Is Kraken A Good Crypto Exchange? Kraken Review 2022

Kraken is a crypto exchange that was founded in 2011 and provides trading for Bitcoin, Ripple (XRP), Ethereum (ETH), Litecoin, Monero (XMR), Zcash (ZEC) and Dash. The company is headquartered in San Francisco but also has locations in New York City and London.

The firm currently has over $1 billion worth of cryptocurrency assets under its custodial control as well as over 1 million users on its platform. In May 2018, the company announced it would be adding EOS to its list of available cryptocurrencies which will allow EOS to be traded against BTC, BCH or ETH. Kraken also offers margin trading with up to 3x leverage possible depending on your account tier level. 

What Is Kraken Exchange? 

Kraken is an exchange that allows users to trade cryptocurrencies with each other and also has a built in market where you can buy or sell crypto with fiat currency. Kraken also offers margin trading which means you can borrow money from the company to place larger trades. 

Kraken is considered safe by many users because of its security features including two factor authentication, multi-factor authentication, SMS 2FA and email 2FA. The firm works with BitGo (a popular Bitcoin wallet provider) who provides cold storage services for all clients’ assets on the platform. This means your funds are stored offline on secure servers in order to keep them away from hackers and thieves but still be able to access them if needed. 

How Does Kraken Work?

Kraken offers a variety of different types of accounts depending on your needs and budget including various levels of leverage (up to 3x) with the ability to go long (buy crypto) or short (sell crypto).

All accounts come with free withdrawals but there are fees attached for deposits and withdrawals depending on the level of your account tier. The higher tiers offer more features such as being able to withdraw funds from multiple exchanges at once or have zero fees when sending money internationally or having access to margin trading with up to 3x leverage available depending on your level in their system. 

Starter Account

To use Kraken you need to create an account. The process of creating a new account is easy and takes only a few minutes. You can also link your Facebook, Twitter and Google accounts for verification purposes.

After completing this step, your account will be verified within 24 hours of submission (or sooner if it’s during business hours). After verification, you may begin trading on Kraken by selecting “Buy/Sell” from the navigation bar at the top of their site and selecting “Trade”. There are different types of accounts available in terms of how much leverage they offer depending on the type that suits your trading needs best.

Intermediate Account

The intermediate account is the most popular type of account that Kraken offers. This type of account allows for up to 3x leverage on your trades and also has a monthly fee attached to it (0.25% of the amount traded). The minimum deposit required for this type of account is $100,000 which can be used as trading capital or to borrow against if you choose to go long in cryptocurrency markets. 

Advanced Account

The advanced account is another option that Kraken offers and allows users access to more than just their BTC/ETH/LTC pair. In addition, they offer a Bitcoin futures contract that gives users access to one month of futures contracts at half price with no fees attached (the cost of the contract starts at 0.01 bitcoins per unit).

They also have Ethereum Futures contracts available starting from 0.01 ether per unit with no fees attached either which allows you trade ETH/USD pairs against USDT (tether) instead of ETH directly on

Pro Account

The pro account is the most advanced type of account that Kraken offers. This type of account allows you access to all pairings on Kraken which means you can trade against BTC, ETH, USDT and LTC. The minimum deposit required for this account is $2 million which is used as trading capital or to borrow against if needed. 

Pros And Cons Of Using Kraken Exchange

Kraken is a popular cryptocurrency exchange that has been around since 2013. It offers low fees and excellent security features, but also has some disadvantages that you should know about before deciding whether to use Kraken or another exchange. This article will help you decide which exchange is right for you.

Pros

Easy

Kraken exchange is fast, easy to use, and free. Its interface is very intuitive and user-friendly.

Robust Security Features

It offers a robust security system that protects your account from hackers and other online threats. It uses an advanced encryption system to protect your password, private keys, and cryptocurrency funds. It also has multiple layers of security at the exchange level to prevent unauthorized access to your account or funds by third parties.

Low Fees And Trading Volume

The fees are low on Kraken with only 0.25% charged for each trade (charged when you go long). The trading volume is also good with about $1 billion every day across all its pairs especially in BTC/USD pairings where it has a huge liquidity advantage over most other exchanges due to its low fees and strong customer base . 

Fiat currency

Kraken Exchange allows you to trade your bitcoin for fiat currency (USD, EUR, etc.)

Cons

Slow

Kraken is a bit slow compared to other cryptocurrency exchanges and there are times when the site may be partially down. They also don’t allow you to withdraw or deposit fiat currency which might cause problems if you need it for day-to-day expenses.

