Kraken Exchange: Complete Beginner's GUIDE!!
❓ Who is Kraken ❓
Kraken opened its doors just two years after Bitcoin was unleashed upon the world in 2009 and is located in sunny San Francisco. They have also raised numerous rounds of funding and had talks earlier this year which valued the exchange at $10 billion. CEO Jesse Powell has also revealed that the exchange could be listed on the stock market in just over a year's time too. In terms of licenses, Kraken holds a plethora of those in highly regulated jurisdictions like the US, UK, Japan and Australia. So yep, all that makes Kraken the type of exchange you use when you value compliance.
🔒 Kraken’s Security 🔒
The exchange boasts that it has industry-leading security. But what is backing up that bold claim? Well, 95% of user funds are kept in cold storage. All sensitive account information is also encrypted with a ton of controls placed on access. All that is to ensure that those don’t get into the wrong hands. Kraken’s servers are also placed in secure cages which are also monitored by armed guards! There are a plethora of other security precautions taken at Kraken and that’s led to Kraken being portrayed as enforcing their employees in a way similar to intelligence agents.
🤑 Supported Cryptos 🤑
When it comes to asset support, Kraken has over 80 different crypto’s available to trade. That includes pretty much every major crypto, alongside a host of more exotic plays. In terms of supported countries, all nations on the usual naughty list are blocked, as well as the US states of Washington and New York.
🕴️ KYC At Kraken 🕴️
Alright, so Kraken requires KYC for all customer accounts. That’s not surprising, seeing as it is a fully regulated exchange. However, there are four different KYC levels at Kraken which unlock different features. So, you’ll want to watch my vid for more info on those.
💶 How To Deposit Fiat? 💶
Some deposit methods are insanely expensive. However, Kraken does have a few free deposit methods tucked away. Watch my video for more details on those.
₿ How To Deposit Crypto? ₿
Honestly, depositing crypto on Kraken is quite straight-forward. I show you all the steps on how to do that in my vid.
📈 Trading Fees 📈
Alright, so using Kraken’s ‘Buy Crypto’ feature is going to cost you an arm and a leg. You’ll pay up to 1.5% in fees over there. However, KrakenPro does offer more reasonable fee levels starting out at 0.16% in maker fees and 0.26% in taker fees. Yes, if you are a big crypto trader, then you’ll be able to take advantage of lower fees. But be aware that there are other exchanges that offer significantly lower trading fees than Kraken.
📊 How To Trade? 📊
I do a complete walkthrough on this in my vid. So, be sure to check that out!
🤷♂️ Other Features 🤷♂️
Yes, Kraken offers margin and futures trading. However, I would recommend staying well away from all that. On the exchange, you can also stake your coins to earn crypto interest. Some of the interest rates on Kraken are pretty tasty. Also, Kraken offers you access to Parachain auctions. This gives you the opportunity to secure yourself some tokens when the project is still in its infancy. So, that could be of interest to you. Also, Kraken’s educational hub is very useful too. Be sure to check that out.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.