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Meanwhile, traders on the Kraken Pro service pay no more than 0. Number of cryptocurrencies Kraken offers more than 90 cryptocurrencies. Crypto-to-crypto trading pairs Kraken has around trading pairs. Digital wallet options and security While some other exchanges have insurance to cover assets held on their platform, Kraken says it is not eligible for deposit insurance. But the company says it has taken stringent steps to insulate customers from cyberattacks.
Broadly, Kraken emphasizes that it does not consider itself a stand-in for digital wallet services, and its service allows users to use their own wallets when their assets are not being held on the platform. Mobile app Kraken offers multiple apps for Android and iOS. While its basic application earned 4 stars, its KrakenPro app — still free, but with more advanced features — is a 5-star product.
Customer support options Kraken has live phone support between 6 a. Eastern time, Monday through Friday. It also offers a hour web chat option. This includes low-fee margin trading on crypto, which is a riskier form of investment that can potentially bring higher returns. It also offers futures trading on certain cryptocurrencies. Margin fees vary by cryptocurrency, but top out at 0.
Is Kraken right for you? While Kraken has tools, products and informational resources for beginning crypto investors, many of its offerings are targeted toward more seasoned investors. While most users have a positive experience, some users report hacked accounts where the owner lost everything with no options to recover lost assets.
Beware of these risks when using Kraken or any other exchange. Make sure to keep your account information secure and double-check addresses before sending funds to another cryptocurrency wallet. Opening a Kraken Account Creating a new Kraken account is a quick and easy process. Signing up with Kraken is similar to signing up for a stock brokerage or another cryptocurrency exchange. If you have all of your information handy, it takes only a few minutes to get your account up and running.
Customer Service Kraken support is available 24 hours a day via live chat, phone, and email. We had a minor issue changing an account setting mostly due to user error and sent in a support ticket. Kraken staff responded and resolved the problem in about 20 minutes. While we had a great experience with customer service, not all users report the same outcomes. Some unhappy customers report trouble with funds due to hacking and trouble getting Kraken to release held funds.
Customer Satisfaction Kraken earns just 2. The most common complaints focused on long waits for customer support responses and holding funds beyond the initial security period. Account Management Account management is mostly self-service and handled through the Kraken website and mobile apps. If you have a laptop or desktop computer, you may find the large screen makes managing your account easier. In the Kraken dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account.
The Global Settings Lock feature lets you quickly hide sensitive account information and prevents changes to account settings, including withdrawal addresses. How Kraken Compares to Other Cryptocurrency Companies Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals.
Consider these differences between Kraken and Coinbase , another popular crypto exchange: Kraken vs. Coinbase Coinbase and Kraken both operate their centralized exchanges where users buy and sell from each other. Kraken supports over cryptocurrencies for spot trading. Coinbase supports more than currencies.
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Account Management Account management is mostly self-service and handled through the Kraken website and mobile apps. If you have a laptop or desktop computer, you may find the large screen makes managing your account easier. In the Kraken dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account. The Global Settings Lock feature lets you quickly hide sensitive account information and prevents changes to account settings, including withdrawal addresses.
How Kraken Compares to Other Cryptocurrency Companies Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals. Consider these differences between Kraken and Coinbase , another popular crypto exchange: Kraken vs. Coinbase Coinbase and Kraken both operate their centralized exchanges where users buy and sell from each other. Kraken supports over cryptocurrencies for spot trading. Coinbase supports more than currencies. Both feature the ability to earn through staking your cryptocurrency at varying interest rates.
Kraken generally pays higher rates and allows users to stake with a larger number of coins. Coinbase supports spot currency markets only, while Kraken also supports cryptocurrency futures. Kraken trading fees are generally lower than Coinbase trading fees for most cryptocurrency trades.
Both earn additional fees through a spread between buying and selling prices. Read our full Coinbase review. Its low fees on Kraken Pro, high rates for staking, and futures markets are all a draw. Overall, Kraken is a good choice for cryptocurrency trading and investing. Make sure you understand all costs and risks involved and take steps to secure your account with two-factor authentication. If you do, you should have a positive experience buying and selling cryptocurrency Kraken.
Open Account Methodology Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. Like the Coinbase exchange , also based in San Francisco, Kraken launched in the aftermath of the Mt. Gox hacking in with a vision to build a better crypto exchange.
Bitcoin trading was launched in The bitcoin exchange added the ability to buy Ether in and quickly became the second largest exchange for trading bitcoin-ether pairs. Kraken contends its transparency, irreversible transactions and programmable enforceable contracts provide more consumer protections to safeguard trader assets than other regulated exchanges.
The recent acquisition of UK-based Crypto Facilities has added cryptocurrency derivatives and indices — key risk management tools for professional traders. In addition to Bitcoin and Ether, traders can now buy Ripple futures — the top three coins — as well as Litecoin on Kraken.
Kraken has a market cap of USD 37 billion and is the 57th largest listed exchange on Coinmarketcap.
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Is Kraken the best Crypto Exchange to use in 2022? (Full Review)
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