Review of the Kraken cryptocurrency exchange
Kraken is an online cryptocurrency exchange that experienced crypto traders and miners have probably heard of. The large trading volume confirms the fact that the site is quite popular on the network.
The main office of the exchange is located in San Francisco. Jesse Powell is co-founder and CEO.
Jesse Powell – Co-founder and CEO of the Kraken cryptocurrency exchange
Gradually, the exchange began to attract attention. Authoritative media outlets have already written about Kraken. Among them are:
- Bloomberg Businessweek;
- The Wall Street Journal;
- The CoinTelegraph;
- American Banker and other.
The Kraken cryptocurrency exchange is actively promoting its platform on social networks. In order not to miss important news related to the platform, users should subscribe to one of the official pages:
The company is not yet interested in the Russian-speaking audience, therefore it is not very popular on the Runet. The Kraken exchange interface has been translated into two languages:
Registration on the Kraken cryptocurrency exchange
To be able to exchange cryptocurrencies or buy / sell them for fiat currencies, the user must register. To do this, you need to fill out a standard form:
- password (at least 8 characters, including letters, numbers and special characters);
A letter comes to the mail with a request to verify the e-mail. Only after that the user gets access to the personal account. To get privileges, you need to go through full verification.
Only verified users can use all the functionality of the Kraken exchange. There are several levels of verification on the platform:
- Level 0 gives after registration, while deposits and withdrawals are not available;
- Level 1 – you need to enter your name, date of birth, country and phone number, after which you will be able to replenish your account, withdraw money and trade on the exchange;
- Level 2 – the user must confirm the address of residence, after which he will be able to replenish and withdraw money from the wallet in fiat currencies;
- Level 3 – confirm the address of residence, submit the TIN, after which their limits will increase;
- Level 4 – for those who are interested in maximum limits or corporate registration, you need to contact Kraken’s technical support.
Deposit and withdrawal methods on the Kraken exchange
Kraken has become widespread in other countries due to the fact that it allows you to deposit and withdraw funds in different currencies:
- Canadian dollars;
- Japanese yen;
- Popular cryptocurrencies.
You can read the conditions for depositing and withdrawing funds on the F.A.Q.
Exchange and trade on the Kraken cryptocurrency exchange
The Kraken cryptocurrency exchange supports a fairly large number of pairs. Here users will be able to trade both established coins and find new types of crypto money for themselves. Among the main currencies are:
- Ethereum Classic;
- Dash and others.
You can trade on the exchange using leverage. For internal operations, the exchange charges a commission, which depends on the volume of trading. We will look at the fees for the XBT / EUR pair.
According to many ratings, Kraken is second only to Poloniex in terms of trading volume. Among the main directions are:
- XBT(BTC)/EUR — volume 20 485,58 BTC;
- XBT(BTC)/USD — volume 10 138, 80 BTC;
- ETH/XBT(BTC) — volume 36 188,91 ETH.
The daily volume of the Kraken exchange is $ 120,484,300.
The Kraken exchange, unlike other platforms, offers one and only way to increase account security. Users can enable two-factor authentication. This function works not only when logging into an account, but also to gain access to trading on the exchange.
Advantages and disadvantages of the Kraken exchange
Although the Kraken exchange is very popular, this does not mean that this site has no drawbacks. We will consider this platform from the perspective of a Russian-speaking user.
Among the main advantages of the Kraken cryptocurrency exchange are:
- A large number of currency pairs.
According to this indicator, Kraken is significantly ahead of many other platforms. In addition, it is a serious competitor to Poloniex. The management of the cryptocurrency exchange site intends to further increase the number of directions for trading.
- Margin trading.
Traders can take advantage of leverage, which will allow them to increase their income from cryptocurrency trading. However, do not forget about the risks, as you can quickly lose your capital.
- IOS app.
The developers offer to trade through the iOS app. However, they seem to have forgotten about Android users.
The disadvantages for users from the CIS countries are much greater. For this reason, this site is significantly inferior to BTC-e in terms of popularity among Russian-speaking crypto traders and investors. Among the main disadvantages of Kraken are:
- The lack of a Russian version of the site.
The Kraken cryptocurrency exchange is mainly interested in users from the USA, Europe, Canada and Japan. The Russian-speaking audience is not yet a priority for the developers of the site, although the situation may change in the future.
- No withdrawal in rubles.
The company does not support deposits and withdrawals in rubles. In addition, there is no possibility to replenish an account via WebMoney and other popular payment systems in Russia.
Unverified users have very limited functionality. In fact, they can only get acquainted with the charts and history of transactions. Although other sites allow you to freely enter and withdraw funds without entering personal data.
Reviews on Kraken
The popularity of the Kraken in the Russian market is still at a rather low level, so there are not many reviews on the network. In this regard, it is difficult to objectively assess the reliability of this site.