Kraken.com review | A full review - 2021
Kraken.com is a cryptocurrency exchange. Because of its liquidity, Kraken.com is considered one of the largest exchanges in the world. In this Kraken.com review, it becomes clear why this crypto broker has become one of the larger exchanges.
Do you want to know more about this interesting cryptocurrency exchange? Then quickly read this Kraken.com review and find out if Kraken.com is reliable to use as a crypto exchange!
Step-by-step plan: Quickly invest with a broker
1 - Choose a broker: Find a reliable broker with low costs that suits your trading strategy, such as eToro
2 - Sign up: Create your account on the homepage of the broker
3 - Verify your account: Go through the KYC process to be able to trade with real money
4 - Start investing: Deposit money into your account and start investing!
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Because investing is very popular these days, the range of online brokers is very large. Finding the right broker is very difficult. We give you a hand in this Kraken.com Review!
Kraken.com Review: a brief introduction
Kraken is an American online broker where you can trade around 20 different cryptocurrencies.
The broker has been around for years and in that time has become one of the most well-known places to buy crypto.
Kraken does not offer the largest number of different coins, but it is known to be reliable and thorough.
A positive feature of Kraken is that the fees are good. These often amount to a fee of 0 to 0.16 percent. This is cheaper than many comparable brokers, but not the cheapest.
Like many other brokers, Kraken also has a mobile app for iPhone and Android. However, the app is not very extensive and looks a bit outdated, also the overviews of your funds are less clear.
Nevertheless, the app from the Kraken com review is very useful, and just like the site, it is an excellent place to invest. The Kraken com also focuses mainly on the website and not on the Kraken.com app.
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Kraken.com Review: Reliable broker?
Kraken's platform is very advanced and has one of the most secure systems available to traders. Thus, you can rest assured about your investments when using the Kraken platform and the Kraken.com app.
Moreover, the exchange is well supported by large amounts of money. Since its inception, the company has already raised over €100 million, so this gives you the guarantee that if things don't go according to plan, you can rest assured that your investments are safe.
Furthermore, Kraken offers the option to have third parties do a cryptographic check, in order to convince their customers that investments are in good hands.
Kraken is also regarded as one of the best options offering the most reliable software to its customers to buy and sell cryptocurrencies. In addition, there are advanced measures available on the platform to safely resolve problems when processing many orders.
It is very important that you make sure that your chosen platform is safe and reliable. Therefore, always do your own research to make sure that Kraken is still reliable. In Kraken.com reviews, they are not ranked in the top 5 exchanges worldwide for nothing!
Kraken has never been hacked
Kraken is one of the few crypto exchanges which have never been thought of, this is one of the best reasons to trade via Kraken. This is partly because reliability has been a top priority since Kraken was developed. Kraken.com reliable? Yes!
In addition, it is always good to listen to the security advice of a platform. Among other things, Kraken has posted some advice on the security of the platform and the safest way to buy cryptocurrencies.
Among other things, Kraken allows you to block IP addresses that you do not normally use for your account. This way, access to your account can only be gained through a known device and IP address.
Kraken has a reputation as one of the most secure cryptocurrency exchanges on the Internet. According to many Kraken.com reviews, Kraken.com is reliable and therefore a good exchange to work with.
How do I get started at Kraken?
You can easily create a Kraken account via the website of Kraken. Via the homepage, you can create an account for free and immediately get started at this crypto broker.
How do you open an account at Kraken?
First of all, click on "Create Account" in the top right corner. Then you have to fill in your email address, username and password on the registration form, make sure you choose a strong password that is not easily hackable.
You will receive an activation e-mail with an activation key. Enter this activation key in the form or complete the activation by clicking on the link in the e-mail.
Finally, confirm your password, enter the captcha when prompted and click the "Activate Account" button.
How do I deposit funds to my Kraken.com Wallet?
When you are logged into your account at Kraken, you can find the deposit guarantee overview by clicking on Funding in the menu. In order to be eligible to deposit, your account must be at least of an Intermediate account type.
To deposit Euros into your account, click on "Deposit" in the Euro (EUR) row. It is possible to deposit in different currencies. You can choose from Euro (EUR), Dollar (USD), Canadian Dollar (CAD) and Yen (JPY) among others.
You can then choose between SEPA or Wire Transfer in the drop down menu. You have several methods to choose from, but it is important that you choose the method with SEPA or Wire Transfer.
With SEPA transfer, you can deposit funds to your Kraken account without incurring transaction fees.
If you prefer to use Wire Transfer, you will be charged a €5.00 transaction fee. You need to deposit a minimum of €50.00 into your Kraken.com wallet.
How does the Kraken trading software work?
The Lynx trading software can be used in several ways. The trading platform is available for computer, smartphone and telephone but nowadays there's also Lynx basic.
With Lynx basic you can easily use the possibilities of the Lynx trading software via your browser. With all these platforms you can in principle arrange the same matters.
When you, as a user, place a market order, this means that you will buy cryptocurrency at the latest price. So you don't select a price yourself.
The limit order is the best known way of buying cryptocurrency. In this case you determine the price and quantity you want to buy. For example, 10 coins of a certain cryptocurrency at 10 euros each.
It may be that the coin is worth more than 10 euros each at that moment. In that case the limit order is placed which is automatically executed when the price drops.
Whereas the market order is executed and confirmed immediately, the limit order is different. After all, it can take a while before the price you have indicated is reached.
The iOS and Android app for your smartphone is extremely handy! This way, you can always view your credit balance and place orders, wherever you are, even if you didn't bring a laptop.
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Which trading products does Kraken.com offer?
