What Is Kraken?
Kraken is a US-based cryptocurrency exchange where users can buy, sell and trade various assets with relatively low commissions. Clients can also earn rewards through coin staking. The exchange has a leading level euro volume and liquidity and allows users to trade over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF and AUD, on-the-go with a web platform and mobile apps.
Founded in 2011, it was one of the first few crypto exchanges offering spot trading, derivatives and index products. Today, the company offers numerous products and services, including but not limited to: spot trading, margin trading, futures, indices, stakings, OTC and an upcoming non-fungible token (NFT) marketplace. The exchange serves over 8 million traders and institutional clients, and is backed by Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures and more.
Who Are the Kraken Founders?
The centralized exchange is owned by Payward Inc., founded by its CEO, crypto pioneer Jesse Powell.
Powell has been working with digital currencies since 2001. He graduated from California State University with a degree in Philosophy with a concentration in Ethics & Law, founded the Verge Gallery and Studio Project, created Internet Ventures & Holdings.
When Did Kraken Launch?
Kraken was founded in 2011 and launched in September 2013, offering Bitcoin, Litecoin and euro-denominated trades initially.
Where Is Kraken Located?
The company is based in San Francisco, California.
Kraken Restricted Countries
Kraken is available to all U.S. residents, except those living in New York and Washington. However, Kraken Futures are not available to all U.S. residents. Currently, the platform serves millions of customers in approximately 200 countries.
The company has several restrictions for the following countries: Afghanistan, Central African Republic, Congo-Brazzaville, Eritrea, Congo-Kinshasa, Guinea-Bissau, Cuba, Lebanon, Iran, Mali, Iraq, Namibia, Libya, Somalia, North Korea, South Sudan, Syria, Sudan, Tajikistan and Yemen.
What Coins Are Supported on Kraken?
More than 120 coins are supported on the platform, including BTC, ETH, LTC, XRP, ETC, ZEC, USDT and more.
How Much Are Kraken Fees?
Fees on the platform vary across different products, such as Instant Buy, Kraken Pro, Stablecoins, Margin, Futures and NFT. For the basic Instant Buy service, the company charges a fee of 0.9% for stablecoins and 1.5% for other crypto assets, on top of fees charged for different payment methods. For Kraken Pro, it uses a maker-taker fee model where maker fees range 0.00% to 0.16% and taker fees range from 0.10% to 0.26%, depending on how often a user trades each 30-day period.
Is It Possible To Use Leverage or Margin Trading on Kraken?
For advanced users, Kraken Pro offers margin and futures features. The platform offers up to 5X leverage. The maximum level of leverage depends on the currency pair.