stand out from the competitors as it prioritizes self-education in the crypto industry. 

Once you sign up, you’ll be welcomed with thousands of educational guides and manuals. Whether you’re interested in learning about blockchain, crypto basics, or trading, Kraken Academy has got you covered. There are articles, webinars, tutorials, theoretical guides, and so much more to help you out. 

Short form or long form—you’ll find solutions to all of your problems. If you’re a beginner, we’d highly suggest you explore the Kraken’s ecosystem. This will help you develop better trading strategies and of course maximum returns. 

And even if you’re a seasoned trader, Kraken Academy will be a gold mine for you. Don’t forget to check technical trading analysis, risk management, successful trades’ case studies, etc. Kraken ensures no experts leave behind and have a successful trading journey ahead.

Additionally, if you’re a crypto geek, Kraken does special favors to you. There are monthly live webinars and expert crypto traders will answer all your queries. I mean what could be better than this? You won’t even need to pay hefty fees. It’s all legit free.

However, nominal charges may apply if you access premium content. Also, don’t you think Kraken is giving you the opportunity for practical application? Whatever you learn in the academy, you can apply to your trades. 

Once you’re committed to it, you don’t even have to look any further for training. Kraken frequently updates its study material according to market trends, so you’ll always stay informed about the latest industry updates. 

Kraken Debit Card

Now, let’s move ahead with the Kraken exchange review. Let’s take a look at its debit card now. Kraken revolutionizes the way users interact with crypto. It introduced new ways of traditional financial systems. Kraken debit card is much more flexible and accessible to a wide audience. 

It bridges the gap between everyday life and the crypto world. You won’t need any third-party software. The debit card is multi-crypto compatible. You can spend Bitcoin (BTC), Ethereum (ETH), and other digital assets directly.

The best part? A Kraken debit card is globally accepted wherever traditional cards are used. You won’t need to carry any additional bank cards. The Kraken debit card automatically converts cryptocurrencies into local fiat currencies during purchases. 

There are no hidden charges involved. The whole process is pretty smooth and totally transparent. You won’t even find any transaction costs. Furthermore, you’ll also be notified of any updates or changes in the card policy. 

Kraken NFT 

Moving ahead with the Kraken cryptocurrency review, it would be unfair not to discuss its NFT marketplace. The crypto exchange provides a smooth and seamless experience for trading, storing, and showcasing NFTs across multiple blockchains. 

Kraken provides gas-free transactions for NFT sale and purchase. You won’t find any hidden charges that help you with cost reduction. Users can also explore NFTs across different blockchain platforms. 

This trading exchange also has a huge display of unique digital art, music, and collectibles. The NFT marketplace is also very secure with robust security protocols.  

Kraken Login

This Kraken cryptocurrency review is certainly incomplete without account setting-up details. Kraken is one of the best trading exchange operating globally. The interface is also pretty easy to navigate, so you won’t have a hard time creating a trading account. Following are the steps you should start with;

1. Visit the Website or App

First, search “Kraken” on your browser and verify if the site is legit. Also, if you’re using the mobile app, make sure you download it from authentic sources (Google Play or App Store). Don’t opt for false links from unknown sources; this might risk your account safety. 

2. Login Details

On the homepage, you’ll find a login button located in the top right corner. Tap on that and you’ll be redirected to a secured login page. Now, the steps are pretty simple. Input your email address and set up a password. 

Make sure you save that password. It should be easily memorable and accurate. 

3. Complete 2FA 

Source

Once you’re logged in, you’ll be asked to enable the 2FA authentication. Enter the six-digit code generated by your authentication application. This will add an extra layer of security against unauthorized access. 

Lastly, open your email box and verify the login request. Make sure to review if the request is legitimate especially if you’re using a new device. Once authenticated, you’ll be redirected to the Kraken dashboard where you can manage your portfolio and make trades effortlessly.

Kraken Vs Other Exchanges 

Moving ahead, we know there are many competitors in the market alongside Kraken. Each one has a negative and positive aspect if we compare honestly. Additionally, all these exchanges have one aim and that’s to simplify trading. So, let’s see how Kraken is ahead of them. 

1. Kraken Vs Coinbase 

Both trading exchanges are pretty well-known. They have been ruling over the market for quite a while. However, Coinbase has other areas to focus and Kraken has different aims. Here’s how:

User Interface

If we compare Coinbase and Kraken based on UI, both trading exchanges have different user bases. Thus, their UI characteristics also vary. Kraken has a feature-rich and intuitive interface. It has many advanced tools and custom indicators. 

This crypto trading exchange mostly attracts experienced-level traders. It has many trading options including margin trading, futures, staking, and derivatives trading. Thus, Kraken is said to be designed for those who focus on beyond the basics. 

Whereas, Coinbase has a pretty simple and clean interface. It highly appeals to the beginners. Most new users prefer Coinbase over Kraken as it helps them with easy navigation. 

Fees

This is a foremost factor to compare. Kraken is known to have a reasonable fee structure and it suits high-volume traders well. The maker fees start at 0.16% whereas the taker fee is at 0.26%. Well, this is an affordable amount if you’re a passionate trader. 

