Introduction
Jesse Powell and Thanh Luu started Kraken Exchange back in 2011, and no surprise, it’s become a big name for both regular folks and pro cryptocurrency enthusiasts. They initially focused on offering secure, top-notch trading options, but Kraken’s now got its hands in all sorts of things. We’re talking margin trading, staking, parachain auctions, some banking stuff, NFT trading, and they even have a snazzy self-custodial wallet.
With support for 268 tokens and trades in seven different regular ol’ currencies (fiat, they call ’em), Kraken serves a massive crowd of over 10 million people in 190 countries. It’s got a presence all across the U.S., except for New York, Washington, and Maine. Newbies can get started on the standard Kraken, while the pros have Kraken Pro to mess around with. Oh, and their wallet? It’s got room for over 1,000 cryptocurrencies and NFTs.
Now, if you’re a seasoned trader, Kraken Pro is your playground. Dive into eight different order types, get into futures trading with 30-plus collateral choices, and explore some advanced staking avenues.
They’ve raked in over $130 million in funding, a big chunk of which came from a $100 million round in 2019 to buy out Crypto Facilities, a London biz. Plus, Kraken snagged a Special Purpose Depository Institution (SPDI) charter, allowing them to handle banking duties—though, to be clear, they’re not an FDIC-insured bank.
If you’re weighing Kraken against other platforms, you’d want to scope out comparisons on areas like fees, features, security, and user experience. We’ve got the lowdown with our detailed comparisons on other big players like KuCoin, MEXC, Gate.io, and WhiteBIT.
Key Takeaways
- All-Inclusive Offering: Kraken Exchange caters to over 10 million folks worldwide, from newbies to pros. It offers a basic Kraken platform for beginners and Kraken Pro for the seasoned crowd.
- Wallet-Friendly Fees: Kraken’s fees are pretty reasonable, with pricing that lowers as you trade more. It runs on a maker-taker model that might seem a tad pricy compared to some averages, but it’s good for big traders.
- Loads of Services: Kraken’s got you covered with a variety of services such as crypto trading, staking, banking, a non-custodial wallet, and even NFT trading. If you go “Pro,” there’s more in the package.
- Top-Notch Security and Compliance: Kraken Exchange is serious about safety, sticking to all the rules to keep your trading safe and sound.
- Easy-Peasy Interface: With a web-based platform and a handy mobile app, Kraken makes trading smooth no matter where you are.
- Reliable Customer Support: Need help? Kraken’s got a team ready to assist you 24/7 via live chat and email.
- Asset Variety: Kraken Exchange lets you trade a wide range of cryptocurrencies and different types of money, giving you plenty of options.
- Money Model: Kraken Exchange mainly earns from transaction fees and subscriptions, with extra goodies for Pro users.
Kraken Exchange Overview
Kraken Exchange has carved out a solid spot as a top-notch player in the crypto trading game. Catering to everyone from newbies to seasoned pros, this platform packs a punch with features and tools that make trading smoother than a jazz sax solo.
Platform Features and Trading Tools
Kraken Exchange goes the extra mile by splitting its services into two user-friendly platforms: the beginner-friendly Kraken and the advanced Kraken Pro. This makes sure everyone gets what they need, whether they’re just dipping their toes in or already swimming with the sharks.
- Kraken Standard: This one’s for the greenhorns—you’ll find it super easy to hop on board here. It’s all about the basics: buying, selling, and trading without the fuss.
- Kraken Pro: Here’s where the real action happens. For the pros out there, this isn’t just crypto—it’s an entire playground of eight order types, futures trading with 30+ collateral options, and advanced staking. The bells and whistles really pop!
Security and Compliance
Kraken Exchange takes the whole keeping your stuff safe thing very seriously. They’ve rolled out a bunch of strategies to make sure your assets and data aren’t just out there for the taking.
- Cold Storage: Most of the users’ funds are chilling in cold storage, keeping them high and dry from any sly online scamps.
- Proof-of-Reserve Audits: They bring in third-party peeps for regular check-ups to keep everything on the up and up. Your trust is as valuable as your portfolio!
For that extra sprinkle of security, Kraken throws in two-factor authentication (2FA). Because hey, better safe than sorry, right?
Supported Assets and Fiat Options
Kraken Exchange is like a candy store for crypto and fiat lovers. The variety of supported assets here is off the charts, giving you all sorts of ways to mix things up.
- Supported Cryptocurrencies: You have a smorgasbord to choose from—360+ different cryptocurrencies. If it’s crypto, it’s here.
- Fiat Currencies: Seven different fiat currencies are ready to go, simplifying your trading routine and adding a bit more freedom to the mix.
To wrap it up, Kraken delivers a killer combo of a reliable and secure trading platform loaded with various features and assets. It’s a solid pick whether you’re just starting out or already a crypto pro.
Comparing Kraken in Crypto Exchange Reviews
When sizing up different crypto exchanges, peeking into their fees, how easy they are to use, and their customer service can really open up some useful info. Let’s take a look specifically at Kraken Exchange.
Fees and Funding Methods
Kraken’s got this neat tiered fee deal going on, making it cheaper for folks trading larger amounts. After all, if you’re a big shot in trading, why not save a few bucks, right? Kraken cuts you a break on fees based on your past 30 days of trading activity—more trades, less fees. They’ve organized their fees in a maker-taker structure, where discounts kick in the more you trade.
| What You’re Paying For | What It Costs |
|---|---|
| Maker Fee (0-$50,000) | 0.16% |
| Taker Fee (0-$50,000) | 0.26% |
| Maker Fee ($50,000-$100,000) | 0.14% |
| Taker Fee ($50,000-$100,000) | 0.24% |
You can get money in and out of Kraken Exchange through bank or wire transfers, or hit them up with crypto directly. Just watch out—some ways to fund your Kraken account might charge you more than other spots.
