Kraken Trading Bots, Trading Fees, Futures Trading, Review 2024

Kraken Trading Bots, Trading Fees, Futures Trading – Review 2024

Kraken Review – Trading Bots, Trading Fees, Futures Trading

Kraken Crypto Trading Bots

Bitsgap Kraken Trading Bot API Connection

Kraken is compatible with many different crypto trading bots. We have listed the best crypto trading bots for Kraken.

A crypto trading bot is computer software that automatically executes trades for you. 

The software runs 24/7, and you will never miss an opportunity or an exit. In addition, using a crypto trading bot can minimize the impact of feelings like tiredness, fear, greed, and more.

Scalping crypto trading bots and arbitrage crypto trading bots are the most popular.

Read more about free and premium crypto trading bots.

 
Bitsgap crypto trading logo

What is Kraken Crypto Exchange?

Kraken is one of the oldest Bitcoin exchanges and one of the first crypto exchanges with Merkle tree proof-of-reserves.

Where is Kraken located?

Kraken is based in San Fransisco, United States.

Can I use Kraken without KYC?

No, after signing up with Kraken, you must fulfill KYC and verify the account before you can use funding methods or start trading.

Is the Kraken exchange legit and safe?

Kraken is one of the oldest crypto exchanges and hasn’t suffered any significant hacks. Also, they were among the first crypto exchanges with proof-of-funds.

What is Kraken Pro?

Kraken Pro allows advanced crypto traders access to spot trading, margin, and staking in a more robust and advanced interface.

Does Kraken allow US traders?

Yes! Kraken is a US-regulated crypto exchange.

Is Kraken good for beginners?

Yes, however, Coinbase has a more beginner-friendly interface.

Is Kraken better than Coinbase?

We believe so. Kraken has lower fees, and we like this.

Is there a Kraken signup welcome bonus?

No. Kraken doesn’t have any welcome gift or signup bonus.

Does Kraken have a mobile trading app?

According to Google Play and Apple Store ratings and reviews, Kraken have one of the best crypto mobile trading apps on the market in 2024.

Why should I sign up with Kraken?

Kraken is one of the oldest crypto exchanges and has one of the most solid track records. As a US-regulated exchange, it offers relatively low trading fees. In addition, it has Kraken Pro with margin trading and futures.

1. Kraken has low fees 

  • Low exchange and trading fees
  • Low deposit fees

costs sign with usd dollar bills illustrating trading fees

Kraken Exchange and Trading Fees

Kraken has some of the lowest fees among the US-regulated crypto exchanges.

Kraken Deposits

Kraken is one of the crypto exchanges accepting a wide selection of fiat currencies and deposit methods. With Kraken, you can deposit fiat by SEPA, SWIFT, and credit card. They charge low fees for all deposit alternatives compared to other US alternative crypto exchanges.

2. Kraken has high security and proof-of-reserves

Kraken Merkle Tree

Kraken was among the first crypto exchanges to adopt third-party audits with Merkle-tree proof-of-reserves. There has been an extensive discussion about verifying crypto exchange funds after all collapses during 2022, including FTX, FTX US, Terra Luna, Celsius, Blockfi, Voyager, and 3 Arrow Capital.

Kraken Hack History

In addition, Kraken is one of the few crypto exchanges with a long history and no reported hacks. This indicates they operate with some of the highest security standards.

See a complete list of all crypto exchange hacks through history.

3. Kraken has many crypto trading products

  • Kraken Pro with futures trading up to 50x and margin trading up to 5x
  • More listed cryptocurrency markets than other US-regulated exchanges

Bitcoin leverage scale

Kraken Leverage and Markets

Kraken is one of few regulated US exchanges offering futures trading with leverage up to 50x. Also, margin trading with opportunities to trade leverage up to 5x.

In addition, Kraken lists many cryptocurrencies and leverage trading pairs. 

  • 26 Futures
  • 107 Perpetuals
  • 729 Spot markets
  • 229 Cryptocurrencies
 
Spot Markets: Kraken VS Coinbase VS Gemini 
In the screenshot from Coinmarketcap below, you can see Kraken’s listed markets compared to Coinbase and Gemini.
Kraken listed cryptocurrencis and markets
 
Human evolution from monkey to cyborg

Kraken History Review

The company opened its online space in 2011 through an owner firm called Payward Inc., which is based in San Francisco. It is a regulated company that is one of the first coin exchanges with a price list updated regularly at Bloomberg Terminal.

Throughout its history, Kraken positioned itself as the top EUR-oriented platform. It advertised itself to traders, mainly from Europe, as a broker from which you can safely buy and sell coins. It is the top EUR currency exchange, offering multiple fiat and cryptocurrencies.

The trade is oriented towards more advanced market investors, while beginners need time to analyze the available tools properly. But, in all honesty, the exchange does not hide it either. It markets itself as the prime place if you know the industry. 

Kraken Deposit Methods Review

Here, we will list and review the deposit methods Kraken can offer its customers.

