Kraken crypto is one of the most popular crypto exchange platforms. In this Kraken crypto review, we look at its features and utility to see who would benefit from using this crypto exchange. It has an excellent reputation due to its fantastic cyber security and the versatility of its exchange services.
Using this cryptocurrency exchange, you can engage in detailed trading with a full trading platform. Alternatively, you can quickly buy, sell, and swap crypto using the instant trading feature.
In this Kraken review UK…
Kraken Review UK Overview
Kraken is a multi-faceted crypto exchange. It could be compared to platforms like Binance and CEX.io and has a similar offering. This includes a set of instant trading tools for beginners and a full advanced trading desk for experienced users. As a result, Kraken has a wide appeal and could potentially be used by anyone.
In terms of features, Kraken offers instant trading, margin trading, futures trading, and a full trading desk. You can also earn rewards via staking, and it supports account funding via GBP, USD, EUR, CAD, JPY, CHF, and AUD. Deposit methods accepted include SWIFT, wire transfer, CHAPS, BACS, FPS, and Bank Transfer to name a few.
Kraken also has excellent support for a large range of cryptocurrencies including stablecoins. Examples of cryptocurrencies support includes Bitcoin, Ethereum, Ripple, Cardano, Dogecoin, Litecoin, USD Coin, Chainlink, Tether USD, and Uniswap.
You can buy cryptocurrency directly using fiat currency such as GBP, but you can also trade cryptocurrency pairs. Kraken also has a set fee structure for its different trading types which is detailed below.
Kraken Crypto Features
- Instant trading for beginner users
- Advanced trading tools for experienced users
- Three different mobile apps – Kraken, Kraken Pro, and Kraken Futures
- Margin trading, futures, and staking
- 2FA account authentication and email verification for withdrawals
- Support for 70+ cryptocurrencies
Kraken Crypto Pros & Cons
Kraken Crypto Review – Is This a Worthwhile Crypto Trading Platform?
Kraken is a similar platform to Binance in that it has tools for beginners and experienced traders. In this Kraken review UK, we analyze its utility for both ends of the spectrum so you can see if it is worthwhile, based on your current level of experience and requirements.
The instant trading feature is where beginners will start. This is for basic account users and those who want to simply buy and sell cryptocurrencies in smaller volumes. The great thing about this level of account is that there are no entry requirements. Anyone can create an account and the verification process is also quite quick.
Once you have a verified account, you can deposit fiat currency like USD, GBP, and EUR. Kraken utilizes third-party payment processing for deposits and this can result in additional deposit fees so please take notice of this.
You can then buy, sell, and swap cryptocurrencies quickly and easily. We do advise having a basic knowledge of the different cryptocurrencies available, and of current price trends. However, if you have this basic grasp, the instant trading feature is incredibly easy to use.
Advanced Crypto Trading
If you want more than simple one-off crypto purchases, Kraken has a great set of advanced trading tools. The Kraken Exchange and Kraken Pro tools are tailored towards those who are serious about crypto investing and want to turn it into a business or major source of income. The following are some of the features available:
- Full trading platform with graphs and crypto pairs etc.
- Margin trading with up to 5x leverage
- Futures trading with up to 50x leverage
The Kraken trading desk is the cornerstone of their advanced trading tools. It is a web-based platform that has a typical layout seen on other platforms like Binance and CEX.io. You can select different crypto pairs or crypto-fiat pairs and see a wealth of data about their price trends. The layout is nothing special – it is essentially the same as every other type of crypto trading desk.
You can easily change the pairs, place orders, manage your order book, and analyze price trends in different ways using graph tools.
When choosing a crypto exchange, you must be clear on the fees. This directly affects the profitability of your investment. Most crypto exchanges have fees for deposit transactions, and fees or a spread for trading.
Kraken has different fee structures for each of its different services – instant buy, Kraken Pro, Stablecoin & FX Pairs, Margin, and Futures.
Instant Buy Fees
- Stablecoins: 0.9%
- Any Crypto or FX pair: 1.5%
- Payment Processing: 3.75% + £0.25
- Digital Wallet Processing: 3.75% + £0.25
- Online Banking Processing: 0.5%
These fees are not amazing and there are platforms that offer better fees for instant buying. However, you can generally expect to pay higher fees for any instant buy feature. The tradeoff is the accessibility and ease of use it provides.
The Kraken Pro fees are variable and based on your 30-day trading volume. Also, the fees vary for the maker and taker. For example, if your 30-day trading volume is £0-50,000, the maker fee is 0.16%, and the taker fee is 0.26%. These are pretty decent rates, and the rates only improve for higher trading volumes.
Kraken Mobile Apps
Kraken actually has three separate mobile apps. We find this a little complicated as other platforms like Binance have a single app that can be tailored for different types of user. For example, the Binance app allows you to switch between lite and pro layouts depending on if you want advanced trading features or not.
Kraken splits this into three separate apps. While this keeps things separate, it can be an annoyance if you want to utilize basic and advanced trading. The apps are Kraken, Kraken Pro, and Kraken Futures.
Despite that irritation of three separate apps, they are well made and intuitive. The interface is simple and easy to understand, and you have full utility to buy, sell, and trade cryptocurrencies. The apps are available to download for free from the App Store, and the Google Play Store.
If you want the best levels of security, Kraken is certainly one of the best options. It prides itself on its security and the platform has never been hacked to date. Security features include:
- 95% of deposits are kept in a secure offline location
- Kraken servers are in a secure location monitored 24/7
- A dedicated team that does penetration testing
- 2FA authentication for account logins
- Email confirmation required for withdrawals
As you can see, they have an extensive list of security features. For your account, 2FA authentication is enabled using authenticators like Google Authenticator. Also, to make a withdrawal you must first confirm it via email. This may seem like a chore, but we feel it is an important step to improve account security.
You also gain a secure Kraken cryptocurrency wallet as part of your account. This means that there is no need to create a third-party crypto wallet. However, if you do want to, you can send crypto to other non-Kraken wallets.
The customer support for Kraken is OK, but it is not one of its best features. They do not provide any telephone support. Therefore, the main support avenues are live chat, email support, and the support centre. The live chat appears to be the best option and the response times are decent.
We also like the support center. This has a searchable database of different help topics so you can easily gain support. Typical topics include getting started, funding, account security, account verification, and info on the different mobile apps.
Check out this guide to the best crypto trading platform UK.
Kraken Review UK Summary
Overall, Kraken crypto is one of the better exchanges available. It caters to all levels of investor – from beginners making their first crypto purchase, to seasoned traders wanting to deal in larger volumes consistently.
The platform is also tailored to suit. For example, beginners can use the instant trading tools if they do not understand currency trading charts etc. Alternatively, experienced users will love the trading platform complete with graphs, analytical tools, and detailed order books.
If you are concerned about security, Kraken is also one of the top choices. They have taken extra measures to ensure their platform is safe and has not been hacked to date.
However, there are some potential drawbacks to consider. Firstly, the fees for instant trading are not the cheapest. There are cheaper platforms available in terms of payment processing and trading fees.
However, you may overlook the fees due to the ease of use of the instant trading feature. Secondly, we would like to see an improvement in customer support. While you can get help via the live chat, the support is lacking compared to some other crypto exchanges.
Check out these alternative crypto trading platforms or use our comparison tool below to help you find what’s best for you.
Some digital bank accounts also have a trading platform included in their apps.
If this Kraken crypto review helped you, please recommend DigitalSupermarket.