Kraken Review – Is Kraken Scam or Legit?
Kraken exchange represents itself as the largest and popular crypto exchange. I believe we should not follow any exchange’s claim until we have deep knowledge about the exchange because if users simply follow the reputation of any exchange without knowing anything about it, then users may face difficulties and issues later.
So, a smart crypto user will firstly get information about the exchange and review the exchange deeply and then will go for it. Here, in my Kraken exchange review, users can get all that they want to find out about the exchange.
Our detailed review of the Kraken Exchange will cover these things:
- Kraken Exchange Overview
- Supported currencies
- Supported countries
- Kraken Services
- Payment methods
- Exchange trading fees
- Pros and Cons
- Customers Support and Reviews
- is Kraken Safe to use
Let’s explore these points of Kraken review one by one.
Kraken Exchange Overview
Kraken cryptocurrency exchange is considered the largest exchange in terms of euro volume. The crypto exchange was founded in 2011 by Jesse Powell and is one of the oldest and most famous cryptocurrency exchanges. The exchange was officially launched in the year 2013.
Headquarter of Kraken exchange is in San Francisco. But the exchange has also its operations in some other countries as well, including Canada and the UK.
The exchange was developed as an alternative to another famous crypto exchange Mt. Gox which was considered the largest cryptocurrency exchange at that time. Kraken exchange became the top crypto exchange in terms of Euro volume for BTC in 2014.
It is a secure trading platform where traders and investors can sell, purchase or trade their digital cryptocurrencies.
Kraken Supported Currencies
Kraken supports a wide range of fiat currencies and cryptocurrencies on its platform. Accepted fiat currencies and cryptocurrencies are given below:
Fiat currencies: USD, EUR, GBP, JPY, CAD
Cryptocurrencies: Kraken Supports approximately 20 cryptocurrencies which are Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Dogecoin (DOGE), Litecoin (LTC), Stellar Lumens (XLM), EOS (EOS), Ethereum Classic (ETC), Ethereum (ETH), Gnosis (GNO), Iconomi (ICN), Melon (MLN), Tether (USDT), Monero (XMR), Ripple (XRP), Zcash (ZEC), Cardano (ADA), Cosmos (ATOM), Qtum (QTUM), Tezos (XTZ).
Kraken Supported Countries
The crypto exchange accepts users from all over the world in which users of Canada, Europe, and the US are included.
Although it does accept the users from all around the globe there are some countries that are blocked by the exchange. These blocked countries are:
- North Korea
Kraken Payment Methods
There are three main payment methods that are accepted on the Kraken exchange platform. Followings are these three payment methods:
- Electronic Funds Transfer
- Bank transfer (SEPA)
- Wire transfer
Kraken trading Fees
In comparison to other bitcoin or crypto exchanges, Kraken fees are low which depends on the trading volume of the last 30 days.
Fees are characterized as maker and taker fees. These fees vary for the dark pool, spot, and stablecoin trades.
- Dark Pool fees: vary from 0.36% – 0.2%
- Spot trading fees: vary from 0.26% – 0.06%
- Stablecoin trading fees: vary from 0.2% – 0%
In order to look at the whole trading fee structure of the Kraken exchange, you can have a look at the Kraken Fee Structure on its official website.
The crypto exchange provides various services to the professional users of the exchange. The advanced trading platform offers users margin and spot trading services.
It also offers dark pool trading. It is basically a book that does not show records of the users’ trading to the whole market. The users can trade anonymously in dark pool trading.
Apart from this, users also have the services of OTC (Over The Counter) which control high trade volumes.
Exchange Pros and Cons
Advantages and disadvantages of the Kraken exchange are highlighted as follows:
- Kraken trading fees are very low as compared to the other exchanges.
- High volume cryptocurrencies and fiat currencies are supported here.
- Withdrawals are easy, fast and cheaper than the other exchanges.
- High standard security system with the initiative of Two-Factor Authentication (2-FA)
- Advanced trading platform for users and customers
- Kraken exchange holds the private keys of your crypto account.
- Slow execution order
- Slow account verification times
- its interface is not the most friendly for beginners.
Kraken Customer Support and Reviews
Exchange provides various support facilities to the customers. Users can find everything from the support guide of the exchange. The option of a live chat box is also available for customers’ support where they can ask their questions and can get a full understanding of the exchange. Apart from this, the crypto exchange provides 24/7 service.
Customers can search whatever they want to know on the kraken official website.
Kraken Status: Safe or Not?
Kraken exchange attracts users with its quality features and advanced trading platform. Sometimes users have complaints about the long customer support delays. But the exchange has worked on this issue and has improved the level of support recently. Overall, the platform is good for trading.
Kraken exchange has received a reputation from the start of its development due to its low transaction fees and well-provided security system. The exchange is a worth-considering option for trading.
The crypto exchange creates some difficulties for beginners as its interface is not beginner-friendly. But for the professionals, it is an appropriate option and they should visit this exchange.
A detailed review of the Kraken exchange is given above. Now it is up to users to decide whether the exchange comes to their merits or not.
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