Feeling curious about how Kraken stacks up against the rest? Check out our reviews of the KuCoin, MEXC, Gate.io, and WhiteBIT.
User Experience and Mobile Access
Kraken’s setup is praised for being user-friendly, wooing both newbies and pro traders. They run two types of platforms: the regular one for those starting out and Kraken Pro for you seasoned vets. Their mobile app hooks you up with major features, letting you trade wherever you roam.
What makes Kraken shine when using it:
- Easy-to-follow dashboard
- Fancy charting tools
- Prices you can track in real-time
- Manageable order features
With a staggering 10 million+ users across 190 lands, Kraken’s non-custodial wallet supports over 1,000 cryptos and NFTs, helping seriously manage your portfolio.
Customer Support and Reputation
When it comes to helping their users, Kraken Exchange keeps an open door policy with chat and emails 24/7. This is a lifesaver if your trades need quick fixes or you hit a digital snag.
Trust-wise, Kraken’s all about security and following the rules. It’s a go-to place for both single traders and big institution players. Their beefy securities and rule-following nature bolster their place among the crypto crowd.
Checking out Kraken Exchange, it becomes clear that their stack of easy-to-use features, fair fees, streamlined interfaces, and dependable customer service positions them as a solid pick for any crypto trader.
Fast Facts
Kraken Exchange stands out as a heavyweight in cryptocurrency trading, famous for its tight security, vast range of coins, and solid trading features. Here’s what you need to know about Kraken Exchange.
General Information
- Born In: 2011
- Where It’s At: San Francisco, California, chillin’ in the USA
- Far and Wide: Boasts over 10 million users scattered in 190 places around the globe
- Mind-Boggling Money: Looks after around $1.2 trillion for its users
Platform Features
- Where To Play: Kraken for newbies, and Kraken Pro for the pros
- Your Coin Vault: Handles 1,000+ cryptocurrencies and NFTs, letting you sleep easy
- On the Go: Apps for iOS and Android to keep trading tight wherever you are
Security and Compliance
- Regulatory Stuff: First U.S. State of Wyoming official nod as a digital asset bank
- What’s SPDI?: Kraken Financial, doing the fancy banking stuff for your crypto
Funding and Fees
- Cash Flood: Piled up over $130 million, with $100 million snagged back in 2019
- Banking Biz: Acts like a crypto-banker for easy money flows
Supported Assets
- Crypto Zoo: Over 100 coins for your trading frenzy
- Money Matters: Play around with USD, EUR, CAD, GBP, JPY, and AUD
Trading Tools
- Geek Gadgets: Decked out with charting magic, margin chaos, and futures games
- Robot-Friendly: Full-on API access for your trading bots
User Experience
- Easy Peasy UI/UX: Friendly vibes on both website and phone
- Buddy Support: 24/7 customer service—no questions too annoying
Institutional Services
- Kraken Institutional: Solid, big fish solutions for mega-traders
- Keeping it Real: Clear view into what’s coming for stocks
| Key Metrics | Kraken |
|---|---|
| Clients | Over 10 million |
| Supported Countries | 190 |
| Cryptocurrencies Supported | 100+ |
| Recent Funding | $130 million+ |
| Headquarters | San Francisco, California |
Conclusion
Kraken Exchange shines as a solid choice for retail and institutional crypto traders. With over 10 million folks trusting it worldwide, Kraken’s got a platform that’s packed with cool tools and features that fit all sorts of users.
Kraken’s big on security and following the rules, giving traders peace of mind that their digital coins are safe and sound. Supporting loads of cryptocurrencies and regular old money options, Kraken gives users plenty of room to spread the love. With fees that won’t break the bank, a user-friendly interface, and customer service that’s always there, it’s a great pick for newbies and seasoned traders alike.
When you line Kraken Exchange up with other big exchanges, it holds its own with similar services and good deals. Dig deeper into features beyond the basics, like Kraken Pro for the more advanced crowd, and it’s clear this platform’s got a lot to offer the savvy crypto investor.
If you’re curious to check out other exchange options, we’ve got reviews on numerous crypto exchanges like KuCoin Exchange, MEXC Exchange, Gate.io Exchange, and WhiteBIT Exchange that are ready for you to compare and decide what fits you best.
FAQ
How secure is Kraken?
When it comes to keeping your coins safe, Kraken Exchange doesn’t mess around. They’ve got boots on the ground in major cities to back up user security. You ought to keep gadgets up-to-date and switch on those two-factor login protections to keep everything locked tight.
What are the key features of Kraken Pro?
If you’re a bit of a trading ninja, Kraken Pro’s got what you need. Think fancy stuff like eight different buy and sell options, futures trading with over 30 types of collateral, and some high-end staking features. It’s like having a Wall Street toolkit at your fingertips.
Does Kraken face any performance issues?
A little throwback to 2017: Kraken hit a few speed bumps and got hit by some virtual troublemakers, causing a short shutdown in January 2018 for some fixes. But they’ve bounced back since then, all spruced up.
How does Kraken handle user trust and security?
Trust isn’t just a word at Kraken; it’s a promise. They’re all about solid security measures and laying down their fee cards on the table. Their track record of managing past issues shows they’re serious about keeping your trust.
How user-friendly is Kraken for beginners?
Whether you’re just starting out or have a Dumbledore-level of expertise, Kraken Exchange splits the difference with a basic platform for newbies and Kraken Pro for the more seasoned traders.