Kraken Exchange Review

Kraken Exchange Review

Kraken Exchange Review
Before trading the cryptocurrency like bitcoin it is very important to know the exchange we are using is safe or not. So today we are going to discuss the Kraken Bitcoin Exchange and decide whether it is safe or not.

Kraken Exchange is the cryptocurrency exchange founded in 2011. It is a US-based exchange which is considered to be the largest bitcoin exchange. It offers to trade in euro volumes, Canadian dollars, US dollars, Japanese yen, and British pounds.

Kraken Exchange Review

The following factors will be considered for the review of Kraken Bitcoin Exchange:

Security

Security is one of the most important parts of any cryptocurrency exchanges. If you are using the bitcoin exchange that does not have the proper security then there is a great chance of theft. Kraken Bitcoin Exchange is very serious about their security. There are two factors that are considered by them:

  • Authentication
  • PGP email encryption

They hold most of the fund offline in the cold storage. Their servers are under the security of armed guards, retina scanners and video surveillance. So considering the security aspect of the Kraken bitcoin exchange it is quite good.

Trading Charges

Kraken charges the trading fees depending upon different factors.

  •  The total cost of the order
  •  Currency pair which is to be traded
  •  Whether you are a buyer or seller

There is an additional fee for the paper copies of communication that is because $60/page. in comparison to the other exchanges, it is quite low

Payment Method

There is a problem of payment while trading on various exchanges. As they do not allow fiat currency to be the mode of payment. But in the Kraken bitcoin exchange, it is not the case. Here you can trade by the bank transfer and cryptocurrencies.

Verification Requirement

In the digital world, there are a lot of scammers which can cost you money. Kraken exchange does a long verification procedure which reduces the chances of getting scammed. It is a 3 tier process:

  • Valid ID document
  • Documents for the proof of residency
  •  Valid SSN (US clients only)
  •  id confirmation photo

Geographical Reach

The geographical reach is also an issue for most of the cryptocurrency exchanges but it is not the case for the Kraken bitcoin exchange. It provides services in entire North America except New York because of BitLicense-Europe and Japan. Anyone in the world can enjoy the services of the Kraken bitcoin exchange.

Communication trust

When you are talking to someone related to trade you want to be your conversation to remain
private and secure. Kraken bitcoin exchange is providing you that trust. Means it is not scrutinizing
your private conversation and data by sharing or storing it by the backdoors.

Summary

Beginners friendly             –        No
Mobile application             –        No
Security                             –       Good
Fees                                  –        Very low
Communication Trust        –       Great
Customer Support –          –         Okay

Conclusion

Thisicle of Kraken Exchange Review, you can conclude that Kraken bitcoin exchange is
quite good for the cryptocurrency exchange. But it is not a beginner friendly exchange.

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