Kraken is a digital asset trading platform that allows users to buy, sell and margin trade cryptocurrencies. It is considered one of the world’s largest Bitcoin exchange due to its high liquidity and trading volume.

Really low fees, 50+ cryptocurrencies, and industry-leading security features.

In a crowded field of crypto exchanges, Kraken stands out.

But how does it stand up to other exchanges? Read our full review to find out if Kraken is right for you.

How to Buy Digital Currency on Kraken

Kraken allows its users to buy digital currency using fiat or cryptocurrencies.

Many platforms, particularly those for beginners, prove quite limited in the currencies they accept. But such is not the case with Kraken. When it comes to fiat currencies, Kraken accepts:

  • US dollars (USD)
  • Euros (EUR)
  • Australian dollars (AUD)
  • Japanese yen (JPY)
  • Canadian dollars (CAD)
  • British pound (GBP)
  • Swiss franc (CHF)

Apart from fiat, Kraken Exchange allows users to buy one digital currency using another, provided that the currency pair is supported.

For example, let’s take a look at how to buy Bitcoin with EUR:

  • Login to your Kraken account.
  • Click the ‘Trade’ tab and select the currency pair (Eg. XBT/EUR) that you would like to buy from the drop-down menu located above the tab.
  • Click the ‘New order’ link from your account dashboard. It shows different ways to place an order like Simple, Intermediate and Advanced. In this example, let’s choose the Simple option as the intermediate/advanced options are intended for margin/leverage trading.
  • Then, select the type of order: Market/Limit. If the option Market is selected, then the order will be processed immediately. In the case of limit orders, the order will be processed only if the market price matches with the value set for the limit. Otherwise, you must wait till the price drops or cancel the order to create a new one. (In this example, we are using Market order).
  • Enter the amount of XBT you would like to buy. (The estimated amount of EUR will be shown on the box labelled EUR).
  • Next, click the button ‘Buy XBT with EUR’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
  • Click the ‘Submit Order’ button.

Common Kraken Cryptocurrency

Which cryptocurrencies does the company accept? You’ll be impressed by the vast list.

Kraken currently offers 57 cryptocurrencies, including:

  • Aave, Algorand, Aragon, Augur, Augur v2, Balancer, Basic Attention Token, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Compound, Cosmos, Curve, DAI, Dash, Decentraland, Dogecoin, EOS, Energy Web Token, Enzyme Finance, Ethereum, Ethereum 2, Ethereum Classic, Filecoin, Flow, Gnosis, ICON, Kava, Keep Network, Kusama, Kyber Network, Lisk, Litecoin, Monero, Nano, OMG Network, Ocean Protocol, Orchid, PAX Gold, Polkadot, Qtum, Ripple, Siacoin, Stellar, Storj, Synthetix Network Token, tBTC, Tether, Tezos, The Graph, Tron, USD Coin, Uniswap, Waves, yearn.finance, Zcash

Kraken has even more available pairs. When it comes to pairs, the more popular they are, the more trading pairs they have.

What are trading pairs? These are currencies that get paired and given a relative value, such as 1 Bitcoin (BTC) = 15,340 Euro (EUR). Think of pairs like money exchanges at airports where you’ll see fiat currencies paired as 1 USD = 104 JPY.

Kraken Supported Countries

At this point, you may feel enthused about the idea of giving Kraken a whirl. You likely also have questions about which countries are supported by Kraken. Fortunately, the company’s got a massive reach.

