When it comes to trading cryptocurrencies, it cannot be possible without finding a reliable and secured cryptocurrency exchange. Now there are many popular names in this category including Coinbase, Binance, Gemini, Poloniex, Robinhood, and Kraken. So is Kraken a good exchange for beginners or it is just meant for advanced traders? We are going to find this answer in this article.
Kraken exchange: an introduction
Kraken is one of the major cryptocurrency exchanges where you can sell, exchange, or buy a range of cryptocurrencies including the top ones BTC and ETH. Adding selling and purchase of cryptocurrency at market rates, this crypto trading platform facilitates users with margin accounts and futures trading, plus products that seem riskier but find their use for some trading strategies.
The best and most simple platform for those who are new to crypto trading and wants to begin their experience must explore the Kraken exchange. Most experienced traders who are looking for a low-cost trading platform, outside of cryptocurrency, have the option to choose Kraken Pro.
Overview of Kraken exchange
The foundation of Kraken was laid eleven years ago in San Francisco with its headquarters located worldwide. Kraken is active in its services to its customers from many countries in the world. The United States is also included in it. Kraken is supportive of its competitive crypto trading price for both institutional and individual investors.
Where the main exchange platform, Kraken is suitable for beginners, advanced traders might find Kraken Pro more appealing to them. Interest award through staking coin is possible for both advanced and newcomers. The amalgamation of services and platforms makes it possible for the Kraken exchange to manage crypto requirements.
Advantages and disadvantages of using Kraken
Kraken is supportive of around 120 cryptocurrencies or more than it. These include the major ones – ADA, ETH, DOGE, SOL, and BTC. Kraken also excels with a user-friendly interface, which means users will not face any difficulty despite having no prior experience in crypto trading. The next big advantage of Kraken is it’s being an exchange with high liquidity. This means buying and selling at market rates is very easy. With advantages, Kraken also comes with its downsides. The main disadvantage is charging higher fees for transactions in comparison to Kraken Pro.
Which are the cryptocurrencies supported by Kraken?
Kraken is supportive of more than 120 cryptocurrencies. Some of the major ones include:
- Stellar Lumens
Not just these major cryptocurrencies, Kraken is also supportive of USDC, Dai, and Tether. Here you can have the advantage of conversion of USD to CAD, JPY, and CHF, as per your wish. However, you need to know that the availability of all currencies is not possible in each country.
Experience in trading
It all depends upon one’s experience in the active market trading and cryptocurrency, in choosing either Kraken Pro or the main exchange Kraken. Both will prove suitable for experienced traders and beginners.
Kraken and Kraken Pro
To begin trading in cryptocurrency, one must begin with the main exchange Kraken. When your account is verified, then it becomes possible in buying a cryptocurrency quickly with one’s linked bank account. Moreover, selling or conversion between the currencies in your account also becomes easier.
For the security of your account, a user must not miss enabling the 2FA or two-factor authentication that helps in preventing anyone from trying to hack your account without your notice. On the other hand, Kraken Pro is an active cryptocurrency exchange that operates via your web browser or your smartphone. Well, its interface might not be that easy to understand for novice traders, but somehow it can let you learn about detailed asset information that includes active charts and viewing the open orders.
For quick purchasing, Kraken offers a fee of 1.5% for many cryptocurrencies. For fiat-backed stablecoins, the fee is 0.9%. Kraken Pro on the other hand charges low in comparison to the main Kraken crypto trading platform. Well, it is based upon the volume of the total trading for at least thirty days. The taker fee here is 0.26% and the maker fee at 0.16%.
Kraken applies a robust security measure via 2FA (Two-Factor Authentication). Enable it immediately after your account is funded. With that being done, no one can hack your account.
Kraken is indeed a promising cryptocurrency exchange where it is possible to buy and sell crypto assets like BTC and ETH. One of the oldest crypto trading platforms, it underpins a plethora of different crypto coins for buying, selling, and trading. It is considerable in both cases, be it for spot trading and cryptocurrency futures. Kraken is suitable for not only experienced traders but also beginners if they are looking for minimum fees for trading and accessing a wide range of coins. Log on to the Cryptoknowmics website, to check out the best defi apps and other topics.