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Kraken Review

Kraken is a digital asset trading platform that allows users to buy, sell and margin trade cryptocurrencies. It is considered one of the world’s largest Bitcoin exchange due to its high liquidity and trading volume.

Really low fees, 50+ cryptocurrencies, and industry-leading security features.

In a crowded field of crypto exchanges, Kraken stands out.

But how does it stand up to other exchanges? Read our full review to find out if Kraken is right for you.

How to Buy Digital Currency on Kraken

Kraken allows its users to buy digital currency using fiat or cryptocurrencies.

Many platforms, particularly those for beginners, prove quite limited in the currencies they accept. But such is not the case with Kraken. When it comes to fiat currencies, Kraken accepts:

  • US dollars (USD)
  • Euros (EUR)
  • Australian dollars (AUD)
  • Japanese yen (JPY)
  • Canadian dollars (CAD)
  • British pound (GBP)
  • Swiss franc (CHF)

Apart from fiat, Kraken Exchange allows users to buy one digital currency using another, provided that the currency pair is supported.

For example, let’s take a look at how to buy Bitcoin with EUR:

  • Login to your Kraken account.
  • Click the ‘Trade’ tab and select the currency pair (Eg. XBT/EUR) that you would like to buy from the drop-down menu located above the tab.
  • Click the ‘New order’ link from your account dashboard. It shows different ways to place an order like Simple, Intermediate and Advanced. In this example, let’s choose the Simple option as the intermediate/advanced options are intended for margin/leverage trading.
  • Then, select the type of order: Market/Limit. If the option Market is selected, then the order will be processed immediately. In the case of limit orders, the order will be processed only if the market price matches with the value set for the limit. Otherwise, you must wait till the price drops or cancel the order to create a new one. (In this example, we are using Market order).
  • Enter the amount of XBT you would like to buy. (The estimated amount of EUR will be shown on the box labelled EUR).
  • Next, click the button ‘Buy XBT with EUR’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
  • Click the ‘Submit Order’ button.

Common Kraken Cryptocurrency

Which cryptocurrencies does the company accept? You’ll be impressed by the vast list.

Kraken currently offers 57 cryptocurrencies, including:

  • Aave, Algorand, Aragon, Augur, Augur v2, Balancer, Basic Attention Token, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Compound, Cosmos, Curve, DAI, Dash, Decentraland, Dogecoin, EOS, Energy Web Token, Enzyme Finance, Ethereum, Ethereum 2, Ethereum Classic, Filecoin, Flow, Gnosis, ICON, Kava, Keep Network, Kusama, Kyber Network, Lisk, Litecoin, Monero, Nano, OMG Network, Ocean Protocol, Orchid, PAX Gold, Polkadot, Qtum, Ripple, Siacoin, Stellar, Storj, Synthetix Network Token, tBTC, Tether, Tezos, The Graph, Tron, USD Coin, Uniswap, Waves, yearn.finance, Zcash

Kraken has even more available pairs. When it comes to pairs, the more popular they are, the more trading pairs they have.

What are trading pairs? These are currencies that get paired and given a relative value, such as 1 Bitcoin (BTC) = 15,340 Euro (EUR). Think of pairs like money exchanges at airports where you’ll see fiat currencies paired as 1 USD = 104 JPY.

Kraken Supported Countries

At this point, you may feel enthused about the idea of giving Kraken a whirl. You likely also have questions about which countries are supported by Kraken. Fortunately, the company’s got a massive reach.

