Crypto Exchange Explained

Cryptocurrency Exchange Guide: Kraken

The San Francisco based cryptocurrency exchange was founded by Jesse Powell (CEO) in 2011 and officially launched to the public in 2013. The exchange was introduced to the public after the bankruptcy of the exchange Mt.Gox. It is the oldest yet transparent exchange that offers high-level security while trading the altcoins. It is famous for its dark pool, the private security exchange that facilitates high volume of anonymous trading. It is the ideal exchange for people with intermediate to a high-level knowledge of the cryptocurrency trading.

The exchange has a good reputation among the public as it offers a secure, comprehensive trading platform. It is considered as a reliable exchange as it has spent years building a proof of audit system, which is cryptographically verifiable. The platform resilient to hacks and attacks offers peace of mind to the traders.

Kraken offers its users the lowest fees compared to the other platforms. The fees depend on the type of account, currencies involved, and the trade volume. The processing fee for paper communication is $60.

The exchange supports fiat currency payment method conducted via bank transfer. So, it supports GBP (British Pounds), CAD (Canadian Dollar), EUR (Euro), JPY (Japanese Yen), and USD (US Dollar). The users coming under European Economic Area (EEA) can opt for the SEPA payment system.

The Kraken platform has two types of accounts the basic and advanced accounts.

  • Basic account: People can start a basic account by giving their full name, email address, phone number, and date of birth.
  • Advanced account: Apart from providing the basic information, users need to comply with a stringent verification process that requires documents like government issued ID, proof of residence, and additional ID confirmation (for people from Germany and Japan).

Kraken has an international appeal as it is accessible to people and companies across the different parts of the world.

Operating through Canada, this digital currency exchange system is dealing with the digital currency like BTH, ETH, ETC, DASH, GNO, ICN, Litecoin, MLN, Monero, Stellar, Bitcoin Cash, Zcash, REP, XRP.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Pooja Anoj is a cryptocurrency blogger who covers exciting crypto news stories and crypto guides for OWLT Market.

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