Kraken in Brief
Kraken is one of the best platforms for trading Crypto-currency and one of the most renowned in this field. Its interface is very neat and easy to use. Perfect for experts and beginners alike. If you are looking for a reliable and financially solid broker Kraken will meet all your expectations.
Kraken is a recognized, renowned and popular cryptocurrency exchange platform. It was founded in 2011 and is based in San Francisco. Where this platform is strong, it also allows to exchange crypto-currencies for fiat currencies (= state currencies: Euro, Dollar…), via bank transfer, which is not nothing! It should be noted that the volumes traded are significant, which makes it an essential place for crypto-trading.
Anyone can use Kraken’s services to track virtual currency prices in graphical form or buy and sell currencies.
Despite bad publicity following some technical problems that worried the regulars of the domain, Kraken knew how to react and proposed a redesign of its site to avoid inconvenience. Let us not forget that these concerns are largely due to the recent popularity of crypto-currencies among the general public and the huge influx of new users. Many other exchanges have also been affected by slowdowns and have seen their performance deteriorate. Let’s keep an eye on this subject during the next rush which will certainly bring new entrants!
- 1 Withdrawals, Deposits, Fees, Commissions, All about Tradring on Kraken
- 2 Customer reviews
- 3 What about the KRAKEN Application on Smartphone?
- 4 Conclusion
Withdrawals, Deposits, Fees, Commissions, All about Tradring on Kraken
KRAKEN: How does it work?
Step 1: Registration
To register, first go to Kraken
‘s website Click on “Sign Up” at the top right, then fill in the required fields. Do not forget to accept the terms and conditions of use of the site.
Confirm your registration with the email received in your inbox and you can proceed to the next step!
At Kraken, there are different levels of account validation that can be verified.
Level 0, just after the registration step, is not very useful because you will not be able to make a transfer.
Level 1 is already more interesting since with it you can transfer cryptographic currencies. However, there is no question of using fiat currencies. To unlock this level, you will need to enter your name, date of birth, country of residence and telephone number.
Level 2 allows you to deposit and withdraw crypto currencies use fiat currency funds (deposits / withdrawals) trade on Kraken. It requires you to give your residence address in addition to the information requested for level 2.
Level 3, with verification from your identity card and proof of residence, will allow you to significantly increase your account limits on Kraken. This verification may require a few days of processing by Kraken teams. This is the level necessary so as not to be limited too quickly with the site.
The last one, level 4, will have the same options as level 3, i.e. 100% access but with deposit and withdrawal limits above level 3. The ceilings are so high that this level should only be addressed to companies and/or investment funds (or groups of large fortunes).
Step 2: Securing
Be careful to pay attention to the URL of the website before connecting: pishing attempts are more and more frequent.
Don’t forget to enable double authentication (2FA), which is essential for more security!
The principle is simple, but effective: to be able to access your account you will need your password but also a unique and temporary code generated by an application on your smartphone. You are thus doubly protected.
Step 3: How to fund your account
On Kraken, you can find the most popular crypto-currencies: Bitcoin, Litecoin, Ethereum, Ripple, Lumen, Monero, etc.
Also, as mentioned in the introduction, Kraken is not only a platform for exchanging cryptocurrencies, you can also use the Euro (and Dollars).
To make a deposit, this is where it happens: “Account > Funding > Deposit”.
For a deposit via your bank account, you have three options:
- Fidor Bank AG SEPA
- Fidor Bank AG Wire Transfer
It is advisable to use the SEPA credit transfer for French residents since it is the fastest and cheapest way to credit your account today.
It takes about 48 hours for a transfer (this time may be slightly longer depending on your bank).
For a cryptocurrency deposit, choose the desired currency and follow the instructions (generate the address of your wallet, etc.).
Attention: Always check the sending and receiving addresses! In the event of an error, the funds are very likely to be lost!
To make a withdrawal, go to “Account > Funding > Withdraw”. Select the type of withdrawal you wish to make and follow the instructions.
KRAKEN: How much does it cost?
