Kraken Review

Kraken is an American cryptocurrency exchange that has been operating since 2011, they are well known as being one of the oldest and most secure exchanges in the world. 

Kraken is an excellent choice for beginners looking to get in to crypto, as you can fund your account with a number of fiat currencies including USD, EUR, GBP, AUD, JPY & CHF among others.  

Kraken has been rated the best and most secure exchange by a number of different review sites and news outlets.  As testament to its popularity, as of October 2020 Kraken has over 4 million registered users. 

The company is focused on making their customers experience as smooth and user friendly as possible, in addition to their web platform there is also a Kraken mobile app. 

Pros

Strong Safety & Security Measures

+ Low Deposit & Withdrawal Fees 

Many Countries Supported 

Cons

 Requires User Identification (Longer Identification Process)

 

Kraken Prices

Kraken Currencies and Payment Methods 

Deposit in to Kraken using the following fiat currencies: 

  • USD – US Dollar 
  • EUR – Euro 
  • CAD – Canadian Dollar 
  • GBP – Great British Pound 
  • AUD – Australian Dollar 
  • CHF – Swiss Franc 
  • JPY – Japanese Yen 

The following Cryptocurrencies are currently available to buy on Kraken : 

AaveAlgorand, Aragon, Augur, Augur v2, Basic Attention Token,  Balancer, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Compound, Cosmos, Curve, Dai*, Dash, Decentraland, Dogecoin, Energy, Web Token, EOS, Ethereum, Ethereum Classic, Filecoin, Flow, Gnosis, ICON, Kava, Keep Network, Kusama, Kyber Network, Lisk, Litecoin, Melon, Monero, Nano, Ocean, OmiseGO, Orchid, PAX Gold, Polkadot, QTUM, Ripple, Siacoin, Stellar Lumens, Storj, Synthetix, tBTC, Tether*, Tezos, The Graph, Tron, Uniswap, USD Coin*, Waves, Yearn Finance, Zcash 

Payment methods supported include: 

  • Bank Transfer 
  • SWIFT 
  • Wire Transfer 
  • BACS 
  • Wire transfer 
Kraken

Kraken Safety and Security 

Kraken takes a multi-faceted approach to its customers safety and security with 4 key areas, coin storage, platform security, information security & penetration testing. 

95% of all customer crypto that Kraken holds is kept in secure cold storage (offline) wallets. This means that it is virtually impossible for hackers to access these funds. 

Importantly all customer data is protected via a rigorous encryption process meaning that data theft is very unlikely. 

Kraken’s physical servers are protected via 24/7 CCTV video surveillance and armed guards. 

Finally Kraken’s own team actively try to hack their own systems and servers searching for vulnerabilities to attack. This means that Kraken’s experts find the weak points in their security infrastructure before hackers do. 

On top of this additional security features include 2 factor authentication, encrypted email communication, customer email confirmation for both deposits and withdrawals, account timeout protection, real time suspicious activity monitoring and 24/7 chat support. 

All of these features clearly display Kraken’s focus on the safety and security of their customers. 

Kraken Fees and Limits

When depositing funds in to Kraken they offer a number of free options for all supported fiat currencies; however if you would like to deposit using an alternative method such as swift, a deposit fee with apply. Similarly, Kraken offers various withdrawal methods from zero cost up to $40 to withdraw fiat currency. 

A Kraken customer’s limits are based on their account verification level – Starter, Intermediate or Pro. 

 Starter level customers must provide their basic contact information and enable 2 factor authentication. Starters can withdraw $5,000 worth of crypto per day however cannot deposit or withdraw fiat currency. 

 Intermediate customers must provide additional information including a valid ID, proof of residence, occupation information, social security information and a photo of their face. Intermediates can withdraw $500,000 worth of crypto per day and can deposit or withdraw $100,000 in a 24 hour period. 

Finally Pro customers must complete all of the requirements listed above and a KYC (know your customer questionnaire).  Pros can withdraw $10,000,000 worth of crypto per day and can deposit or withdraw $10,000,000 in a 24 hour period. 

 All customers have unlimited cryptocurrency deposit limits.  

For non-leveraged purchases and sales on Kraken, the fee structure is simple. 

Kraken charge a fee each time your order is executed, this is between 0% up to 0.26% and is dependent on the currency pair that you are trading, your overall trading volume over the past 30 days and whether your order is a maker or taker. 

Makers provide the liquidity for trades, whereas takers take the liquidity to do trades.  

Your 30 day volume is the total amount of trades (either buy or sell), that you make in a 30 day period. As an example, if you trade $0 – $50,000 there is a 0.16% maker fee / a 0.26% taker fee. This fee then decreases to a 0.02% maker fee / a 0.12% taker fee when your 30 day volume is between $5,000,001 – $10,000,000. 

