Kraken Review – Is Kraken Scam or a Legit Crypto Exchange?

Kraken Review

Kraken logo

Kraken is a crypto exchange that enables users to purchase and sell Bitcoin and Ethereum. Kraken is among the pioneer Bitcoin exchanges, and it offers over 50 different coins for buying, selling, and trading at low costs. It’s notable for providing both spot trading and cryptocurrency futures at current market rates. Kraken is a wonderful option for novice and experienced cryptocurrency investors who want minimal trading costs and access to many coins. Keep reading to see the full Kraken review.

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A Glance At Kraken

Kraken, a cryptocurrency exchange, operates in the United States. It was established in July 2011 and has its headquarters in San Francisco, California. It is the most established stock exchange in the world. Jesse Powell is the organization’s founder. The exchange has raised a total of $118 million in venture capital.

Kraken website

What Can You Exchange At Kraken?

Kraken enables you to convert fiat money such as the US dollar, the Canadian dollar, the euro, and the pound into cryptocurrencies. You may also convert one cryptocurrency to another using a cryptocurrency exchange. On Kraken, there are over fifty cryptocurrencies available for purchase. You can purchase them with fiat currency or exchange them with other cryptocurrencies.

The Energy Web Token (EWT) and the Ocean Protocol (OCEAN) are two new cryptocurrencies recently launched to the Kraken platform. As of March 3, 2021, both currencies will be able to be deposited and traded.

Is Staking Allowed At Kraken?

Yes, it is, and one of the attractions of Kraken is the ability to stake. If you do this, you may be able to earn incentives on the crypto coins that are currently in your wallet. Even though not all currencies are eligible for staking, you can exchange them for staking coins. Rewards are distributed on a bi-weekly basis. The amount of money you’ll earn and the special prizes you’ll receive varies depending on whatever coin you’re using.

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How To Fund Your Account With Fiat Currency At Kraken?

When it comes to financing your exchange account with fiat currency, Kraken offers several options. It makes use of organizations who give funds transfer services to make this happen (similar to Plaid). Each account has a particular set of minimums, maximums, and costs associated with funding the account. You can also purchase cryptocurrency with a credit card, although this is the most expensive approach.

It is necessary to perform Know Your Customer (KYC) certification before using fiat currency in your transactions. KYC is a process that needs you to prove your identification. For the first 72 hours after your exchange account is opened, you will be unable to withdraw any funds. Once the account has been funded with money, you will choose which cryptocurrency to purchase.

There are coins (majors) that enable you to go directly from fiat to crypto, and there are coins (alts) that can only be accessed through some significant cryptocurrencies. For example, in the case of EOS, you will not be able to purchase it with fiat currency because it is a cryptocurrency. You’d have to purchase BTC (Bitcoin) or another significant cryptocurrency first and then use it to make a trade into EOS.

How To Place Order At Your Kraken Account?

Placing orders and positions can be found in the account section. You can also place transactions here, such as limit and market orders. This section contains the classic web-based interface as well as Kraken Pro.

You will be able to transfer your cryptocurrency to a soft or hard wallet once you’ve made a transaction. You’ll withdraw money from Kraken and provide your soft wallet address to transfer money to it.  For the initial withdrawal, you’ll need to authenticate your wallet by email.

After you’ve created a wallet, you’ll have access to Kraken Pro. Kraken Pro is an advanced version of the classic web-based trading platform. Market depth, graphs, open orders, positions, and placing trades are available on Kraken Pro.

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Final Thoughts

On Kraken, there’s a lot of variety. It provides one of the most extensive lists of supported currencies available today, pays prizes for staked coins, and even supports margin trading. It’s definitely worth a look.

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