The birth of the crypto industry just over a decade ago has ushered in a new class of businesses, one of the most important being crypto exchanges that buy and sell these digital assets. The Kraken Exchange, founded in 2011 and launched 2013 by Jesse Powell, was created as a direct answer to the now-famous Mt. Gox catastrophe which saw millions of dollars’ worth of customers crypto assets stolen from the one-time biggest exchange.
The main goal for Powell was for Kraken to not only be the most seamless crypto trading experience anywhere in the world but one that upholds the highest level of security and transparency. Kraken, for example, employs third-party crypto auditors to assure its customers that all their assets held by the exchange are accounted for at all times. Lets take a look at our Kraken Review now.
Compared to other exchanges, Kraken is not the most noob-friendly platform, as its features are tailored to serve more experienced traders that lean towards high volume transactions. Some of the key service facets of Kraken include;
- Spot or margin trading for experienced traders
- One-on-one and over the counter trading for volumes of over $100,000. Frequent high volume traders also get special trading managers personally assigned to them.
- Dark pool trading feature where a high volume trader could trade anonymously without showing their activities to fellow traders on the platform.
Payment Methods and Fees
Kraken accepts three main fiat currencies for exchange on its platform. These are the United States Dollar (USD), the EURO (EUR), and the Canadian Dollar (CAD). Customers can deposit via local wire transfers, SWIFT and SEPA (for EU countries). Deposits can take as little as 24 hours in most cases with SEPA transfers having zero charges on deposits.
Kraken supports several Crypto coins such as Bitcoin, Litecoin, Dogecoin, Cardano, EOS, Ethereum, Etherium Classic, Dash, Monero, Tether and so on.
It comes with the following trading fees:
Spot trading fees start from 0.26% to 0.06%.
Stablecoin trading start from 0.2% – 0%.
Dark pool fees range from 0.36% – 0.2%.
You can trade on the Kraken exchange from any country in the world except a select few. These include:
- North Korea
Customer Experience and Reviews
Crypto exchanges due to the nature of the commodity they trade in, tend to have problematic reviews. Kraken is one exchange that has a 24/7 live customer support feature to help its customers quickly attend to any inquiries. The exchange does have its fair share of bad experience reviews on sites like Trustpilot, but recently it seems they have revamped their operations and most of the customer experience reports are on the positive side. Kraken’s strength includes low fees, and airtight security and this satisfies most of their clients.
Our Kraken Review Verdict
There is no doubt the Kraken is the real deal; it is as legit as they come. With almost a decade of operation, high level of security and low trading fees, this is an exchange that has a better reputation than most. However, if you are just starting on your crypto journey, this might not be the best place to start. Kraken is more favorable towards experienced traders rather than new ones.