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Kraken Review: 10 Things To Know In 2017

  • 24 August 2017
  • Marko Jovanovic

So, you’ve decided it’s time to make some serious money thus you want to buy and sell digital assets? Well, good for you. We are on your side. You must admit that working with digital assets is an unexpected way to make money. But, don’t be naive and think that this way of making money doesn’t have its downsides. As good as it may sound, working with digital assets is a risky move. Unless you want to lose all your virtual assets, due to frauds and poor quality service of a trading platform, you have to take some time to do research. That way, you will know which trading platforms you can count on. Now, for those of you who are too lazy to do research, this is the right article. In here we will talk one of the best trading platforms out there – one and only Kraken. So, without further ado, let’s see why you should choose it.

About Kraken

Image result for kraken bitcoin

Kraken is founded in 2011 by Payward, Inc. It is based in San Francisco. This is the leading Bitcoin exchange and is the perfect choice for those of you looking for reliability, innovation, and a fast performance. This platform lets you buy and sell bitcoins and exchange multiple currencies while providing you with a high level of security. This company was the first Bitcoin exchange to display trading prices on the Bloomberg terminal. It also was the first one to pass a cryptographically audit, making it one of the safest options on the market. In addition to that, Kraken cooperates with the first cryptocurrency bank.

Due to its long history and its commitment, this company continues to be the first choice of thousands of traders. Kraken is also Germany’s BaFin regulated Fidor Bank and Tokyo government’s court-appointed trustee.

Why choose Kraken over other trading platforms?

You’re about to find out why Kraken is so popular so that you can decide whether this exchange is something worth your money and time.

  • Complete control over your trades

Kraken is arguably the best exchange when it comes to controlling your trades. It offers Basic and Advanced accounts for traders, as well as margin trading (with a maximum leverage of 3:1).

  • Low fees

Being one of the best exchange platforms, Kraken has to keep its prices on a par with other platforms. Therefore, it significantly reduced trading fees for both maker and taker. For the maker, the fees start at 0.16% while for the taker they start at 0.26%.

However, one must keep in mind that deposit on a small amount of money is high, therefore it is much better to work with the larger amount of money, if possible.

  • Interface

Kraken offers a simple and professionally-looking interface, making trades a whole lot easier. Also, you can choose the view of your choice (intermediate or advanced).

Trade bitcoin on the go – Kraken

However, research amenities and performance analysis tools are not available.

  • Security

One of the biggest advantages of this platform is a high level of security. Namely, it offers the innovative tools for securing your account, with two-factor verification process and PGP encryption for emails. Also, there is a global setting lock for preventing account changes for a certain time period. Moreover, most of the users’ funds are stored in cold storage while their servers are placed in highly secured facilities.

On top of all, there are additional ways for securing Basic and Advanced accounts.

  • Liquidity

In case you didn’t know, Kraken is the biggest Bitcoin exchange in liquidity and euro volume. It gives you the possibility to trade US dollars, Canadian dollars, British pounds, as well as Japanese yen. Even though Kraken doesn’t offer as diverse list of cryptocurrencies as other exchanges do, it still offers the possibility of direct trade between all available pairs. Add to that more than 10 cryptocurrencies available, and everyone gets satisfied with trading options.

FAQ

1. Does Kraken offer margin trading?

Yes, it does. It offers you the chance to control your account balance on particular trading pairs. This is one more reason why this company gives a complete control over your trades. 

2. Is Kraken a good choice only for European based exchange?

Well, it depends on what you can afford. The problem is that Kraken is pricey for non-European users. But, if you are okay with spending much more than you have to, we guess that you can use Kraken.

3. If I want to trade my bitcoins, what are my trading options?

You can trade your bitcoins between US dollars, Euros, British pounds, Canadian dollars and Japanese yen.

Source: www.kraken.com

4. I want to buy bitcoins, but I’m not sure how to do that. Could you help me?

Yes, of course. The process is simple, just follow these steps. First, you need to deposit money from your bank to Kraken account. Then, you should make an order for buying Bitcoins on the exchange. When you’ve done with filling your order, you would be able to withdraw bitcoins to your wallet.

5. I want to sell bitcoins; could you explain to me how to do that?

Yes, of course, we’d be happy to help you. When you send bitcoins from your wallet to Kraken account, you will be able to make an order for selling bitcoins for cash. Similarly with the above-mentioned process; when the order is filled, you will be able to withdraw the money to your bank.

6. I’m not comfortable with providing my personal information in order to trade bitcoins. Is there another way to trade bitcoins?

No, there isn’t. You must understand that Kraken uses every measure so as to prevent frauds and be in compliance with AML and KYC regulations.

Source: www.kraken.com

7. Are there any special accounts for businesses?

Yes, there are. For learning more, please, contact support.

8. What currencies could I deposit and withdraw?

You can deposit and withdraw the following currencies: euros, Canadian dollars, US dollars, Japanese yen, British pounds, bitcoins and similar digital currencies.

9. What other digital currencies can I trade, besides Bitcoins?

You can trade Ethereum, Ripple, Monero, Dash, Litecoin, Stellar/Lumens, Ethereum Classic, ICONOMI, Augur REP tokens, Melon, Zcash, Tether, Dogecoin, Gnosis, and EOS.

10. How could I learn more about my account and trading on Kraken’s platform?

You can visit read their how-to guides, visit Support Center or send an email to support.

Conclusion

Well, folks, that’s it. Now you know the good and the bad of one of the best trading platforms in the world. So, if you are after complete control over your trades, high level of security, and great liquidity, this is the way to go.

About Marko Jovanovic

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