In our detailed Kraken review, you can determine everything about the San Francisco-based Exchange, its advantages and drawbacks. You will read all information about the fees, coins and platform below.
How we created the Kraken test
In our Kraken test, we tested the crypto exchange for those characteristics that are of crucial importance for the user: Which coins are offered? What are the transaction fees? is the Exchange Safe? you’ll find this information and more here.
The Kraken Review
In addition to the 20 cryptocurrencies, you will also find the real money types euro, US dollar, Canadian dollar, British pound and Japanese yen. you’ll use these currencies for your first Kraken test for credit deposits. Which currencies you’ll exchange for every other also can be found within the summary in the account. you’ll exchange some digital currencies for more than a dozen other coins, like Bitcoin or Ethereum. you’ll only exchange other tokens for a couple of currencies.
The Kraken App
You can currently use a Kraken app for the iOS OS from Apple. Android, Windows and other system users currently believe the traditional browser on the mobile device for account access. An improvement at now can’t be ruled out due to the success of the self-proclaimed largest Bitcoin exchange in Europe (in the case of euro transactions).
Registration with Kraken
Registration is in fact still necessary so that you can complete the Kraken registration, which is important for trading. Different verification levels (“tier” levels) cause different daily withdrawal limits. The more data you reveal, the more leeway you get to trade. On now, there’s not any real anonymity with greater commitment. The web site formulation “Bitcoin Exchange” is misleading. Our Kraken Review clearly shows that you simply can’t only exchange real money for Bitcoins here.
Kraken registration: step-by-step instructions
In the first step, simply click on the “SIGN UP” button to create your own account. The Kraken experiences show what happens afterwards:
Step 1: set up an account
Define your username, an email address and a personal password. Also accept the terms and conditions and privacy policy. You also have to activate a captcha to identify yourself as a “real” user.
Step 2: Activate your account
Click on the email with the activation code. Here you will find a link that ensures automatic entry on the Kraken sub-page that now opens. Here you also enter your access data for the Kraken registration again.
Step 3: Make a deposit
Consider whether you want to set up a supplementary master password. You have now logged in for the first time and can take the next step to the first transaction.
The trading platform
The platform works very intuitively. for instance, if you are looking at the markets, you can simply click on the cryptocurrency you would like to find out all the small print. There are customization options with reference to the planning also because the displayed graphics, currencies, time periods, lines and more. you’ll buy or sell directly on the coin page.
Is there a Kraken demo account?
If you would like to shop for and exchange Bitcoin and other currencies via Kraken, you unfortunately don’t have the chance to place the platform through its paces with a Kraken test or demo account. Your first Kraken experience therefore requires a transfer to the newly opened account immediately after opening the account. However, this fact isn’t a press release on whether Kraken is serious or less customer-friendly. Rather, this data may be a pure inventory.
Kraken fees for transactions
Even more important than the prices of payment methods are the transaction fees once you exchange currencies for each other. The fee amount depends on the trading volume. Currency providers (“makers”) pay between 0.00 and 0.16% for his or her positions, buyers (“takers”) pay between 0.10 and 0.26% counting on the quantity of the position. So, sellers pay 0.10% but buyers. The fees are quoted in US dollars.
For some currency pairs you’ll find information about the margin call level (80%) and therefore the call level (40%). These details are important for traders curious about differential trading (CFD trading), which Kraken’s platform also enables. In regular trading, investors should in particular know the opposite buying and selling fees mentioned within the Kraken Review.
Customer support
The crypto exchange is currently only available in English and Japanese. for many users this may probably not be a true problem. consistent with Kraken Review, you’ll use the digital contact form to contact customer service on all relevant topics from Kraken payment methods to data protection questions.
You can also reach the varied departments of the corporate via live chat if you would like quick feedback and answers. consistent with our Kraken experience, it can take a short time for a talk employee to reply to messages during peak times.
Advantages and disadvantages of Kraken
Pros
- Low minimum deposit
- Transparent, fair fees in direct comparison
- Exemplary security
Cons
- Relatively complex registration procedure
- Kraken app only for iOS devices
- Wallet required
Conclusion
The Kraken Review shows why the platform is popular with many users worldwide. Even if you can’t trade at Kraken Ripple and a few other “classics” at the moment. Many of the most commonly traded altcoins are already available. according to our Kraken experience, the operator leaves nothing to chance, especially when it comes to security. It’s clear that Kraken works seriously. Thanks to our Kraken test, you save yourself the tedious training.