Fees bitcoin kraken

Kraken, one of the world’s oldest Bitcoin exchange, has its headquarters located in San Francisco, U.S. It is the first cryptocurrency exchange to appear on the Bloomberg terminal. Even though Kraken exchange is not registered with any legislative board, still it is highly respected by regulated banks in the EU and the government of Japan.

It accepts members from almost all the countries in the world. It offers extremely high security for its customer’s accounts so that it will be extremely difficult for hackers to steal the coins.

This Kraken review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you accurate and relevant information which is updated on a regular basis, we strongly recommend for you to visit Kraken.com for any updates which might occur afterwards.

Is Kraken Exchange Safe?

Yes. When it comes to security, Kraken Exchange takes extensive measures to protect its customers’ funds. It offers multi-level protection for its customers’ accounts. Kraken offers 2FA (Two Factor Authentication) to protect its customers’ accounts from any unauthorised access. In case you lose access to your account, this exchange offers support to recover the account after verifying your identity. All the sensitive and personal information of its users is stored in an encrypted format. To further protect their data, users can make use of the GSL and Master Key features available on the exchange.

Kraken Exchange

Kraken is a digital asset trading platform which allows the 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. It works on the maker/taker model and the fees vary based on the trading pair.

How does Kraken compare to other exchanges?

• Type
• Centralized Exchange (CEX)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading

• Instruments
• Cryptocurrencies

• Min Deposit
• VariesVaries coin to coin, for BTC - 0.0001BTC, for USDT - 1USDT

• Fees
• Starting from Maker @ 0.16% & Taker @ 0.26%

• Deposit Methods
• Bank Transfer, Cryptocurrency

(Comparing 1 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Fees
• Varies, 0.75% Spread for BTC & 1.9% Spread for ETH

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Cryptocurrency, Paypal

(Comparing 2 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Min Deposit
• Varies€100/$100/£100 for credit cards & €/$/£500 for wire transfers

• Fees
• Varies, A spread fee of 0.6% applies on BTCEUR market

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 3 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares

• Min Deposit
• Varies29 EUR/GBP/USD (once), 100 EUR/GBP/USD (for subsequent deposits)

• Fees
• Free, Varies, Floating spread, Swap fee, Conversion fee

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 4 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading

• Instruments
• Cryptocurrencies

• Fees
• Starting from Maker @ 0.16% & Taker @ 0.25%

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Cryptocurrency

(Comparing 5 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, ETFs

• Fees
• Spreads starting at 0.03

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

81% of retail CFD accounts lose money

(Comparing 6 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Min Deposit
• €100 for credit card deposits.

• Fees
• Varies, A spread fee from 0.56% up to 3.28% applies

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Paypal

80.5% of retail CFD accounts lose money

(Comparing 7 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares

• Min Deposit
• Varies between $250 to $300 depending on account type

• Fees
• Main fees are spreads, as low as 0.03 pips

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 8 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, ETFs

• Min Deposit
• 250 EUR/USD/GBP

• Fees
• Varies, No overnight or maintenance fees

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Paypal

(Comparing 9 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Cryptocurrencies

• Fees
• 5.9% per trade and another 5% for credit/debit card purchases

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 10 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading

• Instruments
• Cryptocurrencies

• Fees
• Maker @ 0.1% & Taker @ 0.1%

• Deposit Methods
• Credit Card, Debit Card, Cryptocurrency

Kraken Wallet

Kraken Exchange doesn’t provide a personal wallet service for its users. It stores the coins of most of its customers on cold wallets until it is transferred to another wallet or exchange. Cold wallets are completely isolated from any online system to provide better protection for customers’ funds.

You could try these recommended crypto wallets in addition to the current cold wallets offered by Kraken:

Kraken Account

To create a basic account on the Kraken Exchange, users don’t have to submit any documents and can start trading immediately after opening the account. It won’t take more than a couple of minutes to open your account on Kraken as it provides a simple and easy-to-use interface.

If you forget your account’s password, Kraken helps you to recover it quite easily. It offers five different levels (also called Tiers) for your account. To move to the next Tier, users should provide additional documents for KYC verification purposes.