It’s easier to list the countries where you can’t transact in Kraken than it is to list the ones where you can. Nations where the platform doesn’t operate include:

  • Cuba
  • Afghanistan
  • Iran
  • Iraq
  • Libya
  • Syria
  • Congo
  • Tajikistan
  • North Korea

Pros and Cons

Pros

  • Lowest fees compared to other exchanges
  • When it comes to security, no exchange can outdo Kraken
  • Users who are new to the crypto world will find it quite easy to start trading on Kraken as it is beginner-friendly
  • Kraken is one of the most liquid crypto exchanges today as it is quite popular among both professional traders and crypto enthusiasts
  • Regulated in the US and they have a US banking license
  • Kraken is very transparent, and that is how it has become one of the most trustworthy exchanges in the world. In fact, Kraken is the first exchange that carried out proof of reserves.
  • Bonuses for high-volume traders
  • Available worldwide
  • Upgraded support and features for advanced traders

Cons

  • Kraken does not support credit/debit card transactions.
  • Email or phone support not available to all users

Features

Kraken provides a wide variety of trading options that range from the regular limit orders and stop-loss orders to several advanced features like margin trading and dark pool. Kraken not only supports crypto to crypto trading but also between cryptocurrencies and fiat currencies, making it a great fiat-to-crypto gateway. The following are some of the unique features specific to Kraken.

  • Unique Landing Page: The sleek, easy-to-navigate interface crafted with a perfect blend of appealing illustrations creates a rich user experience.
  • Liquidity: Kraken provides high trading volumes and high liquidity levels.
  • Functionality: Kraken is also beginner-friendly whose simple interface with detailed instructions on how to use the exchange makes trading an easy process for first-time traders.
  • Staking: Kraken Staking allows users to increase their holdings by simply storing their coins in their Kraken account. Kraken provides staking rewards for the staked assets on top of the holdings, thereby increasing asset value. Kraken currently supports staking for the following assets: Bitcoin, Tezos, Polkadot, Cosmos, Euro, and US Dollar.
  • 24/7 Customer Support.
  • Strong user security with 2 Factor Authentication.
  • Dark Pool: This unique feature allows users to anonymously buy and sell orders without alerting the rest of the market. Such orders lessen the market impact and allow large trades at potentially better prices. This feature is currently available for Bitcoin and Ethereum currency pairs.
  •  OTC (Over-the-counter) Exchange:  Kraken supports OTC trading that takes place off the Kraken’s traditional exchange. Institutional and High net-worth individuals who trade with large orders can opt for OTC exchange, as large orders, might be too expensive when placed on the open market.
  • Margin trading: In margin trading, Kraken provides the necessary funds for the entire value of trade when a user trades with leverage.
  • Futures trading: Futures trading allows traders to enter an agreement to buy or sell a digital asset at a future date without holding the digital asset in question. Kraken allows users to trade BTC, XRP, ETH, LTC, and BCH in future contracts.

Kraken Fees

We’ve already touched on the fees associated with Kraken. But it’s time to dive more deeply into the company’s fee schedule. It boasts some of the lowest in the industry and a compelling reason for many investors to hop on board.

With Kraken, the fees you owe depend on your trading volume over the past 30 days. These fees are also generally based on the maker-taker model. That means makers who add limit orders to the platform pay lower fees than takers who complete existing orders.

Fees are as follows:

  • Stablecoin trading fees fall into the 0.2 percent to 0 percent range
  • Spot trading fees range from 0.26 percent to 0 percent
  • Dark pool fees come in at 0.36 percent to 0.2 percent

Because Kraken fees are volume-based, the more you trade, the less you pay on subsequent trades. Kraken uses this fee schedule to motivate traders to engage with the market. They also do this to drive maximum liquidity.

Payment and Withdrawal Methods

  • SEPA (Single Euro Payments Area) transfers.
  • Etana Custody. (1-5 business days).
  • Silvergate Exchange Network transfer for both domestic and international transfers (1-5   business days)
  • Fedwire transfer services. (1-3 business days).
  • International transfers are processed via SWIFT.
  • SIC – near-instant transfers on business days.
  • Traders can easily fund the digital assets supported by Kraken to their account. Crypto deposits get credited instantly, and users are ready to trade in under 10 minutes.

