This Kraken Review

will go over the company Kraken which was founded in 2011 and is one of the largest and oldest crypto exchanges. Kraken allows you to buy major cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin. 

You can also trade cryptocurrencies with margin trading offered by Kraken. To buy crypto, you can use payment methods with bank wire transfer or deposits with crypto. Fees will apply for each order that you open with margin trading. 

You can download the Kraken Pro mobile app on Apple Store and Google Play. With the mobile app, you can trade more than 30 cryptocurrencies. More than 100 crypto markets are available to choose and you have advanced trading tools available. 

The support team it’s available 24/7 to answer your questions and issues. Verification will unlock you more features and limits. Also, you will upgrade your level account type when you verify your account.

Cryptocurrencies Supported

Major cryptocurrencies are supported such as Bitcoin, Ethereum, Ripple, Litecoin, and more. Besides cryptocurrencies, Kraken supports altcoins and tokens too. 

The following cryptocurrencies, tokens, and altcoins are supported:

Bitcoin (BTC/XBT), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dogecoin (DOGE/XDG), Tether (USDT), Bitcoin Cash (BCH), Monero (XMR), Dash (DASH), Siacoin (SC), Chainlink (LINK), Cosmos (ATOM), EOS (EOS), Tezos (XTZ) 

Zcash (ZEC), Stellar (XLM), Ethereum Classic (ETC), QTUM (QTUM), Basic Attention Token (BAT), Cardano (ADA), Waves (WAVES), ICON (ICX), Gnosis (GNO), Dai (DAI), WaterMelon (MLN), Nano (NANO), Augur (REP), Lisk (LSK), PAX Gold (PAXG), and OmiseGo (OMG).

Countries Supported

Kraken is available in hundreds of countries, states, and territories. But there are some restrictions, so some countries and states are not supported. 

The following countries cannot use Kraken:

  • Afghanistan
  • Cuba
  • Guinea-Bissau
  • Iran
  • Iraq
  • Japan
  • North Korea
  • Tajikistan

Kraken it’s not available on these US states:

  • Washington State (WA)
  • New York (NY)

Restricted Service

EUR

  • Residents of the US states of New Hampshire (NH) and Texas (TX) cannot deposit or hold EUR, nor trade any EUR pairs.

Fiat Deposits & Withdrawals

Fiat deposits and withdrawals are not available at the Starter verification level.

Funding via bank transfers is available to clients from most countries at the Intermediate or Pro verification level. You can see the available methods here

Buy and Sell Crypto

Kraken offers a smooth and quick process to buy cryptocurrencies. You can buy Bitcoin, Bitcoin Cash, Ripple, Ethereum, and Litecoin. 

Before you can buy crypto, you need to verify your account first. This requires only to fill details with your name, date of birth, country, and verify your phone number. 

The following steps will explain how to buy crypto.

  1. Sign up for a Kraken account

Write your email address, choose a username, and pick a password.

  1. Verify your account

With “Starter” verification, you can buy BTC with other cryptocurrencies. All you need to do is provide your name, date of birth, country, and phone number.

  1. Currencies

To use fiat currencies, like USD or EUR, you’ll need to provide additional support documents verifying your identity. For more information, see the verification levels documentation here

  1. Deposit fiat or cryptocurrency

You can deposit with crypto, by just creating a deposit address and sending the funds to this address. 

  1. Funding process

Funding your account with fiat currencies for trading can be done in a number of ways, including SWIFT, SEPA, and domestic wire transfers. 

  1. Start buying bitcoin

Once your payment with fiat currency is confirmed, the number of Bitcoins that you bought will show on your Kraken account.

If you have deposited with Bitcoin, then, you need to wait for confirmation. To speed up the deposit transaction, you need to increase the mining fee.

Trade Crypto

Kraken offers margin trading with a leverage of up to 5x. You can quickly open orders by going short or long with leverage that allows you to trade by 5x. Fees are very competitive as they can start at 0.0%. 

Margin trading allows you to trade pairs with a larger balance of your account. With a higher margin, you will be able to open positions that you balance wouldn’t be able to do that. But since the margin is offered, then the leverage allows you to open trades up to 5x. 

Margin trading is available for the following cryptocurrencies: 

Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Monero (XMR), Ethereum Classic, (ETC) Augur, (REP), Ripple (XRP), Bitcoin Cash, (BCH), Tezos (XTZ), Litecoin (LTC), Cardano (ADA) Eos (EOS), Dash (DASH) Tron (TRX), Chainlink (LINK) and USD Coin (USDC).

The trading platform is available to access through the Kraken website and mobile. When you trade through the website, you will be able to analyze the crypto charts smoother. 

Many tools are available on the website and mobile app too, but these tools can be used easier on the website. The mobile app, just because it may be more complicated to use some of the tools, still it’s very good to use. 

Many features are available on the mobile app such as advanced custom orders. You can also set expiry time and start time, so your orders will be opened and closed automatically.

Deposit & Withdrawal

The deposit process and withdrawal process may take hours or days. Kraken offers deposit and withdrawal with fiat currency and cryptocurrencies. 

You can deposit funds with the following crypto coins:

  • Bitcoin (BTC) 
  • Ripple (XRP)  
  • Ethereum (ETH)  
  • Litecoin (LTC) 
  • Quantum (QTUM)  
  • Cardano(ADA) 
  • Zcash (ZEC) 
  • Monero (XMR) 

You can deposit on USD, EUR, CAD, JPY, GBP, and CHF currencies.

