Kraken Review 2022

Kraken Review Summary

Kraken Company was founded in 2011 and operates a cryptocurrency exchange and bank in the United States. The company offers trading between cryptocurrency and fiat currencies and provides price information to the Bloomberg Terminal. Users of Bloomberg Terminal can use the Kraken to trade Bitcoin, Ethereum, and many other cryptocurrencies. Currently, it has more than 3 million users. The Kraken exchange facilitates trading in cryptocurrencies such as Bitcoin and Litecoin. The system lets you purchase or sell cryptocurrencies using fiat currencies like the US dollar or the Japanese yen. The platform also allows you to trade in lesser-known cryptocurrencies such as Dogecoin and EOS.

Kraken review
What Do Kraken Offer?

πŸ‘‘ Cryptocurrencies BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC
πŸ“ˆ Securities tradable 81 cryptocurrencies
πŸ’΅ Cost per trade Maker: 0.00-0.16%
💬 Customer service Email : Yes, Phone support : No, live chat : Yes.
πŸ’° Desposit Fees Fees vary
πŸ’° Withdrawal Fees Fees vary
πŸ’° Payment Methods Bank transfer
πŸ”‹ Mobile app IOS App : Yes, Google Play Android App : Yes

Initially, Kraken only offered trading via Bitcoin, but gradually started adding more digital currencies that suited its decentralized standards. It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP, as well as many others that offer promise and suit its criteria.

Kraken is a cryptocurrency platform that was founded in 2011 the current Co-Founder, CEO is Jesse Powell . Kraken has headquarters in United States and offers the buying and selling of over 81 cryptocurrencies to customers all over the world. Buying and selling cryptocurrency can be done online. If you are looking to trade crypto using your mobile phone, Kraken offers native mobile apps to buy and sell cryptocurrencies, directly from your phone.

You can use exchanges to trade one cryptocurrency for another like Bitcoin to Dogecoin. With Kraken you can also exchange your cryptocurrency with fiat currency, such as the UK Pound or US Dollar.

Kraken Review

Kraken Review

Risk warning : Trading cryptocurrencies is high risk. When trading CFDs losses may exceed deposits.

Kraken review
Kraken Best For

Kraken works best particularly for active retail traders seeking to trade as well as store multiple digital currencies, as it offers an element of convenience. The platform also happens to be a viable option for institutions and businesses looking to utilize digital currencies, and it allows traders to convert one digital currency to another.

Kraken review
Kraken Advantages

Following are the advantages of using Kraken:

  • Kraken has been in business longer than 2 years
  • Kraken offers over 20 cryptocurrencies.
  • Kraken offers a wide range of fiat currencies.
  • Kraken offers Livechat support.
  • Kraken offers email support.
  • Kraken offers an Android Google Play Store mobile app.

Easy UI

Kraken is considered one of the simplest platforms for cryptocurrency investing. You can easily register and deal in digital currencies within minutes. Kraken also offers a learning platform that rewards users with cryptocurrencies to learn about how they work.

Wide Crypto Selection

Kraken has an impressively extensive range (over a hundred and growing) of digital currencies that you can trade, not to mention the most popular ones like Bitcoin, Cardano, Solana, and many more. This is in stark contrast to other financial applications or brokers that offer the promise of cryptocurrency trading but provide only a few of the most popular coins.

High Liquidity

High liquidity guards investors from price slippages in a market that is already volatile. Kraken currently ranks among the highly liquid exchanges.

Opportunities For Earning

Kraken offers an entire course of tutorials and exams as a means of educating users about digital currency trading as well as some of the digital currencies being offered. Taking classes also earns you certain digital currencies.

Cryptocurrency Custody

Contrary to brokers focused on trading, Kraken enables traders to take custody of their cryptocurrency assets for themselves. Kraken provides its cryptocurrency wallet, but traders can bring their wallets. This way, traders can pick the solution that suits them the most.

