Kraken is a significant cryptocurrency exchange that simplifies the process of exchanging, selling and exchanging a large list of dozens of cryptocurrencies, including Bitcoin and Ethereum, which are the market leaders at the moment. Kraken allows customers to purchase and sell cryptocurrencies at market prices, in addition to offering margin accounts and futures trading, which are more high-risk products that might be advantageous for certain trading methods.
The Kraken main platform is the spot in the Kraken ecosystem where novice crypto investors will have the easiest time getting started. Kraken Pro, a platform offering less expensive active trading, may be more appealing to more experienced traders, especially those who trade in markets other than cryptocurrency. Below you will find the Kraken review.
Trading Experience
Users can access two trading platforms when they utilize Kraken: Kraken and Kraken Pro. Kraken Pro is accessible to all users with a Kraken account and comes with price reductions. You could choose Kraken or Kraken Pro, depending on your experience in trading cryptocurrencies and actively traded markets. In any scenario, a platform appropriate for users of any level, from novices to seasoned pros, is available.
The Kraken platform in the center of the map is the ideal beginning point for new players. You may rapidly acquire cryptocurrency from a connected bank account if you have a verified account. It is just as simple as selling cryptocurrency or converting it between currencies inside your account. Placing an order utilizing the uncomplicated form provided takes a few moments after the account has been established and the user has signed in.
Using this method, you can purchase cryptocurrency immediately using the funds in your bank account. You are not required to make an initial deposit into your account. In addition to buying and trading cryptocurrencies, you also have the option of depositing your crypto for staking, which allows you to earn interest on your investment of up to 23%, depending on the currency.
Fees
Pricing and fees are not consistent across platforms since they change according to the transaction's nature. Prices are always subject to spread fees, regardless of the circumstance. The following is a rundown of the most significant fees that you need to be aware of:
Kraken Pricing
The fee for making quick purchases with most cryptocurrencies is 1.5%, whereas the fee for making purchases with stablecoins using U.S. dollars or another stablecoin is 0.9%. How you pay for the purchase may be subject to additional fees. Using a bank account to finance your purchase is 0.5%, whereas using a debit card, credit card, or digital wallet would cost you over 3.75% plus 25 euro cents.
Security
If you follow best practices for online security, any hackers who target your Kraken account to steal your money should find it difficult to do so. After funds have been added to an account, enabling two-factor authentication is a very good idea. You may generate unique two-factor codes for logging in, withdrawing money from your account, and making transactions. If you are worried that someone may have gained access to your account, you may use another option to prevent any changes from being made to your profile.
While most users had a favorable experience, some users have reported having their accounts hacked. As a result, their owners have lost everything and cannot retrieve their lost assets. Cryptocurrency accounts are a prominent target for fraud because of the immutable nature of blockchain transactions in cryptocurrencies. You should exercise caution when utilizing Kraken or any other exchange due to these dangers.
Customer Service
Live chat, telephone, and email assistance are all accessible around the clock from the Kraken team. We submitted a support case after experiencing a slight difficulty when attempting to change one of our account's settings, mostly caused by human error. Within twenty minutes, Kraken personnel reacted to our inquiry and addressed the issue.
Although we had a positive encounter with customer support, no other users reported the same results. Some dissatisfied customers have reported issues with their cash due to hacking and difficulty getting Kraken to release monies that were held.
Account Management
Most of the account administration process may be completed independently via the Kraken website and mobile applications. The larger screen on your desktop or laptop computer may make managing your online account simpler. You may edit your settings, modify your approval level, add two-factor authentication (2FA), manage API keys, and lock down your account using the Kraken dashboard.
Customer Satisfaction
Kraken only receives 2.1 out of a possible five ratings on Trustpilot, indicating that many customers have had serious issues. The two issues that were brought up most often were the lengthy wait times for answers from customer service and the extension of the first security period for cash held.
