Kraken

Kraken
 
  • About Kraken
  • What are the Fees & Charges?
  • What are the Pros & Cons?
  • What currencies can I buy and sell on Kraken?
  • Kraken withdrawal limits
  • What Countries are Supported?

About Kraken

 

Kraken was founded in mid-2011 and is based in San Francisco, California. It’s the largest bitcoin exchange in volume in the world. The exchange initially focused in Europe and in recent years has made the shift to the worldwide market. This is due to a number of different acquisitions. Kraken was founded when the CEO, Jesse Powell, wanted to rescue MtGox (another bitcoin exchange) from a hacker’s attack. Kraken provides a very large selection of cryptocurrencies. The crypto exchange is displaying its data on the Bloomberg terminal. Kraken is being backed by the world’s largest ventures capital and investors like Digital Currency Group, Blockchain Capital and more.

Karken Exchange Fees & Charges

2017 was a year with a relatively high deposit and withdrawal fees for Kraken. At the beginning of 2018, Kraken has announced a substantial reduction in fees and has presented a maker-taker fee structure. With the new model:

  • Crypto deposit fee: no deposit fee for cryptocurrency transactions.
  • Fiat deposit fee: Most of Fiat deposits are free on Kraken (SEPA, CAD wire, JPY domestic deposit), some of them are not free but still relatively cheap like $5 for a wire transfer.
  • Crypto withdrawal fee: the withdrawal fee on Kraken for crypto can be a bit high and go up to 0.001BTC/ 0.005ETH
  • Fiat Withdrawal fee: Kraken allows to withdraw fiat currency and charges a low amount for it like 0.09 Eur for SEPA (inside the EU), $10 CAD in CA, $5 USD in the US and 300 yen to Japan.

Kraken’s maker-taker model:

This model makes sure that traders who will offer liquidity to the market will be incentivized by reduced trading fees. This decision was made after the Kraken customer base has expressed the need for a lower fee system.

When the trader orders a selling limit above the market price or a buying limit below the market price, then the maker fee will be relevant. Traders can read more about Kraken’s new ‘maker-taker model’ here.

Kraken Platform Pros & Cons?

Pros: Kraken offers relatively high buying limits, high liquidity and a very easy way for new users to exchange their fiat money for cryptocurrencies. Kraken supports margin trading. With the new Kraken fee system of 2018, the deposit and withdrawal fees are fairly low.

Cons: As many other crypto trading exchanges, Kraken may track your trading activities and monitor how you buy and sell your bitcoin, ethereum and other cryptocurrencies. Kraken has issues with a lot of stops and errors in performance at peak times in 2017. The customer support of overwhelmed and the response time was very slow.

 

What currencies can I buy and sell on Kraken?

Kraken lets you exchange fiat currencies such as USD, EUR, CAD, British pound and Japanese Yen against the following cryptocurrencies:

 

  • Bitcoin
  • Ether
  • Ripple
  • Litecoin
  • Ether Classic
  • Dash
  • Zcash
  • Stellar
  • Monero
  • Gnosis
  • Augur
  • Iconomi
  • Bitcoin Cash
  • Dogecoin

 

Kraken withdrawal limits

There are certain withdrawal limits on Kraken, depending on the verification Tier that you’re at:

 

Tier 1 (Digital currency only) Tier 2 fiat Tier 2 Digital Tier 3
Daily limit $2,500 $2,000 $5,000 $25,000
Monthly limit $20,000 $10,000 $10,000 $200,000

What Countries are Supported in Kraken?

Kraken is currently supported globally. Kraken users worldwide can deposit and withdraw cryptos easily. With that said, when trying to withdraw/ deposit fiat currencies, some countries are not supported.  

 

Would you like to be notified when Kraken’s services become available in your country? Sign up to our Newsletter and stay up to date

 

Facebook Comments
Categories: Cryptocurrency

About Author

Write a Comment

<