KrakenKrakenKraken is one of the world's oldest crypto exchanges and is based in San Francisco, USA. They were founded in 2011 and opened its doors to Australia in 2020. They have become one of the largest crypto exchanges in the world with over 1800 employees and have one of the best reputations as well.
When using Kraken, you can expect to find industry-leading security, intermediate and advanced trading tools, Staking features and more.
- Founded in 2011
- 1800+ employees
- Available in 100+ countries
- Based in San Francisco, USA
- Might go public in 2022
Getting started on Kraken is similar to opening a bank account and requires some personal info and documents to verify your identity. Once you have ID ready the process takes 5-10 minutes and is straightforward. Most users will be instantly verified.
Can You Trust Kraken?
Yes, Kraken is one of the oldest and most trusted cryptocurrency exchanges in the world. Founded back in 2011, they've never been hacked or lost users funds, they follow all laws and regulations where they operate, and users have many security features like 2FA and more.
Kraken is the industry standard for security. Let's look at their list of features:
Company Security Features (7+)
- Holds 95% of crypto in offline cold storage that's geo-distributed
- Kraken claims to hold full reserves and has a proof of reserves page
- All servers are in cages and monitored 24/7 by cameras and armed guards
- All personal information is encrypted on multiple levels
- They hire multiple security teams to test their systems
- 24/7 automatic monitoring for suspicious activity
- Bug bounty program - get paid to find vulnerabilities and security flaws
- See the rest here
User Security Features (8)
Kraken has extensive security features you can toggle on and off to keep your account safe:
- Multiple 2FA options and settings (Google Authenticator, Yubikey, 2FA for trades etc)
- 2FA and email confirmations for withdrawals
- Automatic logout settings
- Recent Activity (see login locations, IP addresses, devices, etc)
- Add Trusted Devices
- Global Settings Lock (disables making changes to your account for a period of time)
- PGP codes to verify legitimate emails
- Dedicated 24/7 support for urgent issues
Kraken is a good, reputable platform for sophisticated traders as well as institutions. Its best features are multiple mobile apps, a pro trading interface, deep liquidity and a great reputation for security.
Let's take a deeper look at everything the platform offers:
List of Features:
- iOS, Android and Web app
- Kraken Pro (advanced trading)
- Simple and Advanced Trade
- Kraken Earn (staking)
- 24/7 Customer Support
- OTC, SMSF, Institutional accounts
- Great security and reputation
1. iOS, Android and Web App
Kraken can be accessed on all of your devices and they have three mobile apps, Kraken, Kraken Pro and Kraken Futures.
2. Kraken Terminal (Advanced Trading Interface)
Kraken's professional trading terminal provides many customizable charts, live trade views, an order book and depth chart. It also lets you apply overlays and indicators, draw on the charts and switch between a wide of variety of themes.
Advanced traders can also try CryptoWat.ch which is Kraken's paid trading terminal with more premium features.
3. Simple and Advanced Orders
On the "trade" tab you can toggle between simple and advanced orders as you see in the images below.
4. Kraken Earn (Staking)
At the time of this writing, Kraken offers 8 cryptocurrencies you can stake and earn interest on. If you want passive income for crypto that you're HODLing, you can make 4%-20% APY. The rewards are usually paid out weekly and most coins can be unstaked at any time.
Other platforms with rewards and staking include Crypto.com, Coinspot, KuCoin and many more.
Advanced traders can access Kraken Futures on the browser. There is also a dedicated Kraken Futures mobile app.
Kraken has good support overall that you can contact 24/7 via live chat on their website. They also offer phone support during business hours, an extensive help section with FAQs and articles and a live website status. There is also a live chat dedicated for urgent issues such as account security where you can speak to someone quicker.