Informative Kraken Review for Novice Crypto Investors
Kraken is one of the oldest exchanges in the USA and this brief Kraken review highlights some of the prominent factors that make it standout among its competition. This exchange was established in 2011 and is also known to be one of the safest and largest exchange in the world.
This is also a high-end and powerful professional trading platform that offers some of the best features to the users. Therefore, if you are new to the crypto space and want to invest in crypto then the Kraken exchange can be one of the best options for you.
However, before you use this exchange, it is important that you take a look at the features offered by the platform so you can determine if it is according to your criteria, trading requirements or not.
Here is what every new crypto investor should know about the exchange.
Kraken Review – Safety Systems on the Exchange
The level of security offered by an exchange is one of the topmost features you should consider as a new crypto investor because choosing such an exchange can help you avoid unnecessary obstacles and various security risks that you might come across otherwise.
The Kraken exchange continues to be one of the few crypto exchanges in the market that has never experienced a cyber-attack of any kind. The security it offers to the users remains to be uncompromised. One of the reasons for this is that this exchanges uses state-of-the-art security systems that are mentioned as follows:
- Global Settings Lock (GSL)
- High-end blockchain technology
- Kraken Master Key
- KYC verification required
- Two-factor authentication
- Use of cold storage wallets
Another reason for the impressive level of security of this exchange is that it is one of the exchanges that is fully regulated and licensed by:
- FinCEN in the United States of America
- FINTRAC in Canada
Unique Features
The Kraken review addresses some of the most important aspects of the platform, which are the distinctive features of the exchange. These features set it apart from every other crypto exchange in the USA.
Two of the most unique features of the exchange are mentioned below in a little detail for each of them.
Staking
One of the crucial features you need to know about is Staking. This is a distinctive feature that is only available on proof-of-stake blockchains. This feature enables the people to put the crypto they own in a collective pool and crypto wallet. This results in rewards that the crypto investors can get. This feature also requires staked tokens to validate the transactions.
Dark Pools
Another outstanding feature mentioned in this brief Kraken exchange review is the dark pool feature. This enables the people to place anonymous orders in the market. They are called dark pools because these orders are only known by the traders who place them.
Fee Charged by Kraken
The fee structure of the exchange mentioned in this brief Kraken review. It is yet another major aspect that is important for every interested party to know. The fee charged by a platform is essential for every interested party to know about. Because some exchanges charge a high fee and also include additional and hidden charges.
Therefore, before you choose an exchange, it is important to make sure that the exchange. It has a fair fee structure without any charges that are not disclosed beforehand.
The Kraken exchange has one of the lowest fee structures in the crypto market and is also free of any kind of hidden charges. The trading fee charged by the exchange is based on market maker and taker model.
Here are the details you should know about.
- Market makers are required to pay 0.0200% fee
- Market takers are required to pay 0.0500% fee
Basic and Advanced Order Types
As mentioned above in this brief Kraken review, the exchange is a professional trading platform. Which is why it offers support to various kinds of order types. Some of the crypto trading platforms are limited. When it comes to supporting order types and therefore only support basic order types.
However, the Kraken exchange is a powerful and versatile exchange that offers support to the following order types.
The basic order types supported are:
- Market orders
- Conditional orders
- Limit orders
The advanced order types supported are:
- Good-till-cancelled (GTC)
- Fill-or-kill (FOK)
- Immediate-or-cancel (IOC)
Final Takeaways!
People who are new to the crypto space should take time and look through the features of an exchange. Before they choose one for buying crypto. Kraken is one of the most popular platforms in the world. But the brief Kraken review. The features it encompasses as mentioned above are important for all novice investors to know.