Staking Rewards

Kraken also enables traders holding digital currencies with them to take part in staking rewards. Staking is similar to earning interest with a bank account. This, however, comes with different risks. Staking generates revenue from traders’ holdings as they are utilized for validating transactions in a digital currency. Kraken shares that type of reward with its traders. Kraken takes care of the technical side, and the extra coins are sent to the trader’s account on an established schedule.

Kraken review
Kraken Disadvantages

Following are the disadvantages of Kraken:

  • Kraken does not offer PayPal as a payment method
  • Kraken does not offer Neteller as a payment method
  • Kraken does not offer Skrill as a payment method
  • Kraken charges withdrawal fees
  • Kraken does not offer phone support.

Insufficient Variety Of Altcoins

Although Kraken has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.

Higher Fees And Their Lack Of Transparency

Kraken has higher fees compared to other exchanges. Its fee structure can also be confusing. If you are using Kraken β€˜s basic platform, you will not be able to find a schedule before you proceed to place a trade.

Kraken review
Kraken Cryptocurrency Choice

Kraken allows you to trade around 81 digital currencies including BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC and many more.

Kraken review
What Cryptocurrencies Are On Kraken

Kraken has 81 cryptocurrencies available to registered users. These cryptocurrencies include BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC.

Kraken review
Kraken Stablecoins

Kraken offers its own stablecoin called Kraken. Stablecoins are meant to mitigate volatility in relation to digital currencies like Bitcoin. Stablecoins are usually pegged to stable reserve assets like the US dollar or gold. Traders can buy stablecoins on Kraken.

Kraken review
Kraken Altcoins

Kraken has a decent variety of altcoins for traders to choose from with over 81crypto assets including alt coins listed on Kraken.Kraken has a decent variety of altcoins for traders to choose from with over .

Kraken review
Trading Cryptocurrency With Kraken

Different cryptocurrencies at Kraken come with different limitations and set withdrawal amounts. You may only be able to trade some with fiat currencies like the US dollar. Some may also be restricted in some countries. Users can buy cryptocurrencies via debit card. They can also purchase crypto with funds in their Kraken wallet.

Kraken Crytocurrency To Crytocurrency Trading

Kraken has upwards of 81 cryptos available in multiple regions of the world.

Kraken Crytocurrency To Fiat Currency Trading

Kraken review
Kraken Cryptocurrency Custody And Ownership

Kraken allows users to take custody of their cryptocurrency assets themselves. Users can either use Kraken’s crypto wallet, or their own. Kraken also has over 7 fiat currencies available including USD, EUR, GBP, JPY, CAD, CHF, AUD all accessible to registered users.

Kraken review
Kraken Staking Rewards

Kraken enables customers holding crypto to take part in staking rewards. It is similar to interests in a bank account; however, it comes with its risks. This generates revenue from a user’s holdings because they are used to authorize crypto transactions. That revenue is shared with customers.

Kraken review
Kraken Fees

Kraken Users will have to pay a Maker: 0.00-0.16% trading fee as well as deposit fees of Fees vary when buying and selling cryptocurrency with Kraken.

Kraken review
Kraken Network Fee

Outgoing Kraken transactions to outside crypto addresses normally require a network fee, also known as a mining fee. This ensures the processing of transactions on crypto networks. This fee is then forwarded to crypto miners, the systems processing the transactions.

Kraken review
Kraken Trading Commissions

Trading commissions at Kraken work similarly to traditional share dealing fees. That means users have to pay a variable commission. The standard trading commission at Kraken is 1.49 percent, so users will have to pay this percentage when they buy or sell a digital currency.

Kraken review
Withdrawal Fees

With Kraken standard cryptocurrency to fiat withdraw fees varies by cryptocurrency, instant cash-out of your Kraken account. A withdrawal fee of (Fees vary) may also be required for certain 3rd party payment methods instead of using cleared bank funds.

Kraken Currency Conversion Fees

Kraken charges a percent flat fee on all currency conversions which you will have to factor into your crypto trading.

