Kraken, with its extensive offerings and security emphasis, is a top choice in the crypto world. While the platform may have a slight learning curve for beginners, its tools and resources are invaluable for seasoned traders. Kraken’s commitment to user safety and market insights sets it apart in the industry.
Kraken, a prominent U.S.-based cryptocurrency exchange, offers a diverse range of services catering to both beginners and experienced traders. Here is a detailed look at the services provided by Kraken:
Kraken’s primary service is cryptocurrency trading. It supports trading in over 65 digital currencies for U.S. users and up to 136 coins and tokens for international users. The platform is accessible via web and mobile devices, with the Kraken Pro account offering additional features and lower trading costs.
Margin trading, available since 2018 on Kraken, allows users to leverage their positions using funds beyond their current balance. This high-risk method can be profitable for experienced traders. Kraken provides various order types for margin trading, including the ability to open long and short positions.
Kraken Futures is a forward-looking cryptocurrency market offering up to 50x leverage. It’s suitable for traders who understand the complexities and risks of futures trading. Kraken Futures offers a robust platform with a wide range of products.
Kraken’s OTC desk facilitates large order executions off the open exchange. This service is particularly useful for high-net-worth individuals and institutional organizations, offering personalized trades without additional fees and with 24/7 access.
Kraken is among the few exchanges offering indices as a trading option. It provides highly accurate cryptocurrency indices data, aggregated from various major exchanges globally. This service offers real-time data updates, ensuring traders have the most current information for decision-making.
Kraken offers staking options for several cryptocurrencies and fiat, with annual yields up to 21%. Staking allows users to earn rewards for locking their assets on the platform. Kraken features an instant unstaking option without penalties, a much-appreciated feature among investors.
For advanced traders with complex needs, Kraken provides an Account Management Service. This service offers personalized support from a dedicated account representative, helping traders resolve issues and focus on their trading strategies.
Kraken engages its users with various events and promotions. These include affiliations with large organizations and partnerships with crypto companies. Users can avail of rebates, coupons, cashbacks, or even airdrops, which can be highly lucrative.
Kraken’s customer service stands out in the industry, offering quick and responsive support through online chat, phone, and email. The platform provides 24/7 support, ensuring that users’ queries and issues are addressed promptly.
Kraken places a high emphasis on security. It requires robust personal account security measures, including two-factor authentication for various transactions. A significant portion of customer assets are held offline in ultra-high security storage, ensuring their safety and accessibility.
The sign-up process for Kraken is straightforward, resembling that of typical web applications. Users start by registering with an email and a strong password. Kraken employs a thorough Know Your Customer (KYC) process, requiring personal details for verification. This process enhances security and unlocks additional features like higher ACH limits, crypto deposits and withdrawals, and access to staking and margin trading.
Kraken offers two distinct interfaces: the basic platform for beginners and Kraken Pro for experienced traders. The basic platform is user-friendly, providing essential trading functions, while Kraken Pro offers a more advanced, customizable spot trading interface. Although Kraken Pro requires more expertise, it provides detailed analytics, portfolio insights, and transaction history. The transition from basic to Pro might be challenging for new users, as Kraken’s educational resources are more focused on platform usage rather than advanced trading concepts.
The basic platform allows users to easily buy, sell, and convert cryptocurrencies. Users can enter the amount of fiat or crypto for transactions, with transparent displays of conversion amounts and fees. Kraken supports deposits in about 150 cryptocurrencies and six fiat currencies, with most deposits being free. Withdrawals, however, might incur fees for certain currencies.
Kraken offers on-chain staking, allowing users to earn passive income. However, due to regulatory constraints, staking services are no longer available in the U.S., but are accessible in other countries.
Kraken’s customer support is available 24/7 through live chat, email, and phone. While the platform provides robust support, some users have reported mixed experiences, especially regarding response times and frozen accounts.
Kraken has not been hacked since its inception, showcasing a strong commitment to security.
To maintain the ISO 27001 certification, Kraken undergoes surveillance audits annually and a full audit every three years.
Kraken ensures legal compliance and financial security by maintaining full currency reserves with proof-of-reserves audits and daily data backups.
