Kraken is one of the largest Bitcoin exchanges in the world an also the largest bitcoin exchange based on liquidity, Euro volume and trading of fiats like the Canadian Dollar, US dollar, etc. The San Francisco based exchange company first came into the international scene in 2011 and was the first Bitcoin exchange on Bloomberg to have volume and trading price displayed. Kraken might be having all the accolades and recognition, but it’s still a regular bitcoin exchange like any other. The question that now comes to mind; how effective is Kraken? Like every other company, opinions will most definitely roll in. We will strickly only cover some customer complaints and an overview of Kraken below. Overall, it is still a well-trusted cryptocurrency exchange platform.
Kraken is the obvious first choice for international traders because of its easy international accessibility. Much of its positive opinion is attributed to being able to have a smooth trading experience. Although, the public have also complained about its trading interface which is not beginners friendly and will only be favorable for experienced experts in trading with the platform. Customer service has also come under serious scrutiny, and have racked up a whole of negative reviews. Some users have also complained about how slow it is for them to make withdrawals and have limited access to their funds.
Kraken is one of the largest cryptocurrency exchange there is now. Has a larger crypto volume compared to its immediate competition Coinbase, and this makes it easier for traders to trade on Kraken.
You will need to be verified to join Kraken. How much an individual can deposit or withdraw in a day has been sorted out depending on Kraken’s distribution levels called “tiers”. There are five of such tiers with Kraken, and they all differ based on your level of the transaction.
- Tier 0: You can only check price statistics and trading charts; no deposit or withdraw.
- Tier 1: Can’t withdraw above $2500 per day and 20,000 dollars per month. You can trade between cryptocurrencies but not between fiats and crypto. Updating your full name and address is a requirement to upgrade to tier 1.
- Tier 2: You can now deposit fiat currency of about $2,000 per day and $10,000 per month, your cryptocurrency deposits and withdrawals increase from $2,500 per day to $5,000 and $20,000 per month to $50,000. You need to share your postal address to upgrade to this tier.
- Tier 3: with this tier you get $25,000 per day and $200,000 per month fiat currency deposits and offers the same for withdrawals too, your cryptocurrency deposits moves to $50,000 per day and $200,000 per month. You qualify for an upgrade to the tier by providing a government-issued ID.
- Tier 4: Majorly for co-operating bodies and individuals.You can deposit around $100,000 per day and $500,000 per month in both fiat and cryptos and can withdraw the same amount. You will have to contact Kraken’s support to upgrade to this tier.
There are many exchanges out there in the cryptocurrency world. Almost all of them have their quirks, bells and whistles attached. Some might show lower or higher bitcoin prices, while others are completely slow at withdrawals and deposits. Kraken like any other exchange has its up’s and down’s but remains one of the best and credible platforms for bitcoin and other cryptocurrency purchases.