Kraken is one of the oldest and most reputable cryptocurrency exchanges, offering traders worldwide access to multiple fiat and crypto trading pairs. Known for its BTC/EUR trading volume, Kraken combines robust security, high liquidity, and user-friendly features. This review covers its history, platform, security measures, and step-by-step trading guidance.
Key Features of Kraken Exchange
- High Liquidity: Leading BTC/EUR trading volumes and regular Proof of Reserves audits.
- Advanced Security: Cold storage, PGP encryption, 2FA, and Merkle tree-based audits.
- Global Reach: Available in the USA, Canada, Japan, and Europe with 47+ market pairs.
- Trading Flexibility: Margin trading (5x leverage), stop-loss orders, and automated trading.
- 24/7 Support: Dedicated customer service.
👉 Discover how to start trading on Kraken today
History of Kraken
Founded in 2013 by Jesse Powell after the Mt. Gox hack, Kraken aimed to provide a secure alternative for Bitcoin trading. Initially supporting only Bitcoin, Litecoin, and EUR, it expanded to include Ethereum, Monero, Ripple, and other major cryptocurrencies. Key milestones:
– 2016: Acquired Coinsetter, Glidera, and Cavirtex.
– 2017: Purchased CryptoWatch and faced DDoS attacks.
– 2018: Assisted Mt. Gox creditors in fund recovery.
Kraken Trading Platform
Security Measures
- Cold Storage: 90% of funds stored offline.
- Two-Factor Authentication (2FA): Mandatory for withdrawals.
- Merkle Tree Audits: Transparent proof of reserves.
Trading Tools
- Margin Trading: Up to 5x leverage.
- CryptoWatch Integration: Advanced charting and analytics.
- Mobile App: iOS-compatible for on-the-go trading.
How to Use Kraken: Step-by-Step Guide
1. Account Registration
- Provide email, password (8+ characters with symbols), and basic personal details.
- Verify identity for advanced features (1–7 days processing).
2. Funding Your Account
- Deposit Methods:
- BTC: 6 confirmations required.
- EUR/SEPA: No-fee transfers.
- USD: Domestic/international wires.
👉 Learn about low-fee deposit options
3. Placing Trades
- Navigate to “New Order.”
- Select trading pair (e.g., BTC/EUR).
- Set order type (market/limit) and confirm.
4. Withdrawing Funds
- BTC: Free withdrawals.
- EUR/SEPA: Bank transfers supported.
- USD: Wire transfers available.
Kraken vs. Competitors: Why Choose Kraken?
| Feature | Kraken | Competitor A | Competitor B |
|---|---|---|---|
| Security | Cold storage + 2FA | 2FA only | Cold storage |
| BTC/EUR Volume | Leader | Moderate | Low |
| Margin Trading | Up to 5x leverage | 3x leverage | Not offered |
Frequently Asked Questions (FAQ)
1. Is Kraken safe?
Yes. Kraken uses cold storage, 2FA, and regular audits. No major breaches since 2013.
2. What countries does Kraken support?
USA, Canada, Japan, and most European nations. Some restrictions apply.
3. How long do deposits take?
- BTC: ~30 minutes (6 confirmations).
- EUR/SEPA: 1–3 business days.
- USD: 1–5 business days.
4. Can I trade on mobile?
Yes. Kraken offers an iOS app with full trading functionality.
5. What are Kraken’s fees?
Fees start at 0.16% for makers and 0.26% for takers, decreasing with volume.
6. Does Kraken support staking?
Yes. Earn rewards on assets like ETH 2.0 and DOT.
Final Thoughts
Kraken remains a top choice for both beginners and advanced traders, balancing security, liquidity, and usability. Its commitment to transparency (e.g., Merkle tree audits) sets it apart in the crowded exchange market.