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Best Coin Exchange » Kraken
Kraken
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Kraken

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    Company name
  • Company: Payward, Inc
    Founded: 2012
  • Server location
  • Server Location: CR
  • Company's turnover in dollars
  • Turnover: -
  • Mobile version
  • Mobile version: No
  • BTC price
  • Current BTC price: -
  • Available currencies
  • Currencies: EUR, KRW, USD
  • Withdrawal fee
  • Fee: From 0.2%
  • Withdrawal time
  • Time: 0.5 day
  • Application programming interface
  • API: Yes
  • Support via
  • Support: Tickets

Kraken Review

 

Kraken is new rising crypto-currency trading marketplace. Kraken lets its users to fund their accounts and trade using Euro, USD, Won, Bitcoin, Ripple, Litecoin, Namecoin and Ven. The company called Payward, Inc. is located in San Francisco, California. There are four tiers of authentication, you need to get to at least tier 2 to be able to trade both digital and national currency. Kraken has a decent trading platform, user interface is attractive and easy to use. There is an interesting Global Settings Lock feature available to Kraken’s users that allows to ‘lock’ your account, preventing your settings or personal details from being changed, and hiding sensitive information.

It is the creation of Jesse Powell, the CEO of Payward. Kraken went live on September of 2013 after a 4 month public beta testing. The platform has been designed to attract digital currency traders with the features similar of forex such as stop orders and margin trading.

They seem to have five servers at the moment, three of them are located in San José, Costa Rica and other two somewhere in Europe. The company works under strict KYC/AML policies, they put lots of detail and labor into this.

The last 30 days turnover reaches 11,981,998.52 EUR what might be considered a relatively significant amount and that is only from bitcoin trades, while they are allowing another four crypto-currencies to be traded with on their platform. We can tell that this trading site is doing pretty well, and the liquidity is increasing.

Unfortunately, we could not find an official app for your phone from Kraken. Their security is really tight, as they offer various different options depending on your needs, that might be the obstacle for creating a mobile application.

The fees are quite lower than average on other trading sites. The fee that Kraken charges per trade for instance for Bitcoin/EUR the fee starts from just 0.20% and it can get to as low as 0.05% if your monthly trades would reach $1,000,000. The fee volume currency for some reason is US dollars, however the majority of the trades are done using Euros.

There were a lot of chatter about this and it seems to be true that they have problems with USD withdrawals as they have some issues with a bank that supports USD withdrawals. So if you will want to get some Dollars from your Kraken account equip yourself with patience as it may take more than 10 business days.

Kraken allows API usage and has very thoroughly explained on their site how to use it for anyone who might need it.

Kraken’s support side asks for some serious consideration as there is only an e-mail available. One would at least want some sort of a faster ways of getting in touch with them when in a dare need. Luckily they seem be responding to these support requests via e-mail rather promptly.

In conclusion, Kraken looks like a well worked out Bitcoin and other digital currencies trading site, with some similarities to forex and other exclusive implementations for your trading intentions. Kraken appears to be a real safe place for your trades with very solid and really well thought-through security solutions. However the excruciatingly slow withdrawals do not give them any bonus points.

We liked:

- Lot of currencies to trade
- User-friendly interface
- Global Settings Lock feature
- Stop orders and margin trading
- Security measures

We weren’t so sure about:

- Levels of authentication
- Strict KYC/AML policies
- Domination of Euro currency

We hated:

- No app for you phone
- Issues with USD withdrawals
- No live chat
- No phone number

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1 Comments
  • May 5, 2014

    Can you please comment what do you mean by issues with USD withdrawals? Its very sensitive topic for all of us!!!

    USD prob
    Reply