Kraken Review – Why is it an Outstanding Crypto Buying Platform
A Kraken review that puts an emphasizes on all the major attributes and features of the well-known platform can also help you determine if it is a suitable exchange for you.
Since there is no shortage of crypto exchanges that you can choose to buy or trade crypto, you should be careful and make an informed decision. Choosing an exchange by carefully analyzing its features can help you finalize the one that ticks all the right boxes for you, making the overall crypto buying or trading experience less stressful.
If you are considering Kraken exchange to buy crypto then you should know the following reasons as to why it is an impressive and outstanding platform.
Kraken Review – A Brief Overview
Kraken is one of the US-based cryptocurrency platforms and is one of the oldest and largest exchanges in the world. It was established in 2011 and is now one of the safest platforms in the industry.
None of the exchanges in the market are completely risk-free. However, their credibility and the level of safety they offer may vary based on various factors.
Apart from a few countries, Kraken extends its services to numerous countries around the globe. It stands out among its competitors, thanks to its high-end security, powerful trading platform and other features and services.
Variety of Cryptocurrencies Available
Before opting for any exchange, it is important that you explore how many digital currencies it supports. This would help you determine what your options will be, whether you take interest in buying or trading crypto.
This is an important aspect to consider, which is why this Kraken review addresses it. This exchange supports a wide variety of digital currencies that enables the users to buy, trade and even store assets that are not so popular.
The Kraken exchange supports over 50 crypto assets on the platform, along with fiat currencies that include:
- GBP
- Canadian Dollar
- USD
- Euro
How Secure is Kraken?
While determining how suitable this platform is, one of the first questions you need to explore is, “is Kraken safe?”. This platform is one of the very few in the industry that has never been hacked and offers utmost security to the users.
According to this Kraken review, this cryptocurrency exchange implements several cutting-edge security protocols that ensure the funds and privacy of the users is kept safe.
The level of security offered by Kraken is further validated by the fact that it is regulated by two major regulatory bodies:
- FinCEN in the USA
- FINTRAC in Canada
The Kraken exchange uses sophisticated security protocols, some of which are:
- KYC (know your customer) verification for opening an account
- Two-factor authentication (2FA)
- Global Settings Lock (GSL)
- Use of offline crypto wallets
- Advanced blockchain technology
- Kraken Master Key
Fee Charged by Kraken
The Kraken exchange offers a straightforward fee structure for its users. Trading fees on Kraken vary depending on the trading pair and the volume traded, with higher volume trades attracting lower fees.
The fees for spot trading ranges from:
- 0.16% to 0.26% for market taker
- 0.00% to 0.10% for market maker
For futures trading, the fee ranges from:
- 0.02% to 0.05% for market maker
- 0.05% to 0.075% for market taker
Kraken also charges withdrawal fees, which vary depending on the cryptocurrency being withdrawn. The fees for depositing cryptocurrencies are generally free, but there may be fees for depositing fiat currencies depending on the method used.
Dark Pools
This Kraken review highlights why the platform is distinctive as compared to its competition. This is because of the availability of unique features such as dark pools.
This feature enables the users to place orders in the market anonymously. They are not required to disclose their identity. These orders are called dark pools and can only be viewed by people who place them.
Crypto Staking
Speaking of distinctive features, another major and prominent one is crypto staking. This is a feature that is quite unique and is not supported by many platforms. The biggest reason being that crypto staking is only possible on blockchains that are built on proof-of-stake.
Crypto staking means that you can put the crypto you own in a crypto wallet or collective pool and get rewards. The transactions can be validate by staked tokens only.
OTC Option
The Kraken exchange is one of the best options, not only for new investors and traders but also for professional traders. This is an advanced trading platform that offers a good collection of optimizations and features. This also includes the OTC option.
This option makes it possible for institutional investors and small traders to benefit from the price fluctuation that they see in the market.
Conclusion!
If you are interested in using the right kind of platform to buy or trade crypto then you should take a look at the brief Kraken review above. The details mentioned in the review can help you determine how suitable the exchange is for you.
