- Has an app for iOS
- Great support
- High level of security
- Great UI
- Low fees
- Privacy could be better
- Number of trading pairs could be bigger
Kraken is probably one of the biggest cryptocurrency company in the world. It’s one of the oldest as well. Since its start in 2011, Kraken managed to grow systematically. The company is based in San Francisco, USA. As a result, trading volume reaches impressive numbers. Kraken has implemented many great features and trading tools – leveraged margin trading is one of them.
Furthermore, Kraken supports many cryptocurrencies, including Bitcoin, Litecoin and Ethereum.
Deposit usually takes 1 – 5 business days. While CAD Wire takes from 5 to even 12 working days. Unfortunately, the verification process is long and gets easily extended due to overload.
It depends on the Tier:
- Tier 0 – do not allow any deposits
- 1 – allows deposits with crypto coins only
- 2 – fiat deposits and withdrawals $2,000 daily, $10,000 monthly
- 3 – fiat deposits and withdrawals $25,000 daily, $200,000 monthly
- 4 – fiat deposits and withdrawals $100,000 daily, $500,000 monthly
Verification process and privacy
From the very beginning, Kraken requires some personal details. With each tier, the number of required details, increases and includes one form of ID, social security number (US), proof of address. Consequently, business and institutional accounts have some more paperwork to provide.
Kraken has amazing security with some features which aren’t implemented by many other trading platforms and exchanges. Traditional ones here are Two-Factor Authentication and an SSL certificate. In addition, all funds stored in encrypted cold storage. Rarer integrated here – PGP/GPG encryption for email.
Kraken allows its customers to submit a request or browse a knowledge base. Also, there are an FAQ and some guides available. Another source for getting more in-depth information about updates and changes, check Kraken’s blog.
Kraken is one of the most famous Bitcoin and other cryptocurrencies exchanges and trading platform at the same time. Most noteworthy, it has reasonable fees. Finally, exchange presents the application for both iOS and Android.
Sadly, the Kraken verification process seems too extensive. Also, the platform looks too confusing for newcomers and amateur users. Another huge issue reported, the website going offline repeatedly.
Reviewed by Coinsmaniac