Kraken Exchange Review UK 2023 – Pros & Cons

If you’re looking to start with a crypto exchange that is way ahead of other platforms, then the Kraken crypto exchange is one of the best options. The Kraken exchange is one of the first crypto exchanges to be established and perhaps one of the most trusted and secure platforms.

In this Kraken exchange review UK, we’ll go through everything you need to know about the platform such as the user experience, crypto investing features, and more. We also completed the Kraken Bitcoin exchange review and Kraken crypto exchange reviews.

What is Kraken Exchange UK?

Created just two years after Bitcoin’s release and having commenced crypto exchange operations as early as 2013, Kraken is one of the oldest and most established crypto exchanges in the ecosystem. The company was founded by Jesse Powell, a now 15-year virtual currencies veteran with online/international payments and fraud expertise based on our Kraken crypto exchange review. 

As we found through our Kraken crypto exchange review, the company is located in San Francisco, but the platform is global with compatibility with different fiat currencies like USD, GBP, and EUR. 

But does being one of the first crypto exchanges mean that Kraken is also one of the best? That’s one of the goals of this Kraken exchange review UK, but the platform seems to have been designed to appeal to both beginner and advanced crypto traders.

Cryptocurrencies are highly volatile assets. You should consider whether you can afford to take the high risk of losing your money. 

From our Kraken Bitcoin exchange review, the platform is also one of the most trusted Bitcoin exchanges thanks to the many efforts of the Kraken team to keep the exchange and its users secure. 

Speaking of, the Kraken team aims to empower investors by giving them the necessary tools and features to grow their portfolios. Based on the Kraken exchange review UK, the team also has a goal of supporting institutions of all sizes by helping these different companies invest in cryptocurrencies.

Taking from a mission of accelerating the adoption of cryptocurrencies, the Kraken exchange plans to help their users and the rest of the world to achieve financial freedom and inclusion. This is featured on their website and from the Kraken exchange review Reddit.

Kraken Exchange UK Pros & Cons

Cryptocurrencies are highly volatile assets. Your capital is at risk.

Supported Coins and Markets

When looking at any of the crypto exchanges, it's important to note what crypto pairs are available and how the exchange lets users invest in them. In this section of our Kraken Exchange Review UK, we identify the supported coins and markets of the Kraken platform.

Crypto-to-Crypto Pairs

Over a hundred crypto-to-crypto pairs are tradable on the Kraken exchange. We discovered in our Kraken crypto exchange review that the platform has a dedicated price page that shows all the featured cryptocurrencies at select currencies. You simply need to select what currency you want to exchange with, be it a digital or fiat one. 

For example, if you want to buy Dogecoin (DOGE) with Bitcoin (BTC) that you have in your account, all you need to do is go through the Prices page and select BTC as your cryptocurrency price. Then, you simply need to look for Dogecoin and you’ll see the current exchange rate and buy option.

Similarly, purchasing other cryptocurrencies like if you wish to buy XRP will work the same way. The crypto-to-crypto pairs on the Kraken exchange also feature different stablecoins. 

From our Kraken exchange review UK, here are some of the stablecoins available on the platform:

• Tether (USDT)
• Dai (DAI)
• USD Coin (USDC)
• Digix Gold Token (DGX)

Fiat Markets

If you want to exchange your fiat currencies into crypto, then Kraken is one of the best trading platforms with multiple fiat options available. According to the Kraken crypto exchange review, USD, EUR, GBP, CAD, JPY, CHF, and AUD are among the currencies that are available for exchange.

To view the different cryptocurrencies that you can exchange with fiat money, Kraken uses the same Prices page for crypto-to-crypto pairs. As seen in our Kraken crypto exchange review, many high market cap and low market cap coins are tradable on the platform. Easily buy Ethereum (ETH), Cardano (ADA), Aave (AAVE), and others with the fiat currency of your choosing.

Direct Crypto Purchases

Sometimes, you’d want to directly purchase crypto through the platform by connecting a bank account or bank card. Our Kraken exchange review UK found that you can use the UK’s Fast Payment Service (FPS/BACS) or the CHAPS network to fund your account and directly buy crypto.

For direct crypto purchases, rates depend on the current asset price and users are able to see the current 24 hour period trend of the coin.

Crypto Derivatives

All seasoned traders in both the traditional and crypto markets are familiar with leveraged positions and margin trading. In this Kraken exchange review UK, we made sure to showcase the platform’s crypto derivatives feature, particularly when users look to buy Bitcoin and Ethereum.

Despite the FCA’s ban on crypto derivatives trading seeing as the digital asset is risky and can cause huge losses for retail investors, the Kraken exchange still allows for crypto leveraged trading. Coming from our Kraken Bitcoin exchange review, as Kraken is licensed by the FCA, the crypto exchange can offer crypto derivatives trading.

In this Kraken crypto exchange review UK, we noted that 2x, 3x, 4x, and 5x leverage trading is available for pairs like BTC/EUR and ETH/BTC.

Kraken UK Fees & Commissions

In this section of the Kraken crypto exchange review, we have listed and highlighted the relevant Kraken fees and commissions.

