Cryptocurrency has existed for a few years, which makes it surprising that platforms from the start have survived in function. One such example is Kraken, an exchange platform that was founded in 2011.
Started and currently run by Jesse Powell, it became one of the most popular options for traders and companies. It has gained such a following that it has even considered registration with the US Securities and Exchange Commission for proper regulation.
To understand if this program is still a timeless classic, here is a Kraken Bitcoin exchange review. This is designed to help you understand how it works and why many users favor this long-standing platform.
What Is Kraken?
As a first-generation cryptocurrency exchange program, Kraken is one of the most-used platforms in the market. While it may not have the advanced look of its competitors, it still has a devoted user base, particularly in Europe.
The platform started out as one of the best received after it was launched in 2011. They have gained a reputation for being the first secure exchange platform.
Detailed User Accounts
Kraken has a detail-oriented registration, dividing potential users to tiers. Each one is differentiated according to different variables, with each tier becoming more and more elaborate in its requirements.
The tiers range from Tier 0 to Tier 4. They vary in two things: the amount of personal, verifiable information provided by the account holder and the trading limits imposed by the system on the user.
Through these accounts, you can learn the general limits of your tier. For example, you can learn how much you are allowed to withdraw or deposit.
The variables cover a lot of ground, ranging from flat costs to cryptocurrency limits. This elaborate set-up can be daunting, even for experienced users.
The interface of the system itself is basic, not colorful like its other competitors. However, it has settings from simple to advanced, aimed to help users of different types get accustomed to its features.
The different functions available are based on tiers, although they all deal with verification and deposits or withdrawals. To learn more about how to use each function, this video can help you out:
For the payment and exchange services, users can choose between different fiat currencies such as euros and dollars. Each order comes with a corresponding fee, ranging from 0.16% to 0.26%.
Compared to other platforms, most reviews on Kraken highlight a wide range and accessibility for both fiat and cryptocurrency types. You can choose among 30 different types both cryptocurrency and fiat, which is higher than most of the latest programs.
When you begin a transaction, all you need to input is the amount for a deposit and withdrawal. While it can take two days to process, it’s still relatively quick overall.
You can also start margin trading on the platform. However, it can be a tricky venture due to the level of experience required for its effective execution.
Kraken has an outstanding reputation for security, being the trustee during the Mt. Gox hacking fallout. On top of that, reviews of Kraken have consistently pointed to its strong defense and effective countermeasures.
For all currency functions, you are required to pass a two-factor authentication. You can also choose to hide or display sensitive information, including your own password.
When your funds are being transferred, they are kept in cold storage wallets. This offline data storage is a necessary protection to avoid the possibility of hacking.
These wallets are not just kept offline, but in safe data centers. They have armed guards and tight security access, meaning the only people with your information are you and the staff.
Keeping your account secure also means checking your email, which is why Kraken offers an encrypted messaging system. This way, even files in your account in Google or Yahoo! Mail will be scanned for potential hacks.
Despite the well-organized security system, customer support is one of the biggest problems for Kraken. The most you can ever get is an email conversation between you and the team.
The platform itself lacks any engaging means of communication, whether through real-time chat or a telephonic call. This makes it tough to start with the program, essentially limiting its user base to experienced traders.
3.9 out of 5 stars
Kraken is a timeless classic, ideal for trained and experienced users. It has a well-defined tier account system, complete with detailed limits and requirements.
It also has a wide range in cryptocurrency use, both for flat and crypto-types. You can make deposits and withdrawals anytime, anywhere in the world.
What makes Kraken one of the most popular is its security measures. Both from the team and from your account, different steps are taken to keep all information free from potential hackers.
The biggest issue for the platform, however, is its lack of customer support. While this may be unnecessary for those with knowledge in trading, it can be a turn-off for new or first-time users.
- Well-defined tier account system
- Accessibility to different currencies, both flat and crypto
- Detail-based interfacing, for new and experienced users
- Affordable transaction fees
- Two-factor authentication for users
- Cold storage wallets
- Email-encryption option
- Steep learning curve, reserved only for expert users
- Difficult margin trading system
- Lack of customer support
This Kraken platform review finds that the system stands out today. Despite its relatively aged and detail-oriented interface, it is still one of the most effective exchange programs out there.
For the negatives, it suffers from a less-than-adequate customer support system. It also has a difficult interface, which is more suited for a trained eye than a new user in trading.
However, those who can use it will enjoy the wide accessibility in the number of cryptocurrencies. It also has a well-defined tier account system, designed for different levels of use.
Most importantly, Kraken still has an effective security system. If you want international reach and safety from hacking, this program has all the features you need.