If you are margin trading, additional fees apply including a margin opening fee and a margin rollover fee. These range from 0.01% to 0.02%. 

More detailed and up to date information can be found on Kraken’s link. 

Kraken Platform

Kraken Review Services Offered and Customer Support

Kraken offer a broad range of services, their primary focus are there exchange services; however they also offer margin trading, OTC and futures trading.  

Kraken’s customer support is second to none. 

In addition to conventional support channels such as email forms, Kraken support their customers in a number of ways: 

Live Chat:  Kraken offers a great range of services which can be broken down into 3 main categories: buying/selling for anyone, Kraken Broker for traders and a more tailored B2B offering for business.  

Help Center & Support LibraryThis section of the platform features a wide range of documentation to help their customers resolve any issues they may experience. 

Advanced Trading DocumentationTrading is a wide ranging and sometime complex subject, Kraken help beginner to advanced level traders with their in depth trading guides. 

Kraken Supported Countries

Kraken supports a huge number of countries from across the world, here is a comprehensive list:  

Albania, Andorra, Anguilla, Armenia, Aruba, Austria, Bahamas, Bahrain, Belarus, Belgium, Benin, Bosnia & Herzegovina, Botswana,  Bulgaria, Burkina Faso, Burma (Myanmar), Cambodia, Cayman Islands, Chile, Congo, Cook Islands, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, El Salvador, Equitorial Guinea, Estonia, Faroe Islands, Finland, France, French Guiana, Gabon, Gambia, Georgia, Germany, Gibraltar, Greece, Greenland, Grenada, Guadelope, Guernsey, Guinea, Vatican City, Hong Kong, Hungary, Iraq, Ireland, Isle of Man, Israel, Italy, Ivory Coast, Jersey, Kuwait, Kyrgyzstan, Laos, Latvia, Liberia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Maldives, Malta,MartiniqueMauritius, Moldova, Mongolia, Montenegro, Mozambique, Namibia, Netherlands, New Zealand, Niger, Nigeria, Northern Ireland, Norway, Peru, Philippines, Poland, Portugal, Qatar, Reunion, Romania, Russia, San Marino, Senegal, Serbia, Seychelles, Slovakia, Slovenia, South Africa, Spain, Swaziland, Sweden, Switzerland, Taiwan, Tajikistan,Trinidad & Tobago, UAE, Ukraine, United Kingdom, Uzbekistan, Virgin Islands, Zimbabwe 

 

Kraken Verdict

Editorial Team:

Kraken is one of the oldest (founded in 2011) and trusted exchanges in the world of cryptocurrency. They are strongly committed to the safety and security of their customers crypto assets and commit to cold store 95% of all cryptos held on their exchange for peace of mind. Kraken are suited to advanced and beginner traders alike and feature a range of learning resources including Crypto 101, a security guide and various articles and webinars. 61 currencies are currently listed on Kraken, which includes a broad range of the most popular coins and tokens; a broader range than a lot of their peers 

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FAQs

At Complete Crypto we hear many questions on exchanges and have sourced the most common ones here to help you

Kraken users (and potential users) most commonly ask these questions about the platform

Is Kraken safe?

Kraken has been operating since 2011 and has never been hacked, this is testament to Kraken’s deep security focus. They store 95% of coins in cold storage, employ a world class security team and continuously test their own security protocols for vulnerabilities. 

Can I store my Cryptos in Kraken?

Kraken can store any of the cryptocurrencies supported that we have listed above. 95% of their cryptocurrencies are also cold stored meaning that your assets are safe. 

How do I get my money out of Kraken?

Kraken allows smooth and simple withdrawals of either cryptocurrency or fiat currency for example US dollars.  

Simply logon to your account and select the asset that you want to withdraw, select the account that you wish to withdraw to, review the withdrawal, do the necessary security authorization (2 factor authentication) and then confirm the withdrawal. 

 

How long do withdrawals take from Kraken?

Kraken bank withdrawals are ultra-fast and often only take 10 minutes. 

The speed of cryptocurrency withdrawals is dictated by the transaction speed of the cryptocurrency itself.  Bitcoin transactions can take between 10 minutes to over 24 hours; whereas one of the fastest coins such as Nano is almost instant. 

How high are Kraken's fees?

Kraken have a number of different deposit and withdrawal fees ranging from zero cost to $40 depending on your preferred method. 

 Trading fees range from 0% to 0.26%. 

How do I speak to support at Kraken?

The easiest and fastest way to speak to Kraken support is by using the live chat feature. This service operates 24/7 and allows you to speak to one of the support team at Kraken. 

Kraken pride themselves on dealing with customer support issues and have resolved over 3 million support tickets to date!