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Everything you need to know about Kraken Exchange

As the world slowly but surely accepts the presence of digital assets, the surge of people that have started using it has been overwhelming, making the need for accurate and reliable crypto exchanges is becoming in demand in the market. Right now, the market is teeming with different exchanges where people can buy and sell and trade digital assets.

Kraken is an exchange site developed by Jesse Powell who is a cryptocurrency enthusiast. At the time, Powell wanted to start a business related to digital assets, so he visited offices such as Mt. Gox, which used to be one of the biggest crypto exchanges in the world. During that time, he saw a few issues that eventually led to Mt. Gox’s bankruptcy.

Powell had the idea to create his platform that championed security and seamless transactions for its customers. Soon, he launched Kraken in 2014 and it easily became one of the largest exchanges in the market. To make sure that his customers’ funds and investments were safe, Powell teamed up with German and Japanese-based banks.

What makes Kraken popular among users is that they cater to several fiat currencies across the globe. Here are some of them:

  • US Dollar (USD)
  • Japanese Yen (JPY)
  • Canadian Dollars (CAD)
  • British Pound (GBP)
  • Euros (EUR)
  • Australian Dollars (AUD)
  • Swiss Franc (CHF).

Aside from accepting a wide selection of fiat currencies, it also boasts a competitive portfolio of digital assets such as Bitcoin, Ethereum, Tether USD, Ripple, Bitcoin Cash, Cardano, and Litecoin.

Kraken features

Kraken has a wide variety of features that users will find useful for crypto trading. Here are some of them:

Top-notch security

Kraken prides itself on secured transactions for their customers’ investments. They do this by keeping 95% of users’ deposits offline, and stored using different cold wallets based in different parts of the world. Additionally, they use site encryption to make sure that all information is safe and monitored by their team of data personnel.

Aside from their virtual data, Kraken also gives ample protection to its servers. They have armed guards and 24/7 surveillance cameras. Moreover, all the information and details are strictly reviewed by their team.

Kraken also prepares for unforeseen breaches in their system by executing penetration tests that can improve the team’s response to hacking incidents.

Buying and selling of digital assets

Kraken offers high liquidity on the crypto assets they offer to ensure that users can maximize their profits. Additionally, they also offer high trading volumes on all their assets to give customers more options.

Low transaction fees

Kraken offers reasonable transaction fees. Usually, they charge their customers depending on the type of trading they want to execute on the platform. They base the fee using the Fee Volume Currency.

Additionally, they offer an updated table of the price fees so customers can check how much they have to pay. Here’s a sample of the price table they have for Kraken Pro:

30 – Day Volume (USD) Maker Taker
$0 – $50,000 0.16% 0.26%
$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%

Reliable customer support

Kraken ensures that all their clients are well taken care of by providing top-notch customer service. Their team of personnel are experts when it comes to digital assets and investments to properly handle any related issues.

What makes their service more unparalleled is that they can cater to customers from different parts of the globe. If you have any issues regarding their service, their personnel are available to accommodate you even on holidays and weekends. The site boasts the resolution of over 2 million user complaints on their site.

How to create your Kraken account

Creating a Kraken account is easy. Here are a few steps you can follow to create your own account:

  1. Go to the official website of Kraken and click on the ‘Create Account’ located on the upper right corner.
  2. Fill out the boxes and put your email address, username, and a password composed of different characters. Be careful with your username because once it’s recognized by the system, you cannot change it back.
  3. Read the terms and conditions of the site before signing up. Tick the box if you agree to it.
  4. Once everything is settled, you will receive a confirmation email containing your activation code. Enter your keys in the activation form or directly click the link in your email.
  5. After logging in your activation key, confirm your password and answer the captcha. Click the activate account button. You can now start trading crypto!

How to put funds in your Kraken account

  • Before you can fund your Kraken account, you need verify it first through the link they will send you. Once your account is verified, open your account and select the ‘Funding’ tab.
  • Once you open the funding section, you will be taken to a page where you can see your daily and monthly deposits, and daily and monthly withdrawals. On the bottom of the page, you will see your options for fiat currencies.
  • Click the ‘Deposit’ button and pick whichever asset you want to use to fund your account. However, be wary that there are certain levels of verification you need to fulfil in order to proceed with your transaction.
  • For cryptocurrency transactions, you can use your QR code or copy-paste the address of the receiver. There’s no deposit limit when it comes to cryptocurrencies.

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