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Kraken has attained incredible popularity in a short period of time. This exchange, which was founded in 2011, has managed to amass over 10 million users within a few years. People from over 190 countries use this platform, including thousands of Britons.
Since we know some of our readers are considering joining Kraken, our team dedicated some time to researching and testing this exchange. Based on what we discovered and experienced, Kraken is a terrific platform that deserves your time and attention. But before signing up with it, read our Kraken review UK and check if this service provider has everything you need to become a successful crypto trader and investor.
In This Guide
Our Opinion About Kraken
Since Kraken is registered with the FCA in the UK, we consider it a safe and reliable exchange. We also encourage Britons to check it out since it supports many digital assets. With that in mind, before signing up with Kraken, note that this exchange has several shortcomings.
Here’s a list of Kraken pros and cons. Use it to determine if trading with this exchange is a good idea.
Kraken
✔Registered with the FCA
✔24/7 customer support
Pros & Cons
Pros
- Registered with the FCA
- Implements robust security measures like SSL and 2FA
- Allows users to purchase crypto with as little as £8
- No account inactivity fees
- Low maker and taker fees for high-volume traders
- Offers excellent customer support 24/7
Cons
- Higher fees for low-volume traders
- Account approval can take a couple of days
Cryptos Available
Kraken gives you access to over 268 cryptos. Some of the assets that you can stake, trade, and grow your portfolio after signing with this exchange include:
- Bitcoin
- Ripple
- Ether
- Dogecoin
- Monero
- Cardano
- Dash
- JUNO
- Litecoin
Storage & Security
While trading and investing with this platform, you can keep your assets safe in the Kraken wallet. This is a self-custody wallet that gives you complete autonomy over your assets. It has a classy but simple interface that allows you to view and manage everything from one place, including cryptos, NFTs, and DeFi positions.
The Kraken wallet supports over 2,000 crypto assets, ranging from Bitcoin and Ethereum to Shiba Inu and Optimism. This digital wallet also implements robust security architecture. For starters, it deters malicious actors by requiring anyone trying to log in to enter the password manually. Moreover, the wallet protects private keys with passcode and biometric authentication.
Kraken encrypts non-secret data stored on the Realm database with a random 64-byte key. And, to deter brute-force password attacks, the wallet’s system triggers a delay every time a user enters an incorrect password. Besides the wallet’s security, the Kraken exchange allows you to use state-of-the-art security features like 2FA to enhance the safety of your assets and sensitive data.
This exchange uses many other protocols to optimise security. For instance, it watermarks all documents that you share with and makes them unusable in the event of a security breach. Moreover, the exchange stores sensitive client data offline. The data is highly encrypted, and Kraken’s technicians monitor the storage systems 24/7.
For optimum safety and security, Kraken’s data centres are in undisclosed locations and heavily guarded by armed security personnel. Furthermore, this company keeps client funds in state-of-the-art hot and cold storage solutions.
We also consider Kraken one of the most secure exchanges today since it’s registered and regulated by numerous authorities, including the FCA and FinCEN. Such regulatory bodies require Kraken always to uphold top-quality data protection, custody, and security standards.
Fees & Commissions for UK Traders
Opening a Kraken account won’t cost you anything. The Kraken wallet is also free to acquire and use. That said, while trading with this review, you will be required to cover maker/trader fees starting from 0.00%/0.10%. But, to enjoy such low costs, you must have a high 30-day trading volume. Otherwise, if your 30-day trading volume is low, you may be subjected to higher maker/trader fees of up to 0.25%/0.40%.
With that in mind, many of the crypto assets supported by Kraken come with zero address setup and deposit fees. However, they have minimum deposit requirements. You should pay close attention to the latter since any deposits below the stipulated minimum are lost forever.
Also, note that Kraken allows users to trade with leverage. However, this optional and advanced feature can increase overall costs with additional rollover and margin opening fees. You will be exposed to higher charges if you purchase, sell, or convert your assets with the Instant Buy/Sell feature.