Kraken Security

Kraken exchange aims to provide maximum protection to its customer’s accounts by enforcing several security factors like two-factor authentication, master key, global settings lock and strong passwords. 2FA can be configured using Authenticator app, Yubikey or a static password. Master Key is a security feature that can be used to recover your account if you lose your login credentials.

Global Settings Lock (GSL) will safeguard the settings on your account. Kraken recommends that GSL is turned on when storing cryptocurrency for an extended period of time. In doing so, you set a lock, which must be unlocked to perform any changes such as changing your personal Bitcoin wallet address. This lock can only be opened after a pre-set day limit. So, if someone had to hack a customer’s account, they wouldn’t be able to immediately steal their coins, because they would have to wait the 6 days to pass, by which time the customer would be able to contact the Kraken customer support to recover your account. In addition to the GSL, Kraken recommends its users to create a strong password made up of characters which are difficult for potential hackers to crack.

Customer Support

As you can see, Kraken has set itself apart from the competition in many different ways.

Kraken’s website contains an extensive support guide to help customers navigate and utilize the site to its fullest. This guide covers every topic, from the basics like verifying your account to more complex processes like trading.

When such situations arise, simply submit a support ticket. Or you can talk with a live representative using the website’s built-in chat.

Bottom Line: Should You Use Kraken?

Kraken Exchange is not only a good option for novice traders but also for serious traders as it allows its users to trade more than 50+ currency pairs on its exchange. Kraken Exchange provides much better security using its advanced security features when compared with other cryptocurrency exchanges. Couple with its lowest fee in the industry, one can never go wrong with Kraken.

>> Click Here To Signup With Kraken

 

XM Review

The XM Group is a group of regulated online brokers. Trading Point of Financial Instruments Ltd is established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Trading Point of Financial Instruments Pty Ltd is established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670) and Trading Point of Financial Instruments UK Ltd is established in 2016 and it is regulated by the Financial Conduct Authority (FCA 705428)

Trading Platform/ software

The trading platforms at XM include MetaTrader 4, with no rejections and no requotes. Leverage ranges from as little as 1:1 all the way up to 500:1. MetaTrader 4 allows a single login with up to 8 platforms, with spreads as low as 0 pips and some 300 instruments available. MT4 is available for Mac, PC, multiterminal, WebTrader, iPhone, Android, iPad, and Android tablet. MetaTrader 5 – MT 5 is a single platform with 6 asset classes available. Some 80 analytical objects are included with the platform and the latest price quotes are provided.

The total number of financial instruments available is 250+, and these include Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, Energies CFDs and Cryptocurrencies CFDs. The major difference between MT4 and MT 5 is that MT4 is a Forex trading platform, while MT5 is geared towards multi-asset trading. Smartphone trading is available at XM, simply by downloading the application on Android and iOS devices.

Features 

Investors who maintain XM Trading accounts can enjoy a variety of trading tools and features that include the following: 

  • Market maker broker 

  • Dealing desk 

  • One click automated trading 

  • Trading from charts 

  • Hedging and Scalping permitted 

  • No requotes 

  • Allows integration of Expert Advisors 

  • Trailing stops 

  • Trading over the phone 

  • First deposit bonus 

  • Promotions and contests 

  • Negative balance protection  

  • Multilingual economic calendar 

  • Virtual Private Server (VPS) services 

  • Multilingual customer support services

XM Bonus System and Types

Learning information about a broker is an entire process you need to consider every time before signing in a particular website. And part of this process is to see if the available bonuses are ok for you. Thankfully, XM offers numerous promotions and special extras you should definitely check out now.

  • No Deposit Bonus – the no deposit bonus – is still part of the bonus system that XM website provides to all of its clients. To be more specific only newly registered clients can actually benefit of it. The no deposit bonus here is 30 $ and you can use it only if you are new on the website and have just made your registration with a validated account to trade from.
  • Welcome Bonus – The two-tier deposit bonus offers 50% deposit bonus up to $500 and 20% deposit bonus up to $5,000.
  • Loyal Bonuses and Programs – Become a regular customer on XM at some point and you will be able to apply for a loyalty program. This program gives you several extras and special promotions and to reach it you will need to collect a particular amount of points, which are given during your experience on XM platform.
  • Special Seasonal Bonuses – Do not forget to check out for special seasonal bonuses on XM. This Forex platform has a tradition to update its bonus system all the time, so you can receive an additional offer throughout your experience here.

