Kraken Crypto: The Stock Exchange That Crushed Its Rivals
Kraken is a crypto exchange. It enables its customers to buy and sell cryptocurrencies as well as fiat currency. Fiat money is money backed by a government. They are the legal currencies of the countries. Kraken crypto allows its clients to trade the following fiat currencies:
- US Dollar (USD)
- Japanese Yen (JPY)
- Canadian Dollar (CAD)
- Euro (EUR)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
The spending that investors make with each of these currencies is called trading volume. Kraken’s Euro trading volume is the largest among other exchanges.
Kraken exchange has 38 different cryptocurrencies for trading and many trading pairs. The more popular the stock market is, the more trading pairs become. Trading pairs are currencies that become pairs and take on a relevant value.
Where Did Kraken Crypto Come From?
Jesse Powell, a cryptocurrency fan in San Francisco, California, and he visits office of Mt. Gox in 2011. The world’s largest crypto exchange, Mt. Gox was hacked during Jesse’s visit. Jesse caught the company short here. Despite being the largest in the world, Mt. Gox had a weak administration. In addition, their customers were in danger of losing money. So Jesse decided to build a safer and more organized exchange and named it Kraken Crypto.
In 2014, Kraken crypto had become one of the most respected exchanges in the industry. And that same year Mt. Gox has been hacked again. Upon this hacking, its customers lost $460 million and went bankrupt.
Jesse Powell understood that people’s trust in cryptocurrencies and exchanges is crucial. Kraken has connected with banks from Germany and Japan. It became the first crypto exchange to be listed on Bloomberg Terminal, a tool used by bankers around the world. In addition, Kraken crypto has managed to gain the trust of customers.
Advantages of Kraken Crypto
You can trade five different fiat currencies on Kraken Crypto. So, you don’t need to visit other exchanges before you start trading. Exchanges like Bittrex only allow you to trade cryptocurrencies.
Jesse Powell and his Kraken crew at Mt. Gox learned a lot from his hacks. Kraken has never been hacked. He stores most of what he has offline. It provides its customers with two-factor authentication for their accounts. Two-factor authentication at Kraken means that a user account has two types of passwords. The first password is generated by the user, while the second password is generated by an app such as Google Authenticator or Yubikey.
Kraken Crypto‘s fees are among the lowest in the market. Trading fees are between 0% and 0.26%. Your fee per transaction depends on whether you are buying or selling. Buyers usually pay 0.16% on each transaction, while sellers usually pay 0.26%. Kraken fees vary based on 30-day trading volume and traded currency.
It has a good selection of cryptocurrencies. Some exchanges only work with the most popular coins. For example, Binance offers you more than 150 cryptocurrencies.
Its website contains a lot of useful information. Beginners can benefit from many useful tips by entering the HELP and then the SUPPORT sections of the site. Other platforms such as Bittrex do not have such a thing.
Kraken has an app that you can use on your mobile phone. It has a clean interface and is simple to use. Moreover, you can take advantage of the amazing trading features.
Disadvantages of Kraken Crypto
In 2017, Kraken Crypto had some problems. The exchange couldn’t keep up with the number of users signing up. It has also been subject to some cyberattacks. All these problems caused Kraken to shut down for a week in January 2018.
Many exchanges have problems with customer service. Kraken Crypto is one of them. Sometimes users can’t get the help they need when they have problems. Kraken is trying to improve itself in this area. But they think customers are their own responsibility.