Kraken is this a scam? Review and Customers Reviews

Kraken is a cryptocurrency exchange, which has been successfully operating in the market since 2011. Today, it’s one of the most popular trading platforms for digital coins for English-speaking traders around the world. Kraken occupies a decent place among the top ten most reputable crypto trading resources, ranking first in terms of trading volume of the BTC/EUR pair and also being 7th in terms of daily turnover. The company has managed to gain great popularity due to the fact that it pays great attention to the overall quality of service and security issues. Today, it enables it to have a nearly flawless reputation among users of Europe and America.

Certainly, as many other crypto enthusiasts, you’d like to know whether Kraken is just another fraudster or it’s a worthy crypto exchange, which doesn’t intend to deceive its users, it’s perfect in terms of quality and reliability and anyone can enjoy making money here, withdrawing earnings in a hassle-free way. Let’s answer this question here below.

Kraken is the first crypto exchange, whose quotes and sales data were displayed in the Bloomberg terminal. Moreover, that’s the first crypto exchange, which successfully underwent the audit of evidence of its cash reserves. The exchange turns out to be a partner of the first crypto bank. It’s also one of the leading sites on the market, constantly developing and providing convenient and functional services.

For the last time the company has managed to buy several small exchanges and Bitcoin (make money on Bitcoin’s) services. The given move enables it to qualitatively expand the boundaries of its influence, spreading it across the territory of Europe and America. The site provides more than 50 assets. It works only with proven digital coins. Here you won’t see little-known digital currencies, which appeared on the market only yesterday. In addition to popular Ethereum, Bitcoin, Dash, Litecoin, Ripple, etc. the company also works with those crypto assets, which have been already recognized. For example, you can trade in Iconomi, Augur, Monero, Zcash, Bitcoin Cash. At the same time the company supports fiat money (the US dollar, the Japanese yen, the Canadian dollar, etc.). It’s important for the organization to provide its clients with a reliable site, implementing a two-factor authentication and an ability to connect the special security keys Master Key or PGPkey.

Kraken is a stock exchange, which stands out from others due to a number of advantages: a competent and very attentive support service, excellent working conditions, low commissions on the market, margin trading (leverage enables you to increase your revenue), fast transaction speed. All trading on the exchange takes place on the site in the tab «Trade»: here you can use the trading terminal, choose currency pairs from the list, create orders. The convenient terminal TradingView has already proven itself as a good software tool with advanced capabilities for technical analysis of the market (a chart can be opened in an additional window, it can be moved and scaled as you wish, while indicators, graphic elements, etc. are available too).

The platform is considered to be ideal for beginners because here everything is arranged simply, clearly and logically, and there’s nothing superfluous, which could impede your trading. If you have substantial knowledge of English, a good trading experience in the crypto market, you can certainly work here and achieve good results. Among the shortcomings of the exchange we should point to the fact that you can’t trade and withdraw your earnings without verification.

Replenishment and withdrawal of funds

Kraken doesn’t offer so many options to for replenishment and withdrawal of funds. These operations are allowed in the following currencies: the US dollar, the Canadian dollar, the euro, the Japanese yen, the UK pound and all popular cryptocurrencies (read here the whole truth about cryptocurrencies): Bitcoin, Litecoin, Dash, Ethereum, Ripple, etc. The major ways to deposit funds to your account or withdraw your earnings include:

• Bank transfers (Visa, MasterCard);
• International bank transfers;
• Transfers using the SEPA service;

Complaints about Kraken

Having viewed numerous reviews of traders we can ascertain that to conveniently work on this crypto exchange you will require a rich experience with digital currencies on well-known sites and certainly a good command of English, if it’s not your native language.

As a matter of fact, in Europe and the United States, the given crypto exchange appears to be an ideal choice to work with crypto assets (here you can learn how to earn on cryptocurrencies). It has the reputation of a reliable organization, which is trusted by investors, beginners and professional traders. It’s because the company tries to adhere to the law, it pays attention to safe trading. As a result, the vast majority of reviews on the work on the exchange are positive. Of course, there’re negative moments, but these are solitary cases.

