EXPERIENCES & Kraken review
Kraken is one of the largest trade fairs within the crypto sector in the world. The crypto platform has been in existence since 2011 and has developed extremely strongly over the years. Especially in the field of services for the users of Kraken, Kraken has undergone an enormous development over the years. Kraken offers the possibility to buy Bitcoin at very low cost, because they have the most liquid market for BTC/EUR.
Before you can start using the Kraken login you need to create an account: Kraken.com. This works as follows:
Go to the website Kraken.com and select as shown with the arrow: ‘Create account’.
To create an account, it is advisable to use a unique password. It is best to choose a password that you have never used before. It is also important to save it in a password manager. This is to protect yourself against hackers.
Kraken deposit money
To be able to deposit money you need to log in to your personal Kraken account. In order to be able to deposit funds, you must first enter a number of details due to KYC regulations, this is a personal verification. These details include :
- Your name
To initiate this personal verification, you need to click on the ‘Get verified’ button. Scroll down and fill in the tabs ‘Tier 1’ and ‘Tier 2’. The tabs have to be filled in truth and the details (Name) have to be as they are known to your bank.
Once you are at least Tier 2 verified, you can start depositing money to Kraken. Depositing money to Kraken is completed by means of a SEPA transfer and takes an average of 4 to 48 hours, provided you do this on business days. In the menu you will find the button ‘Funding’ after having clicked on it. You will then need to click on Euro on the left hand side, or any other desired currency you wish to deposit to your Kraken account. Here you can directly select the payment method to deposit money with. In our example we use the SEPA bank transfer method.
Here you will find the instructions for your transfer to Kraken. It is important to go through all the data carefully. This is to prevent you from making a wrong transfer. In terms of personal information, the transfer you make must always correspond with the personal details entered on Kraken.
In order to transfer an amount to the IBAN number of Kraken you need to mention the correct reference here. This information can be found on the page where you selected your payment method.
How quickly the money is in your account depends on how quickly the banks have processed the transaction. This can take from a few hours to a few days. When your transaction has been processed by the banks you will receive a notification by email.
Kraken Bitcoin buying and selling
To buy Bitcoin and sell Bitcoin on Squat, select the ‘Trade’ button in the menu on the top left of the website. Here you can select which market you want to start trading in. In this example, we are going to show you how to buy Bitcoin in Kraken with Euros (XBT/EUR). On Kraken it’s possible to select different trading pairs. This can be seen in the menu, vice versa it is possible to sell the Bitcoin on Kraken for Euros and deposit it to your bank account.
After selecting the market you want to trade on, click on ‘New order’. On this page you will be shown all the different possibilities to place an order on Kraken. On this page you can fill in a number of things. For example, the amount of Bitcoin you want to buy on Kraken. The price shown is directly the price a Bitcoin is worth in euros.
To create a limit order to buy Bitcoin on Kraken, enter the amount you want to buy Bitcoin for in the right column. The left column will then display the amount you will receive. If you agree, click the ‘Buy XBT with EUR’ button.
Once the order has been executed, your Euros on your Kraken will be converted to Bitcoin. The number of Bitcoin in your possession can be found on the ‘Funding’ page. On this page, it is also possible to send the Bicoin you own to your wallet or another Bitcoin exchange. To do this, you need to go to ‘Withdraw’ and then choose the right coin.
Kraken fees per transaction
One of the biggest advantages of Kraken is the very low Kraken fee per transaction. This is one of the lowest in the entire crypto industry, with among others free deposits and very low costs for withdrawals and transactions. It is important to keep an eye on the current bitcoin rate.
The low Kraken fees charged per trade is perhaps one of the biggest reasons traders choose this trading platform. The amount of the Kraken fee per trade varies from 0.1% to 0.35 for the most commonly paired currencies such as (XBT/EUR). The Kraken fee for less popular or more newer crypt currencies on Kraken can be as high as 0.75% per trade.
Deposits are free of charge for most cryptocurrencies on Kraken. For a few less common or less popular crypto currencies there is a deposit or wallet setup fee.
In general, the Kraken costs are very low and this has a big influence on the enormous popularity of this exchange.
Is Kraken reliable to use?
When you look at the fact that Kraken is an exchange that is very suitable for the more professional traders and companies, Kraken is known as reliable and safe. The reason why Kraken is reliable is because the exchange offers four levels of account verification. Here users of the platform can trade ever higher amounts the higher you are in the level.
The security of users is also very important to Kraken. In the time that the platform exists it has only been down once, to perform a security update. As far as we are concerned, the question of whether Kraken is reliable to use as an exchange can be answered with a big YES.
Kraken user experiences
Although Kraken offers a wide range of trading opportunities, the user-friendliness of the platform is not the strongest point. Among the Kraken experiences of users, this is sometimes perceived as unpleasant. Unlike other user-friendly exchanges, the interface of Kraken is subdivided into a different number of tabs and windows. Among the Kraken experiences of users, this is considered to be confusing and difficult.
Kraken’s customer support is not experienced as positive either. It can sometimes take several weeks to answer customer questions.
Despite the somewhat less user-friendly interface of the platform, there are also positive points about the Kraken exchange. For example, the very low Kraken fee per transaction and a wide range of trading types.
Our Kraken review says that Kraken is a very suitable trading platform for the more professional traders among us. The interface and the possibilities can look rather complicated.
Kraken offers a wide range of different trading types and is more focused on the more seasoned trader. On the Kraken exchange it is not only possible to trade crypto-currency pairs. But also for example Fiat currency (e.g. Euro’s and Pounds) and other cryptocurrencies. At the time of writing, Kraken’s crypto offer is limited to only seventeen different crypto currencies.
For contact with Kraken you can go to the support page on the website of Kraken, which you can find here: https://support.kraken.com/hc/en-us/requests/new
Here Kraken offers you, among other things, the opportunity to submit a question. Or chat live with one of the Kraken employees.
Interested in using a crypto exchange? Take a look at our Review on the Binance Exchange of BitVavo!
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Follow the Kraken news today, the crypto news Kraken can be followed via their official Twitter account. Only official and real information would be distributed through the account below. Do you read news somewhere else? Then check if it’s also listed here to verify it.
|Free Account||Yes, register here|
|Country of residence||UK|
|Buy with creditcard||Possible|
|Buy with iDeal||Not possible|
|Cash out to bank||Possible|
What is Kraken
The Kraken exchange is a platform offering just over 20 different cryptocurrencies in different trading pairs. Kraken is a company that exists since 2013 and over the years has become a fairly well known and popular exchange within the crypto sector.
The offer of different coins on Kraken may not be as extensive as with other crypto exchanges, but they do add new coins to their offer on the exchange on a fairly regular basis.
Can handle high trade volumes very well.
Active in the world of crypto and bitcoin since 2012.
Easy to use platform, easy to deposit, trade and withdraw.
Kraken has established one of the best exchanges in the market.
Frequently asked questions
Is the Kraken Exchange safe to use?
Yes, safety for the users is very important at Kraken.
Is Kraken suitable for beginners?
Although Kraken has a more complicated and cluttered interface, it is also suitable for beginners.
How to get in touch with Kraken?
Kraken has a support center for users with any questions or comments. Here you can contact one of the employees. You can find them here: https://support.kraken.com/hc/en-us
Why is Kraken so popular?
Squatting is very popular, because of the low fees they charge per transaction.