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As we recently decided to invest a bit more in Bitcoin and Ethereum, we tested Kraken.com in order to find out how good the platform really is. We’ve formerly already used other platforms, so we were curious how it would be to trade on this one. This experience we’re going to share in this post.
Kraken is a veteran in trading cryptocurrencies and probably known to every investor with an interest in cryptocurrencies in the world. The marketplace is considered one of the most important providers and for quite a few, the first Kraken crypto experiences also represented the first trade with Bitcoin and Co.
The Kraken experience is so widespread among investors because the company is one of the most favorable marketplaces. Sellers even do not have to pay any fee at all if they have a corresponding trading volume. However, the provider also has weaknesses.
Pros:
Cons:
Kraken is one of the largest crypto marketplaces and therefore interesting for every investor who is interested in buying Bitcoin and Co. more than once. Many different currencies, high liquidity, professional charts and low fees are the best arguments that Kraken has to offer. On the other hand, the company also has some weaknesses. Very few payment methods would be the first to be mentioned here, and the language barrier could be too great an obstacle for some investors.
That’s why we’ve created a points score for each intermediate category. This evaluation should show investors directly what advantages and disadvantages Kraken has and should enable an Kraken test that is as transparent and objective as possible. An intermediate conclusion also allows to capture the most important points of criticism in a very short way and thus to filter out the essential points quickly.
One of the most outstanding features of Kraken is without question the great variety with the possibility of exchanging fiat money at the same time. Here Kraken with its high degree of internationality offers five different currencies. In addition to Euro, Canadian and US Dollar, also Yen and British Pound are tradable.
The portfolio of cryptocurrencies is similarly versatile. Trading is of course possible with the usual suspects like Bitcoin, Bitcoin Cash, Dash and Litecoin. The company also has Monero, Ripple, Ethereum and EOS in its portfolio. The offer is completed by some important exotics like Tether, Dogecoin, Stellar Lumen or Iconomi. Investors therefore ultimately have access to the most important cryptocurrencies and can be satisfied with the offer and do not have to forego anything. The classic old coins are covered just as well as newer developments, which are said to have even more potential.
Such diversity is indeed comparatively exceptional in the world of cryptocurrencies. It is often possible to trade either dozens of coins against each other or only a handful of currencies against fiat money. Kraken does not offer quite as many currencies as pure crypto to crypto marketplaces, although it offers significantly more than most exchange offices.
The choice is not at all critical, especially since Kraken offers not only crypto to crypto but also trading fiat money.
There are different strategies how you can use Bitcoin brokers that you might be interested in when you’re new to the field of investing and trading cryptos.
Another special feature of Kraken is that the crypto marketplace is well usable for different types of investors. Newcomers who gain experience at Kraken crypto can deliberately keep order placement simple. On the other hand, the trading platform can be adapted in such a way that many different order additions can be used. In this way Kraken crypto is optimal for different investor groups with different demands and experiences.
Beginners can trade without order supplements and simply enter the desired quantity. Advanced traders, on the other hand, can work with stop loss and take profit, so that traders can also implement their strategies here.
Kraken is also interesting for advanced traders because the trading interface Cryptowatch allows for detailed chart analysis. Many indicators and drawing tools contribute to this as well as many different display options. The trading platform can keep up with the most successful web traders. Although it is not overloaded in terms of functionality, it can still overstrain beginners and distract them from the essential, so that investors without Kraken Crypto experience should take their time to get to know the platform.
Investors who want to buy Bitcoin or other currencies directly face various challenges at Kraken. Firstly, it is not a bureau de change where investors can exchange as much money as they want for a fixed rate. Instead, they must fulfill other customers’ orders if they want to trade as quickly as possible. On the other hand, Kraken of course also lacks the possibility to deposit money directly using payment methods such as credit cards. Accordingly, a very fast trade with direct credit is not possible at first sight. However, direct trading is possible with a FIDOR account.
Investors must of course also be aware that it is currently technically possible to make express purchases with only very few cryptocurrencies. The confirmations sometimes take so long that traders should attach more importance to getting a good price. Here, too, the platform has recently shown weaknesses. Accessibility and low latency are not always given, which is probably also due to the hype for cryptocurrencies. Kraken seems to be unable to expand its infrastructure fast enough like most other providers.
Express trading is not offered at all at Kraken. Although this is also an offer that can be found much more often at exchange offices than at marketplaces, even the few payment methods are not suitable for fast trading. Direct trade is therefore only possible with significant deductions.
Opening an account with Kraken is basically very uncomplicated and requires only a few steps. So there is not much in the way of the Kraken experience. New customers, however, must at least register with a valid e-mail address to look around. Investors should therefore note that there are different levels of verification:
Investors can also trade from Tier 1. Tier 3 is required to be able to trade fiat money from Germany. In some other countries Tier 2 is already sufficient. Investors can also use higher limits from Tier 3 onwards. The largest possible trading volumes are of course in Tier 4, where corporate accounts are also possible.
