Kraken Review Canada – Pros & Cons Revealed

Over 4 million people use Kraken, one of the oldest and most popular cryptocurrency exchanges globally. The US-based digital asset exchange is a great platform both for professional traders and medium-large financial institutions and for beginners making their first steps in the sphere of cryptocurrency.

We will cover the most important things you need to know in this Kraken Review Canada and decide if Kraken is the best cryptocurrency exchange or a better alternative.

What is Kraken Canada?

Kraken was founded in 2011 by Jesse Powell in San Francisco, California, United States as one of the first cryptocurrency exchanges to emerge in the market for digital assets. Since the launch of the Kraken platform in September 2013, investors have had the opportunity to trade Bitcoin (BTC) and Litecoin (LTC) against the United States dollar and the Euro. Kraken is now considered to be among the top five cryptocurrency exchanges in the world, along with Huobi, Binance, Coinbase, and Bithumb.

The Kraken exchange has been listed on Bloomberg’s terminal since 2014, joining Coinbase as one of the first cryptocurrency exchanges to be listed on that platform. Since its establishment, the company has also gained regulatory approval from FinCEN in the USA, FINTRAC in Canada, and the Financial Conduct Authority (FCA) in the UK. Furthermore, it is registered and regulated as a Digital Currency Exchange with AUSTRAC in Australia and the FSA in Japan.

It is estimated that Kraken will operate in 176 countries by 2023, including 48 states in the US, and will support 56 cryptocurrencies.

Kraken Canada Pros & Cons

There are some positives and negatives to what the exchange offers, as with any financial institution or broker. In this Kraken review, it’s important to cover as many pros and cons as possible to get a full picture of what Kraken is all about. The following are just a few of the pros and cons:

71% of retail investor accounts lose money when trading CFDs with this provider. 

Supported Coins and Markets

Known for its ability to trade multiple cryptocurrencies, Kraken supports 56 different cryptocurrencies, including popular digital assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Tether (USDT), and Polkadot (DOT). Furthermore, several fiat currencies are supported by this exchange, including USD, EUR, GBP, CAD, JPY, CHF, and AUD. In addition to Bithumb, Kraken is considered one of the largest crypto exchanges supporting crypto-to-crypto and fiat-to-crypto currency pairs.

Here is a list of all cryptocurrencies that Kraken supports.

• Bitcoin
• Ethereum
• Tether
• Cardano
• Polkadot
• Ripple
• Uniswap
• Filecoin
• Litecoin
• Chainlink
• USD Coin
• Bitcoin Cash
• Lumen
• Dogecoin
• TRON
• Aave
• EOS
• Monero
• Cosmos
• Kusama
• Tezos
• Algorand
• DAI
• DASH
• Compound
• The Graph
• Synthetix
• Zcash
• Basic Attention Token
• ICON
• Decentrland
• Ethereum Classic
• Yearn Finance
• Sia Coin
• Waves
• OMG Network
• Qtum
• Flow
• Storj
• Curve DAO Token
• Lisk
• Nano
• Ocean Token
• Kyber Network
• Energy Web Token
• Angur
• Angur v2
• Aragon
• Balancer
• Kava
• Keep Network
• Orchid
• Gnosis
• Enzyme Finance
• Pax Gold
• BTC

Kraken Canada Fees & Commissions

Kraken is clearly one of the most cost-efficient exchanges out there for those considering crypto transactions. However, despite that, as with most cryptocurrency exchanges, the pricing structure at Kraken is a little complicated, and there are quite a few fees you will need to take into consideration before you start to trade coins on this exchange.

Fees for payments

Kraken offers two deposit options: First, you can fund your account using cryptocurrencies, and second, you can fund your account via bank wire transfer. Among the most interesting facts about Kraken is the fact that it does not charge a fee if you use one of the most popular crypto coins as a funding method. Also, if you use FPS/BACS (ClearJunction) and SWIFT (Etana Custody) there will be no additional fees charged by Kraken when using these services. Choosing CHAPS (ClearJunction) or SWIFT (Bank of England) as your deposit method will only differ in the fact that you will have to pay a deposit fee of £21 or £3, respectively.

There are no fees applied by Kraken when a user withdraws money using cryptocurrency when it comes to withdrawals. In terms of withdrawals using Canada payment options, the exchange charges the following fees:

Trading fees

Trading fees are, by far, the most important factor to consider when choosing a crypto exchange. In addition, just like any crypto exchange, there is a wide range of trading fees based on the type of purchase and the volume/liquidity of the trade. For instance, if you decide to make an instant buy with your account balance, you will be required to pay a fee of 0.9% for any stablecoin and FX pairs and a fee of 1.5% for any other cryptocurrency. For online banking, there is a fee of 1.7% + $0.10.

The maker-taker fee schedule Kraken uses for high volume trading is the following:

There is a Kraken Pro account designed for high-volume traders with high account balances, as this account offers maker and taker fees that are significantly lower.

