Kraken is a popular exchange known to many traders working on both the cryptocurrency and the fiat market. KR is a proven and reliable cryptocurrency exchange that provides a huge amount of tools for various types of trading. The platform has a rather complex interface, so it is not recommended for beginners. In addition, to gain access to the auction, the user must pass mandatory verification.
KR has a huge advantage over many smaller exchanges - the latter often do not support fiat trading or limit the trader to the number of accessible cryptocurrencies. In addition to fiat operations and a huge amount of trading pairs, KR can also suggest marginal tradу, which attracts skilled stockbrokers. KR invites effective solutions for companies of any scale, from over-the-counter trading (OTC) to personalized account management. KR is considered one of the most reliable exchanges among traders of cryptocurrency for some reasons:
- The exchange has passed a Proof-of-reserves cryptographic audit: the number of cryptocurrencies on users balances coincides with the number of cryptocurrencies on KR wallet.
- The exchange tries to work in the legal field and complies with the AML / KYC procedures of Europe and America.
- KR cooperates with the German bank Fidor, which makes this exchange very convenient and accessible for Europeans.
- The Kraken team consists of recognized industry experts and regularly conducts technical audits of cryptocurrencies, hardware wallets and other exchanges.
- The exchange became especially popular after the collapse of MtGox, many traders switched to Kraken, as it has passed the test of time.
Types of Kraken accounts: Basic, Intermediate and Pro.
- Basic KR account: Unlimited deposit; Replenishment and withdrawal in cryptocurrency (fiat is not available); Purchase/sale/exchange of cryptocurrency; Margin trade.
- Intermediate KR account: everything is the same as in the basic, plus trading in crypto futures.
- Pro KR account: everything is the same as on average, plus: Individual transfer limits; Increased margins. Limits; High API limits; OTC trading.
Each user can determine the type of account that meets their needs in the exchange and trading of cryptographic currencies. The following sections are accessible in your personal account: Settings: Account, messages, API, documents; Security; history; authentication; over. To start trading cryptocurrencies, you must undergo a verification process involving confirmation of your identity and the provision of the necessary documents. The Exchange of KR offers the following 2FA methods:
- Permanent password. Low level of security, because the password persists unchanged every time.
- Authenticator App. A mobile application like Google Authenticator, which generates a one-time 6-8-digit dynamic password.
- Yubikey. An authentication device that issues one-time passwords when pressed or touched. This is an article from platform cryptodefix.com. Helps prevent remote access.
The purchase and sale of assets on the exchange is carried out through the "Trade" section. It has 5 tabs.
- Overview. The client can view the personal balance and current market positions.
- New order. An order is created to buy or sell cryptocurrency.
- Orders. All orders that were created by the user are listed.
- Positions. Open and closed positions are indicated in this form.
- Trades. It is an archive of transactions that have already been carried out.
The main advantages of KR include the following:
- The absence of unpromising cryptomonets. All new assets that appear on the market are analyzed by specialists. Only after a thorough check is a decision made whether to include them in the listing or not.
- Credibility. Designers and experts of the Kraken exchange of cryptocurrency undergo a thorough selection process before joining the company. Employees constantly analyze the market, deal with technical issues, and also study blockchain technologies.
- Fast response of technical support. If the client has any questions, he can ask them in an online chat or send them by email. The consultants respond within 30 minutes. Also on the official website there is a reference book that describes the most relevant topics.
There are three order creating regimes accessible to traders.
- Simple. You can create simple orders – limit or market orders.
- Intermediate. In addition to simple orders, it is possible to set the time of placing an order and the deadline for its execution – good-until-canceled, good-this-day (week, month) or user settings.
- Advanced. In addition to the previous functions, advanced order types – stop-loss, take-profit and settle-position become available.
To output the funds from the Kraken account, you should go to “Account” – “Funding” – “Withdraw” and select an account. To transfer cryptocurrency to your wallet, you need to save the address to which the funds will be sent, and then initiate the transaction, specifying only the amount. Trading commissions on kraken range from 0 % to 0.26 %. They are calculated according to the maker-taker principle and depend on the total volume of transactions, which provides better liquidity. This means that it is easier for traders to make trades at the price they want, which encourages them to stay in the market.