Kraken is one of the oldest standing cryptocurrency exchanges in the industry and, due to its longevity in the space, it is considered as one of the most secure and reliable places to trade. Not only is it used by traders, but it is also heavily used by particular institutions across the globe.
This will be covering the most important features of the exchange to help you decide if Kraken is the right exchange for you or if you’re better off choosing another exchange. Here’s a quick overview of the advantages and disadvantages of Kraken:
The pros of trading cryptocurrency on Kraken
- Intuitive user interface – Kraken does not make trading too complicated and provides all the necessary documentation to get started
- Open for USA based traders
- Highly secure by using cold storage along with PGP/GPG encryption
- Offers transparency by providing proof of reserves
The cons of trading cryptocurrency on Kraken
- Not open to traders in New York
- High withdrawal and deposit fees when using SWIFT transfer
- Restricted in 8 locations that include Cuba, Iran, and Japan
- It does not accept Debit Card, Credit Cards, or PayPal