Kraken has shown itself to be one of the top exchanges for crypto worldwide.
They’ve gained millions of users and the company was established in 2011. Its reach spans nearly 200 countries.
I was impressed that it offers around-the-clock customer support, even with such a wide global presence.
It’s an excellent choice for beginners and veteran traders. The interface is easy to grasp and I had fun making use of the wide variety of available features.
If you’re considering using Kraken as a crypto exchange platform, check out my Kraken review below.
I delve into the available coins, fees, security, features and more.
Who Should Use Kraken?
When I signed up to Kraken, I noticed there was a resource hub that features tons of information about everything crypto.
These resources walk you through the very basics of crypto, all the way to the more complex ideas that seasoned traders can make use of.
This feature makes Kraken a fantastic option for beginners. If you’re completely new to crypto trading, you can use the resource hub to learn all about it.
I was further impressed with how they provide videos which is great if you’re a visual learner.
As far as experienced traders go, they can also use Kraken for crypto trading.
There are tons of people buying and selling crypto via this platform which gives experienced traders plenty of market movement to capitalise on.
The overall reliability and low costs that come with using Kraken are some of the main reasons why so many people use it for buying and selling crypto.
If you’re on the go, you’ll be pleased to know that Kraken has an app that’s available for Android and Apple devices. This means that you can keep on top of your trades and the market from wherever you are.
Available Coins
There are over 200 coins available to trade with when using Kraken. This is impressive when compared to other popular crypto exchange platforms.
Whilst browsing through the selection, I was glad to see the big coins, including Ethereum and Bitcoin. However, there are also new coins to trade with, including Shiba Inu.
Kraken takes its time to thoroughly analyse each coin before they add it to the database. Having said that, I still recommend that you research the coins that you’re interested in before you trade with them.
There are several currencies available when trading crypto with Kraken. These include GBP and USD. You can even trade using cryptocurrencies, such as BTC (Bitcoin).
Leveraged Trading
The amount of leverage available when trading with Kraken is outstanding. You’re able to borrow 5 times more than the balance in your account.
This level of leverage means that you can take advantage of trades that you think have potential and back yourself by 5 times.
Even if a coin goes up by just 10%, you can drastically increase your profits with the available leverage. If you play your moves right, you can 5x your profits.
However, it’s best to approach this leverage with caution. Just as the profits are higher, the risks are also higher if you lose. If a coin goes down by 10%, you could end up losing half of your investment.
The fact that Kraken offers leverage trading in the first place was surprising. I was also surprised by how the costs of leverage trading with this platform are low.
It costs 0.02% to open a leveraged trade. The open trade then continues for 0.02% that’s charged once every four hours.
Kraken Fees
Kraken is among the cheapest crypto exchange platforms available.
Whilst trading, I found that the most cost-effective depositing method was bank transfer. It’s 100% free and the funds are available in your Kraken account immediately.
I used a debit card to deposit funds and incurred a 3.75% fee, as well as a €0.25 cost. The same costs apply when depositing funds using a credit card. Since the funds are managed in Euros, I was also charged a currency conversion fee by my bank.
The card providers are the ones charging you for depositing money here. Kraken doesn’t take any of these fees.
I enjoyed making use of the ‘Instant Buy’ feature available with Kraken. This enabled me to have my crypto in my account immediately within just a couple of clicks.
When buying crypto, I was charged a fee of 1.5%. When I purchased stablecoins, I was charged a fee of 0.9%. This is still significantly cheaper than a lot of the major crypto exchange platforms.
Kraken’s incredibly low exchange fees are where it really stands out as being one of the cheapest cryptocurrency exchange platforms.
I was charged fees based on the amount of crypto that I was buying and selling. These fees are charged in percentages of the amount that I’ve purchased or sold the crypto at.
Maker fees are charged when you create an order for buying crypto at a specific price. They charged my account based on the number of trades I made in the past month in USD.
Here’s a quick breakdown of the taker and maker fees.
- Trading amounts of $0-$50,000 per month: 0.26% taker fee – 0.16% maker fee.
- Trading amounts of $50,000 -$100,000 per month: 0.24% taker fee – 0.14% maker fee.