Margin Trading Fees

Kraken is also a platform that you can use as a margin trading platform. Listed below is a fee schedule, and you can find more information on the Kraken website.

Futures Trading Fees

In addition to cryptocurrency trading, Kraken also allows traders to trade on cryptocurrency and fiat currency futures. That is a very important part of this Kraken crypto exchange review that we list so you know the full range of products that Kraken offers.

Further down this Kraken review, there is also an in-depth section on the fees associated with deposits and withdrawals, which is covered in more detail in the Payments section.

Kraken Buying Limits

Depending on the account type you choose (Starter, Intermediate, or Pro), the daily limits at Kraken are calculated separately for fiat currencies as well as bitcoin and altcoins. For all account types, there are no restrictions if you choose to deposit funds with cryptocurrencies. Nonetheless, you will have to take into account a 24-hour withdrawal limit of $5,000 for the starter account, $500,000 for intermediate accounts, and $10 million for professional accounts.

When it comes to the minimum order size, that is determined by the coin (fiat or crypto) that you decide to purchase. In the case of fiat currencies, the minimum order size is as follows:

Kraken Canada User Experience

In order to open an account with Kraken, you will have to follow a very simple process that is outlined further down this review in a step-by-step manner. It's also very easy to navigate on the platform. As you can see from the following image, seeing your balances and position valuation from the homepage is a nice and simple experience:

A fairly simple process of buying, selling, or converting cryptocurrency is also possible and can be done in a few different ways by clicking the Trade tab or Buy Crypto tab at the top of the platform or by using the icon found in the section for your balances.

Buying crypto can be done in many ways, but one of the simplest is to use the Trade tab, which opens a window similar to the one below. First, you can choose the cryptocurrency you wish to purchase and how much in this window. Then, either you can trade directly or place an order.

If you are a professional user, we recommend considering the Markets platform. However, this takes a bit of getting used to, and it may not be the easiest option for beginners. It all depends on why you are reading this Kraken Crypto review and whether you are a newbie just starting or a professional looking to elevate your game.

Using the Kraken Markets platform, you can view market depth, which can help you see how much volume has been transacted at specific price levels, as well as access different charting tools for technical analysis, and to get advanced order tickets with different options such as market orders, limits, and stops.

The mobile trading app is easy to use, and the exchange also provides a lot of very clear and transparent information in its very detailed support section. The Kraken platform provides a great user experience for all levels.

Kraken Canada Features, Charting, and Analysis

There are several different trading tools and features offered by Kraken. In addition to offering the ability to purchase, sell, and convert cryptocurrencies, Kraken also has staking capabilities. It would be a complete waste of time to do a Kraken review if we did not address one of the hottest topics in the crypto space right now!

In this Kraken crypto review, you can take a look at the screenshot above, which shows that you can stake your coins twice a week and earn rewards for them. In addition, you can see the annualized percentages for the different cryptos you can stake out at the bottom of the chart. There is no doubt that these values vary over time, but it can be a great way to supercharge your overall returns from your crypto holdings.

Kraken Canada Mobile App Review

As part of this review, Kraken's mobile app needs to be closely examined. Because cryptocurrencies are so quickly moving, it is essential to have the ability to buy, sell, and convert them as quickly as possible.

Fortunately, Kraken can provide exactly this service! It is possible to download three different mobile apps through the Kraken App, Kraken Pro, and Kraken Futures. Both the Apple AppStore and Google Play Store offer these apps for download.

Kraken's new app includes several extensive features, including the following:

• Monitoring live prices
• Track your portfolio in real-time
• Create a watchlist
• Sort by winners and losers
• Easy to use
• Clean, intuitive design

Even more extra features are available in the Kraken Pro and Kraken Futures mobile apps for professional traders. Kraken Pro is a popular app in the Google Play Store with a rating of 4.4 out of 18,028, which is quite good.

Kraken Canada Deposit and Withdrawal Methods

Since cryptocurrency exchanges are still fairly new, and some are unregulated (as opposed to Kraken), deposit and withdrawal methods can vary quite a bit. That is why in this Kraken review, we will cover them in as much detail as we can, as outlined in the following sections.

Deposit Fees

When you deposit funds with Kraken, you can choose either of two methods. In one way, funds are transferred via bank transfer, and in another way, they are transferred through cryptocurrency deposits.

Cryptocurrency Deposit Fees

If you want to make a deposit through a cryptocurrency widely used in the gambling community, you will not be charged any fees.

Cash Deposit Fees

If you wish to make deposits in fiat currency, you will need to pay fees for that, which vary depending on the currency you are using, as shown above in the case of the US dollar.

The first cash deposit you make will be subject to a temporary 72-hour withdrawal hold.

Detailed information about the fees for USD, EUR, CAD, AUD, GBP, CHF, and JPY deposits can be found on Kraken's support page. As an example:

If you wish to deposit in euros, you can use SEPA or SWIFT.