Finally, Kraken charges zero account maintenance, inactivity, and storage fees.
Payment Methods
Kraken allows people in the UK to use the following payment methods:
- Visa
- Mastercard
- Apple Pay
- Google Pay
While using the supported payment methods, you can purchase digital assets worth £8.00 and above. Furthermore, these payment methods have a £4,000 payment limit for every 7 days.
Kraken Support Service
Kraken has an FAQ page where many frequently asked questions are addressed. They range from queries related to held withdrawals to the difference between wire transfers and ACH. If you have a question, check if it’s been addressed in the FAQ section before doing anything else.
Try the live chat option if you don’t find a good answer or solution to your problem on the FAQ page. Kai, the available virtual assistant, is programmed to tackle many questions and should help you out, especially with general queries. However, if you need assistance from a human representative, consider calling or emailing Kraken’s support representatives.
Kraken’s support service has a few positive attributes we love. First, the company’s representatives are available 24/7. Moreover, they are quick and knowledgeable. We tested the support team by asking a question related to account verification and received a detailed response almost instantly.
How to Open an Account at Kraken
As a regulated exchange, Kraken has to verify the identity of each new client. So, don’t fret when the company asks you to complete KYC. However, opening an account with this exchange is easy despite the KYC requirements. All you have to do is follow these steps:
Step 1: Visit Kraken’s official site
Step 2: Sign up
Step 3: Complete KYC
Step 4: Fund your account
Step 5: Start trading
You shouldn’t trade or invest with Kraken before evaluating the exchange. Visit the company’s official site and look around. Check every crucial detail, from the supported crypto assets to fees and spreads. If you are new to the crypto universe, go directly to Kraken’s Learn Center and master the basics of crypto, blockchain and NFTs.
Also, if you’d like to trade with your mobile phone, download the Kraken app from the official site. Just scan the provided QR code and start the installation process.
Hit “Sign Up” to register a new account. Select “Personal”, submit an active email, and set a strong password with at least 12 characters. Also, read the privacy policy and terms of service. If everything is ok, click “Create Account” and activate your account via email. Remember to provide an active and accurate email address for account activation purposes.
After activating your account, choose your preferred platform. If you are a novice, go with the conventional Kraken Classic account. But if you are a seasoned investor, select Kraken Pro, which comes with more advanced features.
Click the “Verify identity” button on your dashboard. Fill out the verification form with the necessary information, from your legal name and date of birth to your street address and phone number. Additionally, submit a proof of address document like a recent utility bill and prove your identity with a valid government-issued ID. The exchange may also request a face photo.
Ensure all documents you upload are clear and legible. Most importantly, avoid complicating things by submitting password-protected documentation.
After uploading the required documents, wait for Kraken to approve your account. The approval process shouldn’t take more than 5 days. Once it’s over, use one of the available payment methods to fund your new account. Just click the “Deposit” button and select your preferred currency. Finally, pick your preferred funding method and complete the transaction. You can also transfer crypto from an existing digital wallet to your Kraken account.
Pick your preferred market to start trading. It can be crypto-to-crypto or crypto-to-fiat, depending on your goals and preferences. Then, specify the price and amount of assets you want to buy or sell. Finally, countercheck the details and execute the trade.
While trading on Kraken, protect your capital with stop-loss and take-profit orders. Additionally, prioritise portfolio diversification and invest in different asset classes.
Conclusion
Our Kraken exchange review has introduced you to Kraken’s fundamentals. But we haven’t covered everything. We strongly urge you to visit and review the official platform. Also, read Kraken’s user feedback and testimonials on Google Play, the App Store, and Trustpilot.
Most importantly, note that crypto trading is incredibly risky. Only risk what you can afford to part with. And if you are new to the crypto trading scene, educate yourself and master the basics before opening a live Kraken account.
InvestingGuide Rating:
✔Registered with the FCA
✔24/7 customer support
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Risk Warning
Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.
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