Deposits with $ USD currency:

DomesticInternationalProcessing Time
FedwireHigh-Limit1-5 business days
Etana CustodyEtana Custody1-5 business days
Silvergate Exchange Network (SEN)1-5 business days

Deposits with € Euro currency:

DomesticInternationalProcessing Time
SEPA bank transferWire transfer1-5 business days
Etana CustodyEtana Custody1-5 business days

Deposits with $ CAD currency:

DomesticInternationalProcessing Time
Wire transferEtana Custody1-5 business days
In-person1-5 business days
Etana Custody1-5 business days

Deposits with ¥ JPY currency:

DomesticInternationalProcessing Time
Wire transferEtana Custody1-5 business days

Deposits with £ GBP currency:

DomesticInternationalProcessing Time
Etana CustodyEtana Custody1-5 business days
ClearJunction – FPS, CHAPS, BACSClearJunction – FPS, CHAPS, BACS1-5 business days

Deposits with CHF currency:

DomesticInternationalProcessing Time
SIC – Bank FrickSWIFT – Bank Frick1-5 business days

Fees

Fees apply on most of the payment methods when you deposit and withdraw funds. You can visit the link here to see in-details fees for each payment method.

The table below explains the trading fees:

30- Day VolumeMakerTaker
$0 – $50,0000.16%0.26%
$50,001 – $100,0000.14%0.24%
$100,001 – $250,0000.12%0.22%
$250,001 – $500,0000.10%0.20%
$500,001 – $1,000,0000.08%0.18%
$1,000,001 – $2,500,0000.06%0.16%
$2,500,001 – $5,000,0000.04%0.14%
$5,000,001 – $10,000,0000.02%0.12%
$10,000,000+0.00%0.10%

Verification

As a registered client when you register and provide your name, date of birth, and your phone number, you will be assigned to the Started level. You can upgrade to the Intermediate or Pro level to unlock limits on deposits, withdrawals, margin trading, and more.

The verification process for the Starter and intermediate can take 1 to 60 minutes. To upgrade to the Pro Personal and Pro Business level, it can take usually 5 business days or more days.

To upgrade to the Intermediate or Pro level, you need to provide two types of documents.

1. Valid Government Issued ID Document 

You need to provide: 

  • Passport 
  • National identity card (front + back)
  • Driving license 

Other valid government-issued ID may be accepted if it has your full legal name, photo, date of birth, and issue and expiry dates all on the front of your ID.

For US clients, only US govt.-issued IDs are accepted for USD funding.

2. Proof of Residence Document

Your proof address document must contain your name, address, and be dated less than 3 months ago from the date of submission. 

The following documents are accepted as proof of residence:

  • Bank statement 
  • Credit card statement 
  • Utility bill (water, electricity, gas, internet, phone) 
  • Payroll statement -or- Official salary document from an employer 
  • Insurance statement Tax document 
  • Residence certificate

3. Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) 

This is required only for clients that come from the United States

4. Face Photo 

You need to verify your account by taking a photo of your face. This verification method is required only for the clients:

  • Resident in Germany, South Africa or the USA
  • Funding with a German, South African, or US bank

Upload instructions

To upload all the required documents to your Kraken account:

  • Go to the Get Verified page in your account 
  • Select the purple “Get Verified” button at the bottom of the Intermediate column 
  • Follow the instructions on the form

Account Levels

As we mentioned when we explained the required documents for verification, you’ll get upgraded to other levels. To upgrade to other account levels, you need to provide more documents. 

Below on the table, we have listed the features available and the documents required for each account level.

FeaturesStarterIntermediatePro
Add security settings
Deposit cryptocurrenciesUnlimitedUnlimitedUnlimited
Withdraw cryptocurrenciesLow limitsHigh limitsHighest limits
Deposit fiat currenciesHigh limits*Highest limits
Withdraw fiat currenciesHigh limits*Highest limits
Exchange fundsUnlimitedUnlimitedUnlimited
Trade on marginLow limitsHigh limitsHighest limits
Trade on dark pool
Trade on Kraken Futures****
Trade on OTC desk
Business account
Generate API keys161625
API call rate limitsLow limitsHigh limitsHighest limits

Support & FAQ

Support team is available 24 hours a day and 7 days a week. You can submit a request through the support page. The live chat at the bottom left of the website it’s available 24/7 also. 

And you can visit the FAQ section to get detailed answers and explanations about Kraken.

Summary

Kraken is one of the popular crypto exchanges trusted by thousands of clients around the world. The process to buy crypto doesn’t take too long and you can buy major crypto coins. You can use payment methods with bank transfer or deposit with crypto. 

One of the disadvantages of Kraken is that you cannot deposit funds with debit cards or credit cards. Compared to other exchanges, Kraken applies fees when you deposit and withdraw funds too. 

Some payment methods are with 0 fees, but most of the payment methods charge fees. The leverage on margin trading allows you enough balance to trade pairs with a small balance too. In general, we can recommend you to use Kraken as it’s a trusted exchange with no history of user’s data breached. If you enjoyed this article we would also recommend our Kraken vs eToro Review as well.

Get Started at Kraken Here!

Image via Shutterstock, Writer Behar H.

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