Here we have listed Kraken’s key fees below: 

The table below shows the maker and taker fees based on the volume of trading pero month.

Cryptocurrencies are highly volatile assets and crypto derivatives can cause fast account liquidations. Your capital is at risk.

Kraken UK User Experience

While on our Kraken exchange review UK, we checked the entire platform to test how intuitive the interface is both on the web platform and the mobile app.

 One thing to note about the Kraken crypto exchange is how easy it is to create an account. Registration and verification is fast, taking only a few minutes to process. In terms of funding, Kraken uses third-party data transfer networks like Plaid that allow for the safe and secure connection of bank accounts and bank cards on the platform.

The Kraken dashboard features a BTC/GBP tab that is right below the navigation bar. From our Kraken Bitcoin exchange review, we noted that the tab shows the current price of Bitcoin, its 24-hour trading volume, the weighted average price, and the trading range. A simple feature such as this goes a long way, especially for users who do crypto trading on the side and like checking their dashboard from time to time.

Although some Kraken crypto exchange reviews regard the platform to be more suitable for advanced crypto investors, there seem to be plenty of educational resources available on the site. Guide articles are available on every coin on the platform. For example, if I am looking to buy Solana (SOL), I can view articles on how to buy Solana and what Solana is.

From what we see time and time again in our Kraken exchange review UK, security is a top priority for the Kraken platform. 95% of the crypto of clients are stored in secure cold storage that is offline. Additionally, the site uses SSL to encrypt its data and information. A two-factor authentication security measure is also available for verified accounts.

Kraken UK Features, Charting, and Analysis

As a crypto exchange, Kraken has both basic and advanced crypto trading features. On the platform, users can actually switch between the classic trading view and the pro trading view. This can also be done through their two different mobile apps, one for standard and one for pro interfaces.

It's easy to buy and sell crypto assets on the Kraken exchange given that there are also different methods of doing so as we mentioned earlier in this Kraken exchange review UK. Furthermore, you also have advanced investing options where you can earn from currently owned crypto.

Cryptocurrencies are highly volatile assets and crypto derivatives can cause fast account liquidations. Your capital is at risk.

By staking some of the crypto that you own, you can earn staking rewards on top of the digital asset that is being held. Theoretically, you can grow earnings further by companding future Kraken staking rewards as well.

When it comes to the charts, Kraken has an excellent advanced interface that’s sure to impress even the most seasoned of traders. Owing to its integration with Cryptowatch, a highly technical charting program, the Kraken pro chart gives all the necessary trading indicators you’ll need. Based on our Kraken exchange review UK, these range from moving averages, MACD, and even volume.

Aside from the vast array of technical indicators, the Kraken pro interface also features a list of current bid and ask prices. This can help traders analyse the imbalances of the buy and sell orders. The purpose of this is to better identify what and where the buying and selling pressures are.

Kraken UK Account Types 

If you go to the Kraken website, there are four different account types that are showcased. However, only three account types are available in the United Kingdom after concluding our Kraken exchange review UK.

Here is a table of certain benefits and features of the three account types on the Kraken exchange UK.

Institutions can also open an account and become clients of the Kraken exchange. Normally, businesses look to do this for the following reasons:

• They would like to create an account on behalf of a third party. 
• They intend to use this account as a reseller of digital assets as a business.
• They intend to fund their account with a business bank account.

Kraken Exchange UK Mobile App Review

Earlier in this Kraken exchange review UK, we talked about the Kraken mobile app and how there are actually two platforms, the classic Kraken app, and the Kraken pro app. For the purpose of this section of the Kraken crypto exchange review, we will be referring to the former.

Almost all of the features and functions that are available on the Kraken web platform can be performed in the mobile app as well. Available on the Google Play Store and App Store, the Kraken mobile app is highly responsive and secure. Just like the web platform, two-factor authentication is a feature for those logging into their accounts.

Looking at the mobile design, Kraken has made sure that the crypto exchange experience is not hindered but even enhanced in some ways through its mobile app. We found that in our Kraken exchange review UK, we simply had to scroll and tap to select the crypto asset to buy or sell.

Furthermore, preset amounts of orders were already shown and executable with a single tap. Exact crypto prices were also quoted before buying and selling the digital assets. The mobile application allows for a quick review of past transactions as well as being able to view your remaining balance.

Cryptocurrencies are highly volatile assets and crypto derivatives can cause fast account liquidations. Your capital is at risk.

Kraken Exchange UK Deposit and Withdrawal Methods

Both new and experienced traders will find that our fiat currency funding options make for a seamless experience that will have you trading in as little as 24 hours from the time of your deposit. As mentioned previously in our Kraken exchange review UK, deposits are connected through Etana Custody, FPS/BACS, or the CHAPS network.

Referring to the fees and commissions table of this Kraken exchange review, note that FPS is significantly cheaper than CHAPS. This is because the CHAPS network is intended for larger payments that require a guaranteed arrival - of course, at the cost of a higher transfer fee.

Transfers that happen through the FPS/BACS typically arrive on the same day, though this is not guaranteed. However, through the CHAPS network, funding orders that are issued before the daily 2 PM cutoff are guaranteed to arrive on the same day. Users can take advantage of this if they wish to fund their accounts sooner due to extreme price fluctuations.