>> CLICK HERE TO OPEN A DEMO/REAL ACCOUNT WITH XM <<

Questrade Review

 

Questrade is a financial service provider with a democratically priced online stock trading platform for its Canadian based investors. They have a solid platform of trading tools for their customers, competitive commissions, and other options such as trading physical Gold. Questrade is one of the fastest growing Canadian brokers due to great customer service, direct access technology, and quick trade execution.

Types of accounts

They offer several types of accounts:

  • Margin Accounts (e.g. Individual, Informal Trust, Business)
  • Registered (e.g. TFSA, RRSP, RESP)
  • Forex (FX) and Contract For Difference (CFD) Trading
  • Managed Investing

Commission

Questrade offers a well-crafted industry unique ‘democratic pricing’ stock trading commission: 1¢ per share with a minimum charge of $4.95/trade and a ceiling maximum commission charge of $9.95 — ideal for long-term investors. Active traders (or anyone at any time) have the alternative option of 1¢ per share (1¢ minimum / $6.95 maximum), or a $4.95 flat stock commission charge — ideal for high volume share trades. Options investing for these active users come with an attractively low $6.95 + 75¢ per contract. And the process of enrolling into this alternative program simply involves subscribing to one of Questrade’s several advanced market data plans. This should be glanced at again! It is not a typo! Questrade offers the cheapest trades in all of Canada. Their price point is so impressive that it actually encourages new and/or small investors to jump in and take part in the investment game while also enticing disgruntled active traders of other brokerage firms to transfer in (at no charge). They make it abundantly clear that they don’t charge setup fees, annual fees, nor inactivity fees* on any of their services which is a welcome change to the industry norm. However, for those looking for more of an actively managed portfolio touch there is a new specialty service they now offer at a nominal annual fee. More on this later.

Platforms

Questrade has spent much of 2013 focused on the roll out and improvement of its trading platform experience. The flagship trading platform is their Questrade IQ platform which delivers a trader-friendly interface that includes charting as well as complex options trading. IQ essential and IQ web are their web-based platforms and the IQ edge is a desktop based platform. The more advanced platforms, such as IQ web and IQ edge do require some kind of data package in order to fully utilize the platform features. As such, while the platform may be ‘free’ the data packages/data fees are not. For very active traders, however, market data fees are typical for advanced platforms.

In addition to the computer based versions of IQ, there is also a mobile version – IQ Mobile, which is available on iOS and Android systems.

Good things about Questrade

  • Cheap, cheap trades.  $4.95 trading fees for trades with 495 shares or less – maximum $9.95 fees for trades with more shares.  ETFs can be bought for free!
  • Ability to hold US$ in rrsp account.  If you sell a US$ security in a rrsp – almost every other broker charges 1% ore more to switch it to CDN$ and then another 1%+ to go back to US$.
  • Good trading platform.  I only used the free platform (Webtrader) and I really liked it.  It is very simple and doesn’t have all the bells and whistles that other platforms have.  Real time quotes is the only feature I need.
  • Excellent service.  I had no problems setting up accounts and doing trades, moving money etc.  They have an online chat function which I never used but apparently is pretty good.  I either phoned (very quick response) or sent email.  Both methods worked fine for me.
  • No account fees whatsoever.
  • Low balances. Minimum account balance to open an account is $1000 and you only need $250 to keep an account open.
  • All account types available.  Open, RRSP, RESP, RRIF – you name it, they have it.
  • Mutual funds – they will rebate up to 1% of the management fee back to the investor.  Read more about the Questrade mutual fund rebate.

>> Click Here to Visit Questrade Official Website