Kraken Login balances geographic restrictions with lower fees

Kraken Fees

Kraken Login offers a number of funding and withdrawal options, transfer fees are determined by transaction costs and may be adjusted if their funding partners adjust their fee structures. Current funding options and fees include:


EUR SEPA: Deposit (Free) / Withdrawal (€0.09) – EEA countries onlyUSD Bank Wire Deposit ($5 USD) / Withdrawal ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside US onlyUSD Bank Wire Deposit ($10 USD) / Withdrawal ($60 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) / withdrawal (¥20) – Japan onlyCAD Wire Deposit (Free) / EFT Withdrawal ($10 CAD fee, $25K CAD daily max)

Transfers made in digital currencies incur their own unique fees, these include:

Bitcoin (XBT): Deposit (Free) / Withdrawal (฿0.001)Ether (ETH): Deposit (small transaction fee to move ETH into Kraken’s wallet) / Withdrawal ( Ξ0.005)Ripple (XRP): Deposit (Free) / Withdrawal (Ʀ0.02)Litecoin (LTC): Deposit (Free) / Withdrawal (Ł0.02)Bitcoin Cash (BCH): Deposit (Free) / Withdrawal( ฿0.001)Tether (USDT): Deposit (Free) / Withdrawal (USD₮ 5)

Trading Fees

Kraken provides a comprehensive guide to its trading fee structure. While it can be quite complex, the majority of trades which fall under 50,000 in volume of your particular currency, incur a maker fee of 0.16% and a taker fee of 0.26%. These fees apply for all Bitcoin trades made via the fiat currencies supported on the site such as USD, EUR, JPY GBP, and CAD. The same fee structure also applies to the majority of altcoin trading pairs.For trading volumes greater than 50,000, the fees drop to 0.14% and 0.24%. Fees continue to drop in relation to volume way up to any trading activity greater than 10,000,000, at this point fees are as low as 0% (makers) and 0.10% (takers).


Fees are charged on a per-trade basis, and trading volumes are calculated for trades made within a 30 day period.

Trading Limits

Kraken operates a tiered verification system and trading limits depend on your tier of verification. The following tiers are utilized on the platform:


Tier 0– This tier requires an email address and enables users to navigate the site without having the ability to deposit, withdraw or make any trades.


Tier 1– Users can make deposits and withdraws in digital currencies only. However, trading is enabled in both digital and fiat currencies. This tier requires users to input their full name, date of birth, country and phone number.


Tier 2– Deposits, withdrawals and trading in digital currencies are available. Depending on your country of residence, fiat currency funding may also be accessible. For users in certain jurisdictions, bank deposits and withdrawals are made available after you provide Kraken with your address.


Tier 3– Higher levels of fiat currency funding are available to Tier 3 clients. This tier requires a valid Government ID and a recent proof of residence. This tier is also required in order for users in the US, Canada, Germany, Japan, and some other countries to deposit fiat currencies. Certain funding options also require a photo ID confirmation.


Tier 4– Allows for the highest levels of funding limits. Kraken Login provides both individual and corporate Tier 4 accounts and the documents required for Tier 4 individual accounts include a signed application form and KYC documents.


Tier 1 users can deposit and withdraw cryptocurrencies as well as trade in cryptocurrencies and fiat currencies. There is no deposit limit however, withdrawals are limited to $2,500 per day and $20,000 per month.


Tier 2 users can deposit and withdraw fiat currencies depending on where they reside. For Tier 2 users, deposits and withdrawals in fiat currency are limited to $2,000 per day and $10,000 per month. Cryptocurrency withdrawals are capped at $5,000 per day and $50,000 per month.


Tier 3 users can deposit and withdraw cryptocurrencies and fiat as well as engage in margin trading. Fiat deposits and withdrawals are limited to $25,000 daily and $200,000 monthly. Withdrawals in digital currencies are limited to $50,000 per day and $200,000 per month. Countries such as the US, Canada, Japan, and Germany, require a Tier 3 verification in order to deposit and withdraw in fiat currency.


Tier 4 users have the highest funding limits available on the platform. Tier 4 users can be both individual and corporations and are best advised to contact the support department in order to clarify their requirements.

Site Outages & Recent Downtime

A lot of cryptocurrency exchanges have been struggling to cope with demand in the last few months due to a huge influx of new customers and Kraken is no exception. The platform became notorious for site outages and other problems. To counter this, Kraken went offline to install a new trading engine. Unfortunately the process which was supposed to take a couple of hours ended up taking 2 days, prompting a lot of panic among their users and fears that the exchange might be closing for good or even performing an exit-scam.


The team did keep in touch with it’s users via social media during the down-time and the platform eventually came back online. After a few initial hiccups, the new engine seems to be performing a lot better than the old version and is handling trading much more effectively with less errors and other problems.


As an apology to their members, Kraken announced that all trading is free until 31st January 2018.

Conclusion

Kraken has been in operation since 2011, and is older than its main competitors Coinbase and Gemini. As a result, Kraken has spent a number of years building its reputation among members of the cryptocurrency world. The exchange is now viewed as being one of the most reliable by many international cryptocurrency traders.Kraken provides a secure platform and operates a lower fee structure than Coinbase. The exchange also appeals to both individuals and institutions and allows access to a robust, comprehensive trading platform. For users with an intermediate understanding of how to trade cryptocurrencies, limit orders, as well as advanced orders with predefined triggers, leveraged positions, margin trading, and short selling are all available on the platform.


While the exchange is respected and used by both parties of various income levels, Kraken Login has some work to do to improve its overall user experience. Due to a recent surge in new registrations the lack of extensive customer service options has become apparent. New registrations may also have to wait for over a week for their documentation and accounts to be fully verified. Despite this, Kraken provides a valuable service to cryptocurrency traders across the globe and remains a viable option for anyone looking for a trusted and reliable exchange.