Сryptocurrency exchange Kraken

Kraken is a cryptocurrency exchange founded in 2011 in the US by Jesse Powell. With over 8 million users, the platform supports trading for more than 120 coins. Its standout feature is low fees—maker fees are as low as 0.16%, with some trades having no fees at all. This guide offers insights into a popular question: “What is Kraken?”.

The exchange offers the following features:

• Wide Variety of Cryptocurrencies. A significant advantage of the platform is its extensive selection of tokens. All major cryptocurrencies are supported, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), and Solana (SOL). In total, there are more than 120 tokens available for trading.
• Fiat Transactions Enabled. The platform supports fiat transactions with leading global currencies, such as the euro, US dollar, and Canadian dollar. This makes it easy for users to trade or withdraw funds in their preferred currency.
• Backing with Real Assets. All funds on the platform are backed by cryptocurrency and fiat reserves. This guarantees that the exchange can fulfil its obligations to all customers, ensuring a reliable and trustworthy trading environment.

Another standout feature of the cryptocurrency exchange is the availability of three distinct interfaces, each tailored to specific user needs:

• Kraken. The standard interface is designed for everyday users. It focuses on currency exchange and offers a simplified experience, with limited trading tools.
• Pro. This version is built for traders, featuring a sophisticated trading terminal and a range of tools to ensure a smooth and efficient trading experience.
• NFT. Exclusively designed for NFT trading, this interface allows users to buy, sell, and list their own NFTs. However, it does not support the ability to buy cryptocurrency or engage in traditional token transactions.

A notable drawback of the platform is the absence of Kraken P2P functionality. Users cannot conduct peer-to-peer transactions and must rely on the exchange’s built-in tools for cryptocurrency trading.

Despite the lack of P2P and some other features, the cryptocurrency exchange consistently ranks among the top in ratings and receives positive evaluations from professional traders. This is largely due to its exceptional security standards, which are a key evaluation criteria for exchanges. The platform has an impeccable track record of protecting user data — unlike many competitors, it has never been hacked.

To begin trading on the Kraken exchange, users must complete registration, verification, and fund their accounts. These steps are straightforward and user-friendly, making the process accessible even for beginners who have never used cryptocurrency exchanges before.

The platform offers two types of accounts: personal and business. Personal Accounts are Designed for individuals who wish to trade cryptocurrency for personal purposes, not tied to any organization. Business Accounts which are Intended for trading on behalf of a legal entity, provide the following benefits:

• Personalized limits exceeding standard thresholds.
• Access to over-the-counter (OTC) trades.
• Margin trading.
• Enhanced trading conditions via API.

To register on Kraken, follow these steps to set up your account:

1. Visit the official website of the exchange.
2. Click the "Sign Up" button at the top of the screen.
3. Choose the account type (personal or business).
4. Enter your email address.
5. Create a secure password.
6. Select your country of residence.
7. Agree to the platform’s terms and conditions.
8. Click "Create account".

IMPORTANT! Your password must be at least 12 characters long and include at least 1 number, at least 2 special characters, and at least 1 uppercase letter.

After completing the steps above, you will need to confirm your email address. A six-digit code will be sent to your email, which you must enter on the platform. Once this step is completed, your registration is successful, and you can begin trading!

Kraken verification is a mandatory step for trading on Kraken. Users are prompted to begin the process immediately after registration. The first step involves completing a personal information form with the following details:

• Full name.
• Date of birth.
• Residential address.
• Phone number.
• Occupation.

Additionally, users must provide information about their income sources, planned trading volume, and funding methods. After completing the form, the next step is document verification. Steps for verification:

1. Review Kraken’s verification rules.
2. Select the document type and issuing country.
3. Click Upload a photo.
4. Upload photos of your identity document.

If a user verifies their account using a phone or has a webcam connected to their computer, they can take real-time photos of their documents. To do this, simply click the camera icon on the verification page, position the documents in front of the lens, and confirm the captured image.

Residents of most European Union countries can provide the following documents for verification: driver’s license, residence permit, ID card, or national or international passport. In other jurisdictions, the list of acceptable documents may vary. For example, users from Algeria cannot use a driver’s license for identity verification.

