At a Glance
Kraken Exchange is one of the oldest players in the crypto field. Founded by Jesse Powell in 2011, the platform has gained a reputation for its reliability, security, and robust trading features.
Kraken Exchange continues to maintain its position as a secure platform for both new and experienced crypto traders.
Full Review
Kraken Exchange crypto platform has grown gradually rather than trying to follow the latest trends. This has resulted in the platform not being as flashy as its competitors but also more reliable.
The platform prides itself on its transparent fee system and robust security features. The platform has gained popularity across Europe and North America. Its availability has also increased across other regions.
The platform is a great choice for crypto traders who prefer reliability over trends.
Kraken Pros
Strong security record; no hacks on the platform
Transparent fee system
Access to advanced features on Kraken Pro
Supports fiat currencies like USD, EUR, and GBP
Staking services available for multiple assets
Kraken Cons
The platform may be overwhelming for new users
Some features are limited by location
The onboarding process may be slower than other apps
Customer support may have slower response times
Top Features
Kraken Exchange crypto platform has some of the top features that both new and experienced crypto traders can enjoy.
Some of the top features include:
Spot trading with high liquidity levels
Access to advanced features on Kraken Pro
Margin and futures trading services available
Access to staking services across multiple assets
Institutional-grade API available
The platform does not have any complexity but still provides depth where necessary.
Trading Experience
The experience of trading on Kraken depends on the interface used.
Standard Interface
The standard interface is clean, simple, and easy to use. It is good for beginners. Beginners can buy and sell their favorite cryptocurrencies without the need for any charting tools. The interface is very simple and easy to use, making it good for beginners. However, for those with experience, the interface may not provide the kind of experience they are used to.
Kraken Pro Interface
Kraken Pro offers advanced charting tools, order types, and real-time data for experienced traders. The interface provides comprehensive market analysis tools and deeper trading functionality for those who need more control over their trades.
Security
Although it is not insured in the conventional sense, internal controls are quite strict.
Kraken Wallet
Kraken provides wallet services to its customers. These services are offered in conjunction with the exchange.
Key services:
* Store your cryptocurrencies safely
* Deposit
* Withdraw
* Balance management of various coins
Although it is quite convenient, it is worth noting that Kraken holds your private keys. If you wish to have full control over your coins, you might wish to consider other services.
Margin & Futures Trading
Kraken offers margin as well as futures trading services.
With margin trading services, you can borrow money in order to increase your trading positions. With futures trading services, you can enter contracts in line with price movements of various cryptocurrencies.
These services are quite suitable for experienced traders. They do offer additional risks as well as complexities in managing your positions.
Kraken also offers risk controls such as liquidations as well as margin requirements.
Staking
Staking is another significant service offered by Kraken crypto exchange.
With these services, you can stake your coins as well as gain rewards without having to operate your own validator nodes.
Key advantages:
* Easy to use
* Regular returns
* No technical knowledge required
The returns you gain will depend on the asset as well as the market conditions.
These services offered by Kraken are quite simple but come with the conventional risks of custodial services.
Mobile App Experience
Kraken has a mobile app that is user-friendly, accessible, and fast.
The app can be used for the following functions:
Buying and selling cryptocurrencies
Viewing the portfolio
Managing the account
To access more advanced features, users can download the Kraken Pro app.
The app is stable, and the exchange is frequently updated, especially the Kraken Pro app.
Customer Service
The customer service of the Kraken exchange has improved over the years but still receives mixed reviews.
The customer service channels of the exchange include:
Help center articles
Email support
Live chat (available in some regions)
The customer service of the exchange receives mixed reviews, as the customer service team might take longer than expected to resolve complex customer queries.
Is Kraken Right for You?
The Kraken exchange is a good choice for users who want a stable, safe, and professional-grade exchange.
The exchange is a good choice for users who are:
Intermediate or advanced users of the exchange
Need fiat on-ramp services
Looking for a long-term cryptocurrency investment platform
The exchange might not be the best choice for users who are looking for:
Simple and user-friendly interfaces
Access to all the cryptocurrencies available on the exchange
Fast onboarding and minimal verification requirements
The Kraken exchange is a good choice for users who want a safe, stable, and professional-grade exchange for trading cryptocurrencies. The exchange has improved over the years, and the customer service team is available to assist users with queries and concerns. The exchange is a good choice for users who are looking for a long-term investment platform for cryptocurrencies but might not be the best choice for users who are looking for simple and user-friendly interfaces or access to all the cryptocurrencies available on the exchange.