Kraken is a US-based crypto exchange that supports coins and fiat currencies. Physically, it’s located in San Francisco. Legally, it’s owned by Payward while its CEO is Jesse Powell. Overall, is Kraken legal? We’re sure in the positive answer. Although the exchange isn’t supervised by traditional financial regulators, Kraken fraud is impossible thanks to a good reputation of the exchange and reliable KYC.
Moreover, the Kraken exchange was never hacked. The team behind the system even participated in a generous activity when it partially returned funds to customers of Mt. Gox after the famous shutdown. Thus, Kraken is now pretty attractive to clients thanks to its good reviews.
The site itself has several versions in 11 languages, including English, Chinese, Japanese, Russian, and so on. Kraken reviews 160 trading pairs, including crypto-crypto and crypto-fiat ones. You always can access the list from the bottom of the main page, by choosing the options named “show me live prices”. As well, you can access the trading screens with all the required features like charts, orders, and indicators.
Is Kraken safe?
Generally, yes because it was never hacked. But there was a Kraken down issue in January 2018. The exchange was unavailable for two days after the initial two-hour regular upgrade. Users were worrying a lot but the Kraken exchange was trying to help everybody by delivering regular info. Now, everything’s fine.
Is Kraken safe today? Well, we think so. The system uses traditional 2FA methods but allows users to enable them for many operations like order activations or withdrawals. Of course, it has cold wallets – reliable and protected storage systems for funds of customers.
How to use Kraken?
Initially, you should obtain your Kraken login. To start, create an account using the eponymous button in the upper right corner of the main page. There, you should specify your email, name, password, and country of residence. But how to use Kraken next? Be sure to complete verification processes. There are three levels now, each with different requirements. The first is available after registration, the second requires ID, the third requests you to complete a KYC questionnaire.
Here are some details.
The final level opens high withdrawal limits: $10,000,000 per day and $300,000,000 per month in crypto.
Kraken fees are different for makers and takers. They also vary depending on the trading volume of each user. You can easily find the schedule by selecting the relevant tab at the bottom of the main page. The lowest trading fee is 0% for makers while the highest level is 0.26% for takers.
We hope that this Kraken review was helpful. The platform has good user feedback which means the absence of Kraken scam. But you should decide for yourself. Concluding our Kraken review 2020, let’s compare key pros and cons.
- Decent security, rich 2FA options;
- Enough trading pairs and currencies, including fiat;
- Margin trading features;
- Mobile apps available;
- Simple and intuitive interface;
- Verification is relatively quick.
- Downtime issues in 2018;
- Fees may feel too high;
- Mandatory KYC even for basic levels.