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Transferable to your own wallet
Self-custody of cryptocurrencies plays an important role for many users who want to manage their cryptocurrencies and thus their "private keys" themselves and not leave them in the hands of the exchange. Most exchanges offer the option of sending the purchased cryptocurrencies to their own wallet.
Deposit protection is a safeguard for the assets of users of a stock exchange or broker, which is intended to protect investors in the event of insolvency or a high loss due to a hacker attack. Service providers based in Germany are legally obliged to provide deposit protection of €100,000. In some cases, international exchanges have a special insurance policy that covers a certain portion of the assets instead of a deposit guarantee.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
This rating describes our assessment of the fee structure of a stock exchange or broker. It is not only the amount of fees that can differ, but also the type of fees. The most common type of fees for crypto exchanges are the "maker/taker" fees or spreads. In some cases, there are also hidden fees that are not recognizable to users at first glance.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
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Overview
Quick Facts
Kraken stands out as one of the premier cryptocurrency exchanges in the United States, established in 2011. It's recognized for its competitive fees and a robust level of trustworthiness, anchored by its lengthy history and compliance with U.S. regulatory standards. Since 2020, Kraken has enhanced its offerings with a banking license.
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Pro's & Con's
- High reputation and trust
- Banking license
- Low fees
- Operation could be easier
- Higher fees for purchases in the app
Kraken
Features
Feature Overview
Unique Features
- Margin trading with up to 10x leverage
- Copy trading
Tradable Assets
- Cryptocurrencies
- Derivatives
Trading Options
- Margin trading (leverage)
- Short/Long
- Kraken Pro for trading
Our
Kraken
Review
Test Result
Kraken
User Reviews
Users appreciate Kraken's intuitive and user-friendly platform, which is suitable for both beginners and advanced traders. However, some users have noted that the platform occasionally has technical problems and that the mobile app could be improved.
Kraken is lauded for its broad selection of cryptocurrencies and trading options, such as margin and futures trading, as well as the opportunity to earn interest through staking, with a wish for an even broader range of cryptocurrencies.
Kraken is seen as accommodating for beginners due to its educational resources, despite some reports of its advanced trading options being overwhelming for new traders.
Kraken's fee structure is considered fair and competitive, with a clear breakdown that users appreciate. Despite this, there is a desire for more detailed information regarding any additional potential costs.
Kraken is viewed as secure with various protective measures, though technical issues and transaction delays have been reported by some users.
Kraken's customer support is seen as helpful and attentive by some, but others report slow response times and lack of adequate support.
Kraken's user experiences are predominantly favorable, with the platform's extensive cryptocurrency options, trading capabilities, and security protocols standing out. Some users, however, desire better customer service and more stable platform performance.
About
Kraken
Kraken
Kraken Review: Pros, Cons, Fees and Features 2024
Introduction
Kraken has established itself as one of the leading cryptocurrency exchanges, known for its robust security measures, wide range of trading options, and user-friendly platform. Catering to both novice and experienced crypto investors, Kraken offers a comprehensive suite of services including spot trading, futures trading, margin trading, and a secure wallet, making it a versatile choice for anyone looking to dive into the world of cryptocurrencies.
Pro´s and Con´s
What we like:
- Security: Kraken is renowned for its stringent security protocols, including two-factor authentication, cold storage of assets, and rigorous verification processes, ensuring users' funds and data are well-protected.
- Wide Range of Supported Cryptocurrencies: The platform supports a broad array of digital assets and fiat currencies, providing users with a diverse portfolio of trading pairs.
- Advanced Trading Features: Kraken caters to advanced traders with features like margin trading, futures trading, and detailed analytical tools, allowing for sophisticated trading strategies.
- Regulatory Compliance: As a US-based exchange, Kraken adheres to strict regulatory standards, offering a secure and compliant trading environment.
- Educational Resources: A wealth of educational materials is available to help users understand cryptocurrency trading, from beginner guides to detailed market analyses.
What we don't like:
- Complexity for Beginners: The wide array of features and detailed trading interface can be overwhelming for beginners, making it challenging for those new to cryptocurrency trading to get started.
- Withdrawal and Deposit Fees: Depending on the method, depositing and withdrawing funds can incur fees, which might be higher compared to other platforms for certain currencies or payment methods.
Users?
Score
What Makes Kraken a Good Choice
Kraken distinguishes itself in the cryptocurrency exchange landscape through its commitment to security, comprehensive trading options, and user-friendly features. Its reputation for stringent security measures provides peace of mind to users, while the platform's support for a wide range of cryptocurrencies and fiat currencies caters to a diverse user base. Kraken's regulatory compliance in multiple jurisdictions also adds a layer of trust and reliability, making it a preferred choice for both novice and experienced traders looking for a secure trading environment.
Kraken Exchange Key Features
- Security: Advanced security features including two-factor authentication, cold storage for the majority of funds, and a dedicated security team monitoring for unusual activity.
- Regulatory Compliance: Compliance with legal and regulatory requirements in various jurisdictions, reinforcing its commitment to operating within established legal frameworks.
- Fiat Currency Support: Offers extensive support for various fiat currencies, facilitating easy deposits and withdrawals for global users.
