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- Founded in 2011, Kraken is one of the longest running centralized cryptocurrency exchanges on the market, based in the United States. Founded by CEO Jesse Powell and owned by Payward Inc, it launched its trading operations in 2013 which continues to this day.
Jesse decided to found the exchange after witnessing the Mt Gox Hack in 2011, the biggest Bitcoin heist to date, and realizing he could do it better.
Kraken is one of the go-to centralized exchanges when it comes to low trading fees and a large variety of trading pairs.
- Funding Methods: Bank Transfer from fiat or Cryptocurrency Deposit
- Supported fiat: USD, EURO, CAD, AUD, GBP, CHF, JPY
- Cryptocurrencies: Over 110 Cryptocurrencies available for trading
- Website: https://www.kraken.com/
''Since its founding in 2011, Kraken has managed to remain hack-free, boasting some of the best security in the industry"
Pros
- In all operating jurisdictions, Kraken is fully licensed and able to operate legally, including the US and UK
- Industry-leading security: 95% of all crypto assets are held in cold storage, with no central honey pot of crypto that could make it vulnerable to hackers
- All personal information, such as Know Your Customer protocol information is securely encrypted and stored
- A large range of cryptocurrencies to choose from
Cons
- Expensive fees when not using the Pro version. (1.5% When instantly buying cryptocurrency)
Kraken’s history and background
As mentioned before, Kraken is one of the longest standing Centralized Exchanges in the crypto-sphere. Owned by Payward Inc, a Californian based company, Kraken was founded in 2011 and started offering its services in 2013. Interestingly, Kraken was only founded two years after the first ever cryptocurrency transaction occurred.
As Kraken was so early to the party, it was founded in the Paleolithic Era of the cryptocurrency timeline. Its early popularity arose when Coinbase and Kraken were the chosen exchanges to provide Bitcoin trading data to the Bloomberg Terminal (Real-time global financial data terminal for traders and investors).
Although the starting motivation for Jesse to create the exchange, the Mt. Gox hack, which occurred on the Bitcoin Exchange Mt. Gox, it was also a large reason for its increase in popularity in 2014. The exchange claimed to have lost access to over 850,000 Bitcoin. Jesse saw this as a challenge to ‘find’ the missing Bitcoin which then required all ex-Mt.Gox users to merge over to Kraken which rapidly propelled Kraken to major exchange status.
In late 2014, the Kraken exchange was asked to assist in the handling and processing of over 127,000 claims from Mt.Gox users asking for their Bitcoin back. Many of the traders who came for their claim simply stayed, as Krakens number one priority is safety.
Fast forward to the present day the Kraken exchange is the 12th largest cryptocurrency exchange based on 24hr volume, according to CoinGecko, with over 6 million users.
Screenshots
What Cryptocurrencies Can You Buy on Kraken?
The list of available cryptocurrencies is extensive. Here are some of the most popular ones:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Tether (USDT)
- USD Coin (USDC)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Wrapped Bitcoin (WBTC)
- TRON (TRX)
- Avalanche (AVAX)
- Dai (DAI)
- Shiba Inu (SHIB)
- Polygon (MATIC)
- Litecoin (LTC)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- Lumen (XLM)
- Monero (XMR)
Setting up a Kraken Account
To utilize the Kraken exchange, you must have created an account and completed their Know Your Customer protocol. Here’s how:
Step 4: To get full access to fiat deposits into Kraken, you must choose the intermediate verification where ID will be required.
Step 5: After entering the required information and documents, the Kraken team will send you an email within 7 working days to let you know if your account has been verified or not.
All done! You now have access to all of Krakens services. In some instances, you may have to reupload files to fit their guidelines.
The steps to open up an account on Kraken:
Open www.kraken.com and select "create account".
Fill in the details required and click "create account".
After activating your account, click on your account name and select "Get Verified".
Choose the "intermediate verification" where ID will be required.
Wait for an email within 7 working days to let you know if your account has been verified or not.
Kraken Fees
- 1.5% for cryptocurrencies
- 0.9% for Stablecoins
On top of this, there are additional card processing fees which can drastically reduce your purchasing power.
These are the main Kraken platform fees:
| 30-Day Volume | Maker | Taker |
|---|---|---|
$0 - $50,000 | 0.16% | 0.26% |
$50,001 - $100,000 | 0.14% | 0.24% |
$100,001 - $250,000 | 0.12% | 0.22% |
$250,000 - $500,000 | 0.10% | 0.20% |
Krakens tiers go all the way up to $10,000,000 trading volume. You can find there full schedule here.
Kraken’s Deposit and withdrawal methods
To see a comprehensive list of all possible deposit and withdrawal methods, see their support article here.
Deposit Methods
For deposits, you can either deposit fiat currency via a bank transfer, the method depending on what jurisdiction you reside in, and through direct cryptocurrency deposits from external wallets.