Those Kraken Pro and Intermediate verified clients who reside in a supported country (such as the Canada and other European, African, and Asian countries) could also use their debit or credit card to purchase cryptocurrencies in EUR using their Kraken accounts.

It is possible to use BACS, CHAPS, or SWIFT for deposits in CAD.

Card Purchase Fees

If you are eligible, every crypto purchase made using your card will be charged an extra fee of 3.75% plus €0.25. Alternatively, the minimum transaction amount is €10, and the maximum amount is €7,500 within a 7-day rolling period.

Withdrawal Fees

If you are withdrawing cryptocurrency from Kraken, you will be charged a withdrawal fee depending on whether you withdraw cryptocurrency or fiat currency. You will find in this Kraken review a list of some of the fees and minimums associated with withdrawals from Kraken.

Cryptocurrency Withdrawal Fees

We have listed a few cryptocurrency withdrawal fees below.

Cash Withdrawal Fees

A small selection of cash withdrawal fees can only be paid for using an online bank transfer.

Kraken Minimum Deposit

You have to deposit a minimum amount, which varies based on how much you deposit. For example, there is a minimum deposit amount of 10 euros for those eligible to use debit or credit cards in euros.

The list above illustrates different minimum deposits for funding accounts in US dollars, depending on the method and the bank you use. These deposits range from $1 to $150.

There is a minimum order size for fiat currencies as well, as highlighted below.

Kraken Canada Contact and Customer Service

The best part about Kraken is that they have a live chat feature, which is excellent because we can talk to one of their real agents after going through their bot first. As with any Kraken review, one important thing is to know you can contact support if you have any issues!

Even better is that Kraken's live chat is available 24 hours a day!

Is Kraken Canada Exchange Safe?

In addition to being one of the world's longest-running and most reliable cryptocurrency exchanges, Kraken is available to citizens from 48 US states and 176 other countries. Furthermore, the Kraken platform allows you to trade between 72 different cryptocurrencies, as well as 72 different fiat currencies. That makes Kraken a pretty legit and secure platform.

Moreover, Kraken provides all of the tools needed for purchasing and selling crypto and creating a simple Bitcoin exchange that is suitable for both beginners and professionals. The platform allows users to easily make withdrawals and deposits, analyze their portfolios, and track all of their cryptocurrency accounts in one place.

How to Use Kraken Canada

We reviewed Kraken Canada, and if you still feel compelled to open an account with this crypto exchange as a result of reading the review, we will walk you through the steps of creating your account and making your first purchase.

Step 1: Open an Account

As a first step, you will need to create a Kraken account to get started. To create an account on the website, click on the 'Create Account' button, enter your email address your country of residence, and create a username and password.

You will then be prompted to activate your account by entering the activation code sent to your email address. Upon completing this step, you will be redirected to Kraken's dashboard where you can view all of your trades.

Step 2: Verify Your Identity

The fact that you need to verify your identity before starting trading is not surprising as a regulated cryptocurrency exchange. You can do this by going to your user tab on the top right side of the screen and scrolling down to the section entitled 'Get Verified.'

The best option is to start with the Starter account if you only want to buy and sell crypto. The verification process is pretty simple and takes around 1-60 minutes. If you wish to open a Started Account, you simply need to provide your personal information without submitting any identification document. If, however, you wish to deposit funds with fiat currencies and trade cryptocurrencies on the OTC market, then the intermediary might be a better choice for you.

Step 3: Deposit Funds

Having completed the verification process, it is now time for you to fund your account. Even though PayPal or credit/debit cards cannot add funds to an account, Kraken provides an extensive range of funding options to investors. With a bank transfer, depositing funds into Kraken is the easiest way. Kraken is also compatible with fiat currencies: USD, EUR, GBP, CAD, AUD, JPY, and CHF.

Step 4: Start Trading with Kraken Canada

The Kraken platform has a number of options for purchasing digital coins since it has many features and several trading dashboards to choose from. The fastest and easiest way to buy any cryptocurrency, according to our research, is by navigating to the Prices section in the top menu bar and searching for the coin that you wish to purchase.

As soon as you click on the coin, you will be transferred to a simple order form where you can purchase, sell, and convert cryptos instantly. You need to enter the amount that you wish to invest and then click the Buy button in order to do that.

Kraken Canada Review – Conclusion

In conclusion, Kraken is one of the best options for traders who want to access the cryptocurrency market. For those interested in trading cryptocurrency futures and wanting to gain access to margin trading, this platform is ideal for them. In addition to that, Kraken is a heavily regulated company that charges competitive commissions on a wide variety of 56 cryptocurrencies.

We also found out that our Kraken review Canada 2023 found that BitBuy is the better option if you are searching for an easier and more cost-effective way to trade cryptocurrency. Since BitBuy supports a wide range of payment methods, including credit cards, debit cards, and PayPal, there are no trading fees when you trade cryptocurrencies with BitBuy.

BitBuy - Alternative to Kraken

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