Kraken Payment Methods

The payment methods offered at Kraken are Bank transfer. Kraken also offer wallet, wire transfer, crypto conversion, ACH transfer, and credit transactions.

Kraken review
Kraken Withdrawal Methods

If you have cryptocurrency or traditional fiat currency in your Kraken account and want to withdraw it, you must use the same payment method that you used to deposit it. This is because of anti-money laundering legislation.

Kraken review
Withdraw Fiat Currency From Kraken

Users can withdraw their digital currency from Kraken to fiat at any time through an ACH transfer. Such transfers usually take 1-2 working days to complete. Kraken also allows instant cash-outs that run twenty-four-seven, to cards or bank accounts in exchange for extra fees (1 percent).

Kraken review
Kraken Security

Contrary to holding cash in a traditional bank, cryptocurrency is not secured under federal laws. Kraken stores 98 percent of its users’ cryptocurrency offline in what is known as cold storage. The remaining 2 percent is meant for facilitating trading volume. The platform also has an insurance policy that protects users’ cryptocurrency holdings.

Kraken holds its customers crypto in its free wallet service. Users can even choose to hold their cryptocurrencies in separate wallets. Kraken requires its users to finish a 2-factor authentication process to log in to their accounts. Other than that, Kraken also has biometric login (fingerprints and Face ID) security as well as AES-256 encryption when it comes to private keys. Aside from all this, it helps to use strong passwords, i.e., ones that should not be used elsewhere.

Kraken holds your cash in one of three locations: custodial accounts found at US banks, US money market funds, US Treasuries and for European Kraken clients FCA regulated European banks may be used.

Kraken review
Kraken Two Factor Authentication - 2FA

Kraken does offer two-factor authentication for added security.

Kraken Specific Device Whitelisting

Specific device whitelisting is a feature that enables cryptocurrency withdrawals to only be sent to devices that are allowed. The two-factor authentication feature is required to enable or disable the feature. This allows Kraken customers to withdraw to authorized devices.

Kraken review
Kraken Wallet

Kraken review
Kraken Online Cryptocurrency Wallets

Kraken review
Kraken Hardware Cryptocurrency Wallets

Kraken review
Kraken Liquidity

Kraken has a large amount of liquidity. In that case, wide spreads should not be a big concern. Liquidity also allows for significant transactions without any problems.

Kraken review
How To Open A Kraken Account

To open an account at Kraken, the first step to get started is to provide your name, email address, password, and the state you live in. Choose β€œcreate an account” and move on to verify your email. Once you log in, you will be asked to provide your number and verify it. The next step is to fill in your personal information and answer any questions about the account creation. After that, you verify your identity (a two-factor authentication setup is recommended). The last step is to link a payment method.

Kraken review
Kraken User Interface

Kraken has a simple, user-friendly interface.

Kraken review
Kraken Features And Cryptocurrency Trading Tools

Kraken offers features like crypto investing, custodial accounts, an advanced platform for trading, and its own designated US dollar stablecoin.

Kraken review
Kraken Ease Of Use

Kraken is fairly easy to use. The sign-up process takes only a few minutes. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Kraken.

Kraken review
Kraken Mobile Apps

The availability of mobile applications for such platforms is highly crucial for investors that are always on the go. This way, they can effortlessly place market offers, and keep tabs on live market data, i.e., shares, currencies, stock indices, commodities, etc. Kraken has highly rated applications for both iOS and Android.

Kraken review
Kraken Apple App

The Kraken app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website.

Kraken review
Kraken Android App

The Kraken app can be found on the Play Store on all Android devices, offering the same features as the desktop website.

Kraken review
Kraken Education Resources

Kraken enables entitled customers to learn about digital currencies through their educational resources offered. Users can even unlock lessons educational content and earn cryptocurrency in the process.

