Kraken Review
Kraken Review
Kraken is one of the most sought-after cryptocurrency exchanges currently on the market. Traders and institutional investors have access to 247 coins and 1000 pairs. Including a 24 hour market volume of $2,825,597,155.
| Overview | |||
|---|---|---|---|
| 🏆 CI Exchange Rank | 4.0 (#16) | 📈 24H Volume | $2,825,597,155 (#14) |
| 📌 Headquartered | United States | 🧱 Founded | 2011 |
| 💧 CI Liquidity Rank | 0.045 (#12) | 🚀 Beginner-friendly? | No |
| 💲 Supports Fiat? | Yes | 🎌 Languages Supported | |
| 💼 Business Accounts | Yes | ✖️ Margin Trading | Yes |
| 👛 External Wallet | Yes | 🔃 OTC Trading | Yes |
| 📱 Mobile App | Yes | 💰 Integrated Wallet | Yes |
| 🔮 Futures Trading | Yes | ⚪️ Spot Trading | Yes |
| ⭕️ Coins: | 247 | 🔀 Pairs: | 1000 |
Kraken offers advanced order types like margin trading and is therefore better suited to experienced traders and institutional investors.
The exchange welcomes US citizens as well.
Jesse Powell is co-founder and CEO of Kraken. The exchange, which was founded in 2011, is currently headquartered in San Francisco.
Crypto on Kraken
Crypto Market Listings on Kraken
Kraken has a reported trading volume of $2,825,597,155 in the last 24 hours. Traders can expect an average bid-ask liquidity spread of 0.045. Kraken is ranked position #12 among exchanges for liquidity.
| Coin | Pair | Price | Spread |
|---|---|---|---|
| BTC/USDT | $92738 | 0.01 | |
| USDC/USDT | $1 | 0.01 | |
| BTC/USDC | $92719 | 0.01 | |
| ETH/USDT | $3282.05 | 0.01 | |
| ETH/XBT | $3281.11 | 0.03 | |
| SOL/USDT | $226.63 | 0.01 | |
| XRP/USDT | $1.35 | 0.01 | |
| ADA/USDT | $0.907287 | 0.01 | |
| DOGE/USDT | $0.37523 | 0.03 | |
| DOT/USDT | $7.89 | 0.01 | |
| SOL/XBT | $226.39 | 0.04 | |
|
|
APE/USDT | $1.22 | 0.02 |
| XRP/XBT | $1.35 | 0.07 | |
| XMR/USDT | $154.19 | 0.02 | |
Avalanche
|
AVAX/USDT | $41.48 | 0.05 |
Crypto Verification
For unlimited deposits and withdrawals of cryptocurrency, you will need intermediate level verification. Intermediate verification requires that you submit documentation.
Here’s what you’ll need:
- Valid Government Issued ID Document
- Proof of Residence Document
- Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) (US clients only)
- Face Photo (South African and US Clients)
| What's Needed | |||
|---|---|---|---|
| 🛂 Documents | Driving Licence, Utility Bill, Bank Statement | 🕖 Verification Duration | 1-3 days |
Crypto Deposits
Kraken does not charge a fee for crypto trading.
| Buying In | |
|---|---|
| Crypto/Coins | Free |
Crypto Withdrawals
There is a minimum requirement for each withdrawal, along with a flat fee to cover the transaction costs of moving the cryptocurrency out of your Kraken account. This withdrawal fee varies from coin to coin.
| Cashing Out | |
|---|---|
| Crypto/Coins | Varies from coin to coin |
Fiat on Kraken
Fiat Market Listings on Kraken
| Coin | Pair | Price | Spread |
|---|---|---|---|
| BTC/USD | $92706 | 0.01 | |
| BTC/EUR | $92614 | 0.01 | |
| ETH/USD | $3282.63 | 0.01 | |
| SOL/USD | $226.49 | 0.01 | |
| XRP/USD | $1.35 | 0.01 | |
| USDC/USD | $0.9999 | 0.01 | |
| ETH/EUR | $3279.65 | 0.01 | |
| ADA/USD | $0.907493 | 0.01 | |
| DOGE/USD | $0.375239 | 0.04 | |
| SOL/EUR | $226.34 | 0.01 | |
| DOT/USD | $7.89 | 0.01 | |
| BTC/GBP | $92598 | 0.01 | |
| FTM/USD | $1.038 | 0.02 | |
|
|
WIF/USD | $2.94 | 0.01 |
|
|
SUI/USD | $3.4 | 0.03 |
Fiat Verification
For unlimited deposits and withdrawals of fiat currency, you will need intermediate level verification. Intermediate verification requires that you submit documentation.
