Kraken Review

Summary: Kraken is a leading digital asset exchange that allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, and more. It has grown to become one of the largest and most respected trading platforms worldwide, recognized for its robust security measures, high liquidity, and diverse product offerings. With its user-friendly interface, educational resources, and dedicated customer support, Kraken is a trusted choice for all types of investors seeking to engage with the dynamic world of cryptocurrencies.

What is Kraken?

Kraken is a globally recognized cryptocurrency exchange known for its high security, diverse range of features and long operational history. Founded in 2011 by Jesse Powell, Kraken offers a comprehensive platform for buying, selling, trading and staking various digital assets. Navigating through Kraken's platform is straightforward, even for crypto novices. Users can effortlessly deposit, trade, and withdraw crypto with its user-friendly interface. 

Kraken's commitment to global regulatory compliance sets it apart in the often murky waters of cryptocurrency. It operates in the United States (excluding New York due to the BitLicense requirement), Canada, the EU, Japan and 190 additional countries. In these jurisdictions, it is fully registered and compliant with relevant financial authorities, giving users additional peace of mind. As a worldwide platform, the exchange can also be used in several languages, including Italian, Spanish, Portuguese, and Mandarin.

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Kraken Features

The exchange offers various advanced features, including a suite of trading options such as spot, futures, and margin, making it versatile for different trading strategies. In addition to these, Kraken also offers staking services, enabling users to earn rewards on their crypto holdings. Refer to the below for a detailed overview of the products and services offered on Kraken:

1. Multiple Trading Types: Buy or sell a token with spot markets or trade margin and derivatives contracts with up to 20x leverage.
2. Crypto Staking: Earn up to 24% APY (Annual Percentage Yields) on 18 cryptocurrencies with both flexible and fixed terms.
3. Multilingual Customer Support: Use the Kraken platform and contact the support team 24/7 via live chat in eight languages.
4. OTC Desk: Institutional-level investors can access a premium service to trade cryptocurrency directly with an account manager for tighter spreads.
5. NFT Marketplace: Trade thousands of NFTs with zero gas fees directly through the Kraken platform. Buy and sell popular projects like BAYC, Azuki, Moonbirds and Doodles.
6. Mobile App: Buy, sell, hold and stake various cryptocurrencies through the Kraken mobile app. It can be downloaded on both iOS and Android devices.
7. Kraken Pro: Trade futures and more with the Kraken Pro platform, a highly customizable exchange offering an all-in-one interface with access to spot, margin and derivatives trading.
8. Proof of Reserves: Kraken publishes its proof of reserves every quarter to highlight that they hold all of their users assets 1:1 on the exchange. 

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Can Kraken be Trusted?

Yes, Kraken is considered one of the most trustworthy and safest exchanges worldwide. The platform places a high priority on security, implementing industry-leading measures to safeguard users' funds. These include two-factor authentication (2FA), email confirmations for withdrawals, and the option to whitelist withdrawal addresses. Kraken's comprehensive approach to security has ensured it remains one of the most trusted cryptocurrency exchanges in the world.

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Fees Schedule

Kraken is known for its tiered based fee structure, with fees varying based on the user's 30-day trading volume. Lower fees are offered to high-volume traders, making it a popular choice for both casual and professional traders. It follows a maker-taker model, rewarding those who add liquidity to the market. For spot trading, the maker/taker rebate is 0.16%/0.25% and for futures trading it is 0.02%/0.05%. There are no fees to deposit funds to the platform.

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Kraken Mobile App

The exchange has a dedicated mobile app that makes trading on the go easy and convenient. The app allows users to manage their accounts, execute trades, and even provides price alerts. Kraken’s mobile app is compatible with both Android and Apple devices. It is currently rated 4.3 stars from 21K reviews on the Google Play Store. On the Apple App Store, it has a rating of 4.7 stars, with most of the reviews commenting on how easy the mobile application is to use.

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What staking options are available on Kraken?

There are currently 18 tokens available to stake on Kraken, all with differentiating yields (returns) depending on how long you lock up your asset. If you choose flexible staking terms (meaning you can withdraw your funds at any time), you will get a lower rate. But if you choose a longer staking period, you will receive a higher yield on your token. Refer to the below list for a quick summary of the available staking options on Kraken.

• Algorand (ALGO): 1% - 4%.
• Cardano (ADA): 3% - 6%.
• Cosmos (ATOM): 7% - 22%.
• Ethereum 2.0 (ETH2): 4% - 7%.
• Flare (FLR): 1% - 5%.
• Flow (FLOW): 3% - 11%.
• Kava (KAVA): 5% - 15%.
• Kusama (KSM): 5% - 18%.
• Mina (MINA): 10% - 20%.
• Polkadot (DOT): 7% - 19%.
• Polygon (MATIC): 1% - 5%.
• Secret (SCRT): 8% - 24%.
• Solana (SOL): 2% - 7%.
• Tezos (XTZ): 4% - 7%.
• The Graph (GRT): 2% - 9%.
• Tron (TRX): 2% - 5%.
• Tether (USDT): 3%.
• USD Coin (USDC): 3%.

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Does Kraken offer 24/7 customer support?

In terms of customer service, Kraken is one of the only cryptocurrency exchanges globally that provides 24/7 live chat, email and phone support. The website also has a comprehensive FAQ section to assist users with common queries. The support team can also be contacted through one of the many social media platforms such as Facebook, Twitter, LinkedIn and Instagram.

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Kraken Available Countries

Kraken is available to use in over 190 countries globally. For a full detailed list of the available regions, visit Krakens Supported Countries. As a global trading platform, it supports several  languages which include English, Spanish, Tagalog, French, Italian, Portuguese, Russian, Vietnamese, Turkish, Ukrainian, Mandarin and Japanese.

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Bottom Line

To summarize, Kraken is a global cryptocurrency exchange that offers a user-friendly and secure environment to trade and stake digital assets. Its commitment to security, transparency, broad cryptocurrency offerings, and robust trading features make it an appealing choice for users at all levels of cryptocurrency trading proficiency.