Kraken Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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After depositing money into the trading, they do not allow withdrawal of both the principal and the interest. They require cash payment of taxes before allowing withdrawal. They come up with various reasons. This exchange has an office at landmark 81. Everyone, please be careful not to be deceived like me.
Summary: Kraken is recognized as one of the most established cryptocurrency exchanges, offering a wide range of trading options and competitive fees. However, ongoing legal issues with the SEC and mixed user experiences regarding customer support and fees present challenges for potential users.
Note: It is important to consider that Kraken operates through different entities in various regions, which may impact its service offerings and regulatory compliance. This review aims to provide a balanced perspective based on multiple sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 7 |
| User Experience | 6 |
| Additional Features | 7 |
We evaluate brokers based on user feedback, expert opinions, and factual data from credible sources.
Founded in 2011, Kraken is one of the oldest cryptocurrency exchanges, headquartered in San Francisco. The platform supports over 200 cryptocurrencies and offers various trading options, including spot trading, margin trading, and futures. Kraken is regulated by multiple authorities, including FinCEN in the U.S. and FinTRAC in Canada. The exchange's trading platform is accessible via a web interface and mobile apps, catering to both novice and experienced traders.
Kraken operates in over 190 countries, but its services are not available in New York and Washington State due to regulatory challenges. The exchange is compliant with local regulations in various jurisdictions, which adds a layer of trust for users.
Users can deposit and withdraw in several fiat currencies, including USD, EUR, CAD, and AUD. Cryptocurrency deposits are also supported, with a minimum deposit of $10. However, first-time deposits may be subject to a 72-hour withdrawal hold for security purposes.
Currently, Kraken does not offer any bonuses or promotions, which may be a drawback for new users looking for incentives to start trading.
Kraken offers a diverse range of tradable assets, including over 200 cryptocurrencies, stablecoins, and various fiat currencies. The platform also includes options for NFT trading, catering to a growing market segment.
Kraken employs a maker-taker fee model, with fees starting at 0.16% for makers and 0.26% for takers. However, fees can increase significantly for the Instant Buy feature, reaching up to 1.5% for cryptocurrencies and 0.9% for stablecoins. This discrepancy has drawn criticism from users who feel that the fee structure is not transparent.
Kraken allows leverage of up to 5x for margin trading, which can amplify potential gains but also increases risk. Users should be cautious and ensure they understand the implications of trading with leverage.
Kraken offers its proprietary trading platform along with mobile applications for iOS and Android. While the platform is user-friendly, some users have reported that it lacks advanced features compared to competitors.
As mentioned earlier, Kraken is not available in New York and Washington State, limiting access for some U.S. residents. Additionally, users should be aware of any restrictions based on local regulations in their countries.
Kraken provides customer support in multiple languages, including English, Spanish, Italian, French, Japanese, and Portuguese. The availability of 24/7 support via live chat and email is a significant advantage, although some users have reported longer wait times for resolution.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 7 |
| User Experience | 6 |
| Additional Features | 7 |
Kraken's account conditions are generally favorable, with no minimum deposit requirement for most accounts. However, the limitations on the express account may deter some users.
The platform offers educational resources, guides, and webinars, which are beneficial for users looking to enhance their trading knowledge. Nevertheless, the absence of advanced research tools is noted.
While Kraken offers 24/7 support, user experiences vary. Some have praised the responsiveness of the support team, while others have expressed dissatisfaction with the resolution times.
The trading experience on Kraken is straightforward, but users may find the fee structure complex, especially for casual trading. More advanced traders may appreciate the features available on Kraken Pro.
Kraken has a strong reputation in the industry and has never been hacked, which is a significant point in its favor. However, ongoing legal issues with the SEC could raise concerns for potential users.
User experiences on Kraken are mixed, with some highlighting the platform's ease of use while others criticize the high fees associated with certain features.
Kraken's additional features, such as margin trading and futures, are appealing to advanced traders. However, the lack of a comprehensive insurance policy for user funds may be a concern for some.
In conclusion, Kraken is a reputable exchange with a solid security track record and a wide range of trading options. However, potential users should carefully consider the fee structure and ongoing legal issues before engaging with the platform.
