What do people say about Kraken?
So far the feedback on Kraken has been highly positive, with users liking its security and support. We’re still waiting for more comments to come in, so if you’ve used Kraken yourself, please submit a comment here.
I have been trading cryptocurrencies since early 2018. I have used both Kraken and Bitstamp for these purposes, but most of my trading is done on Kraken due to the rich tools it offers in its advanced trading platform.
Q. What was your experience using it to buy and sell cryptocurrency?
A. My experience has been superb. I like the security features the platform has as well as the advanced trading platform.
Q. How was it better or worse than other exchanges you've tried (if any)?
A. I am based in Germany so I didn't use any exchange that is mainstream in the US. I can only compare my experience with that of Bitstamp. I use Bitstamp when I have to place an order for a medium to long-term trade I just login in the app and place the order quickly. This is the only aspect where I don't like Kraken and prefer Bitstamp.
For everything else, Kraken is hands down the winner. There are so many things that I love about them. They have 2FA for a secure login, easy deposit and withdrawal(I have deposited and withdrawn money multiple times and its a smooth process). Their trading fees are low and the support is fantastic(I asked them for help with the withdrawal procedure and they immediately told me how it would be done. Usually companies aren't that cooperative when they see a user taking money out of the system)
--Jabran Kundi, The Stock Dork
I’ve been a user of Kraken for the past two years and I love its functionality especially the fact that I can access more than 60 cryptocurrencies alongside 7 fiat currencies. This feature allows for easy day trading that I love. Moreover, it’s one of the safest trading apps available on the internet today. Of all things, however, its low fees mean I retain most of the profit on my winning trades.
--Harriet Chan, CocoFinder
I am an avid trader of cryptocurrency. I have been trading for about six years now, and Kraken has been one of the exchanges that I have used to trade cryptocurrency.
Kraken has one of the largest volumes out of all cryptocurrency exchanges. This is good because it means that there will always be buyers and sellers on the Kraken exchange, which makes trading easier to do.
If you are a beginner trader or new to crypto in general, then Kraken offers some really helpful educational resources on their website such as blog posts and tutorials videos.
My really important tip: do your research before making the leap into ANY coin you put your money in!
--Patrick Moore, CryptoWhat
In terms of security and reliability, Kraken checks all the boxes. Founded in the U.S., it has never been hacked. It allows you to trade directly from fiat currency to cryptocurrency. Additionally, more than 50 cryptocurrencies can be traded. Best of all, it is perfect for beginners.
I have also used Coinbase but I won’t do that again, I wouldn’t recommend it either.
In terms of trading fees, Kraken clearly wins. Coinbase Pro charges 0.5% in trading fees, which is outrageous. Even though the fees decrease as you execute more volume, only very few people will ever see these reduced rates. Traders who use Kraken will experience lower fees in 99.99% of cases.
--Jamie Hickey, coffeesemantics.com
I have been using Kraken since last year and I have had marginal success with using it. Basically, Kraken provides basic trading services which allows you to buy and sell, also to convert currency but only via the app for Kraken. The most useful feature being that withdrawals and deposits can be made in the same dashboard. Personally, I loved how Kraken gives every user detailed personalized attention.
How was it better or worse than other exchanges you've tried (if any)?
Kraken is better when compared to other exchange services like Coinbase and Gemini in terms of security strength. Kraken is also better suited to experienced users since its trading tools are meant for complicated transactions and expensive financial dealings. Services like Coinbase and Gemini have been recommended for new cryptocurrency users due to the easy to use interface.
--Adam Garcia, The Stock Dork