Unfortunately, Kraken is not active in South Africa
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Kraken Crypto Exchange Review South Africa 2022

Kraken is a cryptocurrency exchange that has a wide selection of cryptocurrencies. It’s possible to engage in futures trading as well as indices, margin trading, and OTC trading. You’ll have an expanse of innovative tools to bolster your trading activity.

Our Kraken South Africa review will provide you with an in-depth look into this online trading platform. With strong customer support and great trading fees, you might just have found your chosen crypto trading exchange for the foreseeable future. Be sure to read our Kraken crypto review or head over to our Binance review for another great crypto exchange.

Pros & Cons of Kraken
Pros & Cons of Kraken
  • Trusted Bitcoin trading platform
  • High number of cryptocurrency pairs
  • Comprehensive website security protocols
  • Relatively low trading fees
  • Complex platform for novice traders

Security, Usability, Look & Feel - Is Kraken Safe?

The best crypto exchanges South Africa have slick platforms that combine user-friendly features with advanced tools; bringing together all types of traders – from novices to professionals. Our Kraken South Africa review found that the site is rather complex for newcomers and this might persuade novice traders to look elsewhere. Having said that, Kraken how to trade tutorials help in this regard. Plus, there’s a lot of helpful resources which empower individual traders to chart their own financial course.

The actual platform has a nice feel to it and is well-designed; allowing customers to navigate with ease and freedom. The optics of the platform facilitate a seamless trading experience and is great for real-time trading. With attention to detail, our Kraken crypto review recommends this platform to those who have the know-how to jump right in and engage in online trading from the get-go.

How to Trade On Kraken Markets

When it comes to using the Kraken crypto exchange, it’s best to follow our step-by-step guide. Here, we’ll provide you with an overview of how to go about setting up your account and how to take on the Kraken crypto exchange.

  1. Firstly, you’ll need to create an account by visiting the official website. You can use our Kraken review to do so.
  2. Sign up for a Kraken crypto exchange account and enter a username, email address, and password.
  3. Kraken has a tiered verification process. The better you wish to verify your account, the more documents you’ll need to submit in order to verify your identity. Make sure you do so before trying to withdraw funds.
  4. Once your account has been created, you can deposit traditional currency or fund your account with cryptocurrency.
  5. You are now ready to start buying and trading in alternative cryptocurrencies on the Kraken crypto exchange.

We’d be remiss not to mention how to trade cryptocurrencies in our latest Kraken South Africa review. You will need to visit the trading platform and use the live data and available crypto information to buy and sell your chosen coin. There are a number of fantastic tools such as charting tools, advanced order types, and leveraged trading. In addition to our Kraken crypto review, you can use the crypto guides on the Kraken website to help inform you of how to approach trading.

Payments - Kraken Deposit & Kraken Withdrawal

You’re surely wondering what the latest Kraken minimum deposit is or what the current Kraken withdrawal limit is. All of this has to do with our payments section in our Kraken South Africa review. You’ll find that Kraken, unlike what is outlined in our Coinbase review, has a slightly different take on payments. You can still fund your account using fiat currency, however, ZAR is not included. Alternatively, you can fund your account by using one of many  different digital currencies; from Bitcoin to Ripple to Litecoin, and more. Keep in mind that not all currencies can be traded directly for one another. Visit the official website for a complete overview of tradable currency pairs.

When making a deposit with a traditional currency, you’ll be best off doing so in USD or EUR. Be sure to use the international SWIFT option. There is an inherent Kraken price attached to deposits, especially international transfers. Depending on the institution and currency you use, you can incur a deposit fee of anything from $0 to $25. For deposits in EUR, fees range from €0 to €5. Keep in mind you cannot deposit or withdraw funds at the Starter Verification level. You’ll need to upgrade in order to do so.

Customer Service - Does Kraken have good customer support?

When it comes to customer service, our Kraken South Africa review found plenty to write home about. According to our Kraken exchange review, you’ll be able to get in touch with a representative whenever needed. Customer service is readily available 24/7. The best way to get in touch is by using the useful live chat function. You’ll find it located at the bottom of your screen. Hit the button and you can type a message immediately. Expect a response in no time at all.

Our Kraken review South Africa also found a substantial FAQ section as well as a robust support library. The Help Center should be enough to answer most of your general queries. If you wish to get in touch other than by using the live chat function, you can submit a request by clicking on “Contact” and following the simple process. Our Kraken crypto review also found that the online broker has a strong social media presence and you can follow them on Twitter, Facebook, and Instagram.

License & Security - No Kraken Scams

When it comes to regulatory oversight, Kraken itself is not necessarily regulated by an external body. They are registered as a Money Services Business with FinCEN in the USA and FINTRAC in Canada. Our Kraken exchange review has found that one of their brands is regulated and supervised by the Financial Conduct Authority in the UK. This is good news.

When it comes to safeguarding the privacy and funds of each Kraken South Africa customer, this online broker has managed to hit the nail on the head. There are a number of protocols that have been put in place so as to ensure that your account is secure and the overall Kraken crypto exchange is protected.

