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KRAKEN CRYPTO EXCHANGE REVIEW

Cryptocurrencies have gained traction with investors, traders, and other market participants across the globe. Along with a significant surge in the launch of numerous Digital Currencies, the launch of trading platforms for these cryptocurrencies is also on the rise.

 

Similar to the functioning of a stock exchange, these cryptocurrency exchanges facilitate the buying and selling of digital assets by retail as well as by institutional investors and traders.

 

This article discusses the Kraken Digital Asset Exchange, one of the prominent Crypto Exchanges.

The Kraken Exchange Marketplace

Functioning on the lines of a stock exchange that facilitates buying and selling of stocks, San Francisco-based Kraken is a Crypto Exchange platform where market participants can buy and sell various digital assets. The users are allowed to buy or sell digital currencies using various fiat currencies, including U.S. dollars, Canadian dollars, Euros, and the Japanese yen.

 

Digital currencies available for trading on the Kraken crypto exchange include Ethereum (ETH) and Bitcoin (BTC), and others that have gained interest in recent times, like EOS (EOS) and Monero (XMR).

 

Kraken Digital Asset Exchange was established in 2011 and formally allowed trading on its platform in 2013. It is owned by Pay ward Inc. and is led by CEO and co-founder Jesse Powell. It provides the easy transfer of money to and from the linked bank accounts of the participant, and the movement of digital currencies to and from the user’s digital wallets from Kraken-linked trading accounts.

 

Let’s go through some of the features of the Kraken Digital Exchange:

 

  • The main platform features: Low fees, Strong security protocols, and many currencies options
  • Fees: 0% to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 0.5% plus 0.9% or 1.5% for ACH purchases
  • Number of cryptocurrencies supported: 97
  • Security features: 2FA withdrawal email confirmation, air-gapped cold storage, strict surveillance, precise API key permission control, SSL encryption
  • Types of transactions supported: Buy, sell, send, receive, exchange, futures trading, Cryptowatch, and staking
  • Maximum deposit and withdrawal: $100,000 daily (intermediate level members)

 

A.  Introduction to Kraken Account

 

Kraken is a feature-rich trading platform for digital currency enthusiasts. It offers a variety of account types that cover the needs of all kinds of traders and investors.

 

Along with its advanced order system and trading tools – which include a variety of stop-loss and profit-taking order types, leverage and margin-based trading, automated strategy trading, and a big pool of digital currencies to trade in – Kraken ranks among the leaders in Cryptocurrency Exchanges.

 

B.  How to use Kraken?

 

Creating an account on Kraken Digital Exchange is the first step toward accessing the services that Kraken offers.

 

Step 1: Visit the official Kraken website at https://www.kraken.com.

Step 2: Click on the Create Account button in the upper-right corner.

Step 3: Enter your email address, a username (see username tips & requirements) and a strong password (see password tips & requirements) on the signup form.

Note: the username cannot be changed.

Step 4: Read Kraken’s Terms of Service and Privacy Policy, tick the agree on the box (if you agree), and then click the Create Account button.

Step 5: You should receive an activation email containing an activation key.

 

If you do not receive an activation email, please try these troubleshooting steps.

 

Step 6: Enter your activation key on the account activation form or complete activation by clicking the link in the email.

Step 7: Confirm your password, complete the captcha if asked and click the Activate Account button.

Step 8: Congratulations! You have successfully created your Kraken Account and you’re ready to get started.

 

C.  How do I deposit my local currency to Kraken?

 

Step 1: Sign in to your Kraken Account and navigate to the Funding tab

Step 2: Click on the deposit button

Step 3: Search for the currency you wish to deposit and click on it.

Step 4: Enter the amount you wish to deposit and select your preferred funding provider from the drop-down menu. If you are only shown one option, you can skip this step and continue.

Step 5: Review the important notes and instructions.

Step 6: To prevent errors, we suggest copying Kraken Bank Account Details directly to your bank or financial institution.

Step 7: Various banks have different requirements, so please contact your bank directly for specific instructions on how to complete the deposit.

Step 8: To help your deposit go smoothly, use Kraken’s deposit checklist before sending any funds.

 

D.  How to exchange Crypto on Kraken?

 

The quickest way to buy, sell and convert crypto instantly is using the Buy Crypto button at the top of the page. Not all cryptocurrencies will be available via this option. Transactions using the Instant Buy/Sell Services are subject to fees. You are presented with the applicable fees after selecting ‘preview buy’ before entering into the transaction.

 

Step 1:Select currency pair

 

First, you will need to know what assets you would like to exchange, for example buying Bitcoin with your USD or selling Ethereum (ETH) for Euros. After you know which pairs you’ll be trading, you can select them from the ticker/quote bar near the top left corner while viewing the Trade tab.

 

To find out what each ticker stands for, see: Cryptocurrencies available on Kraken.

 

The first currency in a pair represents the base currency, while the second in a pair represents the quote currency.

 

In a Buy order: you pay the quote currency and receive the base currency.

 

In a Sell order: you sell the base currency and receive quote currency.

 

From here you can select any of the trading pairs.

 

Step 2: Fill out the order form

 

After selecting your trading pair, go to the New Order page and select the Simple form.

