Kraken Review and Other Crypto Exchange 2024
From its inception, Kraken's primary goal has been to hasten the integration of digital assets by offering a platform that is dependable, secure, swift, and versatile.
Table
of Contents
Trading Volume Range :
Maker and Taker Fees
on Kraken (2024)
Trading Volume Range |
% for Makers |
% for Takers |
$0 – $50,000 |
0.16% |
0.26% |
$50,001 – $100,000 |
0.14% |
0.24% |
$100,001 – $250,000 |
0.12% |
0.22% |
$250,001 – $500,000 |
0.10% |
0.20% |
$500,001 – $1,000,000 |
0.08% |
0.18% |
$1,000,001 – $2,500,000 |
0.06% |
0.16% |
$2,500,001 – $5,000,000 |
0.04% |
0.14% |
$5,000,001 – $10,000,000 |
0.02% |
0.12% |
More than $10,000,000 |
0.00% |
0.10% |
👉 Coinbase: Charges instant purchase fees ranging from 1.49% to up to 3.99% and extra charges for certain payment methods.
👉 Binance: Offers competitive pricing with fees starting at 0.10% for both buyers and sellers, though these can be further reduced by using the native Binance BNB token for payments.
Kraken Fees and Commission Table (2024)
💸Instant Purchase
Cryptocurrencies: 1.5%
🪙For the majority of cryptocurrencies
Stablecoins: 0.9%
🏦For stablecoins like USDT
Credit/debit card: 3.75% + $0.25
💳Extra charge for credit/debit cards
Digital Wallet: 3.75% + $0.25
📱Extra charge for digital wallets
Bank transfer: 0.5%
🏦No extra charge for bank transfers
💰Deposits
Bank transfer (EUR): Free
💶For deposits in EUR
Bank transfer (USD): $10
💵For deposits in USD
💰Withdrawals
Bank transfer (EUR): €0.09
💶For withdrawals in EUR
Bank transfer (USD): $4 – $35
🏦Varies based on the receiving bank and location
Bank transfer (USD and other currencies): $60
💵For withdrawals in USD and other currencies
Kraken PRO Specific Fees
📊Trading (Maker/Taker)
Important Points to Note:
✅ Spreads: Instant purchases may also include a spread, which is the difference between the purchase and sale prices. This spread can fluctuate based on market conditions and other factors.
✅ Additional fees: Kraken might impose extra charges depending on the payment method and the user's location, as detailed above.
Deposits and Withdrawals on Kraken
This aspect is crucial in evaluating Kraken, as it introduces a potential drawback: the inability to deposit using credit/debit cards. Let's explore this further.
The most common and usually most affordable way to deposit is through a SEPA transfer.
💸Kraken is capable of processing SEPA transfers for deposits in Euros (EUR) and FedWire transfers for deposits in US Dollars (USD). The associated costs are typically minimal or even free, varying based on the specific transaction method and the currency involved.
You can also put money into your account using certain online wallets, but this varies by location, so it's important to review the rules carefully on the website.
Indeed, you can transfer digital coins from your wallet to the platform for free, as long as they are recognized assets from the over 200-item list.
📌Now, the question arises: Kraken does not process payments through credit cards, debit cards, PayPal, or similar platforms. This also applies to withdrawal options, meaning you cannot take out fiat money using these methods. Nonetheless, you are able to transfer funds to your account if you are in Europe, using SEPA, or if you are making a withdrawal in dollars, using FedWire. While there are fees involved, as indicated in the commission table, they are relatively low. However, it's important to note that SWIFT might impose higher fees.
Certainly, you're also able to move your cryptocurrencies back to your wallet. Please be aware that the constraints apply to traditional currency.
⏱️ The times it takes for transactions to be completed can vary based on the method chosen:
✔️ Bank transfers (SEPA) : Typically, these are processed within 1-3 business days.
✔️ Bank Transfers (FedWire) : Usually, these take 1-5 business days, depending on the bank receiving it.
✔️ SWIFT : It could take 1-5 business days, depending on the receiving bank's location.
✔️ Cryptocurrencies : Transactions involving cryptocurrencies are usually finished within minutes, though they might take longer if the blockchain is busy.
Customer Support
📞 This platform provides a variety of tools for reaching out to customer support and solving issues.
The primary methods are:
➡️ Online chat : Available around the clock, this allows you to start addressing your technical support needs right away.
➡️ Telephone support : Currently, the platform is not offering telephone support. Previously, it was available 24/7 but was facing issues with congestion.
➡️ Ticket system : Users can submit support requests through Kraken's website and expect detailed replies via email. This system is quicker than most competitors.
Advantages of Kraken
👍 A broad range of cryptocurrencies: Kraken supports trading in over 230 cryptocurrencies, providing a wide array of choices for investors.
👍 Affordable fees: The fees for Kraken Pro are low, which appeals to both seasoned traders and beginners, making it a competitive option.
👍 Strong security: Kraken has a solid security framework, including regular audits to ensure customer balances are backed by real assets.
👍 Compliance and openness: The platform is known for its adherence to regulations and its transparent operations.
👍No frusting on transactions like other competitors such as Binance where you often have to complete facial verification before you transfer your funds.
👍 Easy KYC to complete
👍No stupid temporal suspension of account while trading like Binance.
👍Direct SEPA exchange to Crypto Vice versa through Etana
Disadvantages of Kraken
👎 Limited support options: Although Kraken is available 24/7, the absence of direct phone support might be a downside for some users.
👎 Expensive for certain transactions: Services like instant purchases have higher fees, which might not be ideal for those trading casually.
👎No BEP20 blockchain for usdt transaction but you can always use Tron20 Blockchain
💸Kraken is capable of processing SEPA transfers for deposits in Euros (EUR) and FedWire transfers for deposits in US Dollars (USD). The associated costs are typically minimal or even free, varying based on the specific transaction method and the currency involved.
With the overall review Kraken is highly recomanaded than other competitors.
Just the information I was looking for, very detailed indeed.
ReplyDeleteKraken stands out with strong security and user-friendly interface, but competitors offer better fees.
ReplyDelete