This article will provide an in-depth discussion of the Kraken Exchange. We will cover its general information, features, trading options, security measures, and mobile app. Additionally, we will assess whether Kraken is a reliable and safe platform for investment.
General Information on Kraken Exchange
Kraken Exchange is a centralized platform based in San Francisco, USA. It boasts a daily volume of 19146.0 BTC and offers a mobile app for convenient trading. While it is not decentralized, it is operated by Payward, Inc.
Kraken Exchange Feature Review
One of the key features of Kraken Exchange is its extensive range of cryptocurrencies available for trading. It lists over 32 cryptocurrencies that can be traded against USD and EUR, with additional options for CAD, JPY, GBP, and CHF. In total, there are 138 supported trading pairs across these cryptocurrencies and fiat currencies. Kraken also offers spot, margin, and futures trading for various trading pairs.
The standout feature of Kraken is its 24/7 support desk, which can be accessed from anywhere in the world. This, coupled with its enhanced security measures, sets Kraken apart from other exchanges. The “Dark Pool” feature allows traders to place hidden orders that are not visible to the public.
Kraken Trading
Kraken offers a wide range of trading options for both basic and advanced users. With 130 different trading pairs available, traders can easily switch between basic and advanced trading interfaces. Kraken supports various order types, including market and limit orders, stop-loss orders, take profit orders, settle position orders, and combined order types. Advanced traders can also take advantage of additional ordering options, such as conditional closure requests, order start/expiration time, P/L/currency preference rate, and post-order limit.
Kraken employs a volume-based fee schedule for trading. The more a user trades within a 30-day period, the lower their fees become. Maker fees start at 0.16% and taker fees at 0.26% for trading volumes up to $50,000. As trading volumes increase, the fees decrease by 0.02%. Different fee structures apply when trading stablecoin pairs.
Kraken also offers competitive withdrawal and deposit fees. While debit/credit card deposits are not available, users can choose from various bank transfer options. The withdrawal fee for Bitcoin is significantly lower than the industry standard, at 0.0005 BTC. Detailed fee structures for other cryptocurrencies can be found on the platform.
Kraken offers up to 5x leverage in margin trading. Traders can boost their trades by using leverage ranging from 2x to 5x. While this leverage may not be as high as some other exchanges, it remains reasonable and suitable for most traders. Margin trading is available for BTC, ETH, USDT, XMR, ETC, REP, XRP, and BCH.
Additionally, Kraken provides futures trading with up to 50x leverage. Traders can hedge their existing spot positions without the need for additional cryptocurrency. It is worth noting that futures trading is currently not available to US citizens. Futures contracts are offered for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.
24/7 Kraken Support Center
Kraken’s support center offers extensive guides to assist users. Additionally, a 24/7 support desk is available for users to seek assistance from anywhere in the world. By visiting the Kraken website, users can initiate an online chat with a support representative to resolve any issues they may encounter.
Dark Pools to Hide Your Orders
Kraken provides a separate order book called the Dark Pool. This feature allows traders to place orders that are not visible to the wider market. Traders using the Dark Pool can keep their orders private while still having full visibility of their own trading activity. This enables them to place large orders without revealing their intentions to the market.
Kraken Exchange Security
Kraken is widely regarded as one of the most secure exchange platforms. It has never been hacked thanks to its robust security measures. To ensure the safety of user funds, 95% of all deposits are held in offline cold storage wallets across multiple locations worldwide. Account information is encrypted at both the system and data level, and Kraken’s servers are under constant surveillance by armed guards and video monitors. Regular penetration tests are conducted to identify and address potential vulnerabilities.
Kraken Mobile App Analysis
Kraken launched the Kraken Pro and Kraken Futures mobile apps in October 2019, allowing users to trade cryptocurrencies on the go. These apps provide the flexibility to trade spot and margin positions, as well as manage futures positions. Alternatively, users can access the Kraken Pro and Kraken Futures platforms through their mobile-friendly websites.
Is Kraken Exchange Reliable and Safe to Invest?
Kraken Exchange is widely considered one of the safest platforms for trading and investing in cryptocurrencies. Its commitment to protecting user funds, combined with compliance with US laws and regulations, enhances its security measures. Kraken regularly releases transparency reports to ensure that user deposits are not used for the platform’s own trading or investing activities.
In conclusion, Kraken Exchange offers a range of features that make it an attractive platform for cryptocurrency trading. Its emphasis on security and user protection sets it apart from other exchanges. By prioritizing user safety and offering a variety of trading options, Kraken demonstrates a commitment to its users’ success and satisfaction.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other advice. Trading or investing in cryptocurrencies carries a risk of financial loss.