Deposit Options for Kraken Users from Europe
| Availability | Deposit method | Deposit minimum | Fee | Processing time |
|---|---|---|---|---|
SEPA | SEPA (Fidor) | 1 EUR | Free | 0-3 business days or instant |
SEPA | SEPA (Bank Frick) | 1 EUR | Free | 0-3 business days |
SEPA | SEPA / SEPA Instant (ClearJunction) | 1 EUR | Free | 0-3 business days or instant |
Worldwide | SWIFT (Bank Frick) | 4 EUR | 3 EUR | 1-5 business days |
Worldwide | SWIFT (Fidor) | 50 EUR | Free | 1-5 business days |
Worldwide | SWIFT (Etana Custody) | 150 EUR | Free | 2-5 business days or instant |
All Deposit Methods for US Customers
| Availability | Deposit method | Deposit minimum | Fee | Processing time |
|---|---|---|---|---|
USA only | FedWire (MVB Bank) | 1 USD | Free | 0-1 business days |
USA only | FedWire (Signature Bank) | 1 USD | Free | 0-1 business days |
USA only | FedWire (Silvergate) | 100 USD | 10 USD | 0-1 business days |
USA only | FedWire (Etana Custody) | 150 USD | Free | 2-5 business days or instant |
USA Only | FedWire (Synapse) | 20 USD | 5 USD | 3-5 business days |
Worldwide | SWIFT (Etana Custody) | 150 USD | Free | 2-5 business days or instant |
Worldwide | SWIFT (Signature Bank) | 1 USD | Free | 0-5 business days |
Worldwide | SWIFT (Silvergate Bank) | 100 USD | 10 USD | 0-5 business days |
EEA (Individual) EEA & US | SWIFT (Bank Frick) | 4 USD | 3 USD | 1-5 business days |
Worldwide (Business Pro) | Signet | No minimum | Free | Near-instant |
Worldwide (Business Pro) | Silvergate Exchange Network (SEN) | No minimum | Free | Near-instant |
When depositing cryptocurrency, ensure you double check the address before sending. For big transactions, attempt a smaller transaction first to confirm you receive your crypto!
Withdrawals
You can withdraw via the same methods as deposits; through cryptocurrency or fiat.
When withdrawing cryptocurrency to an external wallet, follow the procedure stipulated by Kraken support. You will incur network fees from the token you are withdrawing, which are not controlled by the Kraken exchange.
Withdrawing into cryptocurrency is equally as simple. Simply add your bank account details and request the amount of fiat currency you wish to withdraw.
Remember to choose the correct currency and withdrawal method.
Is Kraken Safe?
Jesse Powell, after witnessing the Mt Gox hack, based the kraken exchange around safety claiming to have the best security in the industry.
As mentioned before, 95% of crypto assets are kept in offline cold-storage, where the assets are distributed across the world to avoid a single target for hackers, if they were to get access to any cold-storage wallets.
On top of this, their physical servers are kept completely secure, even having around the clock armed guards watching over them.
Kraken’s Mobile App
Kraken has two different mobile apps to choose from, Kraken and Kraken Pro. You can view the two apps as the light and full versions of the exchange.
The Kraken App allows for simple features such as:
- Portfolio Tracking
- Instant Cryptocurrency Purchases
- Cryptocurrency market overall with a simple User Interface
The App is aimed for simple uses with its clean and easy to use interface for those on the fly, simply wanting to check their portfolio.
The Kraken Pro App has an extensive list of features:
- Professional trading functions such as Leverage orders (up to 5x)
- Withdraw cryptocurrency to different addresses
- Staking Cryptocurrency
- A professional trading feels right from your phone, no need to utilize the Web App.
The Kraken Pro App is aimed at those wanting to trade on the fly and require access to advanced order types and professional trading tools.
Kraken Education
Kraken aims to bring cryptocurrency to the masses, creating helpful videos and guides from beginner to expert. You can find their full list of resources here, with many of them featuring Kraken exchange founder Jesse Powell himself.
Customer Support
As most large centralized exchanges should do, Kraken offers round the clock global support, as the cryptocurrency markets never sleep.
They boast hundreds of full-time support staff with a 90% client satisfaction rate, operating around the globe and in multiple different languages to ensure your issue gets resolved.
Other than 24/7 live chat, Kraken has a dedicated call-team for the complex problems, operating 10am – 10pm GMT.
Customer support options:
- 24/7 live chat
- a call-team, operating 10am – 10pm GMT
Conclusion
Frequently Asked Questions
Rated by the biggest aggregators, Coinmarketcap, CoinGecko, and CryptoCompare, Kraken is one of the most trusted exchanges within the crypto sphere. Users trust Kraken for its proven track record over its long life span and the outspoken CEO who regularly defends the freedom of ownership, guiding customers to use self-custodial wallets when possible.
Kraken allows deposits in several fiat currencies and deposit minimums vary greatly by the method used. Minimums range from $1-$150. Check out their support article here to learn more. https://support.kraken.com/hc/en-us/articles/360000381846-Cash-deposit-options-fees-minimums-and-processing-times-
Kraken is available in almost all jurisdictions, with only a few exemptions. https://support.kraken.com/hc/en-us/articles/360001368823-Where-can-I-use-Kraken-
Kraken fees are relatively low compared to direct competitors such as Coinbase.
Maker and Taker Fees are 0.02% and 0.05% respectively. (as a percentage of order value)