Kraken Exchange UK Contact and Customer Service

As a crypto exchange operating globally with a crypto market operating day and night, the Kraken exchange offers 24/7 customer support. Any issues encountered or questions that could not be answered from their support page may be brought up directly with one of the Kraken support specialists about your specific needs.

Throughout the Kraken exchange review UK, we’ve discussed the accessibility of various features of the platform. For users who prefer talking when it comes to their issues on the site, Kraken also has a dedicated specialist available on call from 8AM to 12AM.

To add, we found that their support page which doubles as their FAQ did well in answering many of our questions about the platform. You can easily search your issue via the search bar on the page and if that isn’t enough, there’s even a blog page that often reveals the new features for different countries.

Is Kraken Exchange UK Safe?

Even if the crypto sphere is known to cause major losses either through the volatile markets or through scams, we can say in this Kraken exchange review UK that the platform has gone beyond the moon to keep its users and their accounts safe from any harm.

As accounts’ cryptos are stored in hardware that is locked and offline, the Kraken exchange is resilient to hackers who wish to access those crypto wallets. The two-factor authentication option makes sure that you and you alone are accessing your account so that even stolen devices won’t be accessing your crypto trading.

Lastly, we’ve brought up before on the Kraken Bitcoin exchange review that the crypto exchange is licensed by the FCA. This means that the company has taken the time to follow the regulatory body’s rules and regulations which are strict and ensure that account holders have a certain amount of account protection.

How to Use Kraken Exchange UK

The account registration and verification process on the Kraken crypto exchange are fully online and extremely simple. If done correctly, it should only take a couple of minutes to complete. So, let’s go through this step-by-step guide on how to open a Kraken crypto exchange account today. 

Step 1: Open an Account

Cryptocurrencies are highly volatile assets and crypto derivatives can cause fast account liquidations. Your capital is at risk.

Upon entering the Kraken crypto exchange site, you should see a Create Account button on the top right of the website. Once you click this, you will be redirected to a sign-up sheet. Now, you’ll need to fill in the email you wish to use, your username, password, as well as your country of residence.

Make sure to accept the terms and conditions as well as the platform's privacy after having read them before continuing on the account registration. Note that you should receive an email for you to activate your account.

Step 2: Verify Your Identity

Once your account has been activated, you now actually have what’s known as the Kraken Starter Account. You’ll need to verify this account in order to upgrade to the Intermediate tier which will allow you to add funds. 

For this, you’ll need to fill in more personal details, upload a valid ID such as a driver’s licence or passport, and then finally proof of residence. The proof of residence can be a bank statement or utility bill that is not dated longer than 3 months.

Step 3: Deposit Funds

After a few minutes, your account should be upgraded to the Intermediate tier if your provided information and documents align and are valid. Now you can start depositing funds into your account.

To link your bank account to your Kraken exchange account, you may head to the dashboard and click on Buy Crypto. In the modal, you will be given the option to connect your bank account which you can use to buy any crypto on the list. A minimum purchase of £20 is necessary.

Step 4: Start Trading with Kraken UK

Now that you’ve funded your account, you can now purchase crypto, stake it, and swap it too. If you’re looking to straighten out investing your fiat currency in crypto, you can access the crypto-to-crypto pairs on the Price tab of the dashboard to start trading.

Kraken Crypto Exchange UK Review - Conclusion

As we asked earlier in this Kraken crypto exchange review UK, does a more established and older platform mean a better experience for crypto traders? Some suggest that the Kraken crypto exchange is superior but only for veteran crypto traders with the knowledge and expertise to put the advanced technical tools to good use.

However, it is worth noting that beginners can easily try the platform out and sign up with ease. It doesn’t hurt to try the platform with a small amount and avail of the many trading features and options showcased all around.

Start trading the top cryptocurrencies and crypto pairs using one of the largest crypto exchanges out there! Simply follow the link below and create an account with Kraken UK today!

Cryptocurrencies are highly volatile assets and crypto derivatives can cause fast account liquidations. Your capital is at risk.

FAQs

What is Kraken Crypto Exchange UK?

Established in 2011, Kraken is one of the first crypto exchanges and formally started crypto exchange operations in 2013. It is one of the largest and most trusted Bitcoin crypto exchanges in the world.

Who founded Kraken?

Kraken was founded by Jesse Powell, a now 15-year virtual currency veteran with online/international payments and fraud expertise.

What is cryptocurrencies trading?

Cryptocurrencies trading is the buying and selling of cryptocurrencies, blockchain-secured digital currency.

Can I trade with leverage in Kraken UK?

Leveraged trading is available on the Kraken UK crypto exchange. However, crypto futures and off-chain staking are unavailable for UK residents.

Can I open an account with Kraken in the UK?

Yes, you can! Simply head to the Kraken website and create an account from their page.

Is Kraken regulated by the UK FCA?

Yes, the Kraken crypto exchange is licensed by the Financial Conduct Authority allowing them to carry out crypto asset activities in the UK.