If you have been looking for a good wallet to store your cryptocurrencies for a while we will recommend one that is made to your specifications. We are referring to Kraken, a wallet that has a great experience in the market and also offers good services for us to operate in an appropriate way.
Among the many features that we can highlight Kraken, we have to say that it is a wallet that allows us to work with a large amount of Bitcoins, but also offers the possibility of carrying out transactions with fiduciary currencies.
Considering all these things, it is not surprising that, at present, Kraken has become one of the best wallets in the world and that is why, we have developed this review, so that you know perfectly all the services and tools that this support provides us and you can benefit from its great advantages.
What is Kraken?
Before explaining all this in more detail, you should know that Kraken is also a recognized exchange, hence it is said that it is a very complete support, due to all the options we have available.
We have to say that this support has been in operation since 2011 and that, in addition, it is owned by the company Payward Inc, one of the most advanced in the market. It is an exchange platform that operates in a large number of countries, such as Canada, the United States, Japan and other regions of the European Union.
Both for its simple operation and for the services it provides, it has become the most liquid support in the world, as well as a large volume of euros trading. And in addition, it should be noted that it offers a wide variety of cryptocurrencies, as well as traditional currencies.
The services it provides, we will be able to make all kinds of exchanges with cryptocurrency and fiduciary currencies, just as we have the opportunity to buy or sell these virtual currencies, also, it is important to emphasize that Kraken allows us to create our own wallet, so we can also store all the cryptocurrencies that we accumulate in a fast and simple way.
How does Kraken work?
If we want to store our cryptocurrencies or perform other operations with them, without a doubt Kraken is the perfect support for this. Among other things, because working with this system is quite simple, since its operation is very easy and fast, we will know all the steps we must take, to perform our operations in the most appropriate way.
To understand how Kraken works, it is important that we are clear about what kind of operation we want to carry out. In this matter, we must remember that the storage is very important, since the support offers us the possibility of creating our own wallet.
But what really interests us is to know what steps we must take to be able to buy or sell cryptocurrencies, as well as carry out the exchanges.
In the case that we need to make a purchase or sale of our cryptocurrencies:
The first step: we have to do is go to the support website, since through it we will be able to perform all the movements that we need. In any case, it is always necessary to have an open account in the system, since it is a fundamental element to make use of all the tools that it provides us.
The second step: Once the system has verified the account, we can perform different operations. In the case that we need to send funds through this support, what will have to be done will be to choose the account from where we are going to operate and use the addresses that have been generated.
Keep in mind that Kraken exchange allows us to perform these movements using different cryptocurrencies, the most important being Bitcoin and also, other local currencies such as the euro or the US dollar.
Exchanges: If we want to carry out exchanges, we will go directly to the tab that says “trade” and in this section, we can check the total balance that we have available in our account or the amount of cryptocurrencies that are in it among other things.
Buy and sell: in Kraken, we can also carry out processes of purchase or sale of cryptocurrencies. To be able to do these operations, we will go to a drop-down list, which we quickly find in the upper left part of the main menu.
Once we are in this section, we will have to select which currencies we want to trade with. These movements will always be the responsibility of the users, however, we must bear in mind that if we are going to operate with certain cryptocurrencies, it is likely that the platform itself will put some kind of limitation on us.
After taking all these steps, we will have to go to the tab that says “New order”, where we will have the opportunity to configure all the elements that will be part of the operation we want to perform.
When we have clear everything we want to do through Kraken, we will give the button “sell” or “buy”, depending on whether we want to buy or sell virtual currencies. In addition, within these two sections, we will always be able to consult all the orders that have been carried out by other users beforehand.
The third step: Other buttons that we find in the menu are “Orders”, where we can consult, at all times, the history of transactions that have been made through this support and also the “Trades”, which allows us to see the open operations that are being done in the system.
In addition, in this last section, we have also seen some very functional tools, such as those that help us analyze or generate graphs to be able to operate in an appropriate way. With all this, we are already clear that, thanks to the tools and services that Kraken offers us, we have the opportunity to carry out a large number of operations, highlighting the purchase and sale of cryptocurrencies or exchanges.
Is Kraken a safe exchange?
Every time we start analyzing an exchange of this type, one aspect that is fundamental for us is security. To be able to choose a good support that allows us to carry out our operations in the best possible way, we must be clear that it has excellent security measures and this is precisely what we have seen in Kraken exchange.
It must be said in relation to this issue, that the measures presented by this support are totally exclusive and the experts say that Kraken is one of the safest supports that currently exists in the market.
Storage System: One of the main things we should know about the security of this support, is that it has an excellent storage system. What we mean by this is that, all the portfolios we make through Kraken, allow us to save our funds out of the network.