However, according to many Kraken experiences, the processing time is currently hardly reasonable. Many customers report several weeks and even answers from the support can take several days. Accordingly, the company is currently unattractive for new customers. If you are interested in Kraken, you should plan a few extra days and be patient.
Kraken currently only offers payment by bank transfer. Investors can of course deposit cryptocurrencies via a wallet. Other payment methods are not offered by Kraken. At least the provider gives a good reason for this. Due to the fast speed and irreversibility of crypto-transactions Kraken cannot sanction or prevent fraud accordingly.
Therefore the risk is too high for the provider and he excludes the corresponding payment methods. So, if you want to deposit at Kraken, the only possibility is bank transfer, thanks to the cooperation with Fidor even direct purchase is possible. So the company at least offers a possibility to deposit money very fast.
For many beginners, for whom experiences with Kraken in relation to marketplaces are the first, this might be comparatively surprising. However, it is quite common that a crypto marketplace offers hardly any payment methods. More payment methods, however, are common at exchange offices. A test of crypto providers must of course take these differences into account.
The choice of payment methods is only partially satisfactory at Kraken. The provider only allows bank transfer. Even if Kraken gives a good reason for this, many investors would like to have options that allow direct payment.
The website of Kraken is kept relatively simple and thus does not necessarily appear at first glance as if one of the most important crypto providers is hiding behind it. However, the company can convince even skeptics at second glance. It also quickly becomes clear that it is a provider that addresses mature and experienced traders and provides them with an appropriate offer. This can be seen, for example, in the presentation of the charts, which also allow a view of the market depth and the order book and thus provide experienced investors with considerably more information than they get in exchange offices, which are primarily aimed at beginners.
However, it is without question somewhat regrettable that the company provides its website and all information exclusively in English. Investors from Germany must therefore have a good enough command of English and also know the technical terms in English. This is the only way they can navigate the trading platform safely and understand important changes.
Unfortunately, experience with Kraken also shows that the provider is currently not necessarily reliable. Instead, many customers report that the platform crashes too often or even lacks accessibility.
The customer support is actually very well positioned and compared to other exchanges is accessible in many ways. The company offers not only a contact form, but also a live chat, where competent employees are available to answer questions. Especially for customers from Europe the support times are not optimal, especially as Kraken does not give any concrete information about this. Together with the extensive FAQ area, the company therefore provides sufficient help.
However, the experience with Kraken’s customer service is not always positive. At the moment, the company seems to be a bit overloaded. It is therefore likely that the company, like so many others, has not been able to react quickly enough to the hype about cryptocurrencies. Investors who register with Kraken and then want to act as quickly as possible are therefore disappointed. According to customer reports on Kraken, verification sometimes even takes several weeks. And also inquiries to the support are answered at present only rarely under one week waiting period. This causes annoyance, especially among existing customers.
Kraken’s customer service offers very good approaches and can be reached in more ways than many other exchanges and exchange offices. Nevertheless, the support times for customers from Europe are not optimal and the response times are currently simply too long.
In our experience, one of the biggest advantages of this provider is that hardly anyone interested has to ask themselves for a long time whether Kraken is serious or a fraud. There are several reasons for this. Firstly, the company is trustworthy simply because of its size. The familiarity of the company and numerous recommendations in forums ensure that investors can feel safe here. On the other hand, Kraken also does a lot to ensure that investors perceive the company as serious and trustworthy. For example, the founder and managing director introduces himself and faces an audit that checks that the coins that customers keep here are kept offline when they are not being used for trading. In this way Kraken wants to prevent fraud and secure the accounts of its customers.
Of course it also takes into account other security mechanisms that are common in the industry. These include 2-factor authentication, various levels of verification, a master key that can be used to restore the account or communication via encrypted emails.
Kraken is not at fault when it comes to security. The company takes all necessary security measures and offers various functions to increase security. In addition, Kraken can be audited and has so far been free of public criticism.
Kraken and the managing director Jesse Powell are anything but unknown in the industry. Powell is one of the opinion leaders and is available in interviews to explain the Kraken experience or to evaluate future developments or laws. The company has always been considered one of the most important suppliers and is particularly widespread in North America, which is still one of the most important crypto markets. Accordingly, companies and CEOs are perceived as important. Kraken has also been spared negative headlines so far.
Kraken is rightly one of the most important providers for the trade with cryptocurrencies, especially when it comes to being able to use fiat money. The company is characterized by security, choice and favorable fees. At present, however, it is not well positioned due to its rapid growth, especially in the service sector. It is likely, however, that the offer there will soon improve again.
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