Conclusion

Only digital currency

 Kraken Exchange is a company that exchanges bitcoins for fiat currency. That’s it. There are no other products or services offered by Kraken Exchange. If you want to use Kraken Exchange, then you must buy bitcoin using another service and then exchange it with Kraken Exchange. This means if the price of bitcoin drops below the value of your USD balance at Kraken Exchange, then the only way to get out of this position is through selling bitcoin at a loss—and that’s just not worth it! As such, many people have been burned when they buy bitcoins on an exchange like Coinbase and sell them on another exchange like MtGox after they gain some profit from buying bitcoins at a lower price than what they paid on Coinbase.

Low Limits

The maximum account limits are low compared to other exchanges. A daily trading volume of $1 billion means that you will have limited buying and selling power unless you have a large amount of funds in your account. It’s also important to note that the deposit and withdrawal fees are high on Kraken, so if you plan on doing frequent withdrawals, it may not be worth using this exchange. 

Who Should Use Kraken?

Kraken is a cryptocurrency exchange that allows users to trade between cryptocurrencies, fiat money and other digital assets. This means you can buy Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) with the US Dollar, Euro, Canadian Dollar or British Pound in Kraken.

Kraken Fees Overview

The fees on Kraken are very low and competitive with other exchanges. 

Funding Fees

The funding fees on Kraken are very low.

Maker-Taker Fees

The maker-taker fees are low and competitive with other exchanges.

Cryptos That’s Available In Kraken

Kraken allows you to trade between the top ten cryptocurrencies in the world. 

  • 0x
  • 1inch
  • Aave
  • Aavegotchi
  • Acala
  • Akash
  • Algorand
  • Altair
  • Ankr
  • Aragon
  • Astar
  • Audius
  • Augur
  • Augur v2
  • Avalanche
  • Axie Infinity
  • Badger DAO
  • Balancer
  • Bancor
  • Band Protocol
  • Basic Attention Token
  • Biconomy
  • Bifrost
  • Bitcoin
  • Bitcoin Cash
  • Bonfida
  • Cardano
  • Cartesi
  • Chainlink
  • Chiliz
  • Compound
  • Cosmos
  • Covalent
  • Curve
  • Dai*
  • Dash
  • Decentraland
  • Dogecoin
  • dYdX
  • Energy Web Token
  • Enjin Coin
  • Enzyme Finance
  • EOS
  • Ethereum (“Ether”)
  • Ethereum Classic
  • Ethereum Naming Service
  • Filecoin
  • Flow
  • Gala Games
  • Gnosis
  • ICON
  • Immutable X
  • Injective Protocol
  • Karura
  • Kava
  • Keep Network
  • Keep3r Network
  • KILT
  • Kin
  • Kintsugi
  • Kusama
  • Kyber Network
  • Lisk
  • Litecoin
  • Livepeer
  • Loopring
  • Maker
  • Mango
  • Merit Circle
  • Mina
  • Mirror Protocol
  • Monero
  • Moonbeam
  • Moonriver
  • My Neighbor Alice
  • Nano
  • Ocean
  • OmiseGO
  • Orca
  • Orchid
  • Origin Protocol
  • Oxygen
  • PAX Gold
  • Perpetual Protocol
  • Phala
  • Polkadot
  • Polygon
  • pSTAKE
  • Qtum
  • Rarible
  • Raydium
  • REN Protocol
  • Ripple
  • Saber
  • Serum
  • Shiba Inu
  • Shiden
  • Siacoin
  • Solana
  • Songbird
  • Star Atlas
  • Star Atlas DAO
  • Stellar Lumens
  • Step Finance
  • Storj
  • Sushi
  • Synthetix
  • tBTC**
  • Terra
  • TerraUSD*
  • Tether*
  • Tezos
  • The Graph
  • The Sandbox
  • Tron
  • Uniswap
  • USD Coin*
  • WAVES
  • Woo Network
  • Wrapped Bitcoin**
  • Yearn Finance
  • Yield Guild Games
  • Zcash

Is Kraken The Right Crypto Exchange For You? 

Kraken Exchange is a cryptocurrency exchange that offers low fees and trading volume. The deposit and withdrawal fees are relatively high, but you have to pay them anyway because of the nature of an exchange like Kraken that allows users to trade between different currencies (fiat money and cryptocurrencies).

There is no way you could use this exchange for day-to-day expenses unless you have a large amount in your account. This means if you want to use it for investing, then I would only recommend using it if you plan on selling bitcoin at a loss when the price drops or buying bitcoin at a higher price than what you paid for it on Coinbase .
In summary, Kraken is a cryptocurrency exchange that allows users to trade between cryptocurrencies, fiat money and other digital assets. This means you can buy Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) with the US Dollar, Euro, Canadian Dollar or British Pound in Kraken.
Kraken fees are low and competitive with other exchanges. The deposit and withdrawal fees are relatively high, but you have to pay them anyway because of the nature of an exchange like Kraken that allows users to trade between different currencies (fiat money and cryptocurrencies). There is no way you could use this exchange for day-to-day expenses unless you have a large amount in your account. This means if you want to use it for investing, then I would only recommend using it.