kraken.com has gained Excellent review votes. The total rating is 5 out of 5 based on 1 user vote
Kraken is one of the most reliable cryptocurrency exchanges. Kraken was founded in 2011 by Jesse Powell, making it older than even Coinbase and Gemini. They support a wide range of fiat currencies and cryptocurrencies with lower fees than most of its competitors. Kraken employs some of the best security measures and has already proved this by warding off some major hacks. They use cold storage along with 2-factor authentication, a master key and a global settings lock. They also offer a 24/7 live support chat around the world to answer any questions that you may have or help fix a problem.
To sign up to Kraken you only need an email, a username, and a password. There are four tiers of verification each unlocked by giving more details about yourself (To comply with anti-money laundering laws) Upon first signing up you will become tier 0, which will allow you to log in and view the interfaces, but not allow you to deposit or trade. To reach tier 1 you must confirm your full name, date of birth, country and phone number. This will allow you to deposit and withdraw cryptocurrencies but not fiat currencies. It will also allow you to begin trading in any currency.
Tier 2 is unlocked by giving your full address. This tier will allow you to deposit and withdraw Euros depending on where you live. Tier 3 requires proof of identity (Photo of ID) and proof of residence to unlock, allowing you to withdraw and deposit using US dollars and Canadian dollars and also increases your daily deposit and withdraw limits. The final tier, tier 4, is unlocked by completing the KYC questionnaire and documents, and massively increases your deposit and withdrawal limits. This tier is meant only for businesses and high-volume individuals so don’t be afraid if you don’t want to go this far.
The minimum deposit and withdrawal limits are different depending on your country, the way you want to deposit/withdraw and which currency you wish to use. Bitcoin has no deposit fee but a 100,000 satoshi withdrawal fee, with the other cryptocurrencies having similar withdraw fees but no deposit fees. Trading fees are between 0% to 0.16% for makers and 0.10% to 0.26% for takers, depending on the volume of currency being traded.
As one of the most trusted cryptocurrency exchanges on the market, there is no way you can go wrong with Kraken. Is it designed to be friendly to newcomers and experts, and will help you easily keep control of all your cryptos.
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