Kraken

Supported Countries
All American residents can use Kraken, save for those in New York and Washington state. In terms of international customers, there are restrictions on all of the typical countries. Citizens of the following countries cannot use Kraken: Afghanistan, Cuba, Iran, Iraq, Japan, North Korea and Tajikistan.

It’s interesting that Japanese traders are not allowed to use Kraken as Japan has a thriving cryptocurrency sector and favorable regulations in place to support it. Nonetheless, Kraken is actually very liberal in its policy towards international customers and a majority of the world’s citizens can use Kraken.

Fees
As mentioned, Kraken’s trading fees are reasonable especially given that Coinbase Pro just significantly raised their fees. Traders on Kraken who do less than $50,000 in monthly volume can expect to pay a 0.16% maker fee and a 0.26% taker fee. There are progressive discounts for increased trade volume and these top out at $10,000,000 a month at which point a trader pays no maker fee and just a 0.10% taker fee.

Kraken’s withdrawal fees are typical of most exchanges. They charge a 0.0005 withdrawal fee for BTC and a 0.005 fee for Ethereum. Other coins are significantly cheaper with XRP’s withdrawal fee being just 0.02 and Stellar Lumens’ 0.00002.

Deposit Options
As one would expect it’s possible to make crypto deposits on Kraken in any of the coins that they support. Kraken allows for unlimited crypto deposits even for traders who have not undergone a KYC verification, it’s only withdrawals which are limited.

Kraken supports Fiat deposits but a trader must complete a KYC verification before they can deposit in Fiat. Kraken supports USD, GBP, EUR and CAD. They offer a wide variety of options for those currencies to be deposited, a full list of supported deposit methods, including their associated fees.

Kraken does not support credit card deposits although they do support debit card and cash deposits but only in CAD in Canada. For USD withdrawals, Kraken charges a $5 fee.

Best Kraken Features
One of Kraken’s best features is their margin trading support. Since American customers are not legally allowed to use derivatives trading platforms like BitMEX or Bitfinex, it’s good for them to have a platform where they can take out leveraged positions. It’s unfortunate that New York traders cannot use Kraken.

Kraken’s relatively low trading fees are also a good feature. Coinbase Pro recently raised both their maker and taker fee to 0.5% and Gemini’s fees are as high as 1%. That makes Kraken one of the most affordable cryptocurrency exchanges based in the United States.

In the past cryptocurrency exchanges have gotten into trouble when they don’t have enough funds to cover all deposits. QuadrigaCX, for instance, is believed to have been insolvent before the massive hack. Had all of the their users demanded the return of their Bitcoin, the exchange wouldn’t have been able to provide it.

Kraken, on the other hand, holds 100% reserves whereby they prove that they actually have all of the funds on hand that they’re supposed. This is done via Blockstream’s standardized Proof of Reserves. This offers a level of transparency uncommon to the opaque crypto industry and it offers the guarantee that no matter what, traders on Kraken will be able to withdraw all of their coins at any time.

You can run your own audit whenever you want on your own account as well:

Kraken Security
Kraken is one of the more secure exchanges on the market as it has never been hacked. Some of Kraken’s founding members personally witnessed the Mt. Gox debacle. That hack caused them to take a number of steps to ensure that Kraken would never leave itself open to a similar exploit.

They also offer a number of security features for users to take advantage of. Kraken supports 2FA (Two Factor Authentication) via Google Authenticator or a YubiKey. Withdrawal confirmations via email are also possible so that even if a telephone is compromised an illicit withdrawal might be blocked.
To ensure the security of all of these systems Kraken has their own security team as well as a bug bounty, should a third party discover an exploit. Overall Kraken is one of the safer exchanges to trade on and their long security track record has proven their reliability.

Is Kraken Safe?

Given that it’s never before been hacked, and that they take security very seriously, Kraken is a safe exchange to trade on. They are one of the largest exchanges by trade volume in the United States and their volume reporting is widely believed to be accurate.

In other words, their reported trade volume is more than 99% accurate. That’s opposed to other less reputable exchanges which engage in wash trading and report deceptive amounts of trade volume.

Category: Leaders Creptocarrency Exhcanges | Added by: kuniaboy1982 (03.09.2020)
Views: 12 | Comments: 1 | Rating: 5.0/1
Total comments: 1
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1 kuniaboy1982   [Entry]
Personally, I have been using the services of this reliable exchange for two years, and during this time, it has helped me earn far more than one thousand dollars. I recommend this site!

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