What Is Kraken?
Kraken, a US-based cryptocurrency exchange, provides users with the ability to buy, sell, and trade a diverse range of assets at competitive commission rates. The platform also offers coin staking, enabling clients to earn rewards on their holdings. Boasting a significant euro volume and liquidity, Kraken facilitates trading in over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF, and AUD, through its web platform and mobile apps.
Established in 2011, Kraken stood among the pioneering crypto exchanges to offer spot trading, derivatives, and index products. Presently, the company delivers an array of products and services, encompassing spot trading, margin trading, futures, indices, stakings, OTC (over-the-counter) options, and a forthcoming non-fungible token (NFT) marketplace. With a vast user base of over 8 million traders and institutional clients, Kraken enjoys support from notable investors like Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures, and more.
The founders of Kraken are Jesse Powell and Michael Gronager.
The centralized exchange, owned by Payward Inc., was founded by its CEO and crypto pioneer, Jesse Powell.
Jesse Powell has been deeply involved with digital currencies since 2001. He holds a degree in Philosophy with a concentration in Ethics & Law from California State University. Over the years, he has made notable contributions, including the establishment of the Verge Gallery and Studio Project, as well as the creation of Internet Ventures & Holdings.
Where Is Kraken Located?
The company is based in San Francisco, California.
Kraken Restricted Countries
Kraken is available to all U.S. residents, except those living in New York and Washington. However, Kraken Futures are not available to all U.S. residents. Currently, the platform serves millions of customers in approximately 200 countries.
The company has several restrictions for the following countries: Afghanistan, Central African Republic, Congo-Brazzaville, Eritrea, Congo-Kinshasa, Guinea-Bissau, Cuba, Lebanon, Iran, Mali, Iraq, Namibia, Libya, Somalia, North Korea, South Sudan, Syria, Sudan, Tajikistan and Yemen.
How Much Are Kraken Fees?
The platform applies various fee structures across its different products, including Instant Buy, Kraken Pro, Stablecoins, Margin, Futures, and NFT.
For the basic Instant Buy service, fees are as follows: 0.9% for stablecoins and 1.5% for other cryptocurrencies, in addition to any applicable charges for different payment methods.
Kraken Pro adopts a maker-taker fee model, where maker fees range from 0.00% to 0.16%, and taker fees range from 0.10% to 0.26%, depending on the frequency of a user’s trades within each 30-day period.
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Supported on Kraken?
More than 120 coins are supported on the platform, including BTC, ETH, LTC, XRP, ETC, ZEC, USDT and more.
Kraken was founded in 2011 and launched in September 2013, offering Bitcoin, Litecoin and euro-denominated trades initially.