Kraken review
Kraken Customer Support

Kraken registered users can request support through email, phone, live chat when available. Support options are available through the Kraken website and apps. If you have an issue that needs to be resolved you also speak to a representative by filling out a form on the Kraken website. Kraken also has a help page for solving common problems with your Kraken crypto account.

Kraken review
Kraken Phone Support

Kraken phone support can be accessed by called them on .

Kraken review
Kraken Email Support

Kraken email suport can be reached at [email protected] Although Kraken usually respond within 2 days it may take up to 7-14 days for a response to some queries during peak times.

Kraken review
Kraken Live Chat

Customers can reach out to Kraken via live chat at any time if they have issues or difficulties with their Kraken account that they can't solve. Obtaining assistance via live chat is by far the most common means of customer service compared to other types of support.

Kraken review
What Countries Is Kraken Available In?

Kraken is available in over 100 countries. Kraken does not operate in the following countries : Afghanistan,Haiti,Iran,Iraq,Jordan,Kazakhstan,Kosovo,Lebanon,Libya,Macau,North Korea,Palestinian Territories,Panama,Sierra Leone,Syria,Yemen.

Kraken review
Kraken Account Limits

Kraken offers remarkably high limits and they depend on the user’s account level. A user’s account level is determined by the amount of information they have verified. Fully verified users can buy up to 50K USD worth crypto every day.

Kraken review
Kraken Awards

Kraken review
Can Kraken Be Trusted?

Kraken is a regulated company that is backed by major investors and holds licences for all the districts it operates in.

Kraken review
Is My Money Safe With Kraken?

Yes, Kraken is among the safest web wallets available. It keeps 98 percent of its assets in offline cold storage. Assets cannot be hacked while in cold storage. Kraken also ensures other ways to safeguard funds, i.e., two-factor authentication and AES-256 encryption. Your wallet is also covered up to 250K, courtesy of FDIC Insurance.

Kraken review
Is Kraken Regulated By A Financial Regulator?

Yes, Kraken is compliant with all applicable regulations in every jurisdiction it operates in.

How Do I Contact Kraken If There Is A Problem?

Kraken β€˜s customer support can be contacted via email, live chat, and via Twitter. Users can also schedule a call from a representative by filling a form on Krakenβ€˜s website. Kraken also has a β€œHelp” section for less complicated issues.

Kraken Review Verdict

Kraken makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things.

Kraken Compared To Other Cryptocurrency Platforms

  1. Visit Kraken alternative Kraken

    🀴 Used By: 6,000,000
    ⚑ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC and 81 more cryptocurrency.
    πŸ“ˆ Traded Volume: 3,048,440,145
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Maker: 0.00-0.16%
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  2. Visit Kraken alternative eToro Cryptocurrency

    🀴 Used By: 23,200,000
    ⚑ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    πŸ“ˆ Traded Volume: 41,693,321
    πŸ’΅ Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    πŸ’° Trading Fees: Fees vary. Overnight and weekend fees apply
    πŸ’° Withdrawal Fees: US$5 (minimum withdrawal of US$50)
    πŸ’° Deposit Fees: Fees vary (conversion fees for non-USD deposits)
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  3. Visit Kraken alternative eToroX

    🀴 Used By: 13,000,000
    ⚑ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
    πŸ“ˆ Traded Volume: 42,043,394
    πŸ’΅ Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  4. Visit Kraken alternative Crypto.com

    🀴 Used By: 10,000,000
    ⚑ Crypto Available: BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH and 153 more cryptocurrency.
    πŸ“ˆ Traded Volume: 2,630,000,000
    πŸ’΅ Deposit Methods: Credit card

    πŸ’° Trading Fees: Maker: 0.04-0.20%
    πŸ’° Withdrawal Fees: Cryptocurrency: Fees vary
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  5. Visit Kraken alternative Coinmama

    🀴 Used By: 2,300,000
    ⚑ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
    πŸ“ˆ Traded Volume: 86,072,667,390
    πŸ’΅ Deposit Methods: Bank transfer (ACH)