It’s easier to list the countries where you can’t transact in Kraken than it is to list the ones where you can. Nations where the platform doesn’t operate include:

  • Cuba
  • Afghanistan
  • Iran
  • Iraq
  • Libya
  • Syria
  • Congo
  • Tajikistan
  • North Korea

Pros and Cons

Pros

  • Lowest fees compared to other exchanges
  • When it comes to security, no exchange can outdo Kraken
  • Users who are new to the crypto world will find it quite easy to start trading on Kraken as it is beginner-friendly
  • Kraken is one of the most liquid crypto exchanges today as it is quite popular among both professional traders and crypto enthusiasts
  • Regulated in the US and they have a US banking license
  • Kraken is very transparent, and that is how it has become one of the most trustworthy exchanges in the world. In fact, Kraken is the first exchange that carried out proof of reserves.
  • Bonuses for high-volume traders
  • Available worldwide
  • Upgraded support and features for advanced traders

Cons

  • Kraken does not support credit/debit card transactions.
  • Email or phone support not available to all users

Features

Kraken provides a wide variety of trading options that range from the regular limit orders and stop-loss orders to several advanced features like margin trading and dark pool. Kraken not only supports crypto to crypto trading but also between cryptocurrencies and fiat currencies, making it a great fiat-to-crypto gateway. The following are some of the unique features specific to Kraken.

  • Unique Landing Page: The sleek, easy-to-navigate interface crafted with a perfect blend of appealing illustrations creates a rich user experience.
  • Liquidity: Kraken provides high trading volumes and high liquidity levels.
  • Functionality: Kraken is also beginner-friendly whose simple interface with detailed instructions on how to use the exchange makes trading an easy process for first-time traders.
  • Staking: Kraken Staking allows users to increase their holdings by simply storing their coins in their Kraken account. Kraken provides staking rewards for the staked assets on top of the holdings, thereby increasing asset value. Kraken currently supports staking for the following assets: Bitcoin, Tezos, Polkadot, Cosmos, Euro, and US Dollar.
  • 24/7 Customer Support.
  • Strong user security with 2 Factor Authentication.
  • Dark Pool: This unique feature allows users to anonymously buy and sell orders without alerting the rest of the market. Such orders lessen the market impact and allow large trades at potentially better prices. This feature is currently available for Bitcoin and Ethereum currency pairs.
  •  OTC (Over-the-counter) Exchange:  Kraken supports OTC trading that takes place off the Kraken’s traditional exchange. Institutional and High net-worth individuals who trade with large orders can opt for OTC exchange, as large orders, might be too expensive when placed on the open market.
  • Margin trading: In margin trading, Kraken provides the necessary funds for the entire value of trade when a user trades with leverage.
  • Futures trading: Futures trading allows traders to enter an agreement to buy or sell a digital asset at a future date without holding the digital asset in question. Kraken allows users to trade BTC, XRP, ETH, LTC, and BCH in future contracts.

Kraken Fees

We’ve already touched on the fees associated with Kraken. But it’s time to dive more deeply into the company’s fee schedule. It boasts some of the lowest in the industry and a compelling reason for many investors to hop on board.

With Kraken, the fees you owe depend on your trading volume over the past 30 days. These fees are also generally based on the maker-taker model. That means makers who add limit orders to the platform pay lower fees than takers who complete existing orders.

Fees are as follows:

  • Stablecoin trading fees fall into the 0.2 percent to 0 percent range
  • Spot trading fees range from 0.26 percent to 0 percent
  • Dark pool fees come in at 0.36 percent to 0.2 percent

Because Kraken fees are volume-based, the more you trade, the less you pay on subsequent trades. Kraken uses this fee schedule to motivate traders to engage with the market. They also do this to drive maximum liquidity.

Payment and Withdrawal Methods

  • SEPA (Single Euro Payments Area) transfers.
  • Etana Custody. (1-5 business days).
  • Silvergate Exchange Network transfer for both domestic and international transfers (1-5   business days)
  • Fedwire transfer services. (1-3 business days).
  • International transfers are processed via SWIFT.
  • SIC – near-instant transfers on business days.
  • Traders can easily fund the digital assets supported by Kraken to their account. Crypto deposits get credited instantly, and users are ready to trade in under 10 minutes.

Kraken Security

Kraken exchange aims to provide maximum protection to its customer’s accounts by enforcing several security factors like two-factor authentication, master key, global settings lock and strong passwords. 2FA can be configured using Authenticator app, Yubikey or a static password. Master Key is a security feature that can be used to recover your account if you lose your login credentials.

