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Review: Kraken Exchange | Accelerate The Adoption of Cryptocurrency

Kraken Exchange

Kraken Exchange

Business 4.2/5

Branding

Kraken is one of the leading crypto exchanges giving users a combination of low fees and the right mix of coins. It is a U.S based crypto exchange and also the only one in the country that provides advanced trading tools like margin trading to its clients. Kraken is a reputable cryptocurrency exchange that’s been around for almost a decade. It’s a solid option with a lot going for it. The team has set high ambitions with the aim to be the “best and most secure.”  Kraken is a good fit for e

Team

In 2011, Kraken CEO Jesse Powell set out to build a crypto exchange that clients and regulators could trust. The exchange is recently celebrated 11 years in existence. Despite headwinds and market uncertainties, Jesse has led the exchange through more than a decade of highs, lows, frenzies and FUD to cement Kraken’s place as a leader in the crypto-asset industry. He has done an amazing job piecing together the team and building a secure, law-abiding, and refined trading platform favourable for both newbies and experts. 

Kraken currently employs a little over 200 people and is still growing. Jesse has built a trustworthy platform that is well regulated by the authorities in the U.S. That means that your funds are safe and in case the platform somehow loses or steals your funds, it won’t be without legal repercussions.

Road Map

Future plans include launching a dedicated NFT marketplace which will feature Kraken’s industry-leading security, enabling more secure NFT custody with gas-free trading on the platform.

Kraken is considering the acquisition of other crypto platforms and exchanges to accelerate their roadmap amidst the current bear market, as they have previously done during previous crypto winters. Kraken is no stranger to mergers and acquisitions, and its CEO has openly expressed his interest in buying culturally similar companies with robust crypto values.

Business

Recognizing the uncertainty in the crypto world, Jesse set out to build Kraken as a safe haven for early crypto investors. With the motto security above everything, he has earned trust with this single, uncompromising first priority: the security of clients’ funds.

Kraken was not only built on resilient, versatile technology for an asset-agnostic setting. These same doctrines could easily be used to describe the business too. Kraken has remained dedicated to its mission: to accelerate the adoption of cryptocurrency so that everyone can achieve financial freedom and inclusion.

Technical 4.5/5

Product Rating

Wide Range of cryptocurrencies: Kraken provides over 160 coins and at least seven fiat currencies and boasts of high liquidity. You can definitely find other places with bigger offerings, but it’s close to some of the best cryptocurrency exchanges. Plus, it’s a step up from many brokers that only offer a few well-known coins.

Advanced trading features: Kraken is one of the few crypto exchanges that offer stop orders, margin, and crypto short sales. It also has a unique offering called a dark pool where high-volume investors can trade anonymously. Kraken also gives traders up to 5x leverage and allows eligible pro clients to access up to $500,000 in margin. 

Reasonable fees: Kraken’s fees are on par with most exchanges. It isn’t the cheapest, but its maker-taker fees are lower than Coinbase for example. Stand warned that fees can add up if you use the instant buy feature rather than the pro platform. 
Several staking options: Users can stake over 15 different cryptos, earning between 0.25% and  20% on average.

Crypto Related

Kraken provides a user-friendly crypto trading platform that is well regulated and secure. However, the exchange is not very beginner friendly and has plenty of limitations on its starter account. The exchange does not offer enough educational content for beginners but luckily, there are plenty of videos online to help users get started. 

Kraken offers three account levels: starter, intermediate, and pro options. The starter account – which is the only one you can get without submitting a photo ID and other documents barely lets you do anything.

Kraken accepts U.S. dollar deposits using FedWire but only once for those who have successfully done KYC. The exchange currently does not accept credit and debit cards from US residents. It takes one to five business days to process fiat currency deposits.

To make coin deposits, you simply need a starter account. Crypto deposits take about five minutes. The exchange offers 24/7 customer service and has an easy-to-navigate help centre. Unfortunately, their customer care ranks poorly in customer ratings, scoring a paltry 2 stars out of five on average.

Security

Kraken takes its devotion to security very seriously, ranking first with a perfect score on the crypto exchange security review site CER.  Since its launch, Kraken has not suffered any significant hacking events. That said, there are some users who have made complaints about Kraken on online forums about having their accounts hacked.

Kraken offers safe storage of users’ funds, with 95% of deposits held offline in cold storage units spread worldwide. The platform promises platform security, with servers kept in secure cages under 24/7 surveillance by armed guards and video monitors. In addition to physical security measures, Kraken encrypts all of the users’ sensitive data at both the system and data levels and regularly does vulnerability testing of its own systems.

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