Kraken is one of the oldest and largest crypto exchanges and was founded in July 2011 by Jesse Powell. The company is based in San Francisco and offers its services all around the world. Let’s look at the exchange more deeply to answer the questions in your mind.
First Of All: Is Kraker Safe?
There are many exchanges that try to scam traders or are vulnerable to cyber attacks but Kraken does not fall into any of two categories. The company is regulated by both the US and the UK authorities and makes a name with its security protocols. Kraken has been never hacked and that is why many traders choose the crypto exchange. Google Authenticator 2FA for Trading and Funding and Masterkey are the methods used by Kraken to create a secure trading environment.
The Products and Services
While some other exchanges only allow trading with cryptocurrencies, you can trade with six different fiat currencies on Kraken such as USD, GBP, EUR and so on. It is also available that you can convert cryptocurrencies into each other. There are over 50 cryptocurrencies tradable on Kraken which is a very high number compared to its competitors. Especially when it comes to altcoins, Kraken brings many more things to the table like Dogecoin, Cardano, Litecoin etc.
Kraken also offers margin and futures trading which are not very popular among crypto exchanges but an effective tool for experienced users.
We mentioned in our Coinbase review that Coinbase charges a large number of fees if you are not using Coinbase Pro. Kraken’s fees are decent and that is the strongest feature of the crypto exchange. The fees are shaped around the trading volume. For example, if your monthly trading volume is less than $50,000, you will pay a 0.16% maker fee and a 0.26% taker fee. The fees are decreasing by the increasing trading volume as it becomes no maker fee and just a 0.10% taker fee once you exceed a trading volume of $10,000,000.
Additionally, the withdrawal fees are very close to the average number in the industry. Kraken charges a 0.0005 withdrawal fee for BTC and a 0.005 fee for Ethereum. However, the picture is changing when it comes to the withdrawal of fiat currency. In that scenario, the withdrawal fee depends on your location. For example, if you want to withdraw USD and also have a US bank account, then the withdrawal fee is $5. If your bank account is not American, then the cost will become $60. So, take this into consideration and act accordingly.
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