As for indisputable advantages, many traders point to high security and reliability of the platform, a decent choice of crypto assets, convenient trading and the lack of unnecessary functions and tools. The negative nuances include problems with withdrawal of funds, verification, as well as a complex and confusing trading interface.

Regulation of Kraken

The Kraken exchange is owned by Payward, Inc., which has a legal registration in the United States, San Francisco, so it follows the laws of this country. The crypto exchange pays much attention to security. By providing the possibility of trading digital coins, the company fully adheres to the AML standards just to guarantee the complete confidentiality of the trading process. Most assets are stored in cold wallets, all wallets are encrypted. A two-factor authentication is used in clients’ accounts, all account information is encrypted.

The management of the organization fully complies with the legislation of the country in which it has a legal registration. Trading in the terminal, users should keep in mind the risks associated with price fluctuations during periods of high market volatility, trade risks, technical failures of the trading system, for such moments the crypto exchange isn’t responsible. The same applies to force majeure events, the provision of incorrect contact information by the trader, the transfer and delivery of information, etc. More information about the rules of the exchange can be found on its official website in the «Terms of Service» section.

Get familiar with actual information of the section «Terms of Service» on the website of the Kraken exchange

Is Kraken a scam?

Today the Kraken exchange is a vivid example of a successful trading platform for crypto assets. The company occupies leading positions and ratings. For example, it has the first place in terms of trading volumes of the currency pair BTC/EUR. Moreover, it occupies the 7th place by the volume of daily turnover. What’s more – it’s the first cryptocurrency exchange, the data of which was published in the terminal Bloomberg. The very fact that Kraken was the partner that processed payments to the clients of the Mt.Gox stock exchange after its bankruptcy is also another convincing factor in public confidence in the project. Today the company doesn’t stand still, expanding the geography of its presence (Europe, the United States, etc.) and improving its service, gradually increasing the number of digital coins available for trading.

The success of this cryptocurrency exchange lies in the fact that it provides its clients with truly time-tested solutions. These are popular crypto assets, a reliable TradingView terminal, options for margin trading, trading with leverage, etc. Among the advantages of the site, we should also point to the following: fast withdrawal of funds, high professionalism of the support service, convenient mobile application, etc. The trading terminal is simple: there aren’t any superfluous options, so it’s possible to work comfortably only with those options, which are really necessary. That’s why the service is recommended for beginners of the crypto market. The huge popularity of the exchange can also be explained by the fact that it takes security seriously. The company has implemented a two-factor authentication. It’s possible to connect Master Key or PGPkey keys.

As for the reviews of traders about the Kraken exchange, here again it has become obvious that the resource is the standard for working with digital currencies (2018 cryptocurrency forecast). First of all, the company pays much attention to security of the trading process. Therefore, beginners and professional traders around the world trust this crypto exchange. So, it’s no wonder that the vast majority of reviews on the site are positive.

Today, we should note that Kraken appears to be a stock exchange, which can’t be regarded as a scum. It’s because it’s considered to be a true market leader.  It has high ratings, provides high-quality services and fulfills obligations to its customers: timely payments of earnings, sufficient safety on site, etc. Should we consider Kraken to be another fraudster in the crypto market? Of course, our answer is negative. It’s because the organization has a serious reputation in the niche, it keeps rapidly developing. The company provides only the best opportunities for crypto trading. The result of such a well-built development strategy can’t be something different than the constantly growing trust of crypto enthusiasts around the world.

Conclusion

Today, the Kraken exchange is, undoubtedly, the leading platform for a functional and convenient trade in crypto assets. The company has high ratings; it has gained a serious reputation and trust of English-speaking traders around the world. The Exchange pays much attention to the quality and convenience of the services provided. Many users appreciate the professionalism of the company’s technical support managers and the fact that the maximum safety of trading is ensured. A large number of positive reviews, a constantly growing base of loyal customers prove the right strategy of the company’s development.

We aren’t going to evaluate this crypto trading platform as a scam. However, the feedback from traders of this platform that we expect to see this article will not only help to warn market players against possible problems of the exchange, but these reviews can significantly change the rating of the exchange on our web portal.