Kraken Exchange Review (2020 Updated)

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• Published: May 25th, 2020
• Updated: June 2nd, 2020

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Buy Cryptocurrency with Kraken

kraken exchange review

Kraken is a San Francisco, United States-based cryptocurrency exchange that has a decent variety of trading pairs.

Supported Countries

At press time, Kraken does not support the following countries.

  • Afghanistan
  • Cuba
  • Guinea-Bissau
  • Iran
  • Iraq
  • Japan
  • North Korea
  • Tajikistan

If you’re not seeing your own country here, feel free to sign up to Kraken!

Trading Fees Structure

Kraken’s trading fees as stated earlier are between 0%-.26% depending on a few conditions.

Kraken Trading Fees

The factors that go into trading fees are your accounts trading volume and whether you are a maker or a taker.

A maker is someone who offers liquidity by placing a limit order. A taker is someone who fills a makers order, taking away liquidity.

Here’s a useful graphic for determining how much you will pay in fees.

For most of our readers, you can expect to pay around .14%-.26% fees on your buys and sells.

This is pretty competitive with all other exchanges and much better than brokerages. This is because on an exchange you’re purchasing from another trader while a brokerage you work directly with the company.

Supported Currencies

Kraken supports a wide variety of fiat currencies and altcoins with a little something for everyone.

Cryptocurrencies

Kraken supports an extraordinary amount of Altcoins, too many to list here. These are some notable ones. Feel free to view the rest on their exchange.

  • BTC
  • ETH
  • BAT
  • Zcash
  • Monero

Fiat Currencies

Kraken currently supports the following fiat currencies:

  • USD
  • EUR
  • GBP

Kraken Deposit Methods

Kraken allows the following deposit methods:

  • SEPA Transfer
  • USD Bank Transfer Deposit
  • EUR Bank Wire Deposit
  • JPY Bank Deposit
  • Cryptocurrency Deposits

Kraken does not allow credit or debit deposits which could be inconvenient for some users. Funds can be withdrawn from Kraken through the above methods as well.

Kraken Verification

Kraken offers tiers of verification on their exchange.

  • Tier 0 only requires an email address for verification but does not allow users to deposit or withdraw any cryptocurrency.
  • Tier 1 allows its users to deposit and withdraw cryptocurrency but requires its users to provide their full name, date of birth, country and phone number.
  • Tier 2 lets you deposit, withdraw and trade cryptocurrency. In certain countries, users can also start depositing and trading fiat currency (dollars, Euros, etc). Tier 2 requires all the earlier tier requirements plus an address.
  • Tier 3 is the next step and allows for much higher limits than tier 2. Tier 3 requires a photo ID to be sent to the exchange.
  • Tier 4 is the final tier and allows for corporate and individual accounts. This tier requires full KYC and allows for even higher limits.

Kraken Team

The Kraken CEO is Jesse Powell. Kraken has a fantastic customer support team that can be reached by Email, Twitter, and Reddit.

How to Buy Cryptocurrency on Kraken

In order to purchase Bitcoin on Kraken, you’ll have to create an account.

Once an account is created, you’ll have to begin the first of 3 steps.

Depending on your accounts needs, you’ll have to choose one of the following options. For most of you, starter will be just fine.

In my case, verification took under 24 hrs to complete! We know, you want to purchase Bitcoin instantly but that’s not always possible.

Once verified, you’ll want to head to the trading pairing of your choice.

In this example, we’ll use BTC/USD.

From here, you can enter an order. Kraken supports lots of variations of orders for all skill levels. For beginners, just leave it on simple. For more advanced traders we recommend some options in the intermediate and advanced sections.

Kraken Orders

Once your order goes through, you have successfully purchased Bitcoin on Kraken!

Does Kraken have a Mobile App?

Kraken does not currently have a mobile app or wallet, but this could be under development.

Overall Kraken is a great exchange, with its strengths being its wide variety of pairs for a fiat exchange, its simple user interface, and great customer support.

Conclusion

Now you have some background on Kraken, you’ll be able to decide if this is a great option for you. In short, we think Kraken is a fantastic option baring you are comfortable setting your own exchange orders, and your payment methods and countries are supported.

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
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