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Kraken Review – Pros, Cons, Fees, Features, and Safety 2022

Founded in 2013, Kraken is a reliable cryptocurrency exchange that supports over 65 cryptocurrencies and 76 crypto-crypto/fiat pairs.
Rating 3.5/5

 

Kraken Pros and Cons

Pros:

  • Secure exchange with no hacking incidents
  • Low fees on 76 currency pairs
  • Margin Trading with 5x leverage
  • Access to 25+ exchanges through CryptoWatch
  • Dark pool trading
  • Cryptocurrency derivatives trading and indices
  • Regulated
  • Various deposit options
  • Available as iOS and Android App

Cons:

  • Limited/outdated trader educational resources
  • No simulated trading option
  • Digital corporate wallet but no personal wallet service provided
  • Delisted in New York for failure to apply for BitLicense

Kraken, one of the first exchanges on the scene in 2013 when only Bitcoin was traded, still calls itself the “bitcoin exchange.” Today with 65 cryptocurrencies and 76 crypto-crypto/fiat pairs currently traded, Kraken has grown into a full-fledged cryptocurrency exchange.

Keep reading to know more about the platform.

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    What is Kraken?

    Kraken is a crypto-to-crypto and fiat-to-crypto exchange developing a safer, fairer trading system with digital ledger technology. The secure exchange has become one of the most popular places to buy cryptocurrency as investors have become more concerned about the increase in cryptocurrency scams and frauds. Like the Coinbase exchange, also based in San Francisco, Kraken launched in the aftermath of the Mt. Gox hacking in 2011 with a vision to build a better crypto exchange.

    Bitcoin trading was launched in 2013. The bitcoin exchange added the ability to buy Ether in 2015 and quickly became the second largest exchange for trading bitcoin-ether pairs. Kraken contends its transparency, irreversible transactions and programmable enforceable contracts provide more consumer protections to safeguard trader assets than other regulated exchanges.

    Kraken’s impressive security record is an advantage as it seeks to attract banks, hedge funds, pension funds and other traders with deep pockets to its institutional business. These large traders can now trade directly with each other on Kracken’s new over-the-counter service.

    The recent acquisition of UK-based Crypto Facilities has added cryptocurrency derivatives and indices – key risk management tools for professional traders. In addition to Bitcoin and Ether, traders can now buy Ripple futures – the top three coins – as well as Litecoin on Kraken. Kraken has a market cap of USD 37 billion and is the 57th largest listed exchange on Coinmarketcap.com

    How does the Kraken exchange work?

    Kraken is a centralized cryptocurrency exchange (CEX) seeking to provide the security standards of a decentralized exchange (DEX). Since a DEX does not hold user funds, data or personal information it is less susceptible to hacking. Following the hacking of New Zealand’s Cryptopia, Kraken CEO Jesse Powell has advised traders to store their funds offline in hardware and non-custodial wallets, and to manage their own private keys.

    Only funds needed for trading should be in a Kraken trading account, advises Powell. If you want to trade fiat currency and withdraw more than $5,000k in crypto daily you will need to provide ID for verification on the Kraken exchange. The exchange is open 24/7.

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    68% of retail CFD accounts lose money.
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    68% of retail CFD accounts lose money.
    As prices of digital assets are highly volatile, users could lose all or a substantial portion of the value of any digital asset they purchase.
    74% of retail investor accounts lose money when trading CFDs with this provider.
    The price and value of any investment in digital asset products can fluctuate.
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    71% of retail CFD accounts lose money.
    Rating
    5.0
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    Mobile App Rating
    10/10
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    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    Mobile App
    Wallet
    Number of Coins
    13410859223412465215
    Trading Fees
    Spreads0.2%Spreads0.1%0.1%0.1%0.1%0.50%Spreads
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/AN/A0.0005 BTCN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCAN/ACySECN/AN/AN/AFCAFCACBI, MiFID
    Min. Deposit
    $50N/A100 EURN/AN/A$10$10$2$100
    Leveraged Trading
    N/A1-200xN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x
    Bitcoin
    $30374.69$40377.55$30493.14$30394.43$40391.88$40393.04$40404.41$40416.27$30477.95
    Ethereum
    $2107.65$2795.54$2082.83$2069.90$2796.11$2795.55$2797.45$2796.59$2075.59
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    $0.44$0.78$0.43N/A$0.23N/A$0.78$0.30$0.43
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    $1.00N/AN/A$1.00$1.00N/AN/A$1.00N/A
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