Cryptocurrency exchange
As someone new to cryptocurrency, Kraken made it incredibly easy to get started. The sign-up process was quick, identity verification took less than a day, and buying my first Bitcoin was straightforward. Their educational content helped me understand the basics. Still using them two years later.
Pros: Easy for beginners, fast verification, good education
Cons: Advanced features are limited
I use Kraken for trading altcoins alongside the majors. Their coin selection is extensive and they're usually quick to list trending tokens. The staking rewards program is a nice passive income feature. Trading fees are reasonable and decrease with volume. Good exchange overall.
Pros: Wide coin selection, staking rewards, volume discounts
Cons: App can be slow during high-traffic periods
What sets Kraken apart for me is the regulatory compliance. In a space full of questionable operations, they've obtained proper licenses and maintain high standards. Proof of reserves is published regularly. Trading is smooth and withdrawals to my cold wallet have always been fast.
Pros: Regulated, proof of reserves, fast withdrawals
Cons: Sometimes new coins are listed later than competitors
For serious crypto traders, Kraken is hard to beat. Advanced order types, deep liquidity, margin trading, and excellent API for algorithmic trading. Their fee tiers are competitive and the platform has never gone down on me during volatile periods. This is what professional crypto trading looks like.
Pros: Advanced features, deep liquidity, reliable uptime
Cons: Complex for casual users
Had a reasonable experience with Kraken for months until my account was suddenly restricted without clear explanation. It took three weeks and dozens of support tickets to get it resolved. Apparently it was a routine compliance check but the lack of communication was unacceptable. My funds were inaccessible during this time.
Pros: Works fine when your account is active
Cons: Random account freezes, terrible communication during issues
I've been buying and selling crypto through Kraken for over two years now. The security is excellent - two-factor authentication, cold storage for majority of assets, and instant notifications for any account activity. The interface makes it easy to trade and track my portfolio. Very satisfied.
Pros: Top-notch security, user-friendly interface, good notifications
Cons: Fees slightly higher than some alternatives