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Kraken is one of the essential platforms for the purchase of cryptocurrencies . It offers a much larger choice of currencies than COINBASE and is ideal if you now want to diversify your cryptocurrency portfolio. Security, user experience, team support… Discover my opinion on Kraken.
Kraken in a nutshell
Founded in 2011, Kraken is one of the oldest platforms dedicated to the purchase / sale of cryptocurrencies. It is also one of the most important trading platforms in terms of liquidity. Before the emergence of Binance, it was often considered the best platform for buying cryptocurrencies. However, these have many flaws and are increasingly deserted by users, who prefer their challengers new to the market.
Number of currencies on Kraken
One of Kraken's strong points is the number of currencies it offers. Kraken's offer is incomparable to that of Coinbase, which only offers 4 cryptocurrencies or so. Kraken offers around fifteen cryptocurrencies, most of which are in the TOP 30 of the Coin Market Cap capitalization. It is possible to buy your cryptocurrencies in USD or EUR, without necessarily having to first buy bitcoin, as is the case for a large number of platforms. In dollars, you can buy the following cryptocurrencies:
- ZCASH
- XRP
- Monero
- Stellar
- Augur
- Litecoin
- Gnosis
- Ethereum
- Ethereum Classic
- EOS
- Dash
- Bitcoin
- Bitcoin Cash
- ADA
User experience on Kraken
The Kraken interface is overall very easy to understand and rather well laid out to allow a neophyte to navigate easily.
Kraken offers three different interfaces to place an order: simple, intermediate, or advanced.
Despite the quality of its ergonomics, Kraken is widely criticized for its many bugs, which frequently disrupt the user experience. The validation of a trade is also very slow, which is quite frustrating for traders.
Deposits and withdrawals on Kraken
Deposits and withdrawals are quick and easy on Kraken. You will not be able to make your deposits by credit card. However, you can make a SEPA transfer very easily by following the site's instructions step by step. Make sure you fill in the IBAN details and the wording of your transfer correctly.
To make your first deposit, you will need to authenticate yourself by submitting a photo ID and a handwritten note specifying your decision to make deposits to Kraken. Take the time to take a clean photo to meet their different criteria, otherwise you will quickly see the process dragging on for a pixel that is too blurry or a bad angle of view.
Fees and commissions on Kraken
The fees on Kraken are relatively low compared to what is seen in the market. On average, transaction fees range around 0.15% and 0.25%, and vary primarily depending on transaction volume.
The withdrawal and deposit fees vary depending on the currency. Kraken is transparent about all of its deposit fees ( deposits in cryptocurrency or FIAT currency ) and withdrawal fees (also in cryptocurrency or FIAT currency ). These costs are negligible and are among the most competitive on the market.
Site security on Kraken
Kraken secures your account with strong KYC procedures. The site also allows you to configure 2-factor authentication, which is highly recommended.
The platform is based in San Francisco, and therefore meets the regulatory obligations in force in the USA, which are among the strictest.
Support team on Kraken
Kraken is widely criticized for the lack of responsiveness of its support teams. If something goes wrong, the customer experience can be particularly frustrating. It is also best to anticipate your withdrawals, as the deadlines can be very slow.
Faced with the fall of the market, Kraken suffered significant losses and had to lay off 10% of its support department at the start of the September 2018 school year. There is therefore little chance, a priori, of being able to expect any improvements. on this point, at least in the medium term.
Kraken final review
Kraken is a secure and reliable platform, which has built its reputation since 2011. Despite its technical problems and the slowness of its support, it offers a very good compromise between ease of use and diversification of its offer . It is possible to buy most of the biggest cryptocurrencies in the TOP 30 there, and to place buy / sell orders very easily. Its fees are also much more interesting than on Coinbase.
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