What is Kraken Exchange?

What is Kraken Exchange

The Kraken Exchange is a cryptocurrency trading platform, founded in July 2011, by Jesse Powell. It is based in San Francisco, California; yet it operates worldwide supporting both institutional investors as well as retail investors from beginner to advanced. 

Being one of the first and longest surviving crypto exchanges I’m sure this exchange has been doing something right.

The exchange claims:

  • Over 4 million clients
  • Over $140 billion worth of cryptocurrency assets in traded volume since 2011.
  • Kraken has 20 cryptocurrenc assets (and growing)
  • Over 70 asset base pairs available to trade (and growing).
  • Kraken offers up to 5x leverage on your account balance. 

Our mission is to accelerate the adoption of cryptocurrency so that you and the rest of the world can achieve financial freedom and inclusion. 

Kraken Exchange Website

What Is Kraken Exchange – Honest, Transparent and Regulated

The Kraken Exchange is honest. Something that crypto is not always known for. It is one of the 10 crypto exchanges that was reported by Bitwise Asset Management to have real bitcoin trading volume (see my post on that research article here). Not faking Bitcoin trading volume is certainly a plus, and is a proxy indicator of their honesty. If they have resisted the urge to fake Bitcoin volume for the past 8 years, they’ve likely resisted other distasteful practices.  

Kraken is regulated as a Money Service Business (MSB) in America. While it does not have a BitLicense from NY State, it operates in the rest of the USA. 

Kraken also completes AML/KYC procedures when you sign up for an account with them. 

There are five of the top ten crypto exchanges that have employed sophisticated market surveillance technology. Kraken was not one of the ones listed in the Bitwise Asset Management report. However, we know that the NASDAQ SMARTs technology is licensed to 7 crypto exchanges and only two were publicly announced. I would not be surprised if Kraken later announces that they will be/are employin this market surveillance technology. 

What is Kraken Exchange – Security

A crypto exchange is only as good as its security. This is critical nowadays as we’ve all heard of the billions of dollars that have been stolen/hacked off of exchanges as well as people’s wallets. 

The Kraken Exchange takes security quite seriously and was recently ranked number one for crypto exchange security by ICORating. 

  • Mandatory 2FA authentication, both Google Authenticator and YubiKey U2F. No SMS/Phone account recovery. 
  • 95% of all crypto deposits in offline, air-gapped, geographically distributed cold storage.  
  • All sensitive account information is encrypted. 
  • Platform servers are in physically secure cages under armed guards and video surveillance. Controlled physical access to servers. 
  • Email confirmation for withdrawals. 
  • Account timeout when inactive. 
  • and more

What Is Kraken Exchange – Social and Support

The Kraken Exchange includes a variety of social interactions with the community as well as a well developed support system. 

Kraken Exchange has a YouTube channel and podcast that keeps users up to date on current events and upgrades to the Kraken platform and crypto space, particularly the exchange industry. 

Kraken Exchange also has a Twitter page where they can engage actively with the crypto community 24/7. You can give them a follow and tweet out to them with comments, questions, concerns etc.  

Additionally, there is a live, 24/7 chat function on the Kraken website for support. Their site claims “if you’re awake, we are too. When you need help with your account, our team of experts will work directly with you via our 24/7 live chat to reach a quick and efficient resolution”. 

Moreover, the Kraken Exchange also has a highly thorough and in-depth support page with a ton of content that explains various features of their website, platform, cryptocurrency, crypto exchanges, security, verification, funding methods, trading, the Kraken API, etc. They also have a large staff of trained support team members who are supposed to respond to any support ticket request within two hours. 

What is Kraken – Miscellaneous 

Kraken does not provide a wallet service. This means that you do not hold your own private keys, and your crypto is stored en masse with everyone elses‘ in offline cold storage, and 5% on hot wallets for immediate trading use. Your Kraken account tracks your trades and your balances of each digital asset, so that you are always aware of how much you own and what you can withdraw. 

You can fund your Kraken account with Fiat (USD, EUR, CAD) as well as certain cryptocurrency (BTC, ETH, XRP, LTC, QTUM, ADA, ZEC, XMR) 

Markshire Crypto Conclusion – What is Kraken?

What is Kraken? Kraken is a high grade, quality cryptocurrency exchange modelled off traditional exchanges. While you do not have a wallet, nor custody of your coins, it has a long track record of providing high quality services. 

Some people and institutions are not comfortable with the responsibility and security involved in holding your own cryptocurrency assets. If this is you, then Kraken might be a good exchange option for you. 

If you’re not a risk taker with some new, shady crypto exchanges, then go for the trusted, time-tested, regulated Kraken Exchange. 

Between Kraken’s long track record of honest crypto trading, as well as their high grade security, world class customer service and compliance with regulations, you can trust that Kraken will be around for the long term to provide for the cryptocurrency industry. 

Please feel free to drop a comment, question, or note for me. I love hearing from my readers

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Author: Markshire Crypto

Millennial cryptocurrency investor, researcher, and writer. Medical professional, avid reader, proud nerd, and intellectual. Founder of Markshire Crypto. Mark has been into cryptocurrency since 2017, following the industry daily and creating content.

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