Kraken

Is Kraken a reliable broker? How to contact your customer service? Do you have negative opinions?

Kraken
PUNCTUATION
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POINTS IN FAVOR
Good reputation within the world of cryptocurrency trading.
Quick management of SEPA transfers to operate as soon as possible.
Options to operate with professional tools.

California-based Kraken is one of the largest cryptocurrency brokers in terms of number of transactions. In this article we will see the negative and positive opinions about this broker, as well as my own personal experience in terms of customer service, service and investment options.

We are facing one of the oldest altcoins brokers in the market, based in the US and providing an advanced trading platform, with margin and OTC trading options.

A few years ago it was a platform widely criticized for its instability, but Kraken has been revamped with a focus on security and customer service . It also offers some very competitive business rates.

💡TO TAKE INTO ACCOUNT:
1. It has a wide range of cryptocurrencies available to invest.
2. Support is slow and not always effective.
3. It has advanced options that makes it ideal for the most expert.

Who is Kraken intended for?

Founded by Jesse Powell in 2011, Kraken is known for its low transaction fees, a wide range of features, and high platform-wide security. Kraken operates in the United States (with the exception of New York) and Canada, as well as the European Union and Japan.

Its interface, although improved, means that new users can get lost and end up making mistakes, so it is designed for more advanced users who have investment and cryptocurrency knowledge.

👍 Pros
1. Good number of options for the more advanced investors.
2. Special service for high volume operations.
3. More than 50 virtual currencies to trade.
4. Maximum security platform with reserve fund.
👎 Cons
1. Slow customer service.
2. Complex platform for new users.

Pros explained

  • Kraken offers its clients an advanced trading platform that includes spot and margin trading for more experienced users. Kraken’s interface offers a lot of options, but it’s not the most beginner-friendly, something to consider if you’re new to cryptocurrencies.
  • For high volume operations (over $ 100,000) Kraken has a 1-to-1 service. Additionally, high volume traders can receive a dedicated account manager to serve their trading needs.
  • We have more than 50 cryptocurrencies available to operate with this platform, a number that is increasing.
  • If you are looking for a secure platform, you should know that Kraken maintains all the reserves of its clients’ funds . Kraken employs an independent, cryptographically verified audit to demonstrate to third parties and exchange clients that funds are being properly held.

Cons Explained

  • Although they have made great improvements in this regard, customer service is still slow and limited to a contact form which can become frustrating when our money is at risk.
  • All the additional features out there are welcomed by the cryptocurrency investing community. The problem is that they make investment difficult for newcomers by not having a lite version like Binance or Gate.io does .

commissions

Kraken’s commissions are among the lowest of all the major bitcoin brokers . These commissions depend on the volume of operations of the last 30 days. In general, the rates will be lower the more operations you carry out, in fact, if you negotiate more than 10 million dollars in the last days, the rates are 0%.

Spot trading fees range from 0.26% to 0%. Stablecoin trading fees range from 0.2% to 0%. The dark group rates range between 0.36% and 0.2%.

You can see all the rates from this link .

Available cryptocurrencies

Kraken accepts the following fiat currencies:

  • Euros
  • American dollars
  • Canadian dollars
  • Australian dollars
  • Pound sterling
  • Swiss franc
  • Japanese yen

Deposits and withdrawals can be made via SEPA, SWIFT, bank transfers, and domestic transfers. In almost all cases, you can expect deposits and withdrawals to take between 1 and 5 business days , although lately the money is usually already available within 24 hours.

Most accepted cryptocurrencies are free to deposit, but there is a small fee in some cases. Regarding trust deposits, SEPA deposits are free , which makes Kraken particularly convenient if you are in the European Union and your location is on the list of SEPA countries, as is the case with Spain.

In terms of cryptocurrencies, Kraken currently supports more than 50 different currencies :

Platform

The Kraken platform is quite complete for users who are just starting out in the world of cryptocurrencies. Also, the verification process is quite slow and takes 24 to 48 hours.

However, the company has worked enormously in recent years to achieve a much more solid project than the previous version, with many improvements in usability that have made it one of the most used brokers.

There are three pages within the platform where you can see the trading prices and charts:

  • Market capitalization view

You can see the prices and a market cap leaderboard.

  • Classic graphics view

You can see the depth and extent graphs.

  • Advanced markets view

You can navigate to  trade.kraken.com  to view detailed candlestick charts and use a variety of advanced charting and drawing tools. This is the most advanced option used by professional traders.

Kraken customer service

The Kraken website has an extensive support guide , covering almost everything from verifying your account to trading. In most cases, you will find what you are looking for there.

However, in the event that you need support, you can always submit a support ticket or speak with someone from the company through the on-site chat .

Although it is still a slow support, they are working on improving this attention via chat. Finally, you can also contact from this page that allows you to create a support ticket .

Training

Kraken’s training is focused on investing in cryptocurrencies. As we have been commenting in this article, it is working very hard to allow access to its platform for new investors, so it has bet very heavily on this training.

He has a podcast in English where he talks about the latest cryptocurrency news, interviewing experts and broadcasting tutorials in audio format.

It also has a series of training videos , as well as guides with specific training to buy each of the most popular cryptocurrencies. It has guides on how to buy bitcoin, litecoin, ethereum, etc.

It also has detailed information about each of the cryptocurrencies, to know at all times what we are buying and what its function is within the crypto ecosystem.

Safety

Kraken is one of the safest brokers . Although it has had dark times in the past, today it gives many guarantees that our money will be safe.

As we have already mentioned, it maintains all the reserves of its clients’ funds. In addition, it employs an independent audit to assure its clients that their funds are safe and secure at all times.

Kraken also offers a dark pool, an order book that is not visible to the rest of the market . Each merchant only knows his own orders. Traders can place large buy or sell orders anonymously without revealing their interest to other traders.

Usually large orders, when viewed by other traders, will cause the market to move unfavorably, making it more difficult to fill the order at the desired price. This unfavorable price movement can be avoided in a dark group.

The security in the desktop and application accesses comply with the market standards.

⚖️ Conclusion

Kraken has undoubtedly improved a lot in recent years. It’s an option worth considering thanks to its great security features and low transaction fees. However, it is not the best option for beginners due to its more complex interface.

The main opinions on Kraken state that the strengths to be highlighted of this broker lie in its low fees , advanced features and strong security. While Kraken certainly has its advantages, it has its share of criticism from the past and customer service that is still slow and has a long way to go.