Kraken Review 2024 - Analysis of Kraken Crypto Exchange

Kraken Review and Analysis

Overview

Kraken is one of the longest established cryptocurrency exchanges in the industry, since it was initially launched back in 2013. Kraken is the chosen crypto exchange for many users across the globe and the present review aims to help you discern whether it is the most suitable and appropriate venue for your own cryptocurrency exchange needs.

Detailed Review

Kraken is one of the longest established cryptocurrency exchanges in the industry, since it was initially launched back in 2013. Back then, Mt. Gox was the dominant exchange for cryptocurrencies and Kraken was developed as a potential replacement to that setup. Kraken was facilitated to increase and consolidate its market share following the bankruptcy of Mt. Gox in 2014. Having since emerged as a trusted and reliable exchange, Kraken is the chosen crypto exchange for many users across the globe and the present review aims to help you discern whether it is the most suitable and appropriate venue for your own cryptocurrency exchange needs.

Kraken boasts an impressively high trading volume due to the fact that it is viewed as a trustworthy exchange and also because it accepts users from more than 150 countries across the globe. Being one of the oldest cryptocurrency exchanges, it is also proud to showcase the fact that it has never been hacked and this works in its favour in terms of attracting new users and higher volumes, since it is viewed as a safe venue to transact in. On the downside, it is not available to users from specific locations, such as New York residents, while the account verification process is often somewhat tedious and slow. Moreover, the fact that credit and/or debit cards are not supported and accepted as payment methods, deprives users from this option, which would give them maximum speed and convenience.

Set up Kraken Account Process

To be able to use Kraken you first need to create an account with the exchange, while further information and verification is required if you choose to make deposits or withdrawals through your bank account. Furthermore, if you would like the rise of limits on your crypto deposits and withdrawals you will also be required to undergo additional verification processes.

Below you can overview the necessary steps you need to take to be able to transact on Kraken:

• Step 1: Account Creation
• Step 2: Account Activation
• Step 3: Account Type Selection
• Step 4: Account Personal Verification
• Step 5: Finalising the Setting up of your Account

Having identified them, lets us now explore each of these features in greater depth:

• Step 1: Account Creation
  To create a Kraken account, you will need to fill in the necessary fields to provide your email address and country of residence, as well as indicate a username and a password for accessing the account.
• Step 2: Account Activation
  To be able to use your account after you create it, an account activation process is required. This is done through an activation key which is sent by email that you need to enter in order to verify and activate your account.
• Step 3: Account Type Selection
  Following the creation and verification of your Kraken account you then need to select the specific account type you wish to open, given that Kraken offers three different account types, namely a Starter account, geared towards beginners, an Intermediate account, for regular users and a Pro account, for more advanced users, each account type offering different features and limits.
• Step 4: Account Personal Verification
  After you finalize your account type selection, you will need to provide further personal information for verification purposes. This additional information includes your full name and address, phone number and date of birth. It is useful to note that the amount and extent of further information required does not solely depend on Kraken requirements, but also on the regulatory framework of your country of residence.
• Step 5: Finalising the Setting up of your Account
  The final step for the finalisation of setting up your Kraken account is the verification of your account through the provision of photo identification for yourself as well as proof of residence. To achieve this, you will need to submit pertinent documents and wait a few days for these to be evaluated and verified. Once the verification process is completed you will then be able to fund your account and start using it by depositing either fiat currency or cryptocurrency/digital assets.

What Can You Buy at Kraken

The availability of digital assets at Kraken Exchange is quite comprehensive, yet not as extensive as other, bigger crypto currency exchanges. Users may choose from over 150 different trading pairs on the exchange, while currently, the main crypto assets available for trade on Kraken are: Bitcoin, Ethereum, Ripple, Tether, Litecoin, Bitcoin Cash, Tezos, Stellar, Monero, Augur, Cosmos, Melon, EOS, Dash, Cardano, Basic Attention Token, Chainlink, Ethereum Classic, Nano and Qtum.

How Can You Buy at Kraken

Since Kraken supports cryptocurrency trading on both desktop and mobile devices you can use this exchange either from your home or office, or to trade on the go on any smart mobile device. To do this you will need to download the Kraken application for Android or iOS, depending on your device’s operating system. Another thing to have in mind is that Kraken Exchange only supports holding cryptocurrencies in their own custodial wallet, therefore, for enhanced safety, it is recommended that you withdraw your crypto coins to a non-custodial wallet of your own, which only you will be able to access.

Is Kraken Safe?

Due to the fact that it uses rigorous security methods, such as two-factor identification as well as Global Settings Locks, Kraken rightly ranks high in terms of security and safety, when compared with other exchanges currently operating globally. Though boasting a significant volume of trading and transactions, which render it a big player, it has never been successfully hacked until today, though such accusations were made against it in 2016, followed an incident of missing funds. However, Kraken was able to prove that these were a result of phishing practices by middle men and not an actual breach in the security of the exchange itself.

How High are Kraken 's Fees?

Due to the fact that Kraken employs a maker-taker fee model, where the market maker fees are lower than the taker fees, it differs from the fee structures of other exchanges. Moreover, fees are charged according to the frequency of a user’s trading activity per month and under certain conditions may even be as low as 0%. This being said, it should be pointed out that maker fees tend to be slighlty higher on stablecoin markets.

Frequently Asked Questions