Kraken is an American exchange, the main office of which is located in San Francisco. Its owner is Payward Inc. company, and Jesse Powell is co-founder and CEO. Is Kraken legal? Yes, it is, although it isn’t under the supervision of the authorities, there is definitely no Kraken fraud.
Also, in the whole history of existence, there weren’t successful hacker attacks on the Kraken exchange. The platform was even responsible for returning the lost funds to users of the large Japanese stock exchange Mt.Gox. This makes it attractive to many users.
The site is available in English and Japanese. Kraken reviews 71 currency pairs. You can find them on the “CHARTS” tab at the top of the main page.
Here you also can see the chart and the list of the last orders for the selected currency pair.
Is Kraken safe?
There was Kraken down time on January 11, 2018. This event made many users nervous because the exchange wasn’t available for about 2 days. This should have been a two-hour upgrade of the system, but something went wrong, although Kraken support was trying to keep users up to date. Now everything is working, but there were a lot of angry responses about the exchange.
Is Kraken safe now? To safely store your finances on the exchange, 2FA is provided not only for entry, but also for opening /closing orders, and deposit /withdrawal of funds. You can configure this on the “Security” tab in your account. There is also a password change there.
In addition to the above, to store almost all assets, the exchange uses cold wallets, which provides very high reliability and protection against hacker attacks.
How to use Kraken?
Now you need to get Kraken verification. There are 4 tiers. But the first 2 you can get in 10 minutes. Below you can see what you need to specify for verification and what limits you can get at each level.
To get the 4th level, you need to directly contact with Kraken support, this will give you the opportunity to increase the limit up to $ 100,000 per day and 500,000 per month.
Kraken fees depend on the volume of trading. It is convenient, that all of them you can find on the page “Help” – “Fees”.
For each pair, fees may differ, but mostly they start from 0.16% and lower for the maker, and from 0.26% for the taker. For example, we took pairs XBT-EUR and XBT-USD.
As the conclusion of this Kraken review 2018, we will consider the main pros and cons of this platform.
Hopefully, this Kraken review gave you enough information. The exchange has almost no negative feedback, and this means there is definitely no Kraken scam.
- User-friendly interface;
- Good protection and 2FA;
- Mobile application (iOS);
- Marginal trading;
- Enough number of pairs;
- Many currencies;
- Simple verification.
- Verification is mandatory;
- Commission is more than on alternative sites;
- The site supports only 2 languages.