Kraken Review 2022 – The Safest Cryptocurrency Exchange

Kraken is a popular cryptocurrency exchange where you can buy bitcoins as well as cryptocurrency pairs to speculate. Among the crypto asset trading platforms, Kraken is one of the most famous and popular, with more than 4 million clients from around the world. It stands out for its security, variety of services and for being one of the few exchanges located in the United States, a country with strong regulation regarding financial services.

The company was founded in San Francisco, in the United States, and is currently the exchange with the highest trading volume of Bitcoin and other cryptocurrencies against the Euro. Therefore, we are with a company with good experience in the market and well known among investors.

Our experience with Kraken

This company has been offering its services to invest in cryptocurrencies for more than 6 years and has always been characterized by its security measures, something important in an industry where the theft of cryptocurrencies has been a problem. This strong track record indicates that Kraken is not a scam and as you’ll see in the following sections, it applies good security measures that further boost our confidence.

As for cryptocurrency trading tools, there is little to criticize. Investing through Kraken is quick and easy, meeting the expectations of anyone who wants to invest in major cryptocurrencies like Bitcoin or Ethereum. In addition, it also offers pairs of cryptocurrencies against the dollar and the euro and in the cases of the most popular cryptocurrencies even against the yen, the British pound and the Canadian dollar.

Is Kraken a safe cryptocurrency exchange?

Although there are many platforms to invest in bitcoins and other cryptocurrencies that make us doubt due to their poor security practices, in the case of Kraken the opposite is true.

This company takes security very seriously and has implemented measures such as the possibility of activating a two-step authentication system for the login and thus preventing anyone except you from accessing the account. But the security measures go further.

For example, if a wrong password is entered, the messages that are received are completely neutral, in such a way that whoever entered it cannot know if there really is a username like the one tried. In this way, potential thieves will never be able to deduce that there is a username with which to process multiple passwords and access your account through brute force.

The account recovery system when the password is misspelled is also secure and works with a double authentication system. Thus, one of the weaknesses of many websites is eliminated. Although they require very strong passwords, these can then be changed by guessing obvious questions such as the name of a pet, a surname of a grandfather or the name of a school.

Another thing we like is that the document upload system is isolated and fully encrypted, since they are aware that it is a critical security measure.

Kraken Trading Services

Another advantage of Kraken is the variety of assets it offers to cryptocurrency traders. When accessing the Kraken Markets section, we have looked at the extensive list of cryptocurrencies offered by the company, where we can find popular currencies such as Bitcoin, Bitcoin cash, Litecoin, Ethereum, Ripple, Dash, Tron and Neo. But in Kraken we can trade many cryptocurrencies considered more exotic, such as Cardano, Monaco, Tezos, VeChain, Waves, Bancor, Civic, IOTA, Newton and Kcash.

In this regard, Kraken can compete with other exchanges that also offer a large number of cryptocurrencies such as Binance.

On Kraken you can trade 128 different cryptocurrency pairs or fiat/cryptocurrency pairs. This gives you the option of applying multiple strategies, especially since in addition to the euro and the dollar, this exchange includes the Canadian dollar, the British pound and the Japanese yen, which is not usual in the market. Therefore, if you are used to investing in currency pairs in the Forex market, this platform is where you can make the most of your knowledge, since it gives you many more options than investing only in cryptocurrencies.

The interface of the Kraken platform is simple and easy to use, ideal for traders with little experience in cryptocurrency trading. The platform charts have various time frames, market analysis drawing tools, and other indicators that are often used in technical analysis. It also has the typical bar chart of the trading volume at all times. In addition, the trader can see a table with the volumes of supply and demand and in the right column you have the buttons to open long and short trades in the currency you are analyzing.

You can easily change currencies in the upper left corner and you can even set alerts that warn you when certain supports or resistances are exceeded. In short, a very good investment platform.

The platform allows a maximum leverage of 1: 5, but only in the case of operations with bitcoin – euro and bitcoin – dollar. Other cryptocurrencies available without leverage are bitcoin cash, ethereum, dash, gnosis, tether, ether, ether classic, iconomi, litecoin, melon, augur, dogecoin, lumen, monero, ripple, and zcash. As you can see, more than enough for any investor.

