What is Kraken Cryptocurrency Exchange?
Kraken Cryptocurrency Exchange allows users to trade, buy and sell in cryptocurrencies online.
Kraken Exchange is currently the fourth largest cryptocurrency online exchange in America and provides users with a safe and secure place to invest in some of the most well-known cryptocurrencies, such as Bitcoin, Ripple, Litecoin and Ethereum.
Kraken pride themselves as being one of the longest-running Bitcoin exchanges in the world, and are committed to keeping their fees low, whilst still providing the best service possible to users.
However, unlike some cryptocurrency exchanges, Kraken does not provide a wallet service for users.
Kraken Cryptocurrency Exchange makes it easy and secure to get started in online cryptocurrency trading.
With plenty of online helpful guides and resources on their website, Kraken offers a range of different ways to buy, sell and trade in cryptocurrencies which appeals to those who have a diverse range of cryptocurrency exchange needs.
How Do You Join Kraken
Joining Kraken Cryptocurrency Exchange is quick and simple. To sign up for your online account, you will need to provide some personal details of identifying information, so your email and country of location.
You will also need to choose a unique username and password too. Once completed, Kraken will send you their terms and conditions to review, and then an activation email in order to fully open your account and get things started.
To begin trading, you will need to fund your account, which you can simply by clicking on the ‘Funding’ tab on your account page and choose how you wish to pay for your trades.
Kraken does not have a wallet feature, so do keep this in mind.
Is the Kraken Cryptocurrency Exchange Safe?
As Kraken is not a wallet service site, it is able to offer enhanced security in comparison to some of its competitors.
Users can also use Kraken as purely an exchange marketplace, so whilst it is possible to make deposits temporarily into the Kraken corporate wallet, funds are not stored online and are therefore impossible to hack.
The Kraken online security team are also world-class with years of experience when it comes to protecting user’s money online, as well as providing 24/7 surveillance and customer service access for users too.
Where is the Kraken Exchange Located?
Kraken Cryptocurrency Exchange is based in San Francisco, in the state of California, United States, where they have been located since their inception in 2011.
Is Kraken a Regulated Exchange?
Kraken Cryptocurrency Exchange is a self-regulated exchange that complies with all necessary regulations and licenses in the countries in which it operates.
These include registrations with FinCen in the USA and FINTRAC in Canada, as well as complying with UK law as stated by the Financial Conduct Authority. Kraken Cryptocurrency Exchange is also fully regulated throughout Australia and Asia too.
How do I Exchange Crypto on the Kraken?
Trading on Kraken is easy to do, with users having the option to use either the website or app for ease of use.
Here are the few simple steps you will need to follow in order to complete your trades with Kraken.
Step One – First, users must decide which currency pair you would like to buy, sell or trade.
This is easy to do, with all trade pairs simple to select thanks to the ‘Trade’ tab at the top of the screen.
The first currency will represent the base, with the second currency representative of the quote, similar to Forex trading.
Step Two – Once you have decided which pair you would like to trade, next you need to click onto the ‘New Order’ area of the website or app, where you will find the order form you will need to fill out in order to complete the exchange.
You can choose a market order, which means your trade will take place immediately, or you can select a limit order, which means your trade will be completed once the limit price is reached.
Step Three – Next it is time to submit your order and complete your market or limit trade option.
Selecting the ‘Submit Order’ button will instantly send through your instructions to Kraken and complete your trade according to your instructions.
Step Four – Sit back and wait to see the outcome of your investment! If you have chosen a market order, you will be able to see the result of your trade immediately, whilst a limit trade will be held in the ‘Orders’ section of your account until your order is completed.
Limit orders make a great option for beginners, as you can cancel any trade that has been order before it has been executed by Kraken too.