Kraken cryptocurrency exchange: a complete overview of the tool

Kraken cryptocurrency exchange full tool overview

A good start-up capital, an analytical mind or innate instinct is not always enough to earn on cryptocurrency. It is very important to choose the right platform for earnings, that is, a reliable and stable exchange, where you can profitably buy and sell top coins. Many experts believe that all these qualities are embodied by the well-known American cryptocurrency exchange Kraken. Is it really so good and suitable for users from the CIS? We will describe in this article!

Kraken cryptocurrency exchange market: a brief history of formation

The exchange began its work in 2011. Its main founder and CEO became Jesse Powell, who holds his post to this day.

For several years, the site did not particularly stand out from the competition, but in 2014, its popularity sharply went up. The fact is that after the scandalous bankruptcy of the MtGox exchange, it was the leadership of Kraken who was instructed to investigate the loss of Bitcoins from its accounts, compensate for the loss of customers and even exchange cryptocurrency for fiat money, if necessary.

All users of MtGox, who want to return the lost funds, registered on the Kraken cryptocurrency exchange and continued to work on this site.

Further, the popularity of the exchange only grew. The exchange was the first to pass a cryptographic audit, showed excellent results and received positive reviews from both the rating American media and the top blockchain editions (TradeBlock, TheBlogChain and others).

The exchange acquired several BTC exchange services (CleverCoin, Coinsetter and Cavirtex) in 2017, a service for choosing a bitcoin wallet (Glidera) and the popular platform for trading Cryptowatch.

How to trade Kraken cryptocurrency?

First you need to replenish your stock account. This is done in the “Deposit” tab (section “Funding” in your account). You can transfer money from a crypto wallet or a bank card (only for customers of Kraken partner banks). You can withdraw funds through the “Withdraw” tab.

For makers, it is 0 0.16%, and for takers – 0 0.26% of the transaction amount. Previously, the minimum commission was 0.2%, but last year the management reduced it in order to popularize the exchange.

Is Kraken cryptocurrency all so good?

Users began to complain about the slow work of the exchange in August 2017, as well as a long waiting time for feedback. The verification procedure was delayed for weeks and the response from the technical support service had to wait almost a month.

Most users resented because of the slowdown in trade. After all, in order to make money on changes in the course, transactions need to be carried out as quickly as possible. If the system hangs and orders do not pass at the right time the trader simply loses profit.

Representatives of the exchange announced that the interruptions in the work site are associated with excessive server loads. They decided to temporarily deactivate 12 trading pairs with low liquidity and leave only 2 orders (limit and for the market) to solve the problems.

Until the winter of 2018, the exchange functioned in the updated (more precisely, shortened) mode, and on January 11, a message appeared on the site about the temporary stop of the service. The developers have announced that the stock exchange will be serviced, so the site will not work for several hours.

The site really stopped its work on the night of January 11, January 12. All open orders were automatically closed and funds were returned to users’ accounts.

However, the planned restart did not occur within the promised hours, but only on January 15th. Nevertheless, users were satisfied with the changes in the service.

First of all, the stock exchange returned the previous pace of work. In addition, 10 shopping pairs were deactivated in the summer of 2017. Representatives of the exchange also announced plans to add the currently popular ETH / GBP and XBT / GBP pairs.

However, Kraken is an exchange focused primarily on English-speaking users and traders from Southeast Asia. There are more disadvantages than advantages for residents of the CIS.

In addition, most Russian-speaking users can not conduct fiat money transactions on the exchange, because this option is available only to holders of Kraken partner bank cards. These are American, Japanese and Korean structures, which most people in the CIS simply don’t want to use.

The site is well protected from hacking and after reducing commissions, trading on it has become much more profitable than before. In addition, Kraken top cryptographers often cost less than Poloniex, Bittfinex, Bittrex and other popular services.

Experts advise to start accounts on several exchanges at once to take advantage of the different sites. For example, on Kraken (for bargain purchase and safe storage of cryptocurrency) and EXMO (for operations with fiat money).