Kraken trading fees

The minimum trading fees in Kraken are 0.26% for those who accept orders (takers) from other traders, slightly higher than the 0.25% that almost all competing platforms have opted for. Depending on the volume, the commission is reduced to 0.10%. As for market makers, the maximum commission is 0.16% which can go down to 0, but only in the case of really important trades.

Kraken deposit and withdrawal methods

Kraken accepts multiple cryptocurrencies to fund their accounts, in addition to major ones like Bitcoin and Ethereum.

In the case of fiat money, the main form of deposit is bank transfer. In the case of European users, when making transfers within the SEPA environment, the company does not charge any commission.

For withdrawals of funds, bank transfer is also the method selected by this platform. The commission in case of SEPA transfers is 0.09 euros.

Kraken Safety and Regulations

The truth is that Kraken takes both security and transparency very seriously. That is why we insist that there is no room for suspicion of scam when trading with this platform.

To begin with, it has an auditing system by which they demonstrate that client funds are kept securely. This system consists of an auditor verifying the funds of Kraken and that they match the funds of the users’ accounts. But in an extra effort of transparency, the company allows users to verify that their funds are stored safely, by entering the Audit section of the Funding menu. In this sense, this is the most transparent crypto  platform that we know of, since it reliably demonstrates that it keeps clients’ funds in a cold wallet that potential thieves have no access to.

Only the amounts necessary to carry out the transactions and to ensure the liquidity on the platform are left out of these cold wallets. Of course, all wallets are encrypted.

The company’s servers are kept under strict security measures, which include armed guards. They use independent systems for different activities, so that the agents who verify your documents cannot access your account but only the documents, and customer service tickets are also managed by another independent system in turn.

Client funds are kept in bank accounts separate from the company’s own funds, so your money is not used for the company’s operational payments. In fact, your funds are not used for anything, not even to be loaned to other users in leveraged transactions.

Kraken website functionality

After our tests, we were satisfied with the operation of the website of this cryptocurrency exchange, both for crypto trading, to make deposits and withdrawals and to obtain any necessary information about its rates, operation, etc.

We are facing a company that is committed to transparency and it is something that shows. In this sense, Kraken includes all the information regarding its services on its website, including aspects such as the markets it offers, trading conditions and trading rates.

Kraken mobile apps

Currently Kraken offers an application for Android and iOS mobile devices. These applications allow the clients of this exchange to trade cryptocurrencies from anywhere with an Internet connection. They have multiple trading features, including real-time quotes and advanced price charts. Kraken’s mobile apps previously weren’t the best but they have improved significantly.

Kraken Customer Support

The customer service works very efficiently on the basis of a contact form. Through this form, Kraken staff responds to any inquiry by email and thus you can maintain communication.

At the moment they do not have live chat or telephone to serve their customers. In fact, they warn on their website that if at any time anyone gives you a phone number to contact Kraken, it is surely a scam.

The Help section is very complete and will allow you to solve the vast majority of your doubts quickly without having to wait for an agent to answer your inquiries.

Kraken Staking

Staking is a great option to maximize your holdings in staking coins like Tezos and fiat that would otherwise be sitting in your trading account with Kraken. Once the trader have staked his assets he can earn staking rewards on top of his holdings and grow them further by compounding those future rewards.

Conclusions

We can say that Kraken is one of the most trusted cryptocurrency exchanges today given that it has implemented all possible means to avoid fraud and scams. It currently has a variety of digital assets to trade and its trading platform is suitable for both beginner and experienced traders.

Additionally, Kraken offers various fiat currencies, in addition to USD and EUR, margin trading with cryptocurrencies and Bitcoin derivatives, including futures.

At Forex Dominion we recommend this exchange to all those interested in investing in bitcoin, ethereum and the rest of the most popular cryptocurrencies among traders, as it is a very good option.

You can get more information about Kraken and its cryptocurrency trading services on their website:

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