Kraken, based in San Francisco, USA, is one of the world’s largest and most trusted bitcoin exchanges. The exchange platform allows users to participate in Bitcoin exchanges using fiats like euros, dollars, Canadian dollars, pounds, and even yen. Additionally, the platform provides a wide variety of cryptocurrencies that are available. Before hopping onto the platform and registering, let’s go over some of the things that make Kraken a unique place to indulge in crypto speculation and exchanges.
First and foremost, Kraken has been functioning for a variety of years now. Additionally, the platform carries great exchange rates, low minimal deposit requirements, and small fees. So, for those who are interested in saving as much as possible on crypto trading and exchanges, Kraken is a great choice. New crypto enthusiasts will also enjoy a relatively easy to use interface that has been proven to be secure. If issues with the exchange do arise, the customer support team of Kraken offers its services worldwide and generally responds to queries and issues quite rapidly.
Additionally, the Kraken exchange platform is regarded as one of the best cryptocurrency exchanges by mass media. Kraken was actually the first exchange to ever have its cryptocurrency trading prices and volumes publicly displayed on the Bloomberg Financial Terminal. This is quite an enviable achievement as it guarantees that the exchanged has passed a proper audit, ensuring that it is the real deal and definitely secure. Krakens position as a highly reputable exchanged is further solidified by Jesse Powell, CEO and coordinator of Kraken with this bold statement “Our mission is to provide an exceptional bitcoin exchange experience”.
The Kraken platform is designed in such a way that it perfectly caters to all categories of traders, ranging from newcomers to the veteran traders who have been speculating and exchanging cryptocurrencies for a while. Experienced cryptotraders will get to enjoy integrated trading view charts, a highly refurbished IOS app, margin trades, and margin cash outs on margin trading positions. The options are alright and are being widened and improved periodically.
In 2011, Mt.Gox announced to the public that almost $460 million dollars were stolen from its exchange platform by hackers. Over 850,000 bitcoins were lost by loyal Mt. Gox clients. Many believe that the whole Mt. Gox hacking was a hoax and a cover up story. The CEO, Mark Karpeles, was arrested in 2015 on charges of embezzlement and fraud. Kraken was hired to aid in the investigation and liquidation process of Mt. Gox. Significant progress has been made, and many claimants have been helped. Despite a large chunk of the worlds bitcoins disappearing as a result of this. However, the actions that Kraken has taken towards handling the Mt. Gox incident shows its care for the crypto currency community and trust in the bitcoin.
Using and getting registered on the Kraken platform is relatively easy. All one needs to do is open up an account on the platform, complete a short form, and verify some things like a phone number or email. The platform also needs to comply with some legal requirements, meaning it needs to verify who you are and where you live. Traders who are looking to move around a significant amount of funds will have to undergo a more strenuous verification process and will have to provide information like proof of residence. However, all users will have to provide basic information such as their name, address, phone number, date of birth. Only users in the United States are required to provide the exchange with their social security numbers. Citizens of Japan and Germany will have to provide their picture ID’s like driver’s licenses.
Upon completing the verification process, newly registered users can fill up their account with bitcoins or cash. Users can carry out trades between Euros, US dollars, CAD, Japanese Yen, Bitcoins, and other currencies. Users can also conduct trades and exchanges in various other cryptocurrencies such as: Ethereum, Bitcoin Cash, Monero, Dash, Litecoin, Stellar/Lumens, Ripple, Eth classic, Zcash, Dogecoin, Tether, Gnosis. As is obvious, there are a ton of options available on the Kraken platform.
Kraken is constantly adding new updates to its exchange platform in order to improve user experience, as well as promotions. It’s one of the oldest exchanges in the crypto currency exchanges out there. A lot of people trust it and have been using it for years. However, there’s always someone with an issue and there are risks involved in keeping all of your assets on an exchange.
Kraken is also not available on a global scale, the platforms functionality is currently limited geographically. Many people report issues while using the platform, as well as those who have stopped trading on it completely. Currently, there are a lot of impressive exchange platforms out there that Kraken needs to compete with like Bittrex, Binance, and up and comers like Kucoin. If Kraken wants to stay competitive it needs to keep on adding cryptocurrencies to its exchanges, market itself more, and add new features that work well and without headaches.