I my previous article i had discuss about using coinbase pro as an exchange platform. Beside coinbase pro kraken is also one of the largest cryptocurrency exchange platform.
Kraken was founded in 2011 by jesse powell as its CEO and is older than coinbase and coinbase pro. Its headquarter is based on san fransisco.
An interesting story behind the creation of kraken is that its founder jesss powell was an active traders in Mtgox exchange where one of the biggest bitcoin hack in the history took place in 2014. So he thought of developing his own exchange platform. Which makes him developed the kraken exchange.
Opening an account in kraken
Opening an account in kraken is pretty simple.By clicking on the create account button, users have to enter their unsername , a strong password and their email.Finally they have to enter the activation key send on the email used for creating the account. After that a verification of the account is need where user have to submit a copy of their valid id, proof of residence and occupational information.
It also require the submission of live face photo for users residing in USA,Germany and South Africa. Besides USA residence are also required to submit their social security number.
Available Features in kraken
On the left top there is a market option and below there is the graphical timeline representation of the selected crypto assets.
At the middle of the interface there is the watch-list and buy / sell option.
On the right side of watch-list there is an option to make order books Finally, on the extreme right is the order forms option.
Kraken security feature
Just like in coinbase kraken keep 95% of the customer funds inside their cold storage. Their private key is highly secure and distributed at various global location.A very different security feature in kraken is that their server is keep in a secure cage under 24/7 servillance by highly trained guards and with a strick cctv monitering system. Hence any acess inside the server is highly monitored and doesn't grant any approval without a thorought review.
Besides all their account information is encrypted on their system and acess of the account is strickly control. They are also running a bug bounty program on their platform. Their system also employed highly qualified and dedicated team who are actively monitering any possible attack on the platform.
Unlike coinbase pro kraken doesn't have FDIC insurance program as according to them an exchange platform is not for saving purposes. It also offers 2 factor authentication system.
Supported cryptocurrency and countries
Kraken support 34 different types of cryptocurrency such as Algorand, Augur, BAT, bitcoin, bitcon cash, cardano, chainlink, cosmos, dai,dash,dodgecoin, Eos, ethereum, ethereum classic, zcash etc.
It only allows user from certain restricted countries to join their platfrom. It doesn't allowed users from afghanistan, japan, iraq, iran, North korean, Tajakistan, cuba and Guinea- bissare to join the platform. Above all residence of washington and Newyork are also restricted from the platform due to its regulatory complience. But they can submit a verification details for pre verification and makes them ready to join when the regulation is lift up.
Kraken fee structure
Kraken allows deposit using direct bank transafer, SEPA and SWIFT. And accept currenceys like Euros (EUR) US dollars (USD) Canadian dollars (CAD) and Japanese (YEN).
Kraken charge less fee when compare to other exchange and trading platform.They also allowed cash/ debit card transafer for canandian residence under canadian post. With a charge of about 1.25 CAD. Besides deposit through SWIFT or SEPA charges fees ranging from 0 to 5$.
Trading in kraken platform bellow 50,000$ pay a 0.26 taker fees and 0.16 maker fees. As per the chart above. Makers fees are those users paid while placing order in order to liquidate while Takers fee are those fees paid to remove the liquidity
One of top advantage of kraken when compare to other exchange site is that of it Low fees structure and high liquidity. Besides it also allows trading of both cryptocurrencg and fiat currency. Kraken support system is also one of the best among the exchange platform as it provide 24/7 live chat support to all users.
Kraken does't allowed used of credit/debit card as a means of deposit except for canadian residence which is allowed under canadian post. And it taken time inorder to verified our idendity and depositing our assets.
With regards to fees and security system kraken is a better exchange platform than coinbase pro. And is also a highly trusted exchange site with good reputation. But due to its complex interface this platform is not for beginners.