Moving ahead to Coinbase now. Although, this platform is highly preferable for beginners but it has a high fee criteria. It’ll charge a good 1.49% per transaction. If you’re a newcomer and have just started trading, you might have a hard time negotiating with fee distribution. In this area, Kraken undoubtedly takes the lead. 

Security

Next up, we can compare the security of both trading exchanges. No trading exchange can be categorized best if the security parameters are compromised. Kraken is highly regarded for its robust security controls. 

It has a 2FA authentication system, encrypted API keys, protected data storage, and cold wallets available to keep your funds free from online thefts. Whereas, Coinbase is also equally safe and secure as Kraken. 

It also has similar security protocols. Coinbase also provides insurance funds in case of any damage occurrence.

Positive Aspect

Comparing Kraken to Coinbase, Kraken takes the lead in fee structure. It’s pretty manageable for beginners and low-volume traders. Whereas, Coinbase charges are pretty high. 1.49% per transaction isn’t affordable to low-volume traders. 

Negative Aspect

Kraken’s interface mostly suits the advanced traders. It’s not easily navigable. New traders may take a good time to get familiar with its UI. On the contrary, Coinbase focuses on a clean and simple design that attracts newcomers the most. 

2. Kraken Vs Bitpanda 

Now, let’s see how Kraken is different from Bitpanda. Both are prominent cryptocurrency exchanges working on somewhat similar domains. Kraken has advanced features and on the contrary, Bitpanda is more focused on user-friendliness and accessibility for beginners. See below. 

Usability

Kraken has a cutting-edge UI that mostly works for high-volume traders. It provides a tool for staking, derivatives, margin, and futures trading. If you’re a newcomer, this interface accessibility might overwhelm you for quite some time. 

On the contrary, Bitpanda caters to beginners exclusively. The design is so simple and less intimidating. New traders find it very friendly to navigate and explore around the site. Also, cryptocurrency management, buying, and selling are pretty straightforward to maintain with Bitpanda. 

Assets

This is the second factor to compare. Kraken and Bitpanda have a user-centric approach that’s why both of these best trading exchanges are highly determined towards asset availability. If we talk about Bitpanda, it’s a trade-everything exchange that doesn’t only offer cryptos but other assets too.  

There are almost 500 cryptocurrencies available like BTC, ETH, XRP, SOL, and many more. Bitpanda also has fractional stocks, precious metals (gold or silver), crypto indices, and CFD thus its users have an edge with that. They can have a broader investment portfolio. 

Kraken offers approximately 318 currencies and Real World Asset coins too. You’ll also find 300 tokens listed, selected from the crypto ecosystem. 

Security

Kraken has robust security control. It has 2FA, cold storage, and encrypted data protection. Additionally, this trading exchange has never been trolled for hacking, theft, etc. 

Whereas, Bitpanda also prioritizes security like Kraken. It’s a beginner-friendly platform and regulatory compliance with European standards. For further peace of mind, it offers insurance coverage to all users. 

Positive Aspect: 

Comparing Kraken to Bitpanda, it’s safe to say Kraken is a good choice if you’re an advanced user and looking to diversify your portfolio with different trading options. 

Negative Aspect:

If you consider asset availability, Bitpanda is more facilitative. It has 500 cryptocurrencies available and that too alongside other assets. You’ll also find fractional stocks and different investment options. 

3. Kraken Vs Binance 

Kraken and Binance are two major giants in cryptocurrency and both of them have unique features. Binance is the number-one platform with the majority of trading volume in the crypto industry but Kraken isn’t left behind also. Let’s compare both of them;

User Interface

Kraken is straightforward and has a professional trading environment. The design is clean and suits high-volume traders. Beginners can also make the most of Kraken. It even offers different educational guides and manuals to make the learning process smooth and simple. 

Moving ahead to Binance, it caters to a broad range of users. You’ll find a pretty competitive environment using Binance. Binance has two modes; beginner and advanced for different user bases. 

Trading Benefits

Binance and Kraken both have great trading features. You won’t regret using each. If you’re a Kraken user, you’ll find diverse options for spot, derivatives, futures, and margin trading with upto 5x leverage. 

On the contrary, Binance stands out among its peers with advanced trading features. It offers perceptual futures trading with up to 125x leverage. You’ll also find options trading and a peer-to-peer (P2P) marketplace. Binance also has saving features and provides interest on crypto holdings. 

Positive Aspect

Kraken can work well for both advanced and beginner traders. However, using Binance might require some high-level knowledge about blockchain and cryptocurrency. 

Negative Aspect

If you’re more into diverse trading options, Binance can facilitate you most. Kraken may provide you with limited options. However, you must do your research before choosing any. 

Conclusion 

To sum it up, Kraken is most definitely a very suitable platform for all levels of traders. From the academy, Kraken referral program, and debit cards, to the NFT marketplace, you’ll find everything on one platform. Although Kraken ranks 7th among the top exchanges, it doesn’t limit its potential. 

You’ll find many positive aspects associated with this trading exchange but make sure you do your research first completely and do not risk your investment without proper evaluation of any trading exchange. 

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