Kraken Review

Kraken is a big International exchange which proposes a broad range of crypto and fiat money. It has 2nd transactions capacity after Poloniex. Address: San Francisco, USA. 


Here you have the full Kraken review for 2019.


Kraken Overview


Margin trading is a special feature for bold traders. Kraken supplies the possibility to use the balance of a client's profile on certain trading pairs.


Sign up


To make a profile, go to the official page.


A new user only needs an email address, nickname, and password.




The shortest password length is 8 symbols. Exchange recommends using a password manager. The safe length starts at 25 characters.


A shorter password must include one special symbol. It can not only be digital.


Next, you need to read the user agreement, put a tick and "Register".


For more complex settings, a new member may click on the “Register” button in the upper right corner of the main page. 




In the "Advanced Settings" section, you need to confirm the residence and add a master key or PGP public key.


Master Key is a protection that can be used to restore account access in case of data loss. When the user activates this parameter, system will prompt for it during a password reset. This is a way to get around two-factor verification.


First, a static password is generated as the master key. After entering the profile, the user may modify it to a dynamic password using the Authenticator or Yubikey application.




To have PGP email encryption, a trader must enter his public key. After that, emails will be given in the encrypted form.


Next, the trader needs to agree with a privacy policy and push "Register".


An email will be sent to the specified address with a unique code.


If there is no letter, check the spam folder.




To activate an account user needs to enter the password and pus "Activate".


Kraken account is ready to use!


Tips to use Kraken


Kraken wallet provides two types of orders to work with.


  1. Limit - the price may be more or less than the market.
  2. Market - the transaction will take place at the current market price.


Creating a limit order on the exchange is quite a simple procedure. Just select the order type, operation volume, and specify the price. In the last column you will find the total needed sum. 


Creating a market order is even easier to do. A trader needs to specify only the order volume. Everything else will be displayed independently.


To send a deposit, follow the path: "Funding", "Deposit" or "Withdrawal". Then choose the specified coins.


To simplify trading, use the API at https://www.kraken.com/help/api.


Kraken Cryptocurrencies


Kraken lets traders operate in the next paper currencies:


  1. USD
  2. Japanese Yen
  3. Canadian dollars
  4. Pounds
  5. Euro.


Kraken cryptocurrency review:


  1. Bitcoin
  2. Bitcoin Cash
  3. Dash
  4. EOS
  5. Litecoin
  6. Zcash
  7. Ethereum Classic
  8. Ethereum
  9. Gnosis
  10. Iconomi
  11. Melon
  12. Augur
  13. Tether
  14. Dogecoin
  15. Stellar Lumens
  16. Monero
  17. Ripple.


Using Kraken in the USA


Here is the review of Kraken exchange limits in the USA.




D denotes deposits, W denotes withdrawals.


Remark:


  1. The scope is summed up aside for deposits and withdrawals.
  2. Monthly and annual limits are summed up on sliding periods (not on the calendar).
  3. Annual limits override monthly and daily limits.
  4. Bank account integration with FedWire.


Documents to confirm financial viability:


  1. Paid taxes.
  2. Letter from the bank/ accountant indicating the assets.
  3. Bank declaration and/ or share declaration.
  4. A letter from an accountant that a trader’s property about his heritage is sufficient for equity.


Payment methods


Deposit:


  1. SEPA, Swift, JPY Bank transfer, crypto-coins.
  2. Withdrawal of money:
  3. SEPA, Swift, JPY Bank Transfer, crypto-coins.


Kraken Fees


Tariffs change by volume, and the range is just 0.1-0.35% for main trading pairs. For less common combinations, a rate from 0.05% to 0.75% is applied.


Withdrawals and deposits vary by a way. Every commission amount to 0.19% with the smallest sum of $20. For JPY there is a minimum deposit of 5 000 yen. Transaction fee for deposit is 20 yen.


Transfer limits


So, what about the funding limits? Well, it depends. 


You have to consider the place of residence, the level of verification and the sum of coins that the player wants to deposit or withdraw are taken into account.


Kraken buying limits Bitcoin review:


  1. Daily limits consider the last 24 hours of activity.
  2. Monthly limits consider the last 30 days of activity.
  3. Annual limits consider the last 365 days of activity.
  4. Each limit is displayed and summed up in US dollars.
  5. Exchange rates helped to establish funding restrictions are based on a weighted moving average over the one bank day past.


If the trader is level 4 client, he can make a request to increase the limit.


There are the daily and monthly restrictions for operations with crypto.




Fiat Limits for regular customers:




D denotes deposits, W denotes withdrawals.


Is it safe?


Transaction` protection is very strong due to their two-factor verification and PGP/GPG encryption.


Profile verification is performed using information about the player’s identity. To access the basic functions, you must specify the passport data and country of residence. To open an advanced account will require bank supporting documents.


Note. You have to deal with clients' profiles which have two types of passwords. The first password is set by the user, and the second is generated by an application, such as Google Authenticator or Yubikey.


Kraken provides cryptographically confirmed evidence of backup checks. All new money transfers are sent directly to cold wallets where the vast majority of coins are kept. All wallets are protected.


Despite some privacy concerns about uploading documents, Kraken maintains an isolated system for sending documents. The data about each new profile and verification documents are also encrypted.


Kraken Customer Support


Kraken is one of the most famous Bitcoin exchanges out there. Customer support can sometimes be overloaded though. There is an Online chat, email, telephone consultations for customer needs.


An FAQ section has been also created to help traders solve almost every problem. Users can send a ticket if none of the available resources helps.


Conclusions


With the being difficult for newbies at the first glance, the service offers good conditions to experienced players. Kraken supports 150 cryptocurrency pairs. For trading, you can use leverage and short positions. Each user can independently configure additional security for their profile. During the existence the Kraken, it was never cracked.



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