Kraken USA 2022 Guide for Beginners | ADA, DOT, EOS Crypto Trading Fees Review

While Kraken has good tools, products, and informative resources for beginners – however,  several of its offerings are geared towards individuals with some experience. Overall, Kraken is a great option for skilled and crypto beginners alike. When comparing Kraken to other major US-based exchanges, there are many similarities and some differences.

The primary distinction is in regards to Kraken’s support team. Kraken seems to be putting a lot more focus on customer service than Coinbase for instance. This has been highlighted in several online user communities and forums including Reddit.

 

[Image Credit: Kraken.com]

Cons: Where Kraken Falls Short

• Restricted financing choices: Kraken has restricted options for U.S. consumers who desire to put cash into their accounts. The platform utilizes a service called Trustly to permit people to link their bank accounts, and Kraken says this method works with more than 1,000 banks. If your bank is not among those institutions, you’ll have to wire money into your account – a procedure that may require calling your bank to set up the transaction.
• Higher cost when not utilizing Kraken Pro: The main Kraken platform charges higher transaction/ deal fees than Kraken Pro.
• Not as many altcoins as some rivals: While it has lots of coins on offer, some altcoins are simply not listed on Kraken’s platform.
• Not available in all states (U.S.): At the time of this writing, the exchange is not open to people in New York or Washington State.

Kraken is Best For?

• Crypto-to-crypto trading.
• Margin trading.
• Advanced traders.

Overview: Kraken at a Glimpse

1. Minimum trade: 0.0001 BTC
2. Trading and deal charges: 0.9% to 2%
3. Variety of cryptocurrencies: 92
4. Crypto-to-crypto trading pairs: 130
5. Website openness: On Kraken’s site, you can quickly discover essential information, consisting of financial investment minimums, supported crypto assets, and how to close an account.
6. Can utilize your own digital wallet: Yes.
7. Mobile App: Kraken offers multiple apps for Android and iOS. While its basic application has an average score of 4.2+ stars, its KrakenPro App – still complimentary, but with more advanced functions – is a 5-star product.
8. Client Support: Kraken has live phone assistance from 6 a.m. to 6 p.m. US Eastern time, Monday through Friday, and 24-hour chat support. The business says people who are interested in VIP services need to contact vipdesk@kraken.com.
9. Minimum Trade: The minimum trade depends upon the cryptocurrency being traded. Bitcoin’s minimum, for example, is 0.0001 BTC. The minimum for Ethereum, on the other hand, is 0.004 ETH.
10. Trading and transaction charges: When you use its more advanced features, Kraken’s charges end up being more attractive. The company’s entry-level service, “Instant Buy,” charges a charge of 1.5% for a lot of cryptocurrencies. (The price is lower, at 0.9%, for stablecoins.) In addition, users must pay a 0.5% processing fee when utilizing ACH/ online banking to buy crypto with Instant Buy.
11. Kraken Pro Service: Traders on the Kraken Pro service pay no more than 0.26% utilizing a maker-taker model. Those fees gradually fall until they hit 0% for traders whose past 30-day trade volume is over $10 million.
12. Variety of cryptocurrencies: Kraken offers more than 90 cryptocurrencies.
13. Crypto-to-crypto trading pairs: Kraken has around 130 trading pairs.
14. Supported countries: Kraken supports traders in roughly 190 countries.
15. Digital wallet alternatives and security:  While some other exchanges have insurance coverage to cover assets held on their platform, Kraken states it is not qualified for deposit insurance. But the business says it has taken rigid steps to insulate clients from cyberattacks. Furthermore, it states it keeps 95% of its deposits offline, with adequate in reserve that people can withdraw at will. Broadly, Kraken stresses that it does not consider itself a stand-in for digital wallet services, and its service permits users to use their own wallets when their assets are not being hung on the platform.
16. Security testing: Ongoing penetration tests protect Kraken’s systems, both via its internal team and bug bounty program.
    
17. Platform and information security: Its physical servers are kept under 24/7 surveillance. Sensitive information is encrypted at both a system and data level.
18. Other important features: Kraken uses more intricate trading for advanced users. This includes low-fee margin trading on crypto, which is a riskier type of investment that can potentially bring higher returns. It likewise provides futures trading on specific cryptocurrencies. Margin charges differ by cryptocurrency, however, peak at 0.02% to open a position, with a rollover charge of 0.02% charged every four hours the position stays open.

=> Check out Kraken’s platform here

Kraken’s Mix of Cryptocurrencies

Kraken has a strong list of available cryptocurrencies. For US traders, there are close to 60 coins in its mix, including top coins like Bitcoin, Ethereum, and Cardano. It works with seven different fiat currencies and offers three stablecoins.

Always check back with Kraken’s website for any updates, newly released features, and/or added coin pairs.

• Starter: This basic account lets you deposit, exchange, and withdraw cryptocurrencies, but you can’t do much more. You can’t withdraw or deposit fiat currencies, so you’ll need to upgrade if you want to move dollars into crypto.
• Intermediate: To upgrade to an Intermediate or Pro account, you’ll need to provide a valid photo ID (such as a passport or driver’s license), proof of residence (such as a utility bill), and your Social Security number or ITIN. Once you’ve upgraded, you’ll be able to deposit fiat and trade on Kraken futures.
• Pro: The Pro level unlocks higher account limits and also gives access to the anonymous “dark” trading pool and over-the-counter desk. The desk facilitates large orders without causing price disruption on the public exchange.

In general, if your targeted coin is available on several exchanges, Kraken might be the preferred, low-cost option.

Kraken is one of the oldest and largest digital currency exchanges in the world, having been founded in 2011 and launched in 2013. From the beginning, Kraken has put security first. Having not been hacked for eight years speaks for itself.

The easiest way for brand-new crypto investors to get started in the Kraken environment is via their primary crypto exchange platform. More knowledgeable traders, even outside of cryptocurrency, might choose their lower-cost trading platform Kraken Pro. Plus for an extra layer of dedicated, one-on-one support Kraken offers a white-glove service for advanced clients with their stellar Kraken Account Management service.

Remember, in the end, you are the one responsible for your decision-making and choosing the best platform concerning your financial objectives. What if Kraken was the right choice for you?

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