Kraken: A Comprehensive Overview
Are you on the hunt for a reliable cryptocurrency exchange? Then, look no further than Kraken! As a cryptocurrency exchange, Kraken offers users the ability to trade using both fiat currencies and cryptocurrencies. It supports six different fiat currencies, including US Dollars, Japanese Yen, Canadian Dollars, British Pounds, Euros, Australian Dollars, and Swiss Franc. With the largest Euro trading volume among all exchanges, Kraken has solidified its position as a leading player in the market.
Background of Kraken
Jesse Powell founded Kraken in 2011 after being shocked by the poor security at world's
largest crypto exchange, Mt. Gox. He aimed to build a more secure and organized
exchange, and by 2014, Kraken became a trusted platform with links to banks in Germany
and Japan, and was the first crypto exchange listed on the Bloomberg Terminal. Despite a
brief shutdown in January 2018 for updates, Kraken has continued to be a reliable
platform for customers.
Kraken boasts an impressive list of features, making it a top choice for traders. Let now look at the pros of using Kraken.
Pros of Kraken:
✓ Fiat Currency Trading: Unlike some exchanges like Bittrex, Kraken offers the
convenience of trading with six different fiat currencies, eliminating the need to
switch to multiple exchanges.
✓ Security: The Kraken team has learned from the past Mt. Gox hacks, ensuring their platform has never been hacked. They keep the majority of their currency offline and provide two-factor authentication for added security.
✓ Low Fees: Kraken's trading fees are among the lowest on the market, with fees ranging from 0% to 0.26%, depending on the trading volume and currency pair. Buyers generally pay 0.16% while sellers pay 0.26% per trade.
✓ Wide Selection of Cryptocurrencies: With 38 different cryptocurrencies and even more available pairs, Kraken provides a wide selection for traders, even offering more than 150 cryptocurrencies compared to popular exchanges like Binance.
✓ Reputable: Kraken has worked hard to earn its reputation as a trusted exchange, proving its ability to keep customer funds safe through a proof-of-reserves audit.
✓ User-Friendly Support: With a wealth of information available on the site and mobile app, Kraken offers helpful support, including a clear interface and exceptional trading features.
Cons of Kraken:
While Kraken has its strengths, it also has a few drawbacks. Let's take a look at the
Cons of Kraken:
✗ Reliability Issues: In 2017, Kraken faced some challenges with a high influx of users and cyber attacks, leading to a temporary closure of the exchange for a week in January 2018. However, they have since improved their security.
✗ Customer Service: Despite the company's efforts to improve, Kraken has received criticism for its customer service, which is an area that still needs work.
Conclusion
In conclusion, Kraken is a well-rounded cryptocurrency exchange with a strong reputation
and a wide range of features. With low fees, a selection of fiat currencies, and a
commitment to security, it is a top choice for traders. Despite its reliability issues
and room for improvement in customer service, Kraken remains a top contender in the
cryptocurrency exchange market.