Global Settings Lock (GSL) will safeguard the settings on your account. Kraken recommends that GSL is turned on when storing cryptocurrency for an extended period of time. In doing so, you set a lock, which must be unlocked to perform any changes such as changing your personal Bitcoin wallet address. This lock can only be opened after a pre-set day limit. So, if someone had to hack a customer’s account, they wouldn’t be able to immediately steal their coins, because they would have to wait the 6 days to pass, by which time the customer would be able to contact the Kraken customer support to recover your account. In addition to the GSL, Kraken recommends its users to create a strong password made up of characters which are difficult for potential hackers to crack.

Customer Support

As you can see, Kraken has set itself apart from the competition in many different ways.

Kraken’s website contains an extensive support guide to help customers navigate and utilize the site to its fullest. This guide covers every topic, from the basics like verifying your account to more complex processes like trading.

When such situations arise, simply submit a support ticket. Or you can talk with a live representative using the website’s built-in chat.

Bottom Line: Should You Use Kraken?

Kraken Exchange is not only a good option for novice traders but also for serious traders as it allows its users to trade more than 50+ currency pairs on its exchange. Kraken Exchange provides much better security using its advanced security features when compared with other cryptocurrency exchanges. Couple with its lowest fee in the industry, one can never go wrong with Kraken.

>> Click Here To Signup With Kraken

 

Looking for the best place to buy Bitcoin? There is a wide range of cryptocurrency exchanges on the market, which doesn’t make the decision easier. If you want to buy and sell Bitcoin you need an exchange with low fees, good liquidity, and the best platform.

We help you compare exchanges and choose the best cryptocurrency exchange platform.

Bitcoin Exchange VS. Bitcoin Broker

It’s a common mistake to confuse an exchange with a broker. You need to understand the difference to choose the best place to buy Bitcoins. Which place is best will depend on your purpose for buying cryptocurrency.

Do you want to use or invest in Bitcoin? In that case, you should buy Bitcoin at a cryptocurrency exchange. Want to earn money from trading Bitcoin? In that case, open an account on a cryptocurrency broker.

TradingView

First thing first, before you decide on a broker, one of the most important arsenal you must have is a chart tool. It is used to analyze price history which helps you to buy/sell at a good price. An essential tool in addition to your exchange. The most popular chart tool on the market is TradingView. We use it daily and recommend it to everyone.

How did you Evaluate These Bitcoin Exchanges?

We focus mostly on:

Number of markets – Direct digital currency exchange is only one of the many ways to trade bitcoin for profit.

Security – The crypto market is not as regulated as the stock market. This means that you have more responsibility for security. A cryptocurrency exchange is used to buy and sell cryptocurrencies. NOT to store your Bitcoin/cryptocurrency. IMPORTANT! Buy a secure Bitcoin Wallet such as Trezor and Ledger to protect your cryptocurrency.

Payment methods – The more deposit methods available, the better. Especially for first-timers from the USA, to be able to buy bitcoins with a credit card often is the only conceivable way.

Bitcoin exchange rate – For many, the best crypto trading sites are good because of competitive cryptocurrency exchange rates and nothing else.

Volume of trade – It’s important with high trading volume on exchanges to reduce the spread (the difference between buying- and selling price). If the exchange doesn’t have enough trading volume, this becomes a hidden fee. However, as long as you choose a big Bitcoin exchange, you don’t have to worry about this. Read on for our recommendations.

Bitcoin trading app – Mobile support is a must nowadays and the best cryptocurrency exchanges are quick to develop robust mobile apps for their users.

Fees – An important factor when you buy and sell Bitcoin is the fee. However, all exchanges use different types of fees and costs. This includes buying- and selling fees (either a percentage or fixed price), order fee (market orders are more expensive than limit orders), transaction fees and more.

Customer support – Not all cryptocurrency exchanges offer fast and reliable customer service. Is there customer support 24/7? Do they offer phone support, chat support or both?