- Advanced Trading Options: Provides advanced trading features such as margin trading, futures trading, and stop-loss orders, catering to the needs of experienced traders.
- Educational Resources: A comprehensive range of resources, including guides, articles, and webinars, designed to educate users on cryptocurrency trading and market trends.
Kraken Trading Options
Kraken offers a variety of trading options to accommodate different trading strategies and risk preferences:
Spot Trading
Allows users to buy or sell cryptocurrencies immediately at current market prices, ideal for quick trades and taking advantage of market movements.
Margin Trading
Provides the option to trade on leverage, giving traders the ability to open positions larger than their existing account balance.
Futures Trading
Offers futures contracts on various cryptocurrencies, enabling traders to speculate on the future price movements of crypto assets.
OTC Trading
For high-net-worth individuals and institutions, Kraken provides an over-the-counter trading desk for large volume trades with personalized service.
Kraken App
The Kraken App is designed to provide a seamless mobile trading experience, making it easy for users to manage their accounts, trade cryptocurrencies, and access financial services on the go. This user-friendly app combines comprehensive trading functionalities with convenience, allowing users to monitor their portfolios, execute trades, and track the market with just a few taps on their smartphone. Key features include real-time crypto market data, customizable watchlists, and deposit & withdrawal capabilities, catering to traders at all levels of experience.
Kraken Pro
Kraken Pro offers a more advanced trading interface and enhanced features for experienced traders and those requiring detailed analytical tools and a robust trading environment. The Pro version includes deeper liquidity, lower fees through a maker-taker fee schedule, advanced order types, and margin trading options. It's designed for users looking for high-performance trading, offering detailed charting, multiple order types, and high-speed execution to capitalize on market opportunities efficiently. Kraken Pro bridges the gap for professional traders by providing a sophisticated platform that supports complex strategies and high-volume trading.
Both the Kraken App and Kraken Pro underscore the platform's commitment to catering to a wide audience, from beginners to professional traders, ensuring that each user has access to the tools and features they need to achieve their trading and investment goals.
Financial Services and User Experience
Kraken is renowned for providing a comprehensive suite of financial services that cater to a wide array of user needs, from cryptocurrency trading to futures contracts and staking options. The platform is designed with the user experience at its core, offering an intuitive interface that simplifies navigation and trading for users of all experience levels. Enhanced by real-time data analytics, customizable dashboards, and a suite of educational resources, Kraken aims to demystify the cryptocurrency market for its users, enabling informed decision-making.
KYC Process and Security
The Know Your Customer (KYC) process is a critical component of Kraken's security framework, ensuring that all users are verified in compliance with regulatory standards. This process involves submitting personal identification documents, which are protected with state-of-the-art encryption and privacy measures. Kraken's commitment to security extends beyond KYC, with robust protocols including two-factor authentication, cold storage of digital assets, and continuous system monitoring to safeguard against unauthorized access and potential cyber threats.
Depositing and Withdrawing Funds
Kraken facilitates a smooth process for depositing and withdrawing funds, supporting a variety of payment methods including bank transfers, wire transfers, and cryptocurrency deposits. The platform is designed to ensure that users can easily fund their accounts and access their money when needed. While Kraken strives to keep fees low, it's important for users to be aware of any potential charges associated with their chosen deposit or withdrawal method. Processing times can vary depending on the method and the user's bank or financial institution.
Support and Resources
Kraken places a strong emphasis on customer support and resources to ensure users can navigate the platform effectively and make informed trading decisions. The exchange offers a variety of support channels, including a comprehensive FAQ section, live chat, email support, and a ticketing system for more complex queries. Additionally, Kraken provides a wealth of educational resources aimed at both beginners and more advanced users. These resources cover a wide range of topics, from the basics of buying and selling cryptocurrencies to more complex trading strategies and security best practices. The platform's commitment to user education is evident in its detailed guides, tutorials, and blog posts, which are designed to enhance users' understanding of the crypto market and improve their trading skills.
Frequently Asked Questions
How do I create a Kraken account?
Typically, creating an account involves visiting the platform's website, providing some basic personal information, and undergoing a verification process to ensure compliance with regulatory requirements.
What are the fees for trading on Kraken?
Trading fees vary depending on the type of trade, your 30-day trading volume, and whether your order is a maker or taker. Kraken is known for its competitive fee structure, which can be detailed on their fee schedule page.
Can I trade with leverage on Kraken?
Yes, Kraken offers margin trading for certain cryptocurrency pairs, allowing users to leverage their positions. However, it's important to understand the risks associated with leveraged trading.
Is my cryptocurrency secure with Kraken?
Kraken employs a range of security measures to protect users' assets, including cold storage, two-factor authentication, and a comprehensive monitoring system to detect and prevent unauthorized access.
How can I deposit or withdraw fiat currencies?
Kraken supports various methods for depositing and withdrawing fiat currencies, including bank transfers and wire transfers. The specific options available may depend on your location and the type of currency.
What should I do if I encounter a problem?
If you face any issues, Kraken's support team can be reached through their live chat, email, or by submitting a support ticket. They are known for their responsive and helpful customer service.
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.
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