All about the crypto trading platform

Kraken is a cryptocurrency platform that offers two trading platforms. Its biggest asset is the security of its users’ accounts.

Kraken also welcomes shoppers beginners than experienced traders. It offers various services available to its users. This platform can be considered as one of the challengers in the field of cryptocurrency, facing Binance or Gemini. But many of us are still unaware of this. This is exactly why we thought it was useful to create a complete file to find everything on the platform. Therefore, we will form an overview of Kraken by offering to see its two trading platforms, the different costs that the operation incurs. We conclude the review by offering a simple account opening guide and an investment guide on the platform.

What is Kraken?

When we say crack, we think directly of the fearsome mythological beast. But here we dive into a completely different environment. It is about a trading platform more than a hundred cryptocurrencies. In fact, Kraken allows its users to buy as well as sell cryptocurrencies such as Bitcoin, Ethereum and Dogecoin. Kraken also offers margin accounts as well as futures contracts.

The platform has been around in several countries worldwide since 2011, the year it was founded in San Francisco. The platform welcomes both individual and institutional traders. It is also suitable for beginners via the central Kraken platform. As for the experts, there are Kraken-Pro which offers advanced features.

In addition to Bitcoin and the other most used cryptocurrencies, Kraken also has other cryptocurrencies such as Cardano, Polygon, Stellar Lumens or Sushi. However, a few stack coins, including USD Coin, Tether and Dai, are also supported by the platform. You can convert currencies. However, not all currencies are available in all countries where Kraken is available.

Krakens two trading platforms

Kraken has two trading platforms. While the central platform is suitable for beginners, the Kraken Pro is specifically designed for experts with reduced fees.

The Kraken, for beginners

The Kraken Core Platform is best suited for traders beginners. This makes it easy to buy crypto through an associated bank account. The same applies to sales and currency conversions. Kraken gives its users a simple and fast form for this.

When you have a bank account linked to the Kraken account, it willdeliver of the latter in advance is no longer necessary. That’s the whole benefit. In addition, depositing cryptocurrency for effort can make money, up to 23% interest rates, depending on the currency.

Kraken-Pro

As for the Kraken Pro, this platform is accessible via a browser as well as a smartphone. This can be confusing for beginners. But it is also easy to use once you have acquired the principles of its function. In fact, Kraken Pro offers reduced fees with an advanced interface.

The platform presents Information on the assets of one more detailed. This also includes active charts and an overview of open orders. This advanced form is thus more cost-effective and easier to use, provided you have control over the details.

How to open an account on Kraken?

create crack account

Opening an account on Kraken is as easy as on most trading platforms. Simply have all the information at hand and fill in the required fields. To do this, it is sufficient to provide contact information such as name, address, telephone number, etc. In general, knowledge requirements are el KYC is required.

others More info must be completed in order to verify the account, but also to access the platform’s trading features. These include in particular the copy of an identity document with a photo with the original of the document. The email address is also required to confirm that the newly created account is actually active. Once everything is verified, the user can use the account as they wish, without forgetting it to ensure.

How to invest on the platform?

Investment in Kraken is of several types. Currently, there are exactly 4: cryptocurrencies, futures trading, margin trading and over-the-counter or OTC trading. Besides that, Kraken also has other orders.

Apart from cryptocurrencies, Kraken offers its customers the opportunity to trade with fiat currencies. These differ from cryptocurrencies in that they are governed by rules. As physical assets, fiat currencies are subject to the control of a central financial institution and are approved by governments.

So far, the Kraken supports 7 fiat currencies including the US Dollar,Euro and the Japanese yen among others. The platform charges deposit fees, the value of which depends on the currency deposited in the user’s account.

In addition, Kraken offers futures contracts. These come with a web platform as well as 2 mobile apps aimed at futures traders.

Such contracts also allow for loans up to 50 times each customer’s balance to trade. In contrast, margin trading options only offer loans up to 5 times the trader’s account balance. The latter can make investments in a maximum of 16 assets.

Does Kraken offer security for your account?

Kraken offers some security rules that must be followed carefully if you want a protected account. One of the best ways to secure an account istwo-factor authentication. It is also convenient and secure for connection, as well as operations and transactions.

This authentication system prevents anyone from accessing your account without your express consent. This agreement is implemented by sending a random code to your device.

There have been reports that some Kraken users have been hacked. They thus lost everything in their account without being able to proceed with any kind of recovery. Like all other accounts, anyone created on Kraken may suffer from these scams. Only with two-factor authentication is it more than safe to keep your account away from cybercriminals.

Furthermore, it is also possible to select the additional functionality that allows it lock account of any change, piracy in this case.

About fees and commissions

We have already seen in the past that the two platforms in Kraken offer different fees. The one intended for the professionals is much more profitable. Costs dispersion constitutes a common point for the two platforms. But each of the two has specifics, which we will see below:

Fees at Kraken

The central platform charges an immediate purchase fee of 1.5% for cryptocurrencies in general. The percentage is lower for stack coins using US dollars or other stack coins. The costs in this case constitute 0.9% of the value of the transaction.

There are additional fees, called extra fee. The value of these is calculated based on how the user finances the purchase. The price variation is from 0.5% to 3.75% if the financing is done via a bank account. 25 euro cents will be charged in addition if he used a credit card, debit card or digital wallet.

Fees on Kraken Pro

Compared to the main platform, this one offers much lower fees. It’s actually based on total trading volume during the last 30 days for each user. Transaction fees are also subject catch fee which is 0.26% as well as a producer fee of 0.16%. Note that the fees are inversely proportional to the trading volume.

Taker fees are set based on orders corresponding to a pending order from another user in the market. Which means higher fees, but the difference is minimal.

Pros and cons of the platform

Like any other cryptocurrency platform, Kraken has its advantages, but it is not an industrial marvel. First of all, it now has more than 120 coins including the most popular cryptocurrencies such as Bitcoin, Cardano and Ethereum.

With its two separate platforms, any trader can also join its community, whether it is beginners, experienced or hardcore. Simply select the one that is more appropriate at each user’s level. Another advantage of the Kraken is that the platform allows itexchange liquidity. It is an active exchange where one can buy and sell at market prices.

A number of vulnerabilities hamper this platform. First of all, the higher fees it charges when using the main platform. Which is pretty unfavorable for beginners. In addition, there are losses due to piracy. Despite all this, Kraken is a cryptocurrency platform that brings together more and more traders.

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