Kraken Cryptocurrency Exchange review

The Kraken exchange offers digital asset trading through its website.

Once logged into your account, you can see an intuitive interface consisting of just five tabs at the top of the screen: overview, trading, prices, funds and support.

1. The Overview tab is mainly for displaying the balance of your funds.

You can also see rates and a drop-down list of cryptocurrency and crypto-fiat pairs in which the user has already invested, with the corresponding prices.

2. In the Trading section you can place buy or sell orders.

The section consists of four sections: New Order, Orders, Positions and Trade. In addition, you can select the level of trade, i.e. prefer simple, medium or advanced, each of which includes more options when buying or selling.

3. “Prices”: through this window you can access Kraken prices, where all the quotes for each currency are displayed in real time. You can also view and analyze the charts here (also downloadable in PDF format).

4. Finally, the funds section allows depositing and withdrawing money, and in case of any questions, the user can contact support by going to the support section.

It is possible to deposit both cryptocurrencies and fiat money through bank transfers (credit card is not used): transfers in USD, CAD, JPY, GBP.

How do I sign up for Kraken?

1. You can register on the website with your email and password.
2. You will receive an alphanumeric activation key to the user-specified email address.
3. You must then confirm your account and log in successfully.
4. After logging in for the first time, you must complete the setup of your Kraken account. To do this, you need to verify your cryptocurrency account, fund your account and enable the two-step verification protection.

Depending on the trading level (Basic, Intermediate and Pro), the verification process will be automatic or manual; the documents required also vary.

All levels require 2FA authentication.

In addition, Intermediate and Pro levels require, among other things, a valid ID and proof of address. This requires uploading proof of identity (passport, ID card, ID card) as well as proof of residency (bank statement, credit card statement, gas/electric bill/…, payroll, insurance certificate, tax document or certificate of residence).

Wallets for Kraken

Kraken does not have its own wallet service, so you will have to download another wallet and sync it with the exchange, if necessary.

Kraken: pros and cons

1. Strong security measures.
2. Simple and easy to use interface.
3. Works in a large number of countries, maintaining a generally positive reputation.
4. Fast and responsive customer service, available on a daily, weekend-free basis.
5. Overly specialised platform for novice investors.
6. High commissions compared to other exchanges.
7. Allows depositing and withdrawing funds only through bank transfers.
8. Although the company offers customer service, some users complain that it is not as optimal as it should be.