Reputation – This is a bit harder to judge. Discussions on bitcoin trading on Reddit and other forums give idea about a site’s trustworthiness and correctness but online stories are also tricky to verify.

Our Top Recommendations

Kraken

Having been around since 2011, Kraken has developed a reputation as a secure and reliable crypto exchange, and is one of the most viable alternatives to Coinbase. The Exchange is regulatory compliant, and offers both a simple and complex trading terminals, which appeals to new crypto traders and veterans alike. Users can trade Spot, Margin, and Futures, all in one place. The high liquidity levels, Grade A security, and complete transparency, makes it especially appealing to institutions and high frequency traders. It is also one with the lowest fees in the industry.

>> SIGN UP TO KRAKEN HERE

Coinbase

Coinbase is our go-to site when purchasing Bitcoins because it is the world’s most popular exchange platform and is simple to use.

Features:

  • Top crypto assets such as BTC, ETH, LTC, BCH
  • Offers insured Bitcoin deposits
  • Offers instant buy feature
  • High liquidity
  • Easy to use
  • API Support

>> SIGN UP TO COINBASE HERE

LocalBitcoins

LocalBitcoins is a peer-to-peer exchange site where buyers and sellers directly communicate to buy/sell Bitcoins at different prices and rates.

Features:

  • Escrow service to ensure trades are completed and both buyers and sellers are protected
  • Merchant services to receive Bitcoin from customers
  • Enables online or face-to-face Bitcoin transactions by matching people based on location
  • View profile and feedback history of your counterparty to assess them before a trade
  • Accepts almost any payment method acceptable to the community
  • No ID verification required
  • Pay with physical cash

>> SIGN UP TO LOCALBITCOINS HERE

Bybit

Bybit is a cryptocurrency derivatives exchange that allows you to trade perpetual futures. With ByBit you can open positions with up to 100x adjustable leverage. The exchange has a reported uptime of 99.99%, fees are relatively fair and support seems to be doing a good job addressing customer complaints.

Bybit is the first exchange to really challenge the market dominance of Bitmex. Bybit was built to address many customer frustrations with derivatives trading platforms especially the issue of platforms going offline during periods of particularly high demand. From its Singapore headquarters, it now serves hundreds of thousands of users and it’s climbing website traffic and trading volumes now challenge the industry leaders.

Read more: Bybit Review (2021 Updated)

>> New users can receive up to $1000 Bonus upon deposit + $10 Coupon regardless the deposit amount.

>> SIGN UP TO BYBIT HERE

Coinmama

Coinmama, known for being the oldest Bitcoin brokers in the industry, this Israel based broker is an exchange site you can purchase Bitcoins from with a credit card from close to anywhere in the world. If you want a safe, secured transaction to purchase Bitcoins, Coinmama is a great alternative.

Features:

  • Live pricing in USD or EUR
  • Allows the purchase of fractions of BTC
  • Easy to review your orders and transactions
  • Purchase crypto directly from the site
  • Multi-language support

>> SIGN UP TO COINMAMA HERE

CEX.IO

If you are looking for low fees alongside 99.999% availability whenever you need it, then CEX.IO might be the exchange for you. Although this exchange isn’t available in a lot of locations, if you are in a location where service is available, you’ll be able to benefit from this exchange.

>> SIGN UP TO CEX.IO HERE

Changelly

If you are looking for a Bitcoin exchange that can also help you purchase other crypto coins as well, then Changelly might be the best bitcoin trading platform for you. Changelly is a unique exchange that is both a Bitcoin and altcoin exchange. As there aren’t many exchanges that offer the features that Changelly comes with, it is one to strongly consider.

>> SIGN UP TO CHANGELLY HERE

BitMex

Bitmex.com is a very dynamic bitcoin marketplace. You can trade crypto against plenty of fiat and other digital currencies over at this Bitcoin Mercantile Exchange. One limitation is the deposit form – only BTC is accepted.
Even though the interface is very well laid out, BitMEX is hardly a place for novice traders. The platform is ideal for seasoned crypto investors, who know how to use the tools at their disposal to the fullest.

