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.
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.
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
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:
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.
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.
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