If you are new to the crypto space, then this Kraken review can be quite helpful for you. As an inexperienced crypto enthusiast, you need to be careful that you opt for the best exchange as you may come across numerous options. Not knowing which exchange ticks the right boxes for you and choosing merely because of popularity is generally not a good practice.
Therefore, if you are interested in choosing a good exchange you should keep a track of your options and explore their features to make an informed decision.
The Kraken exchange is one of the top platforms you can come across. It is known to offer some of the best and high-end features to the users. You can determine how well it suits your needs with the help of the details mentioned below.
Kraken Review – What is the Kraken Platform
If you are based in the USA, then Kraken might be one of the best platforms for you to use. It is based in the States and was established in 2011. This is one of the safest, oldest and largest exchanges in the world and offers impressive features that make it a suitable platform for new and experienced crypto enthusiasts alike.
Apart from a few countries, Kraken is available for traders around the world. The limitation is due to strict regulatory laws and more in some countries.
Here are more details of the crypto exchange that can be important and beneficial for you to know.
The Kraken exchange is known to be an outstanding platform, a credit it has received because of distinctive features it supports such as crypto staking.
Crypto staking means that as a crypto owner you can put what you own in a collective pool or wallet. In return, you will get rewards. Staking is not available on all platforms because it is only possible on the proof-of-stake blockchains.
Staking also requires staked tokens to validate the transactions.
Low Trading Fees
One of the major factors to know about through this Kraken review is the fee you will have to pay if you start using the exchange. As compared to its competition, Kraken is known to offer one of the lowest fees in the industry. Not only this but it is also free of hidden charges of any kind.
The trading fee that Kraken requires its users to pay is based on the traditional market maker and taker fee model. Details of that are mentioned below.
- 0.0500% trading fee for market takers
- 0.0200% trading fee for market makers
Does Kraken Prioritize Security?
One of the top concerns people often have is regarding the safety of a platform. You should also strive to find out, “is Kraken safe?”. The level of safety offered by an exchange is a crucial aspect because there are cyber threats and scams in the crypto space that can be quite unpredictable and financially damaging.
While none of the exchanges are completely secure, this Kraken review highlights that the trustworthiness of an exchange variates and depends on the security systems that are implemented.
Kraken takes the security of its users’ funds and accounts very seriously. This is why, this exchange is one of the safest in the industry and uses sophisticated features and tools such as the following to offer utmost security.
- Advanced blockchain technology
- KYC (know your customer) verification
- Global Settings Lock (GSL)
- Two-factor authentication (2FA) system
- Kraken Master Key
The level of security offered by the Kraken crypto exchange is further validated by the fact that it is one of the few platforms that are regulated and licensed. Kraken is regulated by FinCEN in the USA and FINTRAC in Canada.
Another unique feature supported by the platform and mentioned in this Kraken review is the availability of Dark Pools. With the help of this feature, users of the platform can place anonymous orders in the market.
These dark pools are the types of orders that are only accessible and visible to traders who place them.
Variety of Digital Assets Bought and Exchanged
The Kraken exchange is one of the few that offer a variety of cryptocurrencies to their users. As a user of Kraken, you will have access to more than 50 digital assets. With the help of a good variety available, you can purchase, trade and even hodle coins that are not so popular as others.
Not only this, but Kraken supports fiat currencies, and you can exchange any of the supported ones into a digital asset you choose.
The fiat currencies supported include the following:
- U.S. dollar
- Canadian dollar
A Kraken review that addresses all major aspects of the exchange that you look for can help you make an informed decision. It is very important to choose an exchange that suits your trading requirements and criteria and prioritizes your safety above all else.