The reality is that this is a very important measure, since, as we know, there are many more risks on the Internet, which means that having cold storage offers multiple guarantees. These are wallets that are very effective, since they are able to support a large percentage of our funds outside the network.
In any case, the system always forces us to leave a small percentage remaining online, so that we can deal with the operations that we carry out in a fast and simple way.
Authentification Process: Although the storage system is one of the best security measures offered by this support, we also have to refer to the authentication processes it provides us. In this matter, Kraken uses two key API, so that users can perform their purchase operations and also trade with cryptocurrencies with full guarantees.
Within all this, we must also note that to verify our account, the support sends a message to our email, so, check that we are the ones who are going to work with this account and are not trying to usurp our identity.
Automatic Locking System: In addition to all this, it is important to mention that Kraken has an automatic locking system, at the moment it detects that a possible manipulation attempt is taking place.
With this, if we are in this situation, the account that we have opened prior form is completely closed, it would be something similar to a shield and nobody can access it until we get in touch with the support and establish some passwords and different keys to those that were already established.
With all these security measures, what Kraken intends to offer users complete services, quality and with the best guarantees. Thus, avoid 100% situations of fraud or possible threats in the network and achieve the financial stability that we all want to have for our funds.
Also, a final note that we want to give you, is that Kraken is also committed to having totally clean banking relationships, so that there is no doubt about its security and its legality.
In any case, we can not forget to comment, that this support also works with exclusive programs and systems, which ensure the good use of all the information we include in Kraken in order to open an account and conduct our operations. We refer to personal or banking information that the system may request.
Due to the programs with which he works, we are clear that all the information we are referring to, will have the privacy and confidentiality they deserve, so we know that our personal and banking data will never be used for others. fraudulent purposes.
To finish this section, we want you to know that Kraken is one of the few exchanges that has the backing of an official regulatory entity, we refer to BaFiN, which is the Federal Financial Supervision Authority of Germany, so that already with this, we have a more security guarantee if we work with this support.
How to register in Kraken?
In any support of these characteristics, the registration process is fundamental, since without having opened an account previously in the support, we will not be able to make use of the tools and services that it provides us.
In this case, it must be said that the registration in Kraken is a very simple process and that the system itself will guide us at all times, so that we carry out the steps in an appropriate manner.
The first step: As always, in order to register in this support we will have to go to the website, since there, we will find a section where we can perform this process.
The second step: Once we enter the portal, in a text box we will have to add relevant information, as is the case of an email address, the username with which we are going to operate and of course a password.
As the experts always tell, the password is a key part to be able to access our account, so we recommend that you create it yourself and that it be personal and non-transferable.
To do this, the ideal is to make a combination of uppercase letters with lowercase, and include numbers and other typographical elements, so this will be much more difficult for the entry of intruders to your account.
For Kraken, the password is very important, for this reason, it never gives us the typical option of “remember password”, whenever we want to operate through our account, we will have to add the password.
The third step: When we have created our account and completed the registration, the next step will be to submit to the system verification process. Keep in mind that this process is different in Kraken, compared to the checks we have found in other similar media.
In this case, all the checks that we must go through, are listed from 0 to 5 and to be able to have a fully validated account, we will have to comply with a series of requirements and go unlocking the different options.
The fourth Step: In addition, all these steps, will let us perform other types of operations, until reaching the maximum level, in which we can enjoy all the options we have available in this support.
Without going any further, in order to operate with euros, for example, we will need to reach verification level 2, which means that we will have to add many more personal data to the system, as is the case with a telephone number, full name, date of birth and the country where we currently reside.
At the moment that we have verified our account correctly and we have successfully passed all the levels, we must take into account another series of data.
Thus, we must know that the maximum deposit that we can make per day, amounts to the amount of 2,000 dollars, the same figure that we can withdraw daily, to be able to include this money in our funds. But we also have monthly limitations, since, for both cases, the maximum we can withdraw or deposit per month is 10,000 dollars.
If we are totally convinced that we want to work with Kraken to be able to operate with the different cryptocurrencies that we have available, another of the important aspects that we should know about is the commissions that it presents.
In this section we are going to tell you in great detail but before, we want you to know that Kraken has quite low additional fees, in fact, we have found in other supports much higher commissions, so it has gained so much popularity.
Surely you are surprised by the percentages that this support handles, since they make the operations through Kraken, are totally affordable for all of us.
It is also important to emphasize, in the idea that the commissions in Kraken are not fixed, but that these rates will depend on the volume of business that we are generating. In any case, they will always be low commissions.
