The Kraken exchange is a centralized, US-based crypto exchange that offers a wide range of cryptocurrencies. The Kraken trading platform is designed to make it easy for new and experienced traders to buy or sell a variety of well-known tokens, such as Bitcoin, Ethereum, Solana, and many others, wherever their location is in the world. What is Kraken safe? Kraken also provides the option of trading futures or margin contracts for experienced traders who are confident in their market predictions. In addition, it offers detailed guides to help traders learn the intricacies of spot and leveraged trading for as little as $10. Kraken was one of the first platforms in the industry to launch in 2013, and it was launched in San Francisco in 2013. Users are educated on security and usability, and the addition of cryptocurrencies has allowed it to maintain its legacy status review.
What Is Kraken?
The Kraken cryptocurrency exchange and the financial platform were founded in 2011. It is currently the second-largest crypto exchange in the United States after Coinbase.
You can buy and sell over 65 supported digital currencies with a Kraken account. International users can trade 136 coins and tokens. It can access Kraken’s main app from a mobile device or the web. With Kraken Pro, traders can take advantage of more features and lower costs.
Kraken Earn allows users to stake cryptocurrencies to earn up to 23% interest. It also offers up to 50x leverage on its cryptocurrency futures platform.
Is Kraken Safe?
Cryptocurrency exchange Kraken has solid security practices. For example, a complete two-factor authentication process is required for some transactions on Kraken, which includes email and two-factor authentication. All of this is on top of other robust security measures.
Users may find it a little cumbersome. However, these steps prevent digital bad guys from accessing your account.
The majority of customer assets are stored offline in ultra-high security facilities. Users have 100% access to the currency, backed by total reserves.
What Does Kraken Offer?
Trading in cryptocurrencies is Kraken’s primary focus. The ability to trade cryptocurrencies with a traditional brokerage account is similar to trading stocks with a standard brokerage account, which supports many supported pairs and currencies, such as U.S. dollars, euros, Bitcoin, USD tether, USD coin, and others.
The Kraken platform is generally easy to use if you are familiar with computers and most financial applications. For Kraken users who want to save money on fees, Kraken Pro offers active trading with costs as low as 0.26%.
The digital currency you generate from your dollars can be done on time once converted. Your trading account can be used to stake your money on Kraken Earn. The earning potential ranges from 1% to 23%, depending on the money.
How Does Kraken Work?
If you have your info ready, you can get started with Kraken in less than 10 minutes. To start, follow these steps:
- Sign up for an account. The first step is to create an account with your email address and password. Then, submit your personal contact information and Social Security number for verification and tax purposes.
- Activate multi-factor authentication. For account security, you must set up multi-factor authentication. For Kraken, you need three unique codes: one for logging in, one for funding, and one for your master key. For this step, you’ll need an app like Google Authenticator.
- Make sure your bank account is connected. Funding your Kraken account is required to use the service. Linking a bank account is the cheapest method. The process of connecting to a checking account is quick and easy.
- Contribute. You can deposit dollars when your account is verified, and your bank is connected. Account limits are affected by your verification level.
- Start your first trade. The trading process is finally complete. Enter your first trade using the trade screen or Kraken Pro.
Main Features of Kraken
Cryptocurrency Trading
There is no doubt that trading is the main feature of Kraken, as we have already discussed. Depending on your preference, you can choose between the web-based and mobile versions of either Kraken or Kraken Pro. A cryptocurrency trade is worth anywhere between $800 million and over $1 billion daily on Kraken. According to Kraken, the top currencies traded on the platform worldwide are:
- Tether (USDT)
- Ether (ETH)
- XRP (XRP)
- Solana (SOL)
- Bitcoin (BTC)
- USD Coin (USDC)
- Cosmos (ATOM)
- Avalanche (AVAX)
- Monero
- TRON (MXR)
Bottom Line
A significant and noteworthy cryptocurrency exchange is Kraken, which is of many cryptocurrency exchanges. Although it’s not our top choice for crypto newbies, it’s a perfect wallet for any intermediate or experienced cryptocurrency user looking to either hold on to their crypto or trade actively with their crypto. The Kraken exchange might be an excellent addition to your cryptocurrency strategy if you have been thinking about giving it a try.
