This brief Kraken review is specifically for the people who are new to the crypto space and want to use this exchange. As a beginner, it is crucial that you take your time and gather information about an exchange before you start using it so you can be sure that the platform you choose suits your needs.
This is important to look at because the features and services offered to the users vary from one exchange to another. Some are more compatible with expert traders and investors, while others are designed to cater the needs of every kind of crypto investor and trader.
The Kraken exchange is one of the most popular crypto exchanges in the market and is one of the oldest, safest and largest exchanges in the USA. It has a vast customer base, catering users not only from the United States but all over the globe.
It offers some of the most impressive features to the users, which you should be familiar with if you want to use this exchange.
Kraken Review on its Staking Feature
Kraken is one of the platforms in the crypto space that supports staking. This is an essential feature to know about, especially for beginners.
The staking feature allows the users to put their crypto in a collective pool or crypto wallet, which results in rewards for the users. However, staking is only available on proof-of-stake blockchains and requires staked tokens to validate the transactions.
It is also important to know that not all coins can be staked.
Level of Security
As mentioned above, the Kraken exchange is one of the safest crypto exchanges in the market. It is a trustworthy exchange as it makes use of leading-edge security systems to ensure that the users’ funds and accounts are kept safe from any kind of harm and threat.
As a beginner, it is important that you choose a secure exchange because the crypto space may be an exciting place but it comes with some risks. While these risks cannot be completely eliminated, they can be reduced if you choose a secure exchange to invest in crypto.
Some of the topmost security features of the exchange are mentioned below in this brief Kraken review.
- Two-factor authentication
- Offline crypto wallets
- KYC verification required
- Kraken Master Key
- High-end blockchain technology
- Global Settings Lock (GSL)
The trustworthiness of the exchange is further validated by the fact that it is regulated by regulatory bodies such as FinCEN in the USA and FINTRAC in Canada.
Fair and Transparent Fee Structure
One very important aspect addressed in this brief Kraken exchange review is the fee structure of the platform. This exchange is known to charge one of the lowest fees in the market, without including any hidden or additional charges.
As a beginner, you need to be careful while choosing an exchange as some platforms charge a high fee and include charges that are not disclosed to the users beforehand.
However, with the Kraken exchange you won’t have to worry about it. The trading fee charged by the exchange is based on the market maker and taker model and is as follows:
- 0.0200% market maker fee
- 0.0500% market taker fee
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Dark Pools
One of the most distinctive features of the exchange mentioned in this brief Kraken review is the dark pool feature. This feature allows the users to place anonymous orders in the market. These types of orders are known as dark pools because only the traders who place them know about them.
Availability of a Mobile Application
A well-developed mobile application can be quite helpful and can make the overall experience convenient for the people who are new to the crypto space.
The Kraken exchange has a custom-built mobile application that helps people in trading crypto while on the go. It offers several features that make it possible for people to carry out their technical analysis, manage trades while on the go and monitor trading positions that are open.
It is available for Android and iOS users and has a user-friendly interface. It offers the following in-built trading tools, functionalities and features.
- Impressive charting tool
- In-built custom indicators
- Several order types
- Various timeframes
Availability of Digital Assets
This brief Kraken review also focuses on the fact that the users of the platform can not only buy but also exchange more than 50 digital assets. As a user of the exchange you can exchange the following fiat currencies into the available cryptocurrencies:
- USD
- GBP
- Euro
- Canadian Dollar
You will also have the option to buy, trade or hodle digital assets that are less popular, without worrying about any security risks.
