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Kraken is one of the older cryptocurrency exchanges having been established in 2013. They are based in San Francisco in the United States.
They operate as a “Fiat Gateway” which means that traders will use them in order to get hold of their coins in exchange for their fiat currency. They take USD, GBP, EUR, JPY and CAD.
Kraken also has an extensive list of crypto assets and covers over 70 of them.
They also have a pretty strong security track record and have never suffered any hacks or breaches. This most likely comes down to their extensive cold storage and coin management protocol.
Their fees are based on a maker taker model and you will get a discounted fee for adding liquidity to their books. If you are taking liquidity you will have to pay a slightly higher fee. This also varies according to how much volume you have traded over the past 30 days. These range from 0.04% to 0.26%.
There are 4 different account tiers at Kraken which differ in the amount of functionality you have. Tier 0 is the most basic and will allow you to create an account and look around. Tier 3 and 4 are the most advanced and have all of the trading functionality.
There is pretty reasonable customer support on the platform and they are also quite active on their social media channels.
While Kraken has been criticized in the past for their clunky trading platform, it has been completely upgraded and has had an improved trading engine installed. It also has an effective charting package.
Kraken also offers margin trading which means that you can trade with leverage on the exchange. This is only up to 2.5x leverage so you should not get excited.
They also have an API for the developers out there although unfortunately they have no mobile application.
In summary, Kraken is a well known and liked exchange. They have strong security and reasonable fee levels. While full KYC is annoying, it is part and parcel of exchanges these days.
Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
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