Taker fees are charged to orders that match against an outstanding order from another user on the market and require a slightly higher fee. Security Your Kraken account should be safe from cybercriminals looking to drain your balances if you follow good online security practices. You can create different two-factor codes for sign-in, account withdrawals, and trades. While most users have a positive experience, some users report hacked accounts where the owner lost everything with no options to recover lost assets.
Beware of these risks when using Kraken or any other exchange. Make sure to keep your account information secure and double-check addresses before sending funds to another cryptocurrency wallet. Opening a Kraken Account Creating a new Kraken account is a quick and easy process.
Signing up with Kraken is similar to signing up for a stock brokerage or another cryptocurrency exchange. If you have all of your information handy, it takes only a few minutes to get your account up and running. Customer Service Kraken support is available 24 hours a day via live chat, phone, and email.
We had a minor issue changing an account setting mostly due to user error and sent in a support ticket. Kraken staff responded and resolved the problem in about 20 minutes. While we had a great experience with customer service, not all users report the same outcomes. Some unhappy customers report trouble with funds due to hacking and trouble getting Kraken to release held funds. Customer Satisfaction Kraken earns just 2. The most common complaints focused on long waits for customer support responses and holding funds beyond the initial security period.
Account Management Account management is mostly self-service and handled through the Kraken website and mobile apps. If you have a laptop or desktop computer, you may find the large screen makes managing your account easier. In the Kraken dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account. The Global Settings Lock feature lets you quickly hide sensitive account information and prevents changes to account settings, including withdrawal addresses.
How Kraken Compares to Other Cryptocurrency Companies Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals. Consider these differences between Kraken and Coinbase , another popular crypto exchange: Kraken vs. On Kraken's website 4. All ratings are determined solely by our editorial team. Flat Fee 0. Security Kraken is big on security.
Though individual users have claimed their accounts were breached in online posts, Kraken itself says the platform has never been hacked in its nine-year history. Exchange balances are audited semi-annually by an independent auditor. The exchange says physical access to its servers and code deployment is strictly controlled. Elsewhere, Kraken offers: encrypted email for secure communication email confirmation for withdrawals configurable account time-out limits. User experience On the one hand, Kraken makes it simple for beginners to make their first trades thanks to its Instant Buy feature.
On the other hand, the platform does assume a degree of pre-knowledge that newcomers might find confusing. However, Kraken does offer a lot of educational content to help you get up to speed. Fees are lower for Kraken Pro users, with maker fees topping out at 0. Fees also decrease on a sliding scale as the volume of trades increase. Kraken accepts various payment methods for deposits but, as is typical, charges fees of as much as 3.
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Users can take advantage of staking and margin offerings. While the last of those had been a distinguishing trait for Kraken over many other leading platforms, in the U. That said, all investors should tread cautiously with even simple crypto trading on Kraken or any other platform.
Kraken Features In addition to being one of the first cryptocurrency exchange platforms, Kraken has a lot to offer investors of all levels. Some of its top features include: Security Over the years, cryptocurrencies have proven particularly vulnerable to hacks resulting in millions of dollars in lost coins.
Kraken takes its commitment to security seriously, ranking first with a perfect score on crypto exchange security review site CER. Notably, Kraken has not had any major hacking events since its launch of its trading operations in Even the international industry mainstay Binance cannot claim that.
That said, there are user complaints about Kraken on online forums about hacked accounts. In addition to physical security measures, Kraken encrypts all of your sensitive contact information at the system and data level and regularly engages in vulnerability testing of its own system. You can get verified in minutes automatically.
The highest tier, Pro, can take several days as it requires certain documents be reviewed manually. While the platform does accept credit card and debt accounts for funding your account. Every crypto purchase made with a credit card results in a 3.
While Kraken does operate in the U. The platform is not available to users in New York and Washington. Kraken gives verified clients direct market access, effectively bypassing the need for a broker. Because Kraken fees are volume-based, the more you trade, the less you pay on subsequent trades. The affordable fee schedule also motivates trade volume to drive maximum liquidity.
Cons: The Not So Good Stuff Advanced Interface: While Kraken markets its platform as a crypto exchange for everyone, the user interface isn't intuitive for first-time traders. Kraken offers a lot of bells and whistles, which can be overwhelming for beginners. You will find plenty of reviews that say chat response times are slow or non-existent.
Our Final Thoughts As far as crypto exchanges go, Kraken is a secure platform with good spreads and low fees. If you're an experienced trader who wants to use advanced features for margin and futures trading, then Kraken is worth checking out. However, if you are just getting into the digital currency game, you may want to look for more user-friendly alternatives, like Coinbase.
Frequently Asked Questions Is Kraken safe? Kraken is one of the most secure cryptocurrency exchanges available. As a professional exchange, Kraken offers airtight security that meets the highest standards of legal compliance. Kraken's team has decades of experience developing security technology trusted by millions of businesses around the world. Committed to making the crypto industry more secure, the company developed Kraken Security Labs.
These labs test third-party services and products to identify, publicize, and solve issues before they create network vulnerabilities that can be exploited by hackers. Is Kraken good for beginners? You will be hard-pressed to find any Kraken review that doesn't point out that the platform may not be suitable for beginners.
As one of the few exchanges that offer margins, stop orders, and crypto short sales, Kraken is best suited for users who want to get into more advanced trading strategies. If you're just starting out, Kraken may be more effort than it's worth compared to other platforms designed with new traders in mind.
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