Registration to the platform is of course free of charge.
Then, the fees vary but Kraken remains one of the cheapest exchanges on the market!
For crypto-currency repositories (this is only an overview below, the complete list can be found on their website: https://support.kraken.com/hc/en-us/articles/201396777-What-are-the-deposit-fees):
- Bitcoin: free of charge
- Litecoin: free of charge
- Dogecoin: free of charge
- Ripple (XRP): free of charge
- Stellar/Lumen (XLM): free of charge
- Ether (ETH): very low
- Ether Classic (ETC): very low
- Monero (XMR): free
- Zcash: free of charge
For State currency deposits:
- EUR SEPA: free of charge
- USD(Domestic): 5$
- USD SWIFT: $10
- JPY Domestic: free, 5000¥ minimum
- CAD Wire: free of charge
For crypto-currency withdrawals:
- Bitcoin (XBT) – ฿0.001
- Ether (ETH) – Ξ0.005
- Ripple (XRP) – Ʀ0.02
- Stellar (XLM) – *0.00002
- Litecoin (LTC) – Ł0.02
- Dogecoin (XDG) – Ð2.00
- Zcash (ZEC) – ⓩ0.00010
- Ether Classic (ETC) – ξ0.005
- Monero (XMR) – ɱ0.05
For withdrawals of state currencies:
- EUR SEPA : 0.09€
- USD (Domestic) – available in 48 states of the United States (5$)
- USD SWIFT (SMBC) – available in most countries ($60)
- EUR SWIFT (SMBC) – available in most countries (60€)
- JPY – Japan only (300¥)
- CAD EFT – Canada only ($10 CAD)
KRAKEN: How is it used?
To trade crypto currencies, you can place an order in the “New Order” tab of the crypto you want.
Here, the price is set by the market in real time (the prices displayed are the last price at which the crypto was exchanged). The “24h High” corresponds to the highest price in the last 24h, the “24h Low” corresponds to the lowest price.
To sell by going to the “Sell” tab and the process remains the same.
On “Charts”, you will find the order book. Here are grouped all the orders to buy and sell the currency in question. Keeping an eye on it gives you a global view of the market.
The interface is simple to use, based on tabs and sub-tabs, but it is a pity to find only one language, English. This may discourage some users.
For beginners, it is easier to turn to another popular platform at the moment, Coinbase. But unlike the latter, here at Kraken you can buy much more crypto-currencies with your Euros than on Coinbase…
Also, the platform offers marging trading (the use of leverage to trade with higher capital and thus be able to increase gains – but also losses). Be careful, this option is for an informed audience!
On the other hand, it is a pity to have ignored the updates and not to have kept users informed in real time during the delays at the beginning of 2018 (from 1h initially to 2 days due to a bug). This leaves a very harmful doubt in the minds of users. Especially with the history of crypto-currencies and the piracy of MtGox, number 1 in 2014, which, it should be remembered, had caused the disappearance of hundreds of thousands of dollars in Bitcoin at the time.
What about the KRAKEN Application on Smartphone?
Kraken has developed and launched an application available on iOS and Android over the past few years.
Its users report problems of slowness, mainly due to servers.
For portfolio management, the application is convenient but we do not recommend trading on smartphones. Indeed, the chances of making a mistake when placing an order are too high on a small screen. On the other hand, the application is excellent to follow the prices in real time and keep an overview of the market!
Kraken undoubtedly has its place in the top of the strong places dedicated to the exchange of crypto-currencies. The big advantage over its competitors, such as Bittrex or Binance, is that Kraken offers its customers to buy cryptos from Euros.
Also, since the redesign and update of its site at the beginning of 2018, fewer and fewer customer complaints have been received and traffic is becoming more and more fluid. This allows Kraken to brighten up his coat of arms with brio! Congratulations! We are now waiting for new currencies and new trading pairs.
To conclude, we can therefore say loud and clear that there is something for everyone on Kraken: whether you are an occasional user or a more advanced crypto-trader.