We test the latest trading providers on a daily basis
We test the latest trading providers on a daily basis
Ever since Alexander got his first stock savings account, he’s also taken a keen interest in the financial markets. Now a full time writer and contributor to TradersBest.com, he uses his experience in the world of finance on a range of different topics, from investment strategies to reviews of new brokers.
Read our Kraken review to see why this is one of the best crypto exchanges in the UK. Kraken was one of the world’s first cryptocurrency exchanges, and we think that you’re going to love what you find here!
By checking out our Kraken review UK crypto fans will see that this site gives them an easy way to trade BTC, ETH, XRP and much more. Sound good? Read the read of our Kraken crypto review to find out more.
Pros & Cons of Kraken
Simple interface makes crypto trading simple
Licensed by UK Financial Conduct Authority
Great rates on over 50 cryptocurrencies
Live chat support found in our Kraken review
Tricky to calculate cost of Kraken trading fees
Watch our in-depth review of Kraken!
,One London Wall
,London EC2Y 5EB
If you’d picked up a Kraken referral code and came to the site for the first time, we think that you’d love what you find here. This is because this is a very stylishly designed site that uses a smart white and purple appearance. There’s a handy navigation bar across the top where you can see the latest Kraken markets for crypto trades, futures, support, learning facilities and so on.
We carried out this Kraken crypto exchange review on a computer and were pleased with how good the site looked and how fast it loaded. But we realise that many people like to trade on a smartphone or tablet, so we were glad to see that there were some decent Kraken apps for iOS and Android devices.
The fact that the Kraken business has been up and running since 2011 should give you a good idea of how trusted, safe and reliable the exchange is. Just to give you an idea of its size, it was reported that Kraken shifted nearly $180 million in trading volumes. Plus with all of the security factors you need to keep your Kraken deposits safe, it’s no wonder that so many people come here for their crypto trades.
How to Trade – What Kraken UK customers need to know
There are plenty of helpful Kraken how to trade articles on the brand’s website. But we thought that we should help in getting you started. Firstly you’ll need to click on the Create Account link that will bring up a dialogue box. Here you’ll have to enter in some simple personal details and then verify your identity.
The more verification that you provide, the more that you will be able to do at Kraken. The least that you have to provide in terms of identification will be a valid photo ID and proof of residence. But once you add items like your telephone number and date of birth, you will get more flexibility in how you trade.
Next it’s a case of making your deposits. The easiest way to do this is to make a crypto deposit. This just means creating a deposit address and then making a payment to that address from your crypto wallet. But there are also options for depositing with a FIAT currency. For GBP deposits, you’ll be able to deposit from a minimum of £1 at a time, and there will be no fees.
Head over to the Prices section once you’re ready to trade. Here you’ll see a long list of all of the currently available cryptocurrencies. There will be the crypto’s current value along with a brief indication of whether its value is on the rise or is falling. Then you just have to click on the Buy/Sell button to make your crypto trades. A quick and easy way to enjoy the best in crypto trading.
,One London Wall
,London EC2Y 5EB
Payments - Deposits and withdrawals at the Kraken crypto exchange
Kraken makes it remarkably simple to put down your deposits. While there is the provision for depositing with FIAT currencies, most people come here to make deposits with a cryptocurrency. We found that the Kraken minimum deposit amount for Bitcoin is 0.0001 BTC. You won’t have to pay any deposit fees for using most major cryptocurrencies. However, users of some newer cryptocurrencies like Aragon might face a modest charge.
Making a Kraken withdrawal is also nicely straightforward. The minimum Kraken withdrawal limit for Bitcoin is 0.0005 BTC. There are also some Kraken withdrawal fees to be aware of. Just to give you an idea, it looks like you might pay around 0.00015 BTC for your Bitcoin withdrawals. All of these deposits and withdrawals should land in and leave your account almost instantly, and while the fees are unwelcome, they are like what you’ll find at many crypto exchanges.
Customer Service - Responsive help found in our Kraken review
Much of the Kraken website is devoted to helping customers get the most they can out of its crypto exchange service. There are plenty of helpful how-to guides that do everything from telling you how to buy Bitcoin to explaining what margin trading is all about. Our Kraken crypto review also found an excellent FAQ section that was packed with answers about many common questions. However, it’s important to note that such helpful guides can only go so far. So we were glad to see that Kraken operates a responsive and professional customer service.
All that you have to do to get in touch with Kraken is to hit the Live Chat icon. Here you’ll be speaking one-on-one with one of the brand’s customer service reps. Sadly it looks like there is little in the way of an email or telephone hotline for customer support. But there’s nothing stopping you from using the Kraken Facebook and Twitter social media channels for another way to get in touch.
License & Security - Is Kraken safe?
Our Kraken review found that this brand takes your online security very seriously. We’ve already spoken about the fact that Kraken is regulated by the UK’s Financial Conduct Authority. Beyond this, we found that the brand’s website has a range of high-grade security features that are designed to keep your money and data safe.
You’ll only be able to log into your account by passing through the two-factor authentication test. By using the YubiKey USB device, you’ll be able to generate a special password that makes it virtually impossible for hackers to access your crypto deposits. Plus our Kraken review also found that the brand has installed a special Security Shield to prevent unwanted intrusion into your account.
Other security features to be aware of include the real-time monitoring for any suspicious trading on the Kraken site. Plus you will benefit from advanced safety features like a global settings account lock on this fully encrypted trading site.
Reputation and Customer Feedback – Are there any Kraken scams?
Kraken enjoys a fantastic reputation for the safety of its crypto trading service. This is because the brand has never been the victim of any successful hacking attempts in over a decade’s service. All of which has helped Kraken enjoy its position as one of the internet’s most trusted crypto exchanges.
Obviously such fame doesn’t come without its detractors. There are a few critical reviews of the Kraken exchange currently online. Most of these seem to be from individuals who took issue with the way in which they weren’t able to buy Bitcoin at the site. However, it is hard to verify how trustworthy these criticisms are.
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Overall Conclusion - Key points of our Kraken exchange review
Kraken represents an excellent option for anybody who wishes to trade cryptocurrencies. This is because the brand has earned a quality reputation for being a safe crypto exchange over the years. The fact that Kraken has been operating since 2011 should not be underestimated, and its regulation by the Financial Conduct Authority will mean that Kraken can be trusted by UK customers.
In terms of the actual exchange, it gives you a no nonsense way to trade all of the biggest cryptos. The trading software was well designed and worked seamlessly on a computer, smartphone or tablet. Plus it’s always nice to know that you can get 24/7 customer support at the crypto exchange.
To be honest there aren’t really any criticisms that we can level at Kraken. Some people might criticise the fees, but even these aren’t too bad compared with other crypto exchanges. So if you want to buy Bitcoin, sell Ethereum or just trade Ripple, then be sure to give Kraken a try.
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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