- Trading amounts of $100,000-$250,000 per month: 0.22% taker fee – 0.12% maker fee.
- Trading amounts of $250,000-$500,000 per month: 0.20% taker fee – 0.10% maker fee.
- Trading amounts of $500,000-$1,000,000 per month: 0.18% taker fee – 0.08% maker fee.
Kraken Safety & Security
Over 90% of Kraken crypto is stored in wallets that have never reached the internet. Instead, they’re stored at various establishments located around the globe.
In addition to this, all crypto exchanges are managed via establishments with armed guards. This ensures that the exchanges you make with the Kraken platform are handled securely.
I was pleased to find that all of my account information was encrypted. This means that no one else has access to seeing my account details, which typically contain sensitive data.
Kraken takes its users’ safety and security seriously. They run tests on all their crypto items and services in a lab. Security experts carry out these tests to make sure that users can trade crypto securely and safely.
When I used my Kraken account for withdrawals, I had to go through two stages of authentication. They authenticated me as the user of the account by having me log in with my details and confirm a code that was sent to my mobile phone.
I was also sent emails every time I made a withdrawal. This is an excellent safety measure because if I didn’t authorise a withdrawal but received an email, it means someone else is using my account.
I would then be able to contact customer support to solve the issue.
Customer Support
Having a reliable and helpful customer support team available is essential for a great crypto trading platform. This is especially for beginners who may have more questions.
Kraken’s customer support is exceptional.
I liked how they offer a live chat feature that’s available at all hours every day all around the globe.
I was able to easily contact a customer service team member on my laptop and the mobile app.
This makes it convenient to get help, regardless of whether you’re at home on your laptop or out and about on your phone.
If you’d prefer to speak directly with someone, Kraken also has a phone number. This is great for being able to get direct help in real-time and communicate your issues more clearly via the phone.
An email is also available, however, the responses are slower as they prioritise the live chat and phone calls.
Kraken also has an excellent support hub. This was filled to the brim with useful information about crypto trading and how to use the Kraken platform.
Beginners and anyone new to using Kraken’s platform will make great use of this section, just as I did.
Kraken Alternatives
- Uphold: You can automate transactions using the AutoPilot feature with Uphold. This enables you to buy and sell crypto at the exact price you desire.
- Bittrex: This platform is geared towards more experienced traders. There are well over 220 cryptocurrency options to trade with. The interface is also super easy to navigate.
Kraken Pros & Cons
Pros
- Lots of educational resources are available
- The customer support is excellent
- Great advanced features for experienced traders
Cons
- Some are disappointed with the lack of educational resources
- The instant buy fees are high
Kraken Review – Final Thoughts
All in all, Kraken is a superb cryptocurrency trading platform. Its standout features are its remarkably low costs and its customer support team.
The vast amount of resources also helped to answer most of the queries that I had. For anything else, I was able to speak with someone directly via the live chat function or phone number.
I also felt safe whilst trading crypto with this platform due to the effort that has been taken to ensure secure trading.
Kraken is excellent for people of all trading levels. This includes people who are complete beginners to the most experienced crypto traders.
The leverage feature is superb for increasing your profits and it’s something that’s usually only available with the major crypto platforms.
My experience using the platform was top-notch, from start to finish. The platform is easy to navigate and I was able to keep on top of my trades whilst on the go by using the app.
After reading through my review of Kraken’s platform, I hope you’re feeling more assured about whether it’s the right platform for you.
FAQs
Is Kraken regulated in the UK?
Yes, Kraken is regulated in the UK with a Financial Conduct Authority (FCA) registered cryptoasset firm, an FCA authorised futures trading platform and an FCA regulated benchmark administrator.
Is Kraken safe?
Kraken is generally considered a reputable and secure cryptocurrency exchange. It has implemented various security measures, such as two-factor authentication, encryption protocols and cold storage for funds. Additionally, Kraken has a strong track record and has been operating in the cryptocurrency industry for many years. However, it’s always important to practice good security habits, such as using strong passwords and enabling additional security features, to ensure the safety of your own account and assets.