A Guide to Kraken – All You Need to Know About the US-Based Crypto Exchange
Kraken has been in operation for over a decade. That means it has weathered several bear markets to become the established and reliable crypto exchange it is in 2023. This article focuses on Kraken. You will learn its history, features, and how to get started.
Understanding Kraken
Kraken is a crypto exchange based in the United States. You can trade hundreds of digital currencies through the platform, including Bitcoin and Ethereum. Thanh Luu and Jesse Powell are the brains behind Kraken. The duo founded the crypto trading platform in 2011.
Although Kraken is popular in the US, it has expanded its presence to several countries, becoming a global brand. The exchange’s user base has been growing rapidly since 2019, climbing from 4 million to 10.5 million in June 2023.
When it comes to annual trading volumes, Kraken posted $24.76 trillion in 2020, $802.84 trillion in 2021, and $397.75 trillion in 2022.
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The crypto exchange’s tremendous performance has attracted prominent investors in recent years, including Blockchain Capital, DSBI Investment, and Digital Currency Group, data from Crunchbase shows.
What’s Kraken’s regulatory status? The company is registered with the US financial regulator FinCEN as Payward Ventures. Moreover, Kraken is licensed by FINTRAC in Canada. The exchange also holds licenses in APAC, Italy, the Middle East, and the United Kingdom.
How to Get Started With Kraken
Kraken has made its sign-up process easy to facilitate a smooth entry into the crypto world. Here is how you can set up a Kraken trading account:
Step 1: Visit Kraken.com and click the “Sign up” button.
Step 2: On the page you are redirected to, select “Business” or “Personal.” Submit the relevant information required and press the “Create Account” button.
Step 3: Enter the code sent to your email to activate your Kraken trading account.
You are now a Kraken User. However, to access all of Kraken’s features, you must verify your account. To do this, provide proof of residence, a photo of your identification document, and a selfie.
Kraken’s Features
As a verified Kraken user, you will have access to the following features:
Spot trading – Here, you can trade a variety of crypto assets at current prices.
Futures trading – Kraken allows you to buy and sell cryptocurrency futures.
Margin trading – You can borrow funds to open bigger positions in the crypto market than your account balance. Potential profits are huge, and so are losses.
Earn feature – You can stake your supported proof-of-stake cryptocurrencies through Kraken’s staking-as-a-service program to earn rewards over time.
NFT marketplace – If you are an NFT trader, you can buy and sell unique digital art pieces through Kraken’s NFT platform.
Security
Kraken is one of the few crypto exchanges that prioritize user security. It has adopted several safety measures, including two-factor authentication and an encryption mechanism for encrypting communication.
Moreover, Kraken stores sensitive user data and cryptocurrencies offline, making them inaccessible to cybercriminals.
To maintain users’ trust, Kraken has been publishing proof of reserves audits that let customers know their cryptocurrency assets are collateralized by real assets.
Fees
To engage in spot trading, you will incur either maker or taker fees. Makers (traders who provide liquidity) are charged a 0.16% fee, while takers (traders who withdraw liquidity) incur a 0.26% fee.
To participate in futures trading as a maker, you will pay a 0.02%, while as a taker, you will be charged a 0.05% fee.
Customer Support
Kraken’s customer support team operates 24 hours a day. So, whether you have issues related to withdrawals or you are unable to maneuver through the trading platform, you can email the team or use the in-app chat feature to get assistance.
Final Thoughts
Most of the crypto exchanges that launched in 2011 have failed to survive during market downturns. But it is 2023, and we still have Kraken. This shows how solid the platform’s foundation is. If you are looking to start your crypto trading journey, you can sign up with Kraken, but first do your research.
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