Launched in July 2011, Kraken exchange is a reliable cryptocurrency trading platform, which is quite popular among both experienced traders and newcomers — it is in the first place in terms of BTC / EUR trading volume. The site boasts a considerable volume of trading and a positive reputation among the crypto currency community. Kraken has managed to win the clients’ confidence due to the lack of hacker attacks registered on the stock exchange. In addition, Kraken has been chosen as a platform through which users suffering from Mt.Gox scam can claim lost funds. Primarily, Kraken is considered to be a trading platform to exchange bitcoin and Ethereum for Fiat (USD and EUR), but altcoins are available too. The company, whose exchange was the first to be displayed in the Bloomberg Terminal, is headquartered in San Francisco, California. Kraken’s acquisition of a couple of small trading platforms has greatly increased its influence and popularity in European countries.
Registration and verification
To trade on the exchange, you must register and verify your account at least in simplified form. To sign up, you only need to enter a desire login, a minimum eight-character password, and an e-mail address. The e-mail will need to be confirmed with the link that you will receive on your email address. After that, you will receive an access to your secure client area, without the possibility of trading.
Well-thought-out verification process includes five levels, allowing a user to choose what personal data to provide in return for a number of trading options.
Level 0 — is assigned after the registration. Depositing and withdrawal of any currencies are unavailable.
Level 1 — this level allows depositing and withdrawal to/from crypto currency wallets as well as trading on Kraken. The Level 1 requires to indicate your full name, birth date, phone number and country of residence.
Level 2 — adds support for operations with fiat currencies (depositing / withdrawal). It is required a residence address confirmation.
Level 3 — increases the account withdrawal limits. It is required to provide a Tax Identification Number (TIN).
Level 4 — makes maximum withdrawal limits available for a user. This level is assigned manually after the relevant user’s request.
Deposit and Withdrawal
Kraken’s high popularity is largely due to the trading option, providing with a large number of fiat currencies, such as American and Canadian dollars, euros, yen, pounds. A balance for the each currency is available in the corresponding section of a Client Area.
Trading on Kraken
Kraken offers traders a variety of different currencies. A total of several dozens of trading pairs are supported. Trading is available after the first level verification is completed. In addition to trading, the platform provides an opportunity to make loans.
In addition to trade in personal funds, the platform provides possibility to use loan funds. Kraken gives leverage for just a few tools. Its size varies from 1: 2 to 1: 5. 0.01% — 0.02% commission is charged for unsecured trading, depending on the instrument. It is charged every 4 hours. To get more details on the Kraken’s 24 hour trading volume, supported currencies and pairs, please, follow this link.
Like any trading platform, Kraken charges commission from every transaction which varies depending on the trader status — the Taker or the Maker — and his monthly trade volume. Taking this factors into account, transaction fee can range from 0 to 0.16% for the maker and 0.1% to 0.26% for the taker. This amount of commissions is correlated with the average market fee.
The platform charges a fee for depositing and withdrawal funds in fiat currencies. It depends on the country in which the customer’s bank is located. The deposit fee ranges from $ 5 to $ 10, the withdrawal — from $ 5 to $ 60.
Security and Protection
To secure user’s profiles, the crypto platform provides several additional services. The first is two-phase identification. How it works: logging into account, you get a unique code on your mobile number that allows to complete the login process. Two-phase authentication on the Kraken exchange can be used separately for trading, depositing, or withdrawal. If this is not enough, you can run identification via Google place id.
It is important to say that Kraken is the first bitcoin exchange, which has successfully passed the cryptographic audit, thereby proving its security.