As for deposit methods, Kraken accepts the following:

  • Bank transfer
  • Credit card and Debit card
  • Crypto deposit

The accepted bank account payments are international wire and European SEPA transfers. This disadvantages the exchange when compared to the platform with numerous payment methods. One such is Paxful, which has over 300 available for traders.

As for the costs, let’s look at some examples:

  • SEPA European bank transfer: No fee
For US bank transfer deposits, see the attached table below.

Compare all the best crypto exchanges for fiat deposits 2024.

Kraken Review Fees

There are both trading fees and deposit fees that you need to be aware of.

In the last paragraph, we reviewed the deposit fees, and here we will check the trading fees. 

Like many other platforms, Kraken also structures the costs through maker and taker order types

In the table below, you can see some spot trading fees from Kraken.

Spot trading fees: Compare all other crypto trading platforms in our article about the lowest cryptocurrency spot trading fees.

Margin Trading Fees: Compare with all other exchanges in our dedicated article about the best crypto margin trading exchanges.

Kraken Trading Interface Review

Kraken has an excellent trading interface nowadays. They have recently done a significant upgrade.

Let’s review the Kraken trading interface.

In the screenshot below, you can see the welcome screen on Kraken. Also, we have created a step-by-step guide on how to start trading on Kraken.

There are some options in the header menu:

  • Trade (Here you will make the buy and sell trading orders)
  • Prices (Here you can see all the cryptocurrencies, prices, and analyzing charts)
  • Staking (Here you can find four different coins to stake for passive income)
  • Funding (Here you will find Kraken deposit options)
  • History (Here you will find all transaction history)
  • Support (Here is the FAQ, including the ticket system, and chat is available)
  • Buy Crypto (An easy step-by-step guide to buy Crypto immediately)

Kraken Trading Review

Let’s review the trading feature in the Kraken trading platform.

As you can see in the screenshot below, we are in the trading area (the “Trade” menu in the header is highlighted)

You will get all the necessary information here, similar to any exchange or trading site.

You can see the following:

  • The trading pair (What trading pair do you want to trade)
  • Last price (What was the final price when a trade occurred)
  • 24 h volume (How much was sold in the previous 24 h)
  • Weighted average (The average cost for the trading pair in the previous 24 h)
  • 24 h high/low (The lowest price and the highest price for the previous 24 h period)

Further, there are some options below this information

  • New order
  • Orders (New, Open, and Closed orders)
  • Positions (Open and closed positions)
  • Trades (Trades history, similar to fast orders)
A bit further down, you will find information regarding new and open orders, positions, and order books.
Kraken made a significant improvement in the trading interface during 2019-2020. However, the trading interface is not as good as Binance’s. Read more about the Binance trading platform in our Binance review.

Kraken Staking Review

Kraken staking allows you to earn staking rewards on your idle crypto holdings.

The staking procedure on Kraken is straightforward, and with just a couple of clicks, you can start receiving payouts automatically. 

What cryptocurrencies can you stake on Kraken?

On the Kraken exchange, you can stake Cardano(ADA), and Cosmos(ATOM). Algorand(ALGO), Ethereum(ETH), Flare(FLR), Flow(FLOW), Kava(KAVA), Kusama(KSM), Mina(MINA), Polkadot(DOT), Polygon(MATIC), Secret(SCRT), Solana(SOL), Tezos(XTZ), The Graph(GRT), Tron(TRX).

Can you stake ETH2 on Kraken?

Yes, you can stake ETH2 on Kraken. Kraken even has a secondary market where you can sell your staked ETH2 for unstaked ETH.

What are the ETH2 staking rewards on Kraken?

On 2023-02-02, the staking reward for ETH2 was 4.33% after any paid fees. Compare the best exchanges to stake ETH2 with reward payouts.

Kraken Proof of Reserves Audit

Kraken was one of the first major crypto exchanges to follow Gate.io to implement proof of funds audited by a 3rd party, Aramino LLP.

Check all the cryptocurrencies checked by Aramino, the latest report, and the ability to check your balance.

If you need instructions, you can find a step-by-step guide in our article about what exchanges have implemented the Merkle tree proof of reserves.

Kraken Review Summary

Overall, Kraken is exactly what it markets itself to be. It provides deep liquidity for EUR markets and has different difficulty levels of trade functions. 

It also does not require an identity check for smaller purchases and monthly limits, while numerous crypto and fiat currencies are available for trade.

With security features in place, we only find the lack of deposit/payment methods problematic. 

Only bank transfers are accepted, meaning that transactions might take some time.

Are you still unsure what crypto trading platform to use and if Kraken is the best for you?

Check out our guide about how to find the best crypto trading platform.

Pros

Cons

  • The interface might be confusing in the beginning
  • There are crypto trading platforms with lower spot trading fees. However, these trading platforms don’t allow US customers.
  • There are trading platforms with better opportunities for leverage trading. Still, they don’t accept US traders.

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