If you’re looking for an exchange to trade a variety of different cryptocurrencies Kraken Exchange is one of the most popular trading platforms. Since its launch in 2013, Kraken is considered one of the biggest and most trusted cryptocurrency exchanges in the world.
In this review, I will take you through an overview of the Kraken Exchange, which will include supported cryptocurrencies, deposit methods, fees, and security.
What is Kraken?
Kraken Exchange is a San Francisco-based cryptocurrency exchange that was founded in 2011. The platforms enables users to trade more than 30 digital assets and 7 different FIAT currencies. It’s now trusted by more than 5 million traders, institutions, and authorities around the world.
With Kraken you can create trades with spot markets, trade top cryptocurrencies with up to 50x leverage with futures and open larger positions with margin trading. Plus you can also stake your crypto and FIAT currencies with rates up to 12% APY.
Kraken supports over 40 different cryptocurrencies at the time of writing this Kraken exchange review, with even more available crypto pairs. The exchange also supports a wide range of FIAT including USD, JPY, CAD, GBP. EUR, AUD, and CHF. For more information on Kraken´s supported crypto´s click here.
Plus cryptocurrencies; Algorand (ALGO), Augur (REP), Basic Attention Token (BAT), Balancer (BAL), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Compound (COMP), Cosmos (ATOM), Curve (CRV), Dai (DAI), Dash (DASH), Dogecoin (DOGE), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Gnosis (GNO), ICON (ICX), Kava (KAVA), Kusama (KSM), Kyber Network (KNC), Lisk (LSK), Litecoin (LTC), Monero (XMR), Nano (NANO), OMG Network (OMG), Orchid (OXT), PAX Gold (PAXG), Polkadot (DOT), Qtum (QTUM), Ripple (XRP), Siacoin (SC), Stellar Lumens (XLM), Storj (STORJ), Synthetix (SNX), Tether (USDT), Tezos (XTZ), Tron (TRX), USD Coin (USDC), Melon (MLN), Waves (WAVES), Zcash (ZEC).
What is XBT?
On Kraken, Bitcoin is known as “XBT” as opposed to its more commonly known ticker, “BTC”. XBT is a newer abbreviation for Bitcoin and uses the international standards organisation method. The currency starts with an “X” to indicate that the currency is not specific to any country.
The currency is exactly the same and its still a unit of Bitcoin, however, it’s just the abbreviation that’s different.
With Kraken exchange, you can deposit either FIAT or cryptocurrencies. In terms of FIAT deposits, depending on your currency type and deposit method, there are some minimum deposits amounts, possible fees and processing times may vary.
You can check out all deposit methods here. Also, please note that all first-time FIAT deposits will result in a temporary (72 hour) withdrawal hold on the account.
Cryptocurrencies can be deposited into the exchange by sending your crypto to the deposit address.
What is Kraken Pro?
Kraken Pro is a more advanced trading platform by Kraken. With Kraken Pro, you can greatly reduce the fees that you will be paying when trading and will pay around 0.26% to 0%.
Plus you can view depth charts and graphs and choose from more advanced trading pairs and order types. These include Market, Limit and Stop Orders.
The fees that you pay with Kraken will depend on if you are using the Kraken exchange or Kraken Pro, plus they are fees for margin trading and futures. In this Kraken Exchange review, we will be focusing on Instant Buys on the exchange and Kraken Pro.
With Kraken instant buy, you’ll be paying 0.9% fee for any stablecoins and FX pairs, or 1.5% fee for any other crypto. You’ll also pay 3.75% + €0.25 for card processing fees or 1.7% + $0.10 for bank processing fees.
With Kraken Pro, spot trading fees range from 0.26% all the way down to 0%. Kraken uses a maker-taker fee schedule with volume incentives based on your activity in the past 30 days.
You’ll also need to pay for some deposit and withdrawal fees which will depend on your currency type and withdrawal method. A full list of fees can be found here.
If you want to maximize your returns and earn interest on your crypto that might just be sat idle in a wallet otherwise… staking your assets with Kraken could be a great way to earn some passive income.
With Kraken, you can stake assets such as Polkadot, Ethereum, Tezos, Bitcoin, and even FAIT currencies such as EUROS or US dollars. With returns currently ranging from 1.5% for EUROs all the way up to 12% for Polkadot and KSM.
On-Chain & Off-Chain Staking
On-Chain staking allows you to stake your crypto assets with blockchain Proof of Stake protocols such as Tezos. Off-Chain staking allows you to stake your assets with Kraken´s internal programs. Off-chain staking is restricted to eligible countries only.
If you need support on the Kraken Exchange, there’s a 24/7 live chat where their team of experts will work directly with you to reach a quick and efficient resolution.
They also have a help centre to assist in troubleshooting with in-depth guides and a robust support library.
Is Kraken Safe?
Kraken state that safeguarding your funds and your privacy is our number one objective. With that in mind, they keep 95% of all deposits in offline, air-gapped, geographically distributed cold storage.
Plus they include security features, such as 2FA, email confirmations for withdrawals, sensitive data encryption, and SSL encryption to protect you when browsing Kraken. For more information on Kraken´s security features click here.
Kraken vs Coinbase
Kraken and Coinbase are both long-standing and well-trusted cryptocurrency exchanges. Offering users a way to conveniently buy and sell crypto with credit/debit cards or bank transfers. Or to trade between cryptocurrency pairings.
Both exchanges offer more advanced trading platforms where fees are greatly reduced. However, generally, you will find cheaper fees at Kraken/Kraken Pro. Kraken Pro’s highest fees are at 0.26% whereas Coinbase Pro is at 0.5%.
If simplicity is your driver, then Coinbase may come on top, as is the go-to exchange for the newbie first getting into crypto and buying their first Bitcoin. They also have new sign up incentives, offering $10 of FREE bitcoin for new customers.
Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.
After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.