Kraken is one of the largest crypto exchanges out there. Obviously, the service just has to be safe. In the this overview you will find the main advantages and disadvantages of the Kraken. And also readers will learn about the measures the organizers are taking to ensure the safety of their customers.
Kraken proposes its traders a huge list of crypto coins to work with. The service is also famous for supporting several fiat currencies (that is, real money).
Kraken works with banks in Japan, USA, Germany. This system is also available in Bloomberg terminals. All these steps have made the exchange more reliable in the eyes of users.
However, in 2017, the service could not manage with the registered newcomers. But they successfully repelled several hacker attacks. In January 2018, the Kraken closed to eliminate technical problems for a few days.
Kraken allows players trade in the following paper currencies:
The website has the biggest trading volume in the euro compared to other platforms.
The website has 18 various cryptocurrencies and 56 trading pairs. The table looks like the interchange rate in the bank. For example: 1 Bitcoin = 6770 euros.
The website has never been cracked. This system gives players two-factor identification for all profiles. This means two types of passwords are created. The first password is made by the trader, and the second is made by an application, such as Google Authenticator or Yubikey.
Kraken collects a small commission for its service. The sum ranges from 0% to 0.26%. The price of the transaction depends on the type of operation (purchase or sale). Buyers usually pay 0.16% and sellers 0.26% for each transaction. The sum of payment depends on the type of account.
When people earn by trading cryptocurrency on the Kraken, they periodically should withdraw fiat currency. The fee varies greatly depending on the country the trader from. If someone wants to withdraw USD and he has an account with a US bank, spending is $5. If he doesn't have a US bank account, expenses are $60.
Kraken fees are smaller for withdrawing resources. The costs 0.0005 BTC to display bitcoins, and 0.005 ETH.
The Kraken website has a lot of useful data for its customers` sake. Help section is the main support feature as it tend to be. Any trader may also write to technical support if he has any questions and not all crypto exchanges provide such detailed information (Bitstamp or Bittrex are not).
However, the participants must exercise maximum attentiveness. Half of the problems they may solve without the tips of the administration. Answers to many questions have to look at the forums with other participants.
However, Crypto exchanges don't have such well-established technical support as banks. There is no phone number or building people may come and call the manager.
People may use five types fiats currencies on Kraken. Many services, like Bittrex, permit working only with cryptocurrencies.
Kraken offers a great selection of cryptocurrency for working. Often sites propose only the most well-known variants. Coinbase supply 4 options:
Kraken has an app for trading on the smartphone, but it often crashes. Users are not happy with the fact that transactions in the app are slow.
Kraken has a quiet complicated interface as it may seem in the beginning. It proposes various services and trading ways. This is ok when the client is an experienced trader. For beginners, Coinbase, for example is much easier.
How safe is Kraken to give personal info? Crypto experts love this exchange. It was the first service of such type to demonstrate that it keeps clients' coins safe. This was done by a public audit of funds. Kraken took over this practice from serious banks. Such an audit is similar to the publication of the results of a tax audit.
Is Kraken safe to buy Ripple?
To purchase an XRP by the bank deposit people need to take a level 2 customer verification. For this Kraken asks the data such as the client's name, phone number, and address.
In many countries, level 3 verification is needed. It means to upload a valid state identification card with a photo and demonstration of documents at your place of residence.
Is Kraken safe Bitcoin?
It is significant to apply the exchange site only for temporary trading. Don't choose the exchange to keep cryptocurrencies for long-term periods. It isn't reliable to store crypto on the Internet or in hot storage. Hold most of the coins offline or in cold storage.
A serious gamer needs leastwise two hardware wallets. They are similar to ultra-safe USB-drives. Such wallets comprise every code required to approach the coins. Kraken is working so much to defend players' coins on the website, but participants must take care of their own security.
Is it safe to give SSN to Kraken?
Payward Ventures is data controller and is accountable for the collection, use, disclosure, storage and security of client's data. Protection complies with worldwide privacy norms or state laws. The Hayward company apply encryption to defend the information.
Kraken is not a simple exchange in terms of working with it. Beginners just have to carefully deal with a variety of extra functions. But in terms of security, the platform is one of the best. Sites of other exchanges were closed several times, some of them were hacked. If someone chooses a complex verification when creating an account, then he comes up with a complex password, he is guaranteed complete security.
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