Minimum Deposit (USD): 20 USD. Minimum Deposit (EUR): 1 EUR. Minimum Deposit (CAD): 125 CAD. Minimum Deposit (GBP): 3 GBP. Minimum Deposit (CHF): 1 CHF.
Kraken was founded in San Francisco in 2011 by Jesse Powell and started running in 2013. It operates in Canada, USA, The European Union, and Japan. English is the only language the platform provides but it offers 24/7 Live Chat support to its users.
European traders tend to favor Kraken over other exchanges. It is the first and only exchange to provide Bitcoin market data to Bloomberg Terminal including volume and order book data that traders rely on.
The Kraken platform is beginner friendly with detailed instructions on how to trade and use Kraken. Experienced traders can also get charting. iOS mobile app is available for users to access the platform from multiple devices.
Deposit limits, trade on margin and withdrawal limits are based on verfication level- starter, intermediate, and pro. Withdrawal processing times depend on method and is usually 1-5 business days. Deposits can be made on Kraken with fiat currencies like USD, CAD, and EUR, as well as other cryptocurrencies. Fees range from 0% to 0.26% depending on total value.
For opening starter accounts, the information required are: phone number, address, full name, and date of birth. To get approved for a more advanced account, users must pass a verification process and a photo ID with proof address is required.
High transparency compare to other exchanges. It was the first exchange to carry out proof of reserves audit in the world.
Kraken holds keys to your crypto address or your account.
Orders
Kraken offers different order types such as Market & Limit, Stop loss (SL), Take profit (TP), Settle Position (SP) and Combined Order Types.
95% of all deposits are kept in offline, air-gapped, geographically distributed cold storage. All sensitive account information is encrypted at rest at both the system and data level. 2FA (Google Authenticator and Yubikey) to keep your account secure. Email confirmations for withdrawals with self-serve account lock.
Kraken welcomes clients from all over the world with a few specific exceptions due to international regulations. Afghanistan, Cuba, Guinea-Bissau, Iran, Iraq, Japan, North Korea, and Tajikistan are NOT SUPPORTED. Also At this time, Kraken does not offer service to residents of: Washington state (WA) and New York (NY).
