Kraken Exchange Review
The Kraken Exchange is a major cryptocurrency exchange that is available to users located all around the globe. Not only is this exchange accessible to users in most countries, but it is also available in a significant number of states within the United States. This is a significant achievement considering the strict regulations that exist in the US when it comes to cryptocurrency exchanges. Kraken has a reputation for being a premium exchange, with a score of 7.4/10 on CoinMarketCap and an average daily trading volume of $215 million. In addition to its wide availability and strong reputation, Kraken also offers a large selection of coins, making it a popular choice for users looking to trade a variety of digital assets.
- Good Custom Service
- Provides Educational Material
- Security
- Great UI/UX
- High Fees
- Long Account Verification Process
- Centralization
Kraken is a major cryptocurrency exchange that was founded in 2011 by Jesse Powell. Powell saw the potential for cryptocurrency to become a mainstream financial asset and set out to create a platform that would make it easy for people to buy, sell, and trade digital currencies. Powell, however, stepped down as the CEO of the company, with Dave Ripley replacing him. Since its launch, Kraken has grown significantly, becoming one of the largest and most respected cryptocurrency exchanges in the world.
The exchange has a strong focus on security and has implemented advanced measures to protect users’ assets and personal information. For your information, Kraken uses cold storage to store all of its users’ funds. Moreover, their core team once stated that the place where the cold wallets are stored is guarded by several guards.
Kraken Exchange Features
One of the key features of Kraken is its wide range of digital assets available for trading. In addition to popular cryptocurrencies like Bitcoin and Ethereum, the exchange also supports a variety of altcoins, giving users a wide range of options when it comes to trading. Kraken also offers a range of trading options, including spot trading, futures trading, and margin trading, making it a great choice for traders of all levels. As mentioned before, security is a major focus for Kraken, and the exchange has implemented a number of measures to protect users’ assets and personal information. These measures include the use of cold storage for assets, which helps to prevent them from being hacked or stolen, and multi-factor authentication for user accounts, which adds an extra layer of security to prevent unauthorized access. Kraken also undergoes regular security audits to ensure that the platform is safe and secure for users.
The user experience on Kraken is generally considered to be positive, with many users praising the exchange’s simple and intuitive interface. The platform is easy to navigate, making it a great choice for both novice and experienced traders. Kraken also offers a range of educational resources to help users understand the basics of cryptocurrency trading and become more confident in their trades. Similarly, the user interface on Kraken is clean and straightforward, with all of the key features and tools clearly labeled and easy to find. The platform is well-organized, making it easy for users to find the information and tools they need. In addition to its simple design, the platform is also responsive, meaning it works well on a variety of devices, including desktop computers, laptops, and mobile devices. Moreover, the exchange published its Proof-of-Reserves Assessment after the fall of FTX. Its reserves are made up from:
- Cardano (ADA) – 470 Million
- Staked Cardano (ADA) – 738 Million
- Bitcoin (BTC) – 180,000
- Polkadot (DOT) – 19 Million
- Staked Polkadot (DOT) – 98 Million
- Ethereum (ETH) – 2.1 Million
- Staked Ethereum (ETH) – 1.1 Million
- USD Coin (USDC) – 519 Million
- USD Tether (USDT) – 403 Million
- Ripple (XRP) – 853 Million
Kraken offers these deposit and withdrawal methods:
Unlike BitMart, the Kraken exchange allows its users to deposit several fiat currencies other than EUR and USD. This makes it a good option for users who are trying to purchase cryptocurrency from countries that do not have USD or EUR as their legal tender. Moving on, Kraken has a huge list of listed cryptocurrencies on its platform, with the number recently hitting 219. The requirements of being listed in Kraken are very strict and their screening processes are rigorous, therefore, all of the projects listed here tend to be handpicked.
