Kraken provides over 100 multi-collateral futures contracts with a leverage of up to 50x. It has received an ISO/IEC 27001:2013 certification for its security measurements and provides a 2FA verification compliant with FIDO2.
Kraken: Company Information + Regulation
Kraken is a San Francisco-based cryptocurrency exchange founded by Jesse Powell and currently led by David Ripley, the CEO.
The company has built a strong reputation over the years for its commitment to the security and safety of funds, but like many other exchanges, it has not been able to obtain licenses from reliable regulatory authorities.
There has been some disputes with regulatory authorities, too. In 2015, the exchange exited the New York market because of the introduction of the BitLicense.
More recently, Kraken has been involved in legal actions with the Treasury Department's Office of Foreign Assets Control (OFAC), facing accusations of operating an unregistered securities exchange and violating U.S. economic sanctions on Iran.
Kraken Key Features and Specifics
Here's a table summarizing some of the key features and specifications regarding the exchange:
Exchange | Kraken |
Launch Date | 2011 |
Levels | Intermediate, Pro |
Trading Fees | From 0% (varies by trading volume) |
Restricted Countries | Iran, Syria, Belarus, South Sudan, Japan, etc. |
Supported Coins | +200 |
Futures Trading | Yes |
Minimum Deposit | $1 |
Deposit Methods | Crypto, Credit/Debit Cards, Bank Transfers, Digital Wallets |
Withdrawal Methods | Fiat Currencies, Crypto |
Maximum Leverage | Up To 50x |
Minimum Trade amount | From 0 |
Security Factors | ISO/IEC 27001:2013 Certification, 2FA Compliant With FIDO2, Proof Of Reserves |
Services | Staking |
Customer Support Ways | Live Chat, Ticket, Phone Call (Currently Unavailable) |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Not Stated By The Website |
Native Token | None |
User Levels on Kraken Exchange: Features Overview for Every Level
This exchange offers different account levels, each with its own set of features and limits. The levels are separated by the verification type. Here's a breakdown of the main differences between the user levels:
Features | Intermediate Level | Pro Level |
Withdraw Cryptocurrencies | High limits | Highest Limits |
Deposit Cash | High Limits | Highest Limits |
Trade on Dark Pool | Not Allowed | Allowed |
Trade on OTC Desk | Not Allowed | Allowed |
Business Account | Available | Not Available |
Generate API Keys | 16 | 24 |
API Call Rate Limits | High | Highest |
To progress through these levels, users need to provide additional verification information.
Fees and Commissions on Kraken
The fee structure on this exchange might not be as competitive as it is on other exchanges. It varies by the user's trading volume in the last 30 days. Here's a brief overview of the costs of crypto trading:
Volume in the last 30 days (USD) | Maker Fee | Taker Fee |
$0 - $10,000 | 0.25% | 0.40% |
$10,001 - $50,000 | 0.20% | 0.35% |
$50,001 - $100,000 | 0.14% | 0.24% |
$100,001 - $250,000 | 0.12% | 0.22% |
$250,001 - $500,000 | 0.10% | 0.20% |
$500,001 - $1,000,000 | 0.08% | 0.18% |
$1,000,001 - $2,500,000 | 0.06% | 0.16% |
$2,500,001 - $5,000,000 | 0.04% | 0.14% |
$5,000,001 - $10,000,000 | 0.02% | 0.12% |
$10,000,000+ | 0.00% | 0.10% |
Deposit and withdrawal commissions depend on the method used and currency for transactions.
Coins and Assets Supported on Kraken
Kraken supports over 200 cryptocurrencies for trading, withdrawal and deposits. As stated by the official website, not all currencies are available for trading directly with one another. Here is a list of some of the coins and tokens on Kraken:
- Bitcoin (BTC)
- Ethereum (ETH)
- ApeCoin (APE)
- Litecoin (LTC)
- Fantom (FTM)
- Ethereum Name Service (ENS)
- Blur (BLR)
- Axie Infinity (AXS)
Futures and Margin Trading: Main Specifics
Kraken offers both futures and margin trading for more advanced users. Here are the key points:
Futures Trading:
- Available for several significant cryptocurrencies;
- Leverage up to 50x (depending on the asset);
- Both long and short positions are available;
- Access to a demo platform.
Margin Trading:
- Leverage up to 5x for eligible assets;
- Over 100 margin-enabled markets for long and short positions;
- Margin calls and liquidation procedures in place to manage risk;
- Interest charged on borrowed funds.
Registration and Verification on Kraken: Step-by-Step Tutorial
In this part, we are going to provide a step-by-step guide for Kraken crypto registration. Read the following instructions:
- Visit Kraken.com and click "Sign Up";
- Provide your email, create a strong password, and select your country of residence;
- Verify your email address;
- Choose your account type (personal or business);
- Provide personal information (name, date of birth, address).
Now, your account is created. For verification, submit images of the required documents regarding your identity or residence location. Then, wait for the team to verify your account.
Exchange Security: How Secure is it?
Security is a top priority for Kraken, and the exchange has implemented several measures to protect user funds and data. Safety Stats and Specifications:
- ISO/IEC 27001:2013 certification for cybersecurity and information security management systems
- 24/7 surveillance by guards and safety systems for the crypto infrastructure
- Two-factor authentication compliant with FIDO2
- SSL encryption for the website
- Proof-of-reserves available with regular auditory
Kraken Payment Options
There are several methods for making payments or deposits and withdrawals on this platform. Note that these options might change based on your region. Payment methods on Kraken:
- Bank transfers: ACH, wire transfers, etc.
- Cryptocurrency deposits: via supported coins
- Credit/debit card purchases: VISA, MasterCard, etc.
- Digital Wallets: via Apple Pay and Google Pay
- Fiat Currency Withdrawals: USD, EUR, CAD, AUD, CHF, JPY, and GBP
Kraken Trust Scores and Evaluations
Usually, user ratings and expert reviews on platforms such as Trustpilot can help us have a better image of an exchange or company. Therefore, we discuss the mentioned exchange's scores in this section:
- Trustpilot: 1.4 out of 5, based on +2,300 reviews
- REVIEWS.io: 2.9 out of 5, 44% of users recommend the exchange
It seems the exchange has received totally mixed scores from users and experts.
Kraken Support: Working Time and Contact Info
This exchange covers some of the common methods for contacting support. You can talk with them through these channels:
- Live Chat: Available on the website and mobile app
- Ticket System: For more complex issues
- Phone Support: Currently unavailable
Also, there is a help center on the website that provides necessary information about the platform, how it works, etc. The company says that the support team is available 24/7, 365 days a year.
Writer's opinion and conclusion
Kraken charges from 0.25% down to 0.00% maker fee for trading depending on your volume. You can trade over 100 margin-enabled markets on it. The exchange has designed 2 user levels [Intermediate, Pro] with 16 and 24 generatable API keys, respectively.
