Review on Kraken by Temitope Babatunde
Why Someone May Decide To Choose Kraken Exchange
Kraken exchange is one of the oldest in the industry, it came into existence when Jesse Powell founded it in 2011.What motivated Powell is what happened to M. Got exchange then Powell thought to himself that there must be alternative to M. Got. It was formerly in New York, but Powell decided to pull out of NY instead of compromising the deal with its customers.
For a very long time one can only trade bitcoin, ethereum and litecoin on the platform but with time various altcoins were added. If you first registered with Kraken, there is a tutorial to help both basic and advanced traders depending on the trader needs. One thing with Kraken is that you can trade on the platform and other users will not know the volume of your trade thanks to what they called Darkpool.
It offers leverage up to 5times, it has a pro trade interface, advanced API and higher borrow limit when doing margin trading. When it comes to margin trading is one of the best exchange to take note. The future trading at Kraken is not easy to come by anywhere in the industry, future trading is to allow a trader to specify his interest in an asset to buy or sell it at aa later date without actually holding the asset.
The fee management in Kraken is volume based which means the more you trade the lesser your fees. The fee ranging from 0.16% to 0.26% for maker and taker respectively and can go down to 0.00% to 0.1% depending on the volume of trade. With this system the exchange is not all that good for small traders, that is those who trade in smaller quantities.
In terms of security, Kraken is good because 95% of its asset were store in an offline wallet, there is 24/7 surveillance on the exchange domain to forestall any breach, there is also SSl encryption.
Pros
- Margin and future trading available on Kraken
- It recognizes and compensate hard working traders by reducing their fee base on the volume of trade one does within the month.
Cons
- Not good enough if you are not advanced trader that trade with big volume.
