Kraken Exchange Review

kraken exchange review

Kraken is a San Francisco, United States based cryptocurrency exchange that has a decent variety of trading pairs. They have reasonable trading fees between .16%-.26% and accept users from the U.S, Japan, Canada and Europe.

Kraken’s main competitors are Coinbase, Gemini and GDAX. Coinbase is the most popular exchange in the United States, and has grown rapdily.

Kraken’s Trading Fees Structure

Kraken’s trading fees as stated earlier are between .16%-.26% depending on a few conditions. 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. Below is a useful graphic for determining how much you will pay in fees. More information of Kraken’s fees can be found here.

Kraken Trading Pairs

Kraken offers XBT Trading pairs. XBT is the same thing as BTC. Bitcoin can be traded for the fiat currencies USD, EUR, CAD, and JPY.

The following altcoins are available for trade on Kraken for fiat and XBT pairings: BCash (BCH), Dash, EOS, Ethereum Classic (ETC), Ethereum (ETH), Gnosis (GNO), Iconomi (ICN), Litecoin (LTC), Melon (MLN), Augur (REP), Tether (USDT), Dogecoin (XDG), Stellar Lumens (XLM), Monero (XMR), Ripple (XRP), and Zcash (ZEC).

Kraken offers a lot of fiat pairings which is pretty rare on most exchanges.

Kraken Limits and Deposit Fees

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 Funds can be withdrawn from Kraken through the above methods as well.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’s User Interface

Kraken has a relatively simple and beginner friendly user interface.

Kraken Interface

Kraken Team

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

Kraken CEO and Team

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.