1. Kraken is a centralized cryptocurrency exchange (CEX) seeking to provide the security standards of a decentralized exchange (DEX). Since a DEX does not hold user funds, data or personal information it is less susceptible to hacking. Following the hacking of New Zealand’s Cryptopia, Kraken CEO Jesse Powell has advised traders to store their funds offline in hardware and non-custodial wallets, and to manage their own private keys.

   Only funds needed for trading should be in a Kraken trading account, advises Powell. If you want to trade fiat currency and withdraw more than $5,000k in crypto daily you will need to provide ID for verification on the Kraken exchange. The exchange is open 24/7.

2. Main platform features: Low fees, strong security protections, and many currency options
3. Fees: 0% to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 0.5% plus 0.9% or 1.5% for ACH purchases
4. Number of cryptocurrencies supported: 97
5. Security features: 2FA withdrawal email confirmation, air-gapped cold storage, strict surveillance, precise API key permission control, SSL encryption
6. Types of transactions supported: Buy, sell, send, receive, exchange, futures trading, Cryptowatch, and staking
7. Maximum deposit and withdrawal: $100,000 daily (intermediate level members)

Pros

1. Secure and reliable
2. Low fees
3. High deposit and withdrawal limits
4. Accepts some fiat currency

Cons

1. Many options not available to U.S. users
2. Long verification times
3. Possibly challenging user interface

Cons

1. Many options not available to U.S. users
2. Long verification times
3. Possibly challenging user interface

Main platform features	Low fees, strong security protections, and more currency options
Fees	0% to 0.26% per trade, 3.75% + €0.25 for credit card purchases, and 1.7% + $0.10 for online banking processing
Number of cryptocurrencies supported	97
Security features	2FA withdrawal email confirmation, air-gapped cold storage, strict surveillance, precise API key permission control, SSL encryption
Types of transactions supported	Buy, sell, send, receive, exchange, futures trading, Cryptowatch, and staking
Maximum deposit and withdrawal amount	$100,000

 

Frequently Asked Questions

Why does Kraken charge withdrawal fees?

The payments providers that we work with charge us fees for withdrawals.

What are the withdrawal limits?

Withdrawal limits depend on your verification level and in some cases, the funding method (i.e. Synapse).

Are there any other fees?

Intermediary or correspondent banks (banks between our bank and your bank that processes the transaction in transit) may sometimes charge fees or convert the transaction to a different currency en route.