 

Here you’ll see three text boxes and the option to use a market or limit order. Before we input values into these boxes, knowing how a market or limit order works is necessary.

 

A market order is meant for immediate execution, as it will match with limit orders that are already available on our order books. Market orders will always incur a slightly higher fee known as a taker fee (the second per cent beside your 30-day volume). With market orders, you can only input the volume you would like to buy or sell and not the price.

 

Limit orders will execute at the price you’ve set or better, once the market reaches your limit price. They can be subject to maker or taker fees depending on when it executes. If a matching order already exists and it’s executed immediately, then taker fees will be charged.

 

Step 3: Submit Order

 

Once you’ve decided if you’re looking for a market or limit order, you can select your choice with the buttons to the left of the Total field.

 

After things look good you just need to press the large buy/sell button and you’ll be brought to an order confirmation screen for a chance to double-check your order.

 

This screen can be avoided if the Skip order confirmations box is checked.

 

Note: the order confirmation page will truncate (not round) the amount of cryptocurrency to spend/receive based on that cryptocurrency's price precision (rather than the volume precision). The extra volume not shown is still included in the order.

 

Step 4: Wait for order execution

 

If a market order is selected, the trade will happen instantly and your balance will change. Funds can be withdrawn or used to trade again right away. You can view successfully executed (closed) market orders on the Orders tab.

 

Limit orders may not be filled right away but you can view their status in the Orders tab. In the below example, the BTC/USD price would have to reach $54,500 for the limit buy order to be executed.

 

If your order has not yet been executed you can cancel the order by selecting the red x button under New & Open Orders.

 

E.  How do I Withdraw Money from Kraken?

 

Step 1: Sign in to your Kraken Account and navigate to the Funding tab.

Step 2: Click Withdraw and use the search bar to find your preferred currency.

Step 3: Select a Funding Provider from the drop-down menu. If you are only shown one option, you can skip this step and continue with step 4; or follow the instructions for withdrawing funds with EtanaCustody or Synapse.

Step 4: Add a new bank account.

  • Click on Continue.
  • Fill in your bank account details (all fields are mandatory) and click on Add bank account.
  • Description can be whatever you like so you can easily remember this bank account. This description must be unique, and not used on any other withdrawal method in your Kraken account.
  • The name on the account is the bank account holder's name, which must match the verified name or entity on this Kraken Account.
  • Please refer to frequently asked questionsfor more information about the different.

 

 

Step 5: Request a withdrawal.

  • Repeat steps 1, 2 and 3.
  • Scroll to the bottom of the page, and select the bank account from the drop-down menu.
  • Enter the amount you wish to withdraw and click on Review Withdrawal.
  • Do not use punctuation or currency symbols (use 1000 instead of €1,000).
  • Check that the details are correct and then Confirm the withdrawal.

 

Step 6: To help your withdrawal go smoothly:
 

  • Ensure that you are not withdrawing to a Third-Party Payments Processor.
  • Check that your bank or financial institution meets the requirements of your selected Funding Provider.
  • Only use a bank account under your control, where the name matches the verified name or entity on your Kraken Account.

 

F.  Can I link my Bank Account to Kraken?

 

Yes, you can link your bank account to the Kraken Digital Asset Exchange Account.

 

Here is a list of information required when adding a new bank account:

 

Kraken funding providers each have their specific requirements for what is needed to process a bank withdrawal. Below is a summary of the various input fields you may encounter:

 

  • Description is a unique description used to identify this bank account, so you can easily remember it.
  • The name on the account must match the legal name on your bank account and your Kraken account.
  • The account number is your unique bank account number.
  • IBAN is your unique bank account number, presented in an international format used by certain countries.
  • BSB is the (Bank-State-Branch) number, which is a six-digit number used to identify your branch of a financial institution in Australia.
  • BIC, SWIFT, and Bank codes are often used interchangeably. All variations are a unique code to identify your bank or financial institution.
  • A transit number is typically a five-digit number located on your chequebook.
  • Sort code is a six-digit number which is used by British and Irish banks.
  • The routing number is a nine-digit FedWire capable routing number. Please consult your financial institution for the proper number to use.
  • A bank name is the name of your bank or financial institution.
  • The branch name is used to specify the branch where your bank account is held. E.g. "Main Street Office".
  • The address is the physical address of your bank’s branch, including the country.
  • An intermediary is an optional field to be used if you wish to specify a preferred intermediary bank to facilitate your transfer.

 

G.  How can I contact Kraken Support?

 

Kraken has hundreds of full-time, dedicated Client Engagement crypto and finance specialists, trained on the ins and outs of all our products and services. Its team is distributed across the world, fluent in a wide range of languages, respond quickly with personalized solutions and works every day of the year – even on major holidays. The team provides a level of support that is unmatched in the crypto industry.

 

Contact Kraken Support

 

24/7 Live Chat

 

If you’re awake, Kraken is too. When you need help, Kraken’s team of experts will work with you via their 24/7 Live Chat to reach a quick and efficient resolution.

 

Prefer Talking?

 

Kraken dedicated support specialists are here to help Monday to Saturday from 6 AM to 6 PM EST (U.S.) or 10 AM to 10 PM GMT (the UK and Europe).

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