Kraken is among the world’s first Bitcoin exchange, and the headquarters are situated in San Francisco, US. Kraken was the original cryptocurrency exchange to be seen on the Bloomberg terminal. Although this currency is not a registered exchange on the legislative board, it is still highly valued by regulated bank institutions in Europe and the government body of Japan. It admits members from just about every country worldwide, and it provides elevated security for its customer accounts, making it exceedingly problematic for hackers to get their hands on the coins. In this article, we will offer you useful information on this exchange and the services. If you wish to get regular updates on the currency, you can visit the Kraken website for the most recent happenings.
How Safe Is The Kraken Exchange?
Kraken Exchange goes above and beyond in protecting the funds of their customers. The platform provides multi-level protection for customer accounts and has two-factor authentication to prevent hackers from gaining unauthorized access to these accounts. In the event of you somehow losing access to your account, you can get support in recovering your account after verification of your identity. All the personal and sensitive information of users is captured in an encrypted format and to further protect the data; users can utilize Master key and GSL features which is obtainable on the exchange. You can have a look at this review from Crypto Head for more information. Kraken is basically a digital asset-trading podium that permits users to margin trade, sell, and buy cryptocurrencies. It is regarded as one of the world’s most extensive Bitcoin exchange due to its high trading and liquidity capacity. It operates on the maker/taker model, and fees are grounded on the trading pair.
This exchange does not offer its users a personal wallet service. The coins from most of the customers are stored in cold wallets until it gets transferred to another exchange or wallet. Cold wallets are entirely remote from any online system. This is to ensure better protection for customers’ funds.
For you to create a standard account on the Kraken exchange, it is not necessary to issue any documents to start trading instantly after opening your account. It only takes several minutes to open an account on Kraken as it has a simple and user-friendly interface. If you lose your account password, you can get assistance from Kraken to recover it quickly. The exchange also provides five varied tiers for the account. To advance to the next level, users must offer additional documents for KYC verification purposes.
How Do You Buy Digital Currency On Kraken?
Users can purchase digital currency utilizing fiat or cryptocurrencies. It presently accepts these fiat currencies:
In addition, users are permitted to purchase one digital currency with another, as long as the two currencies are supported. To determine the supported currency pairs, you can check under the supported cryptocurrency section. Before you can buy digital currency, you must first deposit funds to your Kraken account. Only customers with tier two or higher accounts are able to deposit fiat currencies.
More on this topic: Bitcoin Trading For Beginners