Established in 2011, Kraken is an exemplary cryptocurrency spot exchange that also provides futures contracts and margin trading options to its users. Operating from the United States, Kraken adheres to all the regulations, sanctions, and legislations the United States has placed hence offering, offering users can also use two-factor-authorization to bolster their accounts.
Kraken offers a versatile range of cryptocurrencies to trade. While most exchanges may offer top listed coins, Kraken enables users to trade with more than 150 different cryptocurrencies.
Kraken has strived to earn global respect. Kraken is one of the pioneer exchanges proven to keep its users assets safe through its proof-of-reserves audit.
Kraken runs an unparalleled support team that helps every users to benefit from useful tips.
The Kraken platform can also be accessed through their trading app, allowing users to access the platform's features through simple touches seamlessly.
In late 2017, Kraken had experienced difficulties with the increased user numbers and cyber attacks; however, Kraken has learned since then and heavily developed its security.
Kraken offers an array of various features for users to choose from. Their best and most sought after feature is their margin trading support. American customers are legally restricted from using derivative trading platforms such as BitMex or Bitfinix; therefore, it's good that American customers can use Kraken to take out leveraged positons. However, New York users are restricted from doing so.
Moreover, Kraken's competitively low trading fees attributes to its success. With Coinbase Pro and Gemini increasing their trading fees by 0.5% and 1%, respectively, Kraken offers the most affordable options in the United States.
With the failure of custodial exchanges accounting for users funds, Kraken provides transparency with its standardized proof of reserves features, therefore, providing a level of transparency unparalleled by the crypto ecosystem.
Kraken's provides the most affordable trading fees in the United States. Trades on Kraken who gain less than $50,000 in monthly volume pay a 0,16% fee and a 0,26% taker fee, while users who gain over $10 million a month pay no maker fee and 0.10% taker fee.
Moreover, Kraken cuts a 0.0005 withdrawal fee for BTC transactions and a 0.005 fee for Ethereum transactions. The platform has fixed withdrawal fees with various cryptocurrencies, which users can access on their website.
Kraken is undoubtedly one of the most secure platforms on the market with its clean slate. Kraken's founders had personally witnessed several hacks, which caused them to implement strict features to ensure the platform doesn't expect similar exploits.
Kraken achieves the level of its exemplary security with sophisticated policies such as:
- Kraken stores over 95% of its deposits in cold storage.
- Kraken implements 2FA Authentication through sophisticated and advanced tools.
- Kraken also offers an advanced YubiKey hardware 2FA device, which provides an unparalleled solution to security.
- Kraken runs a security team with highly trained professionals and a bug bounty that rewards users and hackers for finding exploits within the system.
Pros and Cons
Kraken Pros :
- High-security measures, very safe to use, two-factor authentication
- Reasonable fees on deposit/withdrawal
- A lot of cryptocurrencies and pairs to trade
- Well designed and easy to customize
- Proof of reserve audit
GO TO KRAKEN
- Not exactly beginner-friendly
- A slow verification process for intermediate and pro-level accounts
- No credit/debit card deposits
Kraken is the most affordable trading platform in the United States that offers users to trade, swap, spend, and buy cryptocurrencies instantly without any registration. Combined with impenetrable security solutions, Kraken is an ideal platform.