The fact that institutions trust Kraken made it the most popular platform, especially when it comes to changing Bitcoin to euro. Besides being the best at the euro trade volume, they also introduced verification of proof-of-reserves audit by cryptography.
Kraken is far cry from being beginner friendly and there is no mobile application for this platform. Furthermore, the accepted deposit and withdrawal methods are a bank transfer and cryptocurrency.
Currently, there are 17 cryptocurrencies and 5 fiat currencies that can be traded (US dollar, Canadian dollar, Japanese yen, British pound, and euro
The general opinion is that Kraken is one of the safest on the web. One of the main reasons for their safety levels is the fact that most of the assets are stored in hardware wallets. They are encrypted and the assets are stored offline.
What are the Users Saying about Kraken?
The general opinion of users is good and many consider Kraken to be one of the platforms that provides smooth transactions. Furthermore, the fact that it accepts many fiat currencies makes it a favorite among non-US residents.
On the other hand, some users are complaining about the customer service as the main drawback to this website, claiming that they have had unpleasant experience with them.
Founded in San Francisco in 2011, Kraken is the first exchange platform to have the volume and price featured in Bloomberg Terminal. It is one of the oldest cryptocurrency trading platforms and it is often the first choice of both individuals and organizations.
To conclude, Kraken is simply one of the best in the industry and it offers a wide variety of currencies to exchange. Their service safe and the proof-of-reserves audit makes it virtually impenetrable. However, the competition is high and evolves swiftly and Kraken needs to keep up in order not to fall behind.
There are two types of accounts that you can open on Kraken – basic and advanced. Each of them requires you to share certain information with them.
- Basic: full name, address, phone number, and date of birth
- Advanced: all of the above, ID upload (and Social Security Number for US residents)
You also need to set up a 2-Factor Authentication and set up your bank account.
The time of verification varies from a couple of days to more than a week.
Due to tiered verification systems, there are 5 tiers which differ in the limits:
- Tier 0 – navigation without the ability of exchange
- Tier 1 – deposits and withdrawals of cryptocurrency only (no limit for deposit, withdrawal $2,500/day and $20,000/month)
- Tier 2 – fiat currencies also available (deposits and withdrawals $2,000/day $10,000/month)
- Tier 3 – Fiat currencies limited to $25,000/day and $200,000/month for both deposits and withdrawals. Cryptocurrencies limited to $50,000/day and $200,000/month also for both deposits and withdrawals
- Tier 4 – no limits
Kraken has an incredibly complex fee system which you can read about on their fee page. Mainly, the fees are between 0.16% and 0.26% for trading. The fees for depositing and withdrawing your assets can also vary a lot in regard to your bank and your country.
How Do I Withdraw My Money from Kraken?
Withdrawal process is pretty simple. Navigate to the withdrawal page and choose a sum that you want withdraw to the bank account. The lowest withdrawal rates are currently active only in the European Union, where you can withdraw your assets via SEPA for no more than 9
FIAT Deposit fee
CRYPTO Deposit fee
Fiat Withdrawal fee
Crypto withdrawal fee
0-50,000 0.26% 50,001-100,000 0.24% 100,001-250,000 0.22% 250,001-500,000 0.20% 500,001-1,000,000 0.18% 1,000,001-2,500,000 0.16% 2,500,001-5,000,000 0.14% 5,000,001-10,000,000 0.12% 10,000,000< 0.10%
EUR SEPA Free EUR Wire €5 - €10 USD (Domestic) €5 USD SWIFT €10 JPY Domestic Free CAD Wire Free
Bitcoin Free Litecoin Free Dogecoin Free Ripple (XRP) Free Stellar/Lumen (XLM) Free Ether (ETH) small fee Ether Classic (ETC) small fee Melonport (MLN) M0.01 Monero (XMR) Free REP (Augur) Ɍ0.05 ICN 0.5 ICN Zcash Free Dash Free Gnosis 0.004 GNO Tether USD (USDT) Free EOS Ȅ0.20000 Bitcoin Cash Free
EUR SEPA €0.09 USD (Domestic) $5 USD SWIFT $60 EUR SWIFT €60 JPY Domestic ¥300 CAD EFT $10 CAD
Bitcoin (BTC) 0.001 Ether (ETH) 0.005 Ripple (XRP) 0.02 Stellar (XLM) 0.00002 Litecoin (LTC) 0.02 Dogecoin (XDG) 2.00 Zcash (ZEC) 0.00010 Iconomi (ICN) .2 Augur (REP) 0.01 Ether Classic (ETC) 0.005 Melonport (MLN) 0.003 Monero (XMR) 0.05 Dash (DASH) 0.005 Dash Instant 0.01 Gnosis (GNO) 0.01 Tether (USDT) 5 EOS (EOS) 0.50000 Bitcoin Cash (BCH) 0.001
Kraken API page provides a thorough and detailed overview of API. All the instructions can be found on their API page.
other withdrawal possiblity
CRYPTO CURRENCYrate (Live via API)
FIAT Withdrawal limit
Crypto withdrawal limits
Verification needed for crypto trade
Verification needed for fiat trading
Turnaround amount 24h
USD; EUR; JPY; CAD
BTC; ETH; BCH; XMR; DASH; LTC XRP; XLM; ETC; REP; ICN; MLN ZEC; XDG; USDT; GNO; EOS
SEPA USD domestic JPY domestic CAD EFT Cryptocurrency
Tier 0 Email Tier 1 Personal information Tier 2 Address Tier 3 Government ID; proof of residence Tier 4 KYC documents
- Great for EU residents
- Covers several fiat currencies
- Covers more than 17 cryptocurrencies
- Simple verification process
- Possible unpleasant experience with customer support
- Complex fee system
- Verification approval sometimes takes too long