Based in San Francisco, it has quickly become one of the most well-regarded exchanges in the industry. Traders and institutional investors alike use the company because of its reputation for quality services and high levels of security.
Over the years, Kraken has had the distinction of being the first exchange to pass the Proof-of-Reserves cryptographic audit (with flying colors), and they have been selected to provide crypto market price information to Bloomberg Terminal.
Today, the company serves around 4 million people in over 200 countries, with offices around the globe, including the UK, Japan, and Singapore.
Kraken works along the lines of an exchange that operates in stock trading. The difference here, of course, is that market participants trade in cryptocurrencies. Participants can buy or sell using various fiat currencies, including US Dollars (USD), Euros (EUR), and Canadian Dollars (CAD), all with minimal fees when using the exchange.
The website lists all currency pairs that can be traded on the Kraken exchange. These include Ehereum (ETH), bitcoin (XBT), Monero (XMR), and Litecoin (LTC).
Kraken's trading platform can be accessed by individual traders and large trading firms alike. They offer a number of accounts that cover the needs of any type of trader and investor and offer the following key features.
Kraken is one of the most secure cryptocurrency exchanges on the market. As listed on their website, they have a number of security measures in place, including:
It is also worth noting too that they comply with the rules and regulations of all supported jurisdictions and are registered with such financial bodies as FINTRAC in Canada, FINCEN in the United States, the Financial Conduct Authority in the UK.
You can create an account on their website. For a starter account, you only need to provide them with your email and contact details, but for advanced accounts and larger withdrawals, you will need to provide documentation as part of the verification process.