Kraken Review

Kraken is a U.S.-based crypto exchange that helps traders to sell, lend and trade crypto. Founded in 2011, Kraken review platform is available all over the U.S.A except in New York and Washington. Besides, the broker has a solid presence in more than 200 countries worldwide. They basically cater to the crypto traders. Their low fees have attracted many traders; however, their over-complicated interface has made several beginners look elsewhere.

Kraken Review – Introduction

Kraken offers more than 90 cryptocurrencies, and new ones are added weekly. Within two years of its existence, it became the topmost exchange to trade Bitcoin. With a presence in more than 200 countries and 48 states of the U.S.A, Kraken is indeed a reliable platform for purchasing and trading cryptocurrency. What makes this broker different from others is its advanced charting, multiple order types as well as lower trading fees.

Types Of Cryptocurrencies Offered

As mentioned above, Kraken offers more than 90 cryptocurrencies, including Bitcoin, Ethereum, Cardano, Ripple, Chainlink, Polygon and more. However, the broker does not provide some major cryptocurrencies like Avalanche, Terra and Binance Coin.

Kraken Review – Trading Experience

Kraken aims to offer a seamless purchase option for traders interested in buying crypto. Users can instantly buy any crypto of their choice using credit and debit cards. The only downside is the additional fee charged, which can cost you between 0.9% to 1.5%.

Fees

Indeed, Kraken’s fees are much higher than other crypto exchanges. However, when it comes to regular trading fees, it is relatively lower in the case of Kraken than in others. 

Security

Since its establishment, Kraken has always offered users a safe way to purchase cryptocurrencies. This has been one of the core competencies since the beginning. Additionally, the broker offers marvelous trading features for its investors:

• Global setting lock so that no one accesses your account when you are away.
• Whitelisting approval address to restrict any external address access to the account.
• Cold storage for cryptos to prevent crypto thefts.
• Two-factor authentication to avoid hacking of the account.

Kraken Account Types

Kraken offers three types of accounts based on the level of account verification required.

• Starter: This trading account is only accessible when you get your email address verified. The function of this account is limited to depositing, trading, and withdrawing cryptocurrency only. Hence, fiat money is excluded from this account.
• Express: It is the same as the Starter account but requires occupational information and a Social Security number for U.S. clients.

• Intermediate: To open this account, you must provide a photo ID and proof of residence. Unlike Starter and Express accounts, here you can withdraw and deposit fiat money as well.

• Pro: Pro accounts require additional verification, such as responding to a KYC questionnaire or clicking a selfie. This account is particularly suitable for traders who are interested in anonymous trading but at lower fees.

Kraken Review – Customer Service

The best thing about Kraken is that it offers 24*7 live chat support to its customers. Live chat support option is quite rare in the crypto industry as many crypto exchanges are only limited to email support. Additionally, Kraken also offers call support however is only available Monday to Friday from 6:00 a.m. to 6:00 p.m. EST. 

Furthermore, Kraken also has a vast library of numerous helpful articles and other educational materials on its website.

Final Verdict

Kraken is one of the oldest crypto exchanges having everything a typical crypto investor needs. They offer traders a safe way to buy, sell and trade their favorite cryptocurrencies. It has excellent security features and a 24*7 live chat support systems that others don’t. Overall, Kraken is a reliable option for active traders who want to access futures and margin trading at low fees.