Five Reasons I like Kraken

Background 

I’ve used a lot of exchanges since joining crypto, big and small, centralized and decentralized. Name-brand ones like Coinbase and Gemini, and obscure ones that no longer exist. Out of all of them, my favorite centralized exchange is Kraken. 

Kraken is running a similar playbook to Coinbase by creating a layer 2 called Ink. Traders speculate there could be a lucrative airdrop coming as rumors of an Ink token spread across crypto Twitter.

Here are five reasons why I picked Kraken as my exchange of choice.

1- Lower Fees

Kraken Pro has considerably lower fees than Coinbase Advanced. Both platforms base fees on trading volume, but most users will pay between 0.25%–0.40% on Kraken Pro compared to 0.60%–1.20% on Coinbase Advanced. These fees apply per transaction and are taken out of the total trade value. No matter how much crypto you’re buying, paying less is always better.

2- Transparent Withdrawal Process 

Coinbase makes it unnecessarily difficult to withdraw money or crypto. They make people jump through hoop after hoop to discourage them from moving funds elsewhere. I know people who’ve had their accounts frozen for months, sometimes years. Kraken, on the other hand, is upfront about its withdrawal policy. Deposits are locked for seven days, during which you can trade but not withdraw. After that, you’re free to move assets wherever you want. I’ve never had my account frozen, and transferring crypto to a personal wallet has always been straightforward.

3- Niche Coin Listings

Kraken does a great job of continually adding new tokens. While it can’t match the sheer volume of a DEX, its catalog of memes and alts is surprisingly diverse. They’re also quicker than most major exchanges to list promising up-and-coming projects.

4- Embracing Pri-Fi 

Kraken is one of the few major exchanges where you can still buy Monero. As a privacy finance investor, I value being able to purchase it easily and withdraw to my wallet quickly. While most exchanges have delisted Monero, Kraken continues to support financial choice by keeping it available.

5- Strong Security 

Kraken has an impeccable security record. The exchange has been around for 13 years without a single major hack. It’s impressive that they’ve managed to pair such strong security with a smooth user experience.

Final Thoughts 

Kraken is a great exchange, and I’ve had nothing but positive experiences using it. It’s my go-to platform and will stay that way. If you’re thinking about trying Kraken, I recommend starting with Kraken Pro for the lower fees and more advanced trading interface.