Kraken Exchange Review (2022)
Kraken is one of the oldest exchange platform in the crypto industry and since its launch in 2013, it has been one of the most preferred platform for trading cryptocurrencies.
After launching in 2013, Kraken Exchange was viewed by CEO Jesse Powell as a potential replacement for the once-dominant exchange Mt. Gox.
When Mt. Gox went bankrupt in 2014, it paved the way for newer exchanges like Kraken to gain market share. Our Kraken Exchange Review will help you decide if it is the right cryptocurrency exchange for you.
1. Trustworthy exchange
2. Supports many different funding options
3. Accepts users from across the globe
4. High trading volume
Pros & Cons
1. One of the original cryptocurrency exchanges
2. Never been hacked
3. Support for a variety of different funding options
4. High trading volumes
1. Not available to New York residents
2. Slow account verification
3. No support for credit/debit cards
Setting up a Kraken Exchange Account
Only a small amount of personal information is required to set up your Kraken account; however, you will need to provide additional verification if you’d like to use your bank account for deposits or withdrawals. Additional verification is also required to raise the limits on your cryptocurrency-based deposits and withdrawals.
Step 1: Create Your Account
To create a Kraken account you will need to provide an email, username, password and country of residence.
Step 2: Account Activation
After creating an account, you will be required to activate your account. An activation key will be sent to your email after creating an account.
Step 3: Selecting An Account Type
Kraken offers three different account types:
Step 4: Get Verified for an Account
Upon deciding on an account type, you will need to input additional personal information, including:
3. Phone Number
4. Date of Birth
It should be noted that the amount of information you need to share with Kraken may also depend on your country of residence.
Step 5: Finish Setting up Account
To finish setting up your Kraken account, you will need to verify your account by providing photo identification/proof of residence. This process may take up to a few days to be verified.
Upon being verified, you can fund your account. You have the option to deposit either fiat currency or cryptocurrency/digital assets.
Do not forget to secure your Kraken account using two-factor authentication.
What Can You Buy at Kraken?
Kraken Exchange has a somewhat limited variety of digital assets available for trade, when compared to other, bigger crypto exchanges. They currently offer 150+ trading pairs on the exchange.
Here is the full list of crypto assets available for trade on Kraken:
3. Ripple (XRP)
4. Tether (USDT)
7. Tezos (XTZ)
8. Stellar (XLM)
9. Monero (XMR)
10. Augur (REP)
11. Cosmos (ATOM)
12. Melon (MLN)
13. EOS (EOS)
14. Dash (Dash)
15. Cardano (AMA)
16. Basic Attention Token (BAT)
17. Chainlink (link)
18. Ethereum Classic (ETC)
Kraken Supported Applications
Kraken supports cryptocurrency trading on both desktop and mobile devices. If you plan to trade via your smartphone you can download the Kraken app for Android or iOS. Kraken Exchange only supports holding cryptocurrencies in their custodial wallet, but you can still withdraw your coins to a non-custodial wallet whenever you want.
Is Kraken Safe?
Yes. Kraken crypto exchange is considered one of the safest in operation today. Kraken uses the latest in security including two-factor authentication and Global Settings Locks.
Kraken was accused of being hacked in 2016 due to missing funds. However, the site was able to prove that it was never breached and the missing funds were due to phishing and man-in-the-middle attacks. This underscores the importance of individuals maintaining good crypto security practices.
Though Kraken crypto exchange is one of the biggest in the world, it has never been successfully hacked. It is important to note that no exchange is 100% secure and it’s always recommended to keep large amounts of cryptocurrency in your own cryptocurrency wallet.
The fees on Kraken change depending on how often you trade each month. Trading fees can go as low as 0% in some situations. Kraken uses a maker-taker fee model where the market maker fees are lower than the taker fees. Maker fees are a bit higher on stablecoin markets.