To complete a Kraken login, follow these steps:

1. Click on "Log In."
2. Enter your username.
3. Input your password.
4. Press "Continue."

If the user forgets their login or password, recovery is possible. To initiate this process, click "Forgot password or username?" in the login menu. Next, provide either the username or email (depending on what needs to be recovered) and confirm the action. A code for resetting the password or the username itself will then be sent to the registered email.

IMPORTANT! If you cannot restore access to your account on your own, contact customer support. To do this, click "Contact Support" in the login menu.

To access the personal account menu, click the icon shaped like a person at the top of the screen. The personal account includes the following sections:

• Settings: Configure site and account settings, including interface language, number formats, date, and time. This section also allows editing of personal information.
• Security: Adjust login settings such as changing your username, updating your password, or enabling two-factor authentication. Additional options include email encryption, trading key configuration, and more.
• Notifications: Set up notification preferences and activate mobile alerts.
• Activity: View details of devices and IPs currently logged into your account. You can also choose to end all active sessions from here.
• API: Manage and view API keys linked to your account.
• Verification: Start the identity verification process directly from this section.
• Documents: Export transaction history for analysis. This section also displays various documents, which depend on your jurisdiction, such as tax regulations.
• Proof of Reserves: Check the exchange’s current assets backing client funds.

The menu also includes a "Sign out" button. Clicking it logs the user out of their account, and reauthorization will be required to continue using the platform.

To deposit fiat currency into your cryptocurrency exchange account, follow these steps:

1. Log in to your account.
2. Navigate to the “Portfolio” section.
3. Click on “Deposit.”
4. Select the fiat currency from the list.
5. Choose “Find manually.”
6. Enter the deposit amount.
7. Provide the payment details.
8. Confirm the payment.

Alternatively, you can select the “Find Directly” option. This allows deposits to be processed via the specified bank account through the Plaid payment service.

IMPORTANT! If the fiat currency you’re looking for is not visible in the list, use the search bar above the list by entering its code (e.g., EUR, USD, CAD, etc.).

Depositing cryptocurrency follows a similar process. After clicking on “Deposit,” choose the cryptocurrency from the list, select the appropriate network, and confirm. A wallet address will then appear on the screen. Send your tokens to this address. There is no need to enter an amount—the amount you send from your crypto wallet will be credited automatically.

Deposits can also be made through the “Transfer” page. Upon accessing this page, the deposit menu will open immediately.

To withdraw funds from your cryptocurrency exchange balance in fiat currency, you need to:

• Log in to your account.
• Go to the "Portfolio" section.
• Click "Withdraw".
• Select the withdrawal currency.
• Choose the method of receiving the funds.
• Click "Continue".
• Enter the amount and details.
• Confirm the withdrawal by clicking "Confirm withdraw".

The withdrawal process can also be initiated from the "Transfer" page.

The available withdrawal methods vary depending on the region where the user resides. For example, in Canada, Payper (Interac e-transfer), SWIFT bank frick, EFT, and Etana Custody are available.

To withdraw cryptocurrency, after going to the withdrawal section, you need to select the token, and network, click "Add address", enter the cryptocurrency wallet address, confirm it via email, enter the amount, and click "Withdraw [coin name]".

The cryptocurrency exchange has software for Android, and iOS, as well as all popular desktop systems, including Windows. The platform's apps allow for maximum convenience in trading from any device and provide access to all the features of the platform—their functionality is identical to that of the web version.

Kraken APK can be downloaded from the official Google Play Market. To do this, simply enter the exchange's name in the search bar, select the correct result, click "Install" on the software page, and then wait for the Kraken app download and installation to complete. The software download is completely free.

The app interface is very similar to the desktop version. The main screen displays the same information as the website. The main difference is that links to key sections are moved to the quick access panel at the bottom, and the user dashboard has been simplified for more convenient interaction with a smartphone.

The Kraken app for iOS can be downloaded directly from the App Store. To do this, enter the exchange's name in the search bar, choose the right result, click "Download" on the software page, and wait for the download and installation to finish.

WARNING! When logging into the account via the app, authentication must be confirmed using a special link that will be sent to the user's email. Until this is done, trading through the app is not possible.

