Kraken Crypto Exchange Review 2022 – Deposit Methods and Trading Fees

Kraken Crypto Exchange Review

In this Kraken crypto exchange review 2021, we evaluate Kraken in terms of its deposit methods and trading fees. trading tools, verification requirements and deposit methods.

In addition, we cover the company, verification and registration process, Kraken history, parachain auctions, security. We end the article with a summary of Kraken pros and cons.

Stay tuned as we take you through one of the best bitcoin exchange reviews and evaluate the company on how they service their clients.

Kraken Crypto Exchange Review Intro

Kraken is an online cryptocurrency exchange and bitcoin trading platform, specialized in margin trading services. Its services are available for traders from all around the world. 

The company is the top exchange when it comes to EUR transactions while USD trade grows as well. The company offers a wide variety of trade tools and cryptocurrencies in its platform.

Apart from web marketplace, the company offers iOS app and Android app as well, downloadable free from Apple Store and Google Play Store. 

Kraken is a regulated US exchange located in the US and serve US customers among many other countries.

Kraken Registration and Verification Review

Kraken Registration Step-by-step

Registration and verification is a very straight forward process at Kraken. 

Just follow this bullet list and you will be fine

  1. Go to Kraken and click “Create account” in the upper right corner
  2. Enter your email address and a username 
  3. Read Kraken Terms of Service and Privacy Policy
  4. Now, you should receive an email with the activation key.
  5. Enter your activation key on the account activation form or alternatively complete activation by clicking the link in the email.
  6. Congratulations. You should now have an account with one of the largest Crypto exchanges 

Kraken Verification Step-by-step

Here, we will describe the Kraken verification procedure, step-by-step.

You’ll have to verify your account with Kraken to be able to buy and sell cryptocurrencies.

To verify your Kraken crypto exchange account, click “Verify account“.

You can prepare the following before

  • Mobile phone number
  • First and last name, as written on your ID document
  • Date of birth (must be at least 18 years of age)
  • Address
  • Occupation

You will then need to photograph yourself(selfie) and submit identity documents, proof of residence documents.

1: An identity document, which could be:

National ID (front and back)
Passport (information page)
Driver’s license (front and back)


2: A proof of residence document, which could be:

Utility bill
Bank statement
Credit card statement
Proof of residency certificate


3: Residents of the US and South Africa will also be asked to provide a face photo.

Kraken explain each step in detail as you do the verification procedure.

Once your verification procedure is complete, Kraken will review all documents and update your verification status.

Kraken Trading pairs and Cryptocurrencies

Kraken has more trading pairs and cryptocurrencies than Coinbase but fewer than Kucoin and Binance.

There is no reason to list all available trading pairs but most of the largest cryptocurrencies you will find at Kraken.

However, make sure to note that some currencies listed are not available for all countries. Residents of Japan are limited to certain currency pairs. Follow this link, for all available cryptocurrency trading pairs at Kraken.

Kraken has definitely more trading pairs than Coinbase but fewer than Kucoin and Binance.

Kraken Deposit Methods Review

Kraken support the following deposit fiat currencies

  • USD (US Dollar)
  • EUR (Euro)
  • CAD (Canadian Dollar)
  • AUD (Australian Dollar)
  • GBP (Pound Sterling)
  • CHF (Swiss Franc)
  • JPY (Japanese Yen)
  1. Make sure your fiat currency is supported with the deposit methods you intend to use
  2. Deposit fees are what it costs for Kraken to accept your deposit. Additional bank charges might apply
  3. Kraken does not currently support US domestic deposits via checks. 

See full information about Kraken deposit methods.

Kraken Deposit methods fees

All the Kraken deposit fees for fiat currencies varies a lot. It´s all depend on what currency you will deposit and what deposit method you intend to use. In general, all fees ranging from free to ten dollar.

Almost all cryptocurrency deposit fees are free at Kraken.

Kraken Trading Fees Review

Kraken allows orders to shape the exchange rate of coins it offers for trade while fees are organized through taker and maker transactions. The taker fees can range between 0.1% and 0.26% while makers range between completely free and 0.16%. The costs depend on the monthly trade volumes, with larger number decreasing the costs.

Do take into account that there is a fee for margin order opening/rolling and it stands between 0.01% and 0.02% every 4 hours, depending on the currency trade pair.

Kraken Liquidity and Trading Volume Review

Kraken is one of the largest EUR service providers and the liquidity rate is biggest with the Euro market. USD and other currencies do have deep liquidity as well but not at the EUR level. The EUR/BTC pair is the largest market, where more than 4.500 bitcoins are traded with EUR currency.

Kraken Polkadot Parachain auction Review

Kraken is offering their customers to stake and contribute to Polkadot parachain auctions on their site.

Every project that wants to connect to the Polkadot network needs to win a parachain slot. To do this, they have to ask the community for help since you need a lot of DOT to secure a parachain. 

The community sign a loan agreement where you lock your DOT for a certain period (around 2 years). In exchange, you will receive a certain amount of tokens from the project you help to secure a parachain slot.

However, for this service Kraken is charging a fee.

Kraken parachain auction is a very convenient way to get exposure and contribute to the Polkadot DOT ecosystem. At the same time, you will be get rewarded. Read our full article about how to stake Polkadot parachain auction on Kraken.

Kraken Crypto Exchange History Review

The company started its operations in 2011, opened by the owner Payward Inc. Based in San Francisco, a platform focused its services towards EUR markets, specifically in Europe. It was one of the first exchanges that had price and volume of coins displayed in Bloomberg Terminal.

The trade itself started in 2013 and reached the top spot in EUR trade in 2014. In the same year, the company released iOS platform and added USD trade as well. In 2015, it introduced BitGo security function and launched Ethereum trading.

Kraken Crypto Exchange Security Review

Kraken offers several safety functions that are must-have to protect your funds:

  • two-factor authentication (2FA)
  • PGP/GPG for email encryption and email signature/verification
  • Global settings lock preventing hackers to withdraw funds or digital currencies from the account

Kraken itself stores al coins in cold storage capacities while only a portion is really circulating n the market.

Being the largest EUR platform, the security features are adequate though more tools would be necessary for future.

Kraken Crypto Staking VS Coinbase

Both Kraken and Coinbase are offering crypto staking service for their customers. Here, you have the chance to earn crypto passive income on your crypto holdings.

Both are US regulated large crypto exchanges. Many US citizens are going to either Kraken or Coinbase as their first crypto exchange.

However, is Coinbase or Kraken the better crypto exchange for crypto staking?

We created a dedicated article for this and we called it Kraken VS Coinbase Staking.

Crypto

APY

how to exchange Bitcoin to USD on Kraken

It can be complex for a newbie to exchange Bitcoin to USD, or vice versa, on the Kraken crypto exchange.

However, its actually a simple step-by-step procedure and once you have managed it there are no complexity at all.

We have created a dedicated guide on how to exchange Bitcoin to USD on Kraken crypto exchange.

Kraken Crypto Exchange Pros and Cons

Pros

Cons

Kraken Crypto Exchange Review Summary

If you are looking for an exchange that facilitates a number of fiat and cryptocurrencies, then Kraken is a place to go. With low fees and deep liquidity, the exchange has established itself as a trustworthy partner.

Kraken is a great crypto exchange if you are looking for a regulated crypto exchange and especially if you live in the US.

However, if you are ready to sign an unregulated exchange in favor for many more features and even lower fees you might want to check out our Binance exchange review.

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