Here’s what you’ll need:
- Valid Government Issued ID Document
- Proof of Residence Document
- Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) (US clients only)
- Face Photo (South African and US Clients)
| What's Needed | |||
|---|---|---|---|
| 🛂 Documents | Driving Licence, Utility Bill, Bank Statement | 🕖 Verification Duration | 1 day |
Fiat Deposits
The minimum deposit required is 1 USD and maximum 100 USD for deposits. This fee depends on the withdrawal method.
| Buying In | |||
|---|---|---|---|
| Debit Card | $1-$100 | Credit Card | $1-$100 | Bank Transfer | $20-$100 |
Fiat Withdrawals
The minimum withdrawal fee on kraken is 4.0 USD.
| Cashing Out | |||
|---|---|---|---|
| Debit Card | $4 | Credit Card | $4 |
Kraken Fees
Kraken matches orders from traders who want to buy cryptocurrencies with orders from traders who want to sell cryptocurrency or vice versa.
This means that once an order is executed on the exchange (matched with another traders order). The fee ranges from 0% to 0.26% of the total cost (value) of your order and depends on the following:
- The currency pair that is being traded
- Your 30-day trading volume (in USD)
- Whether your order is maker or taker
Orders that are cancelled before being executed (also known as “untouched” orders) do not incur any fees.
Kraken Features
Spot Trading
Spot trading allows you to make spot purchases and sales of cryptocurrencies, on the Kraken exchange, using funds that may exceed the balance of your account.
Margin Trading
Kraken offers margin trading, where you can use leverage to go long or short on a variety of cryptocurrencies by up to 5x. This means you’ll have five times the earning potential compared to a regular spot trade.
Futures Trading
You have access to Ethereum, Bitcoin Cash, Ripple and Bitcoin futures on Kraken. The prices for Kraken’s futures are based on aggregated indices that represent the demand for each cryptocurrency from a variety of exchanges.
OTC Trading
In addition to OTC bitcoin trading, the Kraken OTC desk can support all fiat currencies and digital assets currencies listed on the Kraken Exchange.
Business Accounts
Registering a business account on Kraken comes with added perks, such as:
- Personalized deposit & withdrawal limits
- Access to Kraken’s Over-The-Counter (OTC) Trading Desk
- Higher margin allowance limits, if you are eligible to trade margin
- Higher API limits
In order to apply for a business account, you will need to provide valid business documents and personal documents.
Integrated Wallet
Kraken provides traders with personalized and corporate wallets.
Affiliate Program
The Kraken affiliate program offers you 20% of the trading fees collected from your referrals for a lifetime. However, if the client deregisters this privilege will be revoked.
Mobile App
The Kraken mobile is available on Android and IOS. On the mobile app, you will be able to:
- View your trading and staking portfolio balances
- Trade with market, limit, stop loss and take profit order types
- Margin trade, if eligible
- View candlestick price charts
Customer Support
Kraken has a dedicated customer support department. You can reach them via:
- Phone
- Prioritized Support Ticketing
- Text and Messaging Apps of Your Choice
Kraken Safety
Cold Storage
Kraken keeps 95% of all deposits in a offline, air-gapped, geographical distribute cold storage.
CER Cyber Security Score (CSS)
9.86/10
CSS is an industry benchmark assessment of the cybersecurity characteristics of a given exchange. It consists of three weighted components: application-level security, SSL/TLS connection, and domain security. CSS uses over 18 indicators, based on the best practices of cybersecurity protection.
Two-Factor Authentication
Two-factor authentication is an extra layer of security available on your Kraken account that can be utilized to ensure that:
- You are the only person who can sign in to your account.
- Once signed in, you are the only person who can perform certain actions such as depositing, withdrawing, or trading.
IP Whitelisting
In an effort to offer more visibility and control over your account Kraken makes use of IP Whitelisting as an added layer of security.
Kraken FAQs
Is Kraken regulated?
Kraken is not regulated.
Does Kraken offer Fiat Currencies?
Yes. Kraken refers to fiat as cash, you can find it under the cash section on the website.
Can I short on Kraken?
Yes. You can go long or short on the Kraken exchange.
Is Kraken available to US Traders?
Yes. US traders are welcome to trade on Kraken.