How to Sign up on Kraken

To create an account on Kraken, do the following:

1. Navigate to their site, enter your email address, username and password on the form titled ‘CREATE AN ACCOUNT’. Click the ‘SIGN UP’ button after agreeing to the terms.
2. Next, click the activation link on your email to activate your account. Alternatively, you can enter the activation key manually on the provided box.

Congratulations! You have now successfully created your account on the Kraken exchange.

How to Log in on Kraken

To log in to your Kraken account, follow the below steps:

1. Navigate to their site and click the ‘LOG IN’ button located on the top right of the home page.
2. Then, enter your email address, password and click the ‘LOG IN’ button. If the two-factor authentication is enabled, then you need to enter the authentication code every time you log in to your account.

Verification Requirements

Kraken offers five types of verification tiers from Tier 0 to Tier 4 for its users’ accounts. The information and documents required for the various tiers are given below:

• Tier 0: Email address
• Tier 1: Name, DOB, Country and Phone
• Tier 2: Physical address
• Tier 3: Documents to prove identity and address
• Tier 4: Signed application form and KYC documents

You need to provide additional documents only for Tier 3 and Tier 4 as the remaining tiers don’t require any kind of documentation.

Kraken exchange verifies the customer’s accounts much faster when compared with other exchanges. Tier 1 and 2 accounts will be verified within an hour whereas the Tier 3 and 4 accounts may take 1-5 business days for verification.

How to Buy Digital Currency on Kraken

Kraken allows its users to buy the digital currency using fiat or cryptocurrencies. Currently, it accepts the following fiat currencies: EUR, USD and CAD. Apart from fiat, Kraken Exchange allows users to buy one digital currency using another, provided that the currency pair is supported. To know all the supported currency pairs on Kraken, check the ‘Supported Cryptocurrency’ section below.

Before being able to buy any digital currency, you need to deposit funds to your Kraken account. Only those users who are holding Tier 2 or higher accounts, can deposit fiat currencies. All other users can  deposit or withdraw in only digital currency. The trading fees vary based on the payment method and the digital currency which you would like to buy.

How to Buy Bitcoin (BTC/XBT) on Kraken

1. Login to your Kraken account.
2. 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.
3. Click ‘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.
4. Then, select the type of order: Market/Limit. If the option Market is selected, then the order will be processed immediately. In 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).
5. Enter the amount of XBT you would like to buy. (The estimated amount of EUR will be shown on the box labelled EUR).
6. Next, click the button ‘Buy XBT with EUR’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
7. Click the ‘Submit Order’ button.

Congratulations! You have placed your first order for Bitcoins. Once you receive the Bitcoins, you can transfer those to your personal wallet.

How to Buy Ethereum (ETH) on Kraken

In the previous section, the procedure for buying Bitcoins using EUR was explained in detail. Now, in this section let’s see how to buy Ethereum using Bitcoins. (ETH/XBT)

1. Login to your Kraken account.
2. Click the ‘Trade’ tab and select the currency pair ETH/XBT from the drop-down menu located above the tab.
3. Follows Step 3 & 4 from the previous section.
4. Enter the amount of ETH you would like to buy. (The estimated amount of XBT will be shown on the box labelled XBT).
5. Next, click the button ‘Buy ETH with XBT’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
6. Click the ‘Submit Order’ button.

Your order will be added to the order book. Once you receive the Ethereum, you can transfer those to your personal wallet.

How to Buy Ethereum Classic (ETC) on Kraken

For this example let’s consider buying Ethereum Classic with Ethereum. You can also buy Ethereum Classic with Bitcoin, but in that case you need to select the ETC/XBT pair.

1. Login to your Kraken account.
2. Click the ‘Trade’ tab and select the currency pair ETC/ETH from the drop-down menu located above the tab.
3. Follows Step 3 from the previous section.
4. Enter the amount of ETC you would like to buy. (The estimated amount of ETH will be shown on the box labelled ETH).
5. Follow steps 5 and 6 from the previous section.

Your order will be added to the order book. Once you receive the ETC coins, you can transfer those to your personal wallet.

How to Buy Litecoin (LTC) on Kraken