After facing the first purchase of cryptocurrencies, choosing an exchange where you can sell or exchange the investment made is one of the main headaches faced by investors who are introduced to the world of cryptocurrencies. In this review we will talk in detail about Kraken, a cryptocurrency exchange that has been offering its services since 2011.
What is Kraken?
Kraken is one of the oldest and best-known cryptocurrency exchanges in the industry. The platform was founded on July 28, 2011 in San Francisco, and on September 10 of the same year officially opened. This seniority provides extra security and is the reason why many users choose it instead of using other, more recent exchanges. Currently the exchange has more than 70 pairs listed for trade.
Another big point in favor of this cryptocurrency exchange is that it has not been hacked, or if it has been, they have not been able to break through their barriers and have kept their wallets and users’ funds safe.
How to create an account in Kraken?
Creating a Kraken account requires only a couple of minutes.
Step 1: Go to the registration page and enter your email, password and Master Key.
Step 2: Once the data is entered, a verification email will be sent with an activation key to confirm the account, after this point you will be able to access the exchange.
Step 3: From Kraken suggest the activation of the second authentication factor (recommended in all registration processes).
Welcome to Kraken!
Thanks for signing up! To deposit, trade, and withdraw funds please get verified.
Please refer to your confirmation email for any service restrictions related to your jurisdiction.
As indicated by the welcome message, in order to carry out any type of transaction with either cryptocurrency or with fiat, in addition to having an account on the platform, verification of certain personal data will be necessary.
Users who want to perform operations in Kraken must pass several levels of identification, these levels are called: Starter, Intermediate and Pro, there is also a special type of account for institutions and corporations.
- The entry and exit of any currency whether crypto or fiat is blocked
- Requires: Full name; email; address and telephone number
- Enables: Deposit and withdraw digital assets; buy/sale/trade of digital assets; trade with margin
- Requires: Identity card; proof of residency; photo identification; information about the occupation
- Enables: Deposit and withdraw with fiat; buy/sell/ trade with fiat; higher financing limits; trading with crypto futures
- Requires: Financial status; AML verification
- Enables: Customized financing limits; higher margin limits; higher API limits; OTC trade
You can see more detailed information about the daily and monthly limits of each of these levels in the following image:
Operation of Kraken
At first glance, the interface of the exchange is a little different from the others so we are going to explain that they will be found in each tab.
In the tab “Trade” we find several options, of which we will explain the two most used: In the first “Overview“, will be where we see a first view of the funds we have in the exchange and in “New Order” will be the place where to create the orders to exchange cryptocurrency/fiat .
This section will be the place to go when we want to deposit or withdraw cryptocurrency/fiat.
Here you can increase the security of your account, change the password or add API Keys.
Settings is the place where you can change the email address linked to the exchange, know your Public Account ID, modify the display language and time zone or activate an Auto Log Out.
As its name indicates you can see the history of transactions made.
Verify your account at the Starter, Intermediate or Pro levels to be able to make transactions.
Characteristics of Kraken
In addition to security, one of the best features of Kraken is that it allows exchanges of cryptocurrency to 5 different fiduciary currencies, and if you have a validated account at the intermediate level, you can send money to your bank account by paying a small commission.
The same happens if you want to enter fiduciary money into your account to acquire cryptocurrencies, the platform allows you to send funds in different ways, for example through a bank transfer.
The exchange also offers trading services with margin, futures trading with cryptocurrencies and OTC trading.
The exchange has a large volume of daily transactions and a list of cryptocurrencies with which you can trade that amounts to 20 (Augur, Bitcoin Cash, Bitcoin, Zcash, Tezos, Stellar, Theter, Ripple, Qtum, Monero, MelonPort, Litecoin, Gnosis, Classic Ethereum, Ethereum, EOS, Dogecoin, Dash, Cardano , Bitcoin SV) and 5 fiduciary currencies (Euro, Dollar, Canadian Dollar, Japanese Yen and Pounds).
Kraken is one of the best exchanges of cryptocurrencies available, due to its seniority, the security it has shown year after year and the services offered.
A negative point for Kraken is the need for an identity verification to operate with cryptocurrencies, in other exchanges they allow operations with crypto without the need to verify the user.