The platform has SSL encryption technology that prevents intruders from easily viewing data on the site. This is backed up by continual surveillance and real-time monitoring. You’ll find that the majority of funds are kept in cold storage, offline and separate. There is also a dedicated team that tests the security capabilities of the platform and makes changes where necessary. Our Kraken review is happy to announce that the security facet of Kraken crypto exchange is top-notch.

Reputation and Customer Feedback – Generally positive Kraken reviews

Truth be told, Kraken crypto exchange review has received a number of mixed customer reviews due to different experiences. It has been noted that certain customers struggled to resolve complaints or issues – or it took a while to do so. On the other hand, there are a wide number of customers who swear by the platform and only have good things to say. Some comments mention low Kraken withdrawal fees and others highlight the ability of the platform to facilitate and process transactions at high speed.

Kraken crypto exchange has been around for a decade now. As they continue to expand and tweak minor issues, it is logical to assume they will consolidate their brand’s reputation as a reliable and trustworthy platform. We believe that this will entice more Kraken South Africa customer’s to take to the platform as they pursue online trading.

Kraken Crypto

Cryptocurrencies - Our Kraken cryptocurrency review

Interest in cryptocurrencies has boomed over the last decade. Although the fortunes of certain coins change on a regular basis, traders continue to flock to exchanges such as the Kraken. This online trading platform specialises in crypto trading on a big scale. There are over 60 different coins that can be bought and sold via the intuitive Kraken platform.

Kraken allows you to purchase cryptocurrencies; something that other online brokers might not allow. The ability to purchase and exchange will mean you need to diversify your storage methods and look for a digital wallet other than Kraken. From spot trading to trading in cryptocurrency Kraken futures, you’ll certainly find more than enough crypto trading options with Kraken.

Keep an eye out for the most popular crypto assets such as Bitcoin, Litecoin, Ethereum, Ripple, and EOSIO. Or, take a look at newly-added assets such as Synthetix, Curve, and Balancer. These assets and the underlying software is pushing the envelope in terms of how digital currencies are operated and traded.

Kraken Trading Fees

Our Kraken review found that the latest fee structure is very competitive when it comes to online trading as a whole. Depending on the offering you wish to utilise, fees remain stable and relatively low.

If you wish to engage in instant buys, you can get away with zero fees for purchases made from your account balance. If you make a card payment to do so, you’ll be charged 3.75% plus a nominal fee of €0.25 or equivalent in ZAR.

If you are using Kraken Pro, you’ll be charged a fee based on your 30-day volume of trades. This applies to makers and takers in any one transaction. Fees for makers and takers start at 0.16% and 0.25% respectively. This is based on a low volume of trades. If you plan on executing a high number of trades, you might get away with paying an additional fee of 0.00% for makers and 0.10% for takers.

Margin fees vary depending on the base currency and quoted currency. You’ll incur an opening fee of anywhere between 0.01% and 0.02%. For futures, traders are looking at a fee of 0.02% for makers and 0.05% for takers at the low-end of 30-day volumes. Once again, you can find yourself paying 0.0025% for makers based on high trade volumes and 0.0125% for takers based on the same volume.

Jurisdictions and Limits Of Kraken Trading

Kraken is not available to residents of all countries. However, there’s no need to worry as our Kraken review has highlighted that South African customers are in the clear. You will be able to access future, margin, indice, and OTC trading. This allows customers to delve into cryptocurrency trading on a wide scale.

One of the clear limitations to South African customers is the difficulty you’ll face trying to fund your account. ZAR is not supported. However, it is possible to make payments in a fiat currency by using your card. You’ll need to choose a foreign currency and might lose out slightly based on exchange rates and additional bank fees.

The other limitation that our Kraken review uncovered is that it does not possess a full trading license for the firm as a whole. One of the brands under control of Kraken does, however. Although this might fuel angst amongst some, our Kraken crypto review has noted it is a member of two agencies within North America that supervise businesses that offer money-based services.

Other Trading - No alternative trading options found in our Kraken South Africa review

When it comes to alternative trading options other than cryptocurrency, you’ll need to look elsewhere. Our Kraken South Africa review would like to bring your attention to the fact that this trading platform focuses on cryptocurrencies. Stripped down, it is a crypto exchange and does not provide services in other trading products.

However, it is possible to put your knowledge to the test and try out futures, indices, or margin trading with cryptocurrencies.

Overall Conclusion - A wide selection of cryptocurrencies at Kraken

Kraken may not be a fully licensed online broker, but they offer an excellent cryptocurrency platform. With a wide selection of cryptocurrencies on offer and the ability to engage in spot trading, OTC trading, as well as future, margin, and indices trading, crypto traders will find the services more than sufficient.

One area of concern is the limited ways in which you can find your account. Once you manage to get around this, you’ll have a steady stream of educational resources at your disposal as well as an attentive customer support team. Ultimately, you’ll be able to immerse yourself in the world of online crypto trading with the latest Kraken referral code.

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