Lower commissions operations: If we are going to work with the main commercial pairs, the commission percentage ranges between 0.1% and 0.35%, depending on the volume that we have generated at each moment.
Higher commissions operations: However, in the case that we are interested in operating with other pairs of cryptocurrencies, the additional rates have somewhat higher percentages, being between 0.5% and 0.75% the great majority of them.
Free commission operations: On the other hand, if we decide to carry out operations with cryptocurrency pairs that have a great liquidity and we will work with large amounts, then Kraken makes it very easy for us, because the operations will be totally free, since we will have 0% commission in all these cases.
Typically, the most experienced traders, who usually work with ample trading volumes per day, enjoy this advantage.
Withdrawals and deposits commissions: here we find other types of commissions, which will depend, mainly, on the local currency that we have chosen to carry out our operation.
In general, the percentage that we usually put the system around the 0.19% additional rate, although we must take into account that to do this, we must operate with a minimum of 20 dollars.
If on the other hand we want to carry out our movements with Japanese yen, the minimum in this case will be 5,000 yen if we are going to make a deposit, while withdrawals, we can do it starting from a much smaller amount, this being 20 yen .
Transfer commissions: To be able to make any transfer to our bank account, once the system has verified the account, we will have to pay, by usual norm, about 35 dollars of commission and in addition, we must know that this type of operation normally takes 2 days to run and validate.
Purchase commissions: Finally, the last commission to which we are going to refer is related to purchase orders. This action can be carried out directly from the main menu, through the tab that says “Trade” and is where we have the opportunity to change the Euros for Bitcoins.
In order to do it properly, a 0.2% commission will have to be paid, although it must be said that this additional rate can decrease considerably, as we increase the trading volume.
In the event that we are going to operate with cryptocurrencies, the commission that we will have to pay for these operations will depend on the type of digital currency that we have chosen, the amount with which we will work and the value that we have at that moment in the market, as well as the demand that other users have made.
In any case, it is always prepared so that it is not a high quantity and that we can invest without any kind of problem. This is something that shows the great potential of the platform.
Kraken payment method
To finish our review correctly and so you know everything about Kraken, we will now tell you what are the payment methods we have available in this support. We have not found any exclusive method, those that are at our disposal, are the usual that we can see in most media of this type.
Credit Card method: The first way we are going to refer is the credit card. It is very normal that Kraken users use this method to carry out their transactions, since it is a very fast route, since practically the operations are executed instantly and also, we will not have to pay a very high commission for carrying it out, with what is the perfect method to perform our operations.
Bank transfer method: On the other side, a second payment method that we have available in this support is the bank transfer. This is also very commonly used by users, since it gives us great security and is very comfortable to use.
However, here we must remember that bank transfers are slower than if we make a payment with the credit card, and it is normal for it to take between 2 and 3 working days when the transaction is executed.
In this matter, we must say that the commissions are higher if we pay through this method, although the exact percentage does not exist, since everything will depend on the entity with which we work.
Online payment programs: The last way that we are going to explain is that of the online payment programs. The truth is that, due to its functionality, this type of programs have become very popular, since the operations are carried out automatically and in many cases, the commissions are totally non-existent.
Although today, we have available a large number of programs through which we can carry out our operations, we must be careful with some, so we must look carefully at all the services they provide us.
Taking into account all this, we must say that Kraken works with the best in the market, as is the case of PayPal or Neteller, which are usually the most common in this type of media and those that provide us with greater advantages, at a lower cost.
In addition to everything we have just told you, there is one more thing that we must take into account when making our payments in Kraken, and that is that the system allows us to carry out these operations with cryptocurrencies.
Specifically, in the case that we want to acquire certain elements, Kraken offers us the possibility of being able to make payments with Bitcoins, but for this, we must always have funds in our wallet, since we cannot perform these actions without first having enough Bitcoins in the account.
But when we get used to it, we will see that it is a very dynamic and efficient process that is worth trusting.
After having thoroughly analyzed all the services and tools provided by Kraken, we know that its one of the best supports that we can use to carry out our operations.
We can highlight a large number of elements that the system provides, but we want to highlight the wide variety of options that it offers to operate and the security measures with which it works, since it is a very important factor that we must take into account when choosing a support to operate with cryptocurrencies.
Thanks to the great experience it has within this market, Kraken has become one of the most popular supports that exist today to work with Bitcoins and has a large number of users who perform multiple transactions on a daily basis.
For all these things, we are quite clear that Kraken is a very good option if we want to be part of this market and obtain the greatest number of benefits in the best possible way. If you are thinking about entering the world of cryptocurrencies, this is a very good choice.