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Kraken is a completely functional digital currency exchange with a good combination of coins and low fees. Along with that, it is the only U.S cryptocurrency exchange that offers advanced trading tools like margin. The aim of this exchange is to be the “best and most secure.” To check if that is true, and to evaluate if it is the best trading platform and exchange for you, read the complete Kraken exchange review. There have been many reviews on Kraken like the Kraken exchange review Reddit, but here we will do it in our methodology, explaining every point in detail.
Kraken Exchange Review: An Overview
The Kraken crypto exchange is an ideal fit for experienced investors who know how to make the most from the margin trading and other advanced options that are available on the exchange. Let us quickly look at the pros and cons of the Kraken crypto exchange before we go into any further analysis.
Pros
- Security
- Range of digital currencies
- Advanced trading options
- Reasonable fees
Cons
- Not for beginners
- Limited starter accounts
- Slow account funding
- Questionable customer service
- No support for taxation
Now that you know the pros and cons, let us start our Kraken exchange review.
Top Perks
Kraken is a reputable digital currency exchange that has been serving the crypto industry for almost a decade now. It is a solid choice for many crypto enthusiasts, and the reasons are mentioned above. In this Kraken review 2021, let us see why would anybody choose this exchange.
Security
Kraken is said to be one of the oldest digital currency exchanges in the world. And it was very particular about security from day one. The report that it has not been hacked in the past 8 years speaks for itself.
This exchange that is based in the U.S has consistently offered highly secure services to the industry. It boasts both financial as well as physical security. Along with that, it forces the users to adopt healthy security habits.
Range Of Digital Currencies
Kraken deals with nearly 60 coins and 7 fiat currencies of the world. That is not the highest selection of cryptos that you will find, but it is worth comparing with some of the best digital currency exchanges across the globe. Along with that, this exchange boasts high liquidity, implying cryptos can be easily bought and sold at a fair price. Kraken operates and not all of the currencies can be exchanged for others.
Advanced Trading Features
Kraken is among one of those few exchanges which provide stop orders, margin, and crypto short sales. It also consists of a dark pool where investors who are high in volume can trade anonymously. Kraken allows you to leverage a pair of digital currency till 5x and enables pro clients to avail up to $500,000 in the margin. But before you become excited, you should know that margin trading can be very risky at times.
Reasonable Fees
The Kraken fees are at par with the market standards. You cannot call it the cheapest in the market, but the maker and taker fees of Kraken are lower than other exchanges like Coinbase. So if we compare Kraken vs Coinbase, then Kraken will surely win in this segment. The trading fee varies from exchange to exchange and they are often dependent on the amount you trade on each month.
What Can Be Improved?
Just like perks, there are cons as well that this exchange carries, and in this Kraken exchange review, we will be discussing the cons as well.
Not For Beginners
It is true that Kraken does offer some really good educational resources for the investors who are new to this crypto space. These include individual guides on digital currency and a series of videos that explains the concepts. However, with all the advanced features that it has, this site is specifically designed for more experienced traders. With such variations of coins and features, it will be difficult for beginners to adjust.
Limited Starter Account
Kraken provides 3 levels of accounts: starter, intermediate, and pro. The starter account is the only account that you can get without submitting your photo ID and other identity verification documents. But with that account, you can barely do anything. This may be frustrating as a user. But this is a reason for what makes Kraken secure and enables it to provide the users with those advanced options. The user has complete liberty with only Kraken Pro.
Slow Account Funding
The user can deposit U.S dollars with the help of FedWire, but only when the user has given their photo ID and their verification is completed. If the user is a U.S resident then he or she cannot use a debit or credit card to dep[osit their money. And it takes from one day to five business days to process any deposits that are made in fiat currency.
Customer Service
One important thing to consider in the Kraken exchange review is that this cryptocurrency exchange boasts 24*7 customer service, and also has an easy to navigate help center. But in many customer reviews, it has received 1.9 out of 5. There are reviews on them that they do not respond to on time.
Cryptocurrencies Available
As mentioned before, the Kraken crypto exchange has a good combination of digital currencies available with them. There are nearly 60 digital coins in its list for traders from the U.S including popular coins like Ether, Bitcoin, Cardano, etc. It also has a few stable coins. Here is a list of all the coins that are available along with stable coins.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Aave (AAVE)
- Algorand (ALGO)
- Aragon (ANT)
- Augur (REP)
- Augur v2 (REPV2)
- Basic Attention Token (BAT)
- Balancer (BAL)
- Cardano (ADA)
- Chainlink (LINK)
- Compound (COMP)
- Cosmos (ATOM)
- Curve (CRV)
- Dash (DASH)
- Decentraland (MANA)
- Dogecoin (XDG)
- Energy Web Token (EWT)
- EOS (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Filecoin (FIL)
- Flow (FLOW)
- Gnosis (GNO)
- ICON (ICX)
- Kava (KAVA)
- Keep Network (KEEP)
- Kusama (KSM)
- Kyber Network (KNC)
- Lisk (LSK)
- Litecoin (LTC)
- Melon (MLN)
- Monero (XMR)
- Nano (NANO)
- Ocean (OCEAN)
- OmiseGO (OMG)
- Orchid (OXT)
- PAX Gold (PAXG)
- Polkadot (DOT)
- Qtum (QTUM)
- Ripple (XRP)
- Siacoin (SC)
- Stellar Lumens (XLM)
- Storj (STORJ)
- Synthetix (SNX)
- tBTC (TBTC)
- Tezos (XTZ)
- The Graph (GRT)
- Tron (TRX)
- Uniswap (UNI)
- WAVES (WAVES)
- Yearn Finance (YFI)
- Zcash (ZEC)
Stablecoins
- Dai (DAI)
- Tether (Omni Layer, ERC20) (USDT)
- USD Coin (USDC)
Conclusion
After writing this Kraken exchange review, this can be concluded that Kraken is not for everyone. It is ideal for those who are experienced traders and has been trading in the crypto space for years now, and also for those who are well versed with the methods of margin trading. And this is ideal for those who prioritize security above anything else. So undoubtedly this is among the best crypto exchange.
Frequently Asked Questions On Kraken Exchange Review
1. Is Kraken a safe exchange?
You may wonder, is Kraken safe? Here is your answer. Kraken is said to be one of the oldest digital currency exchanges in the world. And it was very particular about security from day one. The report that it has not been hacked in the past 8 years speaks for itself.
2. Is Kraken better than Coinbase?
The maker and taker fees of Kraken are lower than other exchanges like Coinbase. So if we compare Kraken vs Coinbase, then Kraken will surely win in this segment.
3. Is Kraken better than Binance?
In Kraken vs Binance, the maker and taker fees of Kraken are lower when compared to Binance.
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