The interface and functionality of Kraken iOS are identical to the Android app. It has the same appearance, and controls, and offers the same features.

The exchange also has an app for Windows. To download and install it, follow these steps:

• Go to the exchange’s website.
• Click "Get mobile apps" in the footer.
• In the "Desktop" block, click "Choose download."
• Click "Download" next to Windows.
• Specify the download location for the program.
• Confirm the download.

After the download is complete, double-click the installer to start the process and follow the instructions. It is recommended to disable antivirus software before installation, as it may block the process.

The app's appearance is almost identical to the Pro version of the exchange's website but offers better performance, supports multi-window mode, and provides more flexible settings, such as importing new tool panels. Thanks to these features, trading through the app is more convenient than through the web version.

Kraken charges fees for:

• Account transactions (deposits/withdrawals).
• Spot trading.
• Futures trading.

Kraken exchange fees decrease as a trader's monthly trading volume increases. Below is a summary of fees for clients with a monthly trading volume of up to $50,000:

As the trading volume grows, the fees decrease. For example, if a user trades over $10,000,000 in a month, some of the transactions may not incur any fees at all.

Kraken does not charge a deposit fee. Withdrawal fees depend on the token or fiat currency being withdrawn. Conversion fees can go up to 3%, but users can avoid this by using an exchange order, which is generally more cost-effective.

The platform offers relatively few trading products and tools. The main offering is spot trading, futures, and margin trading using the terminal on the Pro version of the website. Additional features include an educational blog for beginner traders, as well as indicators showing the rise and fall of cryptocurrency prices. The selection of Kraken futures is not the largest, so many use the platform not as an exchange, but as a proven exchange for purchasing coins with low fees.

Among the available trading options on the platform, are Kraken margin trading, spot trading, and futures. The benefits of trading include the absence of strict currency pairs—users can create their own. There are pre-set pairs available, but they are not mandatory to use.

In spot trading, users can trade any tokens. By default, all tokens are displayed in pairs with USD. However, with the terminal feature in the Pro version of the website, users can create their own pair with any currency available on the exchange, including fiat currencies.

There are 8 types of orders available on the exchange:

• limit;
• market;
• stop loss;
• stop loss limit;
• take profit;
• take profit limit;
• trailing stop;
• trailing stop limit.

Users can switch between orders using the special menu located to the left of the trading terminal in the Pro version of the website.

Kraken offers cryptocurrency futures trading. Clients are provided with more than 200 linear perpetual futures in US dollars. These are available only on the Pro version of the platform, which can be accessed by any registered user.

Kraken is known for its high level of security. Unlike its competitors, it has never been hacked. Users' data is securely protected as reliable encryption algorithms are used for transmission, preventing personal and payment information from falling into the wrong hands. This makes Kraken a truly reliable crypto exchange.

One of the major downsides of Kraken is the small number of promotions. Most promotions are temporary and have limited timeframes. Bonuses are rarely given, and the loyalty program, in the usual sense, does not exist. It is also not possible to activate a Kraken promo code on the platform. This deters some traders from using the platform.

The exchange regularly holds temporary promotions, most of which last for 30 days. To participate, users need to meet certain conditions, typically reaching a set trading volume. In return, prizes are awarded in USDT or other cryptocurrencies.

There is no Kraken sign-up bonus. Other gifts can be received as part of temporary promotions or the referral program. To avoid missing out on promotions offering gifts, users are advised to follow the platform’s social media, where information about all activities is published.

The Exchange Kraken platform has a referral program in which all registered users can participate. To do this, users need to copy the referral link from the special section and invite another user to register using it. The exchange rewards up to 100 USDT for each transaction made by a new client. These conditions may vary depending on the region and the duration of the program.

The platform does not have its own Kraken VIP program in the usual sense. However, the platform offers levels based on the client's trading volume. The higher the volume, the lower the fees. With large trading volumes, commission fees for some positions become zero.

There are several ways to contact Kraken support:

• Hot line phone: +353-1-223-8162.
• Feedback form in the "Support" section.
• Online chat in the "Support" section.

Support responds quickly and effectively resolves any issues users face, so their service can be considered of high quality.

Attention! Kraken’s support team speaks only in English.