Kraken exchange review 2018 | Features & fees | finder.com

Kraken cryptocurrency exchange – review

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Kraken is a highly respected digital currency exchange known for providing access to the world’s leading cryptocurrencies.

Founded in 2011, Kraken is one of the oldest bitcoin exchanges on the market. Over the years, its service offerings have expanded beyond just bitcoin to include some of the world’s leading altcoins.

The platform also has the distinction of being the first exchange to be listed on the Bloomberg terminals.

Today, Kraken is trusted by government officials in Japan and regulated banks throughout Europe, making it one of the most respected exchanges available. Kraken is based in the US.

Product Name Kraken Cryptocurrency Exchange
Fiat Currencies USD, EUR, GBP, JPY, CAD
Cryptocurrencies BTC, BCH, ETH, ETC, XMR, DASH, LTC, XRP, XLM, REP, ICN, MLN, ZEC, USDT, GNO, EOS
Deposit Methods Electronic Funds Transfer, SEPA, Wire Transfer *payment methods vary per country
Trading Fee Maker: 0-0.36%
Taker: 0-0.08%
Deposit Fees EUR SEPA Deposit (Free) - EEA countries only
USD Bank Wire Deposit ($5 USD) - US only
EUR Bank Wire Deposit (€10) - outside US only
USD Bank Wire Deposit ($10 USD) - outside US only
JPY Bank deposit (Free, ¥5,000 deposit minimum) - Japan only
CAD Wire Deposit (Free)
Withdrawal Fees Cryptocurrency: Fees vary
EUR SEPA Withdrawal (€0.09) - EEA countries only
USD Bank Wire Withdrawal ($5 USD) - US only
USD Bank Wire Withdrawal ($60 USD) - outside US only
EUR Bank Wire Withdrawal (€60) - outside US only
JPY Bank withdrawal (¥20) - Japan only
CAD EFT Withdrawal ($10 CAD)

Pros

  • Highly respected exchange
  • Low transaction fees
  • Professional trading platform with all the bells and whistles
  • Margin trading and short selling

Cons

  • Australian dollars not available
  • Limited payment methods
  • Not suitable for beginners
  • Customer support can be overwhelmed at times, leading to slower service
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.

Similar exchanges

What is Kraken?

Kraken is a leading digital currency exchange for “serious and professional traders”. The platform is designed with the sophisticated trader in mind, and provides access to many sought-after features such as fast execution speed, margin trading and deep liquidity.

Kraken offers comprehensive services for the crypto investor, such as the ability to buy and sell bitcoin and trade digital tokens against fiat currency.

The exchange is also transparent, offering proof of reserve audits and a high level of security.

What currencies can I buy, sell and margin trade?

Kraken allows you to trade bitcoin and altcoin against government-issued fiat currency, including the US dollar, Canadian dollar, British pound, euro and Japanese yen.

The platform offers access to a wide variety of cryptocurrencies, including:

  • Bitcoin
  • Ether
  • Ether Classic
  • Gnosis
  • Litecoin
  • Augur
  • Melon
  • EOS
  • Bitcoin Cash
  • Ripple
  • Monero
  • Dash
  • Stellar
  • Zcash
  • Iconomi
  • Dogecoin

Is Kraken available in the US?

Kraken is based in the US and Americans are able to make transactions in fiat currency, or US Dollars. Kraken is also available globally, with exceptions.

Which payment methods are accepted?

Kraken accepts US payments through fiat currency and cryptocurrency. To make a deposit, log in and go to Account > Funding > Deposit. Here, you’ll be prompted to choose your deposit method.

If you are a US resident wishing to deposit US dollars, you will be given instructions for a domestic wire transfer. This must be completed at your bank.

It’s also important to note that USD deposits via wire transfer are only available for Tier 3 or Tier 4 account holders. These tiers refer to your level of account verification. A full breakdown of the tier structure is available on theKraken site.

Credit cards, debit cards and PayPal are not currently supported.

How much does Kraken cost?

Fees start as low as 0% and depend largely on how much you trade. Fees are charged on a per-trade basis, and calculated as a percentage of the trade’s quoted currency volume.

Kraken offers one of the most comprehensive fee schedules on the market. For full disclosure on how much trading will cost you, visit Kraken’s website.

How quickly will my funds be available?

USD domestic and international wire transfers are processed in approximately 1-5 business days.

Are there any transfer limits?

You won’t be able to withdraw funds if it puts you over your current daily or monthly limit. The same rule applies for deposits, except that the window is set daily. Below are the maximum withdrawal limits by tier.

Withdrawal Limits:

Daily limitMonthly limit
Tier 1 (digital currency only)$2,500$20,000
Tier 2 – Fiat currency

Tier 2 – Cryptocurrency

$2,000

$5,000

$10,000

$10,000

Tier 3$25,000$200,000

Is Kraken secure?

Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well capitalized and very safe to use.

In fact, Kraken’s security features are made public on its website. All new deposits go directly to cold wallets, where the vast majority of coins are stored. All wallets are encrypted.

Users also enjoy 2-factor authentication and vast protection against malicious attempts to retrieve personal login information.

Although there has been some concern over privacy when uploading documents, Kraken maintains an isolated system for sending documents. Your account information and verification documents are also encrypted.

Customer support

Kraken is one of the world’s most popular bitcoin exchanges, which means its customer support may sometimes be overwhelmed. That’s why the platform offers a Support Center, Help Center and detailed FAQ section, which can help you troubleshoot any problems.

You can also submit a request if none of the available resources help.

Kraken pros & cons

Pros

  • Highly respected exchange
  • Low transaction fees
  • Professional trading platform with all the bells and whistles
  • Margin trading and short selling

Cons

  • Limited payment methods
  • Not suitable for beginners
  • Customer support can be overwhelmed at times, leading to slower service

Next steps

First, you need to study the features and decide whether Kraken suits your needs. If you’re keen on giving Kraken a shot, simply visit the website and click “Open an account to get started. Here, you’ll be prompted to complete a form and activate your account. Once verified, you can fund your account with cryptocurrency or cash.

Kraken exchange website

Frequently asked questions

Image source: Kraken

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4 Responses

  1. Default Gravatar
    TradingFebruary 10, 2018

    I have been waiting to deposit money to start trading but it will not allow me to do so until I have been verified. I have been waiting for almost a month so please let me get in so I can start trading, I see the coin going up to all time highs and lows and want to be apart of it. How long will it take to be verified? Please.

    Sincerely,

    Troubled man.

    • finder Customer Care
      RonFebruary 14, 2018Staff

      Hello,

      Good day! Appreciate you contacting finder for your inquiry today.

      Please note that you have reached finder and we do not represent Kraken. An email was sent separately about an article from the Kraken website which you can refer to on how long it takes for an account to get verified. You may find it useful in regards to your situation.

      It seems that they have no phone support at the moment which you can call to directly follow up on the status of your account verification. As adviced on the support page sent to you, closely monitor the email associated on the account setup as Kraken will communicate with you through it for any additional details they may need for verification.

      Hope this helps!

      All the best,

      Ron

  2. Default Gravatar
    PaulJanuary 25, 2018

    I signed up this AM, but am unsure if I fully completed my sign on.
    I then tried to sign on again with another ID, but you sent me a message that I was already signed on. Please tell me if there is anything else I need to do .

    • finder Customer Care
      joelmarceloJanuary 26, 2018Staff

      Hi Paul,

      Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page. I have sent the contact details for Kraken to your email so you can directly follow up with them. If you need anything else, please send me a message.

      Cheers,
      Joel

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