    πŸ’° Trading Fees: 2.9-3.9% (depending on loyalty level)
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Credit card: 5%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  6. Visit Kraken alternative CoinJar

    🀴 Used By: 450,000
    ⚑ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
    πŸ“ˆ Traded Volume: 64,141,140
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Maker: 0.05-0.15%
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: No Fees
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  7. Visit Kraken alternative Paybis

    🀴 Used By: 700,000
    ⚑ Crypto Available: BTC,ETH,LTC,XRP,BCH,XLM,BNB,TRX,DOGE,USDT and 32 more cryptocurrency.
    πŸ“ˆ Traded Volume: 62,336,251
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: Fees vary
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  8. Visit Kraken alternative Gate.io

    🀴 Used By: 4,000,000
    ⚑ Crypto Available: BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, UNI and 820 more cryptocurrency.
    πŸ“ˆ Traded Volume: 5,945,756,067
    πŸ’΅ Deposit Methods: Cryptocurrency

    πŸ’° Trading Fees: Maker: 0.20%
    πŸ’° Withdrawal Fees: Fees vary
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  9. Visit Kraken alternative Coinbase Pro

    🀴 Used By: 73,000,000
    ⚑ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, XLM, DASH, ETC, ZEC and 80 more cryptocurrency.
    πŸ“ˆ Traded Volume: 7,622,846,254
    πŸ’΅ Deposit Methods: Bank transfer

    πŸ’° Trading Fees: Maker: 0-0.50%
    πŸ’° Withdrawal Fees: Cryptocurrency: None
    πŸ’° Deposit Fees: Cryptocurrency: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  10. Visit Kraken alternative Coinbase

    🀴 Used By: 73,000,000
    ⚑ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
    πŸ“ˆ Traded Volume: 7,622,846,254
    πŸ’΅ Deposit Methods: Bank transfer (ACH)

    πŸ’° Trading Fees: Fees vary
    πŸ’° Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
    πŸ’° Deposit Fees: Credit/debit card: 3.99%
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

  11. Visit Kraken alternative Huobi

    🀴 Used By: 10,000,000
    ⚑ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
    πŸ“ˆ Traded Volume: 924,266
    πŸ’΅ Deposit Methods: Cryptocurrency

    πŸ’° Trading Fees: Maker: 0.2%
    πŸ’° Withdrawal Fees: None
    πŸ’° Deposit Fees: None
    Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.

Kraken Frequently Asked Questions

Following are the most commonly asked questions (and their answers) about Kraken:

Is Kraken Safe?

Yes, Kraken is backed by high profile investors and regulated by reputed financial authorities.

How Do I Withdraw From Kraken?

Users can withdraw their crypto to fiat any time they want through an ACH transfer. Such transfers normally take 1-2 working days. Kraken also allows instant cash-outs to cards or bank accounts in exchange for extra fees.

Is Kraken Okay For Beginners?

Yes, because of how easy-to-use its web and application interfaces are, Kraken is seen as one of the best options for beginner traders.

Do I Have To Pay TAX With Kraken?

You will need to pay taxes on any cryptocurrency profit you accrue. How cryptocurrency is taxed differs on where your country of residence is and where you are in the world. In the USA federal income tax purposes, cryptocurrency is considered "property," which means the IRS classifies it as a capital asset. This means that the crypto taxes you pay are the same as the taxes you'd pay if you had a profit or loss on a capital asset sale or exchange.

Any earnings made on crypto assets held as a personal investment in the United Kingdom will be taxed. It is stated that you must pay capital gains tax only on gains that exceed the annual exempt level.

Individuals must pay taxes on cryptocurrency received as a result of mining, airdrops, confirmation incentives, and cryptocurrency acquired as a paycheck from an employer. Unless the donation exceeds the acquisition cost, crypto assets donated to charity are not subject to capital gains tax.

Check with a local accountant to check if any tax is due on your cryptocurrency trading.