Kraken Exchange Review 2023: Is Kraken a Legit or Scam?

Introduction

Kraken is a well-known cryptocurrency exchange that has been operating at the global level for over a decade. The uniqueness of Kraken lies in its quality in that it suits both customers i.e., novice and professional traders. For novice traders, the Kraken crypto exchange offers a wide range of educational resources and a perfect trading platform for experienced traders.

Kraken.com is a Francisco-based cryptocurrency exchange launched in 2011. It is considered among the world’s top crypto exchanges best known for buying, selling, and trading Bitcoin (BTC). Kraken has marked its name in the crypto industry due to its dynamic features of security and reliability for individual and institutional crypto clients. 

Features of Kraken Exchange

The Kraken trading platform is working in 190+ countries and has more than 9 million registered users. The quarterly trading volume of the Kraken.com exceeds $207 billion. Reasonable trading fees, high alert security, easy account opening, and the availability of a wide range of digital assets are the key features of the exchange.

Kraken cryptocurrency exchange is best known for its distinguishing features of staking, NFT marketplace, Crypto Watch, OTC trading, indices, futures and margin trading. These are the additional features of Kraken which enhance its demand in the crypto community. Users can also earn rewards upon selling, purchasing and trading of wide range of digital assets on the Kraken exchange.

Kraken-Supported Currencies

Kraken.com’s crypto trading platform supports more than 250 cryptocurrencies. It offers 120+ digital assets for US customers and offers 250+ cryptocurrencies for customers across the globe. It includes a few significant cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC) etc. Users can visit the Kraken exchange’s official page to check out the list of supported cryptocurrencies.

 Fee Structure

Kraken’s fee structure depends upon the type of account. It charges a low fee for the beginners as compared to the experienced and professional traders.

• Kraken Fee

When you buy crypto quickly on Kraken, they’ll take a percentage fee for the transaction, and possibly a spread cost too. You’ll see the fee before you confirm your purchase. Depending on how you fund your account, you might face additional charges, like credit card fees.

• Kraken Pro Fee

Kraken Pro has lower fees than regular Kraken. Your fees depend on how much you’ve traded in the last 30 days. Most trades cost either 0.26% as a taker fee or 0.16% as a maker fee.

Customer Care Services of Kraken Crypto Exchange

Kraken crypto exchange distinguishes itself from other exchanges due to its best customer care services. Users can directly contact to experts 24/7 in case of any trouble or assistance via the chat feature. Customer support is available even on holidays.

Also Read: Crypto Trading Guide 2023 – What is Cryptocurrency Trading And What Are Its Benefits?

Kraken also offers cellular support to customers 24/7 to save customers from any trouble. This type of phone support is very rare crypto industry but Kraken has made it possible for people to navigate their digital assets and trading. Kraken cryptocurrency exchange also provides customers the easy access to the library for regular questions and guidelines.

Pros and Cons of Kraken.com

Pros;

• Offers sophisticated features like futures and margin trading
• 24/7 customer support
• Low BTC withdrawal charges
• Provides educational material
• User-friendly interface

Cons;

• High fee while not using Kraken Pro
• Not available for the users of Washington and a few other US states
• Accepts limited currency pairs

Concluding Remarks

Kraken is the best option for cryptocurrency traders, whether you’re a beginner or an expert. It offers low fees on advanced features like Kraken Pro and futures trading. Just keep in mind that Kraken Pro can be a bit complex to use.

In short, Kraken is a great platform for cryptocurrency trading and investing. Remember to grasp the costs and risks involved and protect your account with two-factor authentication. If you do this, you should have a positive experience trading cryptocurrencies on Kraken.