>> SIGN UP TO BITMEX HERE

Paxful

While not the biggest exchange out there, Paxful is quite popular with US crypto traders. It is another peer-to-peer exchange which supports a mesmerizing array of payment methods, including – you heard it here first – Amazon gift cards.

>> SIGN UP TO PAXFUL HERE

xCoins

xCoins.io is not a typical bitcoin exchange. It is a bitcoin lending service which, odd as it sounds, allows for instant transactions and some decent trading opportunities. Take your time to read the FAQ section of xCoins.io before producing your favorite payment method.
Thanks to its unique business model, xCoins accepts all popular credit cards and PayPal.

>> SIGN UP TO XCOINS HERE

Binance

One of the newest cryptocurrency exchanges, Binance.com appeared in mid-2017 with a surprisingly well thought-through product. The Chinese site comes with basic and advanced charts and statistics that can help you get your bearings very quickly and even, if you are so inclined, outline strategies for future investments.

Features:

  • Multi-Device Support
  • High Performance
  • Multiple Language and Country Support
  • Adopted Technology
  • API Support
  • Experienced Team

>> SIGN UP TO BINANCE HERE

CoinExchange

This is an interesting one. From many angles, Coinexchange.io looks like the ideal place to trade cryptocurrencies. A large number of markets and coins supported, the interface is informative enough without being overwhelming for novices, the verification process and transaction levels are reasonably well organized.

However, the company definitely lacks transparency about its modus operandi and mission and some Bitcoin exchange Reddit threads have raised serious questions about their integrity. They are not numerous enough to sound truly alarming but are sufficient to cast a shadow of doubt over Coinexchange’s integrity.

>> SIGN UP TO COINEXCHANGE HERE

PrimeXBT

Prime XBT recently launched with much anticipation as the newest and most advanced crypto trading platform to offer as much as 100x leverage on the top 5 crypto-assets. As well as providing access to an impressive feature suite and facilitating highly profitable trading possibilities, the Prime XBT platform also aggregates liquidity from 12 different top providers.

With these features and many more, Prime XBT aims to alleviate many of the pain points that traders face today on existing crypto trading platforms.

>> SIGN UP TO PRIME XBT HERE

KuCoin

KuCoin is an international cryptocurrency exchange that aims to simplify cryptocurrency trading for new users. KuCoin has both a web and mobile presence with the latter having basic trading features when compared to the website.

The platform has a low trading fee of 0.1 percent which can be covered using the sites native cryptocurrency known as KuCoin shares (KCS). The KCS tokens operate like shares of the company and anyone holding the token gets to receive dividends from the company’s profits.

>> SIGN UP TO KUCOIN HERE

More Comparison

Here is a comparison table of different cryptocurrency exchanges — including some that we have spoken about today and some others you might want to look at.

Source: quora.com/how-do-i-buy-bitcoin

Get Started Now – Buy/Sell Cryptocurrency

If you want to use or invest in Bitcoin, choose an exchange and open an account. If you’re going to trade Bitcoin and cryptocurrency, we recommend a cryptocurrency broker. However, we recommend using a complete solution. You don’t need to choose between an exchange/broker if you open an account at an All-in-one Platform.

No matter what you choose, you should use a chart tool. It is used to analyze price history which helps you to buy/sell at a good price. An essential tool in addition to your exchange. The most popular chart tool on the market is TradingView. We use it daily and recommend it to everyone.

NOTE! Don’t forget that you are responsible for the security of your cryptocurrency. Buy a secure Bitcoin wallet to store your cryptocurrencies. Follow these steps to exchange cryptocurrency safely:

  • Step 1: Open account at an exchange.
  • Step 2: Buy/sell Bitcoin and cryptocurrency.
  • Step 3: Move cryptocurrency to a private wallet – Trezor or Ledger