Kraken is one of the world’s most established crypto trading platforms where buyers and sellers can trade digital tokens like Bitcoin (BTC) and Ethereum (ETH). The platform, established in 2011 in San Fransisco, gained wide popularity soon after its launch and expanded globally, establishing offices in various countries.
Kraken offers a highly secured platform for both novice and veteran individual and institutional investors to trade around 120 various cryptocurrencies.
If you are looking for an affordable and highly secured crypto trading platform with various cryptocurrency options, Kraken can suit you best. The platform charges a 0.9% fee on Stablecoins trading and 1.9% on trading cryptocurrencies. Though one might feel the platform charges a higher processing fee, Kraken’s features make it worth using.
The platform offers two trading options- Kraken and Kraken Pro. While both have the same basic features, Kraken Pro offers a few premium features that can help experienced or veteran investors. However, Kraken can serve most of your purposes if you are new to crypto trading. Here are a few differences between Kraken and Kraken Pro.
Kraken is best suited for new investors as it offers a simple interface. Users do not have to be tech-savvy to understand how the site operates. They can simply create their account on Kraken and link their bank accounts with the same. Once they finish these steps, they can directly buy or sell cryptocurrencies through an order form. Remember, one does not need to financially secure their account through deposits on Kraken.
Kraken Pro, in contrast, is suited for veteran investors. The complex site and its operations with live market charts can benefit these investors. However, it can be intimidating for novice investors. In short, Kraken Pro lets you access several premium features at an affordable rate, which include tracking live market prices through charts, etc. Naturally, this is a more competitive version of the platform with several additional features that can help investors trade and increase their returns.
Unique Features of Kraken
Kraken is famous globally for its advanced crypto trading features offered on Kraken and Kraken Pro. Here are some of its features:
Crypto trading platforms are generally vulnerable to cyber threats, scams, and phishing activities. In short, the crypto market has been infamous for its security issues which led several investors to lose several dollars on their investments. Cyber threats will scare you if you are a new investor planning to trade in the crypto ecosystem. However, Kraken offers considerable relief in this case.
Kraken offers high security to all its investors through robust technology. The platform ranked itself on a recent survey on crypto security conducted by the CER, with no hacking history since its launch. While Kraken stores 95% of the crypto deposits in offline cold storage, the platform is also under 24*7 surveillance to avoid any crypto threats. Additionally, user information and sensitive data are highly encrypted to avoid leakage. However, this does not mean the platform offers 100% security, as such an assumption is utopic. While some users have been notified of occasional threats, the platform generally provides high safety guards.
One of the most prominent reasons for the growing popularity of Kraken is its easy-to-use interface. The platform is designed for both novice and experienced investors. Thus, users need not be tech-savvy to use the platform for crypto trading. What’s more? The Instant Buy option on Kraken allows users to set up their account and verify details within a few minutes through simple steps. The platform does not have any restrictions on the entry and exit of investors, thus making it a user-friendly platform.
However, if you are an experienced investor looking for more advanced features on Kraken, Kraken Pro might be more appropriate. This site might take several days to verify your account with adequate documentation. Hence, the user-friendliness of the platform depends on the version you use. Overall, it offers a more accessible interface in both versions.
Advantages and Disadvantages of Kraken
Kraken is a crypto trading platform popular in various countries because of its affordable costs and easy-to-use interface. The platform also supports various cryptocurrencies and ensures top-notch security, ruling out the chances of any cyber threat. However, it is vital to weigh the pros and cons of the platform before you select it, and here are some of them:
Pros
Kraken supports various kinds of cryptocurrencies that leave investors with many options. The platform supports more than 120 cryptocurrencies, including Solana, Ethereum, Bitcoin, Dogecoin, and Cardano.
Kraken is popular amongst investors because of its easy-to-use interface. This platform is suitable for new investors as it offers a user-friendly site, and users can set up their accounts seamlessly. Thus, one does not need prior crypto trading experience to navigate the site.
Kraken is one of the most affordable crypto trading platforms and hence, popular amongst investors. Though the platform has a transaction fee associated with the trading activities, they are lower than other crypto trading platforms.
Cons
Quite surprisingly, Kraken charges a higher transaction fee than Kraken Pro. This might be a challenge for new users who are not ready to subscribe to Kraken Pro yet. While Kraken Pro offers a complex function with several advanced features, new users might have to pay a higher sum for using Kraken instead of the Pro version. Naturally, such a pricing system is a major disadvantage for new users.
Though Kraken promises top-notch security using efficient technology, it is yet to overcome the threats in the crypto market. Some users have reported a history of hacking where they lost a large sum of money. Some users also reported a lack of assistance from the platform’s customer support team proving its inefficiency in tackling cyber threats.