Before you create an account on an exchange account, it is of course useful that you know in which cryptocurrencies you can trade. Kraken offers trading in over 40 coins.
Basic attention token (BAT)
What are the Kraken.com Fees?
As mentioned earlier, one of the biggest plus points at Kraken is the fees. You pay the very low Kraken.com Fees per transaction.
These are among the lowest within the entire crypto industry, including free deposits and very low fees for withdrawals and transactions.
The low Kraken.com fees per transaction are perhaps one of the biggest reasons why traders choose this trading platform. The Kraken.com fees per transaction vary from 0.1% to 0.35% for the most commonly paired currencies such as XBY/EUR.
The Kraken.com fees for less popular or new crypto currencies on Kraken can reach up to 0.75% per transaction.
Deposits are free for most cryptocurrencies on Kraken. For some less common or less popular crypto currencies, a deposit or wallet setup fee applies.
In general, the costs at Kraken are low, and this has a great influence on the popularity of this exchange.
Tip: Also at eToro you can trade cryptocurrencies easily, quickly and very cheaply!
Kraken.com Review: How is the customer service?
Kraken has a 24/7 global customer service where you can talk to one of their specialists, as they call it themselves.
Kraken also has a unique callback system. You can leave a message via a ticket on the platform and they will call you back on your previously registered phone number.
The opening hours are from Monday to Friday, from 12:00 to 24:00. Please note that the phone support cannot help you in case of problems with verification, login or crypto failures.
They also have an online help centre, where you can find a lot of information in the form of blogs and videos.
Is Kraken.com reliable?
In general, the Kraken user experiences are positive. It is not for nothing that it is one of the most popular crypto exchanges in the world.
Many users indicate that a visit to Kraken.com is worthwhile. It has an easy view to quickly buy bitcoin and other crypto currencies.
What is a disadvantage for many users is that each crypto exchange has verifications and limits.
It is indicated differently whether it is suitable for beginners. Besides user friendliness, Kraken offers several options.
These include futures, trading with leverage and Kraken has a robust number of trading pairs. Kraken also offers advanced features which you, as an experienced trader, need to be able to trade cryptos. Among other things, you can place a stop-loss order here.
If you are curious about our broker recommendations, read our article about the best brokers or directly create an account at eToro by clicking on the green button.
Kraken.com Review: Who is Kraken suitable for?
Kraken.com is not necessarily a crypto exchange that every investor will do well with. For people who are just starting out in the world of cryptocurrency, it is advisable to consider other brokers as well.
This is because cryptocurrency trading is a separate trade from investing. In principle, you can sell products in the same way, but you will need to know what to do with your purchased coins afterwards.
Your coins will end up in the Kraken.com wallet so that, if necessary, you can immediately trade them again on Kraken.com. As you have read in this Kraken.com review, this is a secure place to store the coins.
For beginners, there is the option to buy and sell instant crypto. This option comes with higher transaction costs, but with user-friendly advantages. For example, you don't have to remove your coins from the kraken.com wallet and you can trade the coins within a second.
Besides learning more about how a coin works and the technology behind it, you can also easily learn how to buy or sell the coin via the kraken.com platform.
As you have read in this Kraken com review, you can also invest in Bitcoin at this crypto exchange. Do you want to do this? First, check out the current Bitcoin price on our website!
Kraken.com Review: Learn all about different cryptocurrencies
You have already been able to read and learn all about the platform and cryptocurrencies in this Kraken.com review. Kraken.com itself also has a knowledge base containing guides to introduce you to one of the many cryptocurrencies that Kraken.com offers.
At Kraken.com, you can easily review the different coins by clicking on a cryptocurrency, as you can see in the example on the right.
Kraken.com Review: Frequently Asked Questions
Kraken.com is an online crypto exchange where you can easily invest in all kinds of different digital coins. The offer of Kraken.com is large and it is one of the most popular online crypto exchanges at the moment.
This Kraken.com review has already shown that Kraken.com has never been hacked and that so far the exchange has always been safe. At the moment, Kraken.com has registered with the British regulator FCA, where they are trying to obtain a licence to sell cryptocurrency in England as well. This will further improve the reliability of Kraken.com.
There is not one kraken.com app but several. For example, you have a kraken.com app that allows you to easily buy and sell cryptocurrency. In addition, for professional investors, there is also the option of using the Kraken.com app Kraken Pro or Kraken Futures to trade the cryptocurrency in other ways.
How much you pay in Kraken.com fees depends on how much you invest. You pay Kraken.com fees on depositing money and in addition, you also pay Kraken.com fees when you go to invest in a cryptocurrency, if you do this through the instant buy option you pay 1.5% in fees, if you buy cryptocurrency this way through a stablecoin like USDC you pay 0.9% transaction fees.
Basically, Kraken.com is not a platform intended to store cryptocurrency. The Kraken.com wallet is nothing more than a temporary repository for your cryptocurrency. Where some wallets give you extra options such as strike, the Kraken.com wallet does not. As soon as you buy cryptocurrency at this crypto exchange, it is best to have another wallet to store the coins in instead of the Kraken.com wallet.
Kraken.com Review: Conclusion
In this Kraken.com review, you have been able to read everything about this crypto exchange. Because it can be complicated for novice investors to start from scratch with cryptocurrency at a crypto exchange, it is wise to gain knowledge first before investing your own money.
Kraken.com is one of the larger crypto exchanges in the world because of its wide range of different cryptocurrencies. The company is now in the process of obtaining licenses from regulators so that they can sell regulated cryptocurrency to customers around the world.
At Kraken.com, you buy the cryptocurrency yourself. Would you rather speculate on a more convenient platform where you can invest in a variety of trading products besides crypto? Then start with eToro!