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As more people get a hankering to jump into cryptocurrency, exchanges that allow you turn fiat currencies into digital cash are in high demand.
Founded in 2011 and based in California, Kraken is among the oldest and largest cryptocurrency exchanges to support transactions in dollars, pounds, euro and yen.
To stay ahead of the competition, Kraken’s fees are low but vary by fiat — some flat, some a percentage of your transaction. Other benefits include:
- The ability to deposit and withdraw money in both fiat and crypto currencies.
- Advanced tools that facilitate margin trading.
- Many cryptocurrency trading options, including pairs with five fiat currencies.
- A dynamic fee structure that applies to both trader and tradee.
Users like Kraken’s simple interface that’s easy enough for both the beginner and advanced crypto trader and 24/7 support, including live chats. Its servers safeguard your personal and financial details in cold storage offline.
Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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Where else can I find Kraken features?
Plenty of exchanges offer a wide selection of cryptocurrencies for trade. But Kraken’s pairs include up to five fiat currencies — dollars, pounds, yen and more — which makes combinations and features you might not find with other exchanges.
Where else can I buy cryptocurrency with fiat?
Going by market share, Coinbase is the most popular alternative to Kraken that lets you buy crypto with dollars. An accessible user interface, a mobile app and the ability to connect directly to your bank account make Coinbase a solid option for beginners.
Coinbase pros
- Easy-to-use platform with no wallet-service fees.
- Deposit and withdraw fiat currencies directly to your bank account.
- Safely buy supported cryptocurrencies with a bank transfer or debit card.
Coinbase cons
- Transaction fees can be high, depending on how you pay.
- Currently offers bitcoin, Ethereum, Bitcoin Cash and Litecoin only.
- Verification process can be lengthy — and the company controls your bitcoin.
Another exchange that lets you buy cryptocurrency with fiat is Gemini. While the volume on Gemini is historically lower than other exchanges, it’s a leading digital asset exchange that rewards high-volume traders with discounts and rebates.
Gemini pros
- Based in New York and one of the few regulated exchanges.
- Offers advanced trading, including the ability to trade at the same prices regardless of time zone.
- Deposit and withdraw fiat currency directly to your bank account.
Gemini cons
- Requires same-day wire transfers for your initial fiat deposit.
- Currently supports bitcoin and Ethereum only.
- High security can mean that approval can take several days.
Where else can I trade cryptocurrencies on margin?
Margin trading can be risky, but it’s a vital part of a trading strategy for many professional investors. Kraken offers margin trading options on select cryptocurrencies, with available leverage depending on your verification tier and other factors. While many exchanges accessible to US residents don’t offer margin trading options, a few exchanges do.
Poloniex and Coinbase Pro are just two alternatives to Kraken that might be worth checking out.
This exchange offers strong security and advanced trading features to satisfy most any level of trader.
Poloniex pros
- Offers crypto-to-crypto exchanges on a 100+ coins.
- Margin trading available at up to 2.5x leverage.
- Supports lending by trading on margin.
Poloniex cons
- Does not support fiat currency pairs.
- Platform isn’t as friendly as other exchanges.
- Customers report low, poor service.
Part of Coinbase and insured some of the industry’s biggest investors, this digital asset exchange allows for easy deposits and withdrawals under a “maker-taker” model.
Coinbase Pro pros
- Supports fiat currency pairs.
- Pffers a professional trading dashboard.
- No fees on limit orders.
Coinbase Pro cons
- Margin trading available to eligible investors only.
- Prices can be higher than you’ll find elsewhere.
- Past downtime during periods of high volume.
If none of the above exchanges offer what you’re looking for, try narrowing down your prospects by need:
- Want to buy with fiat currency? Learn where to buy crypto with fiat currency — from dollars to zloty.
- Looking for a specific coin? Search for exchanges by specific coin.
- Need a variety of options? Take a wider look at available cryptocurrency exchanges in the market.
Why you might want to avoid Kraken
- You don’t want to give out personal information. While collecting personal information is necessary for some exchange to comply with regulations, many people have security concerns or other reasons for preferring not to disclosing their info. To open even a basic on Kraken, you do need to provide your name, date of birth, address, and phone number. An advanced account requires more information.
- Trading fees. Kraken’s trading fees depend on the size and type of order you are making. In general, every trade incurs some fee, and in some cases these may be up to .75%, which is higher than you would find at many other exchanges.
- You’re looking for an obscure altcoin. Kraken does offer fiat/crypto pairing for several pairs that you might have a hard time finding at other exchanges. That being said, it doesn’t offer a huge selection of cryptocurrencies. If you’re looking for an up and coming altcoin, you might have better luck elsewhere.
Bottom line
Kraken is a solid exchange with a good selection of crypto/fiat pairs. It offers margin trading, advanced order types, and a high level of security. Fees can be average or higher than average, depending on the size and type of trade you make. While some of the more advanced features may not be suitable for beginners, Kraken is more user-friendly than a number of comparable exchanges.
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