Alternative exchanges and sites like Kraken

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.

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?

• Coinbase
• Gemini

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.

• Poloniex
• Coinbase Pro

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.

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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.

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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.