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What is Kraken Exchange?
It features a lot of useful tools designed for crypto trading, like Asset overview pages and a simple graphic that shows your investment allocation. If you are planning to visit a crypto casino straight away, you can open your Kraken account in no time, and opt for Instant buy, or you can preset amounts to create orders when the conditions and prices are the most favorable.
Similar to traditional banks, you can stake your cryptos for a long period of time and make a passive interest-based income, depending on the amount of staked cryptos.
Kraken Exchange Company Overview
Based in San Francisco, California, Kraken was founded in 2011 and it was one of the first Bitcoin exchanges listed on the Bloomberg terminal. It’s been with us since the Bitcoin insurgence and as of late, the Kraken exchange is valued at around $11 billion.
Kraken has over nine million clients from more than 190 countries. Its quarterly trading volume exceeded $207B, but the company had its share of controversies in 2018 and 2019. First, it refused compliance with an investigation by the NY Attorney General’s Office in order to protect its customers from manipulation and money laundering, and a year later Kraken was investigated by the Office of Foreign Assets Control for allowing trade with customers based in Iran. In 2021 Kraken was forced to pay a fine of $1,25M for offering unregistered margin trading.
Kraken trading fees differ from user to user, depending on their actions, trading volume, etc. If you want to take a break from gambling and invest in cryptos or buy straight from the beginning (instant buy, sell or convert your cryptos), there is a 0,9% fee on all stablecoins and a 1,5% fee for any other crypto or FX pair.
In addition to the fees listed above, Kraken users must take into consideration the following fees:
Margin fees paid in addition to trading fees
Kraken Pros and Cons
- Best for investors, rather than gamblers
- A few fiat currencies accepted
- Credit card fees
- User complaints
- Limited funding options
- Geographical restrictions
- Not available in all US states
How to Create a Kraken Account?
- Visit the official Kraken website.
- Click the Create Account button.
- Enter your username, email address, and a solid password. Your username cannot be changed!
- Once the account is created, you will receive an activation email with an activation key.
- Use the key on the account activation form, or click the link in the email.
- Confirm the password and press Activate Account.
Using Kraken Crypto Exchange in Online Casinos
When it comes to gambling in online Bitcoin casinos, it’s a simple fact that Kraken is one of the best crypto exchanges on the market today. There’s a wide array of online crypto casinos that fully support Kraken services, making it a popular payment option in the online gambling community.
Your Kraken account can handle both pure Bitcoin casinos and hybrid Bitcoin casinos. The former is an online casino that accepts only cryptos, and the latter is a Bitcoin casino that receives and converts regular cash into cryptocurrencies. All you need to start your Kraken adventure is $10 needed to buy your initial cryptos.
With a Kraken account, you can place your first deposit in an online casino using both cryptos and fiat currencies, or you can exchange them to make a deposit without the need to use third-party resources associated with many Bitcoin casinos. That way, you can also spare some of your resources by avoiding fees imposed by online casinos, and opening your casino account and wallet is much easier and quicker if you already have an active Kraken account.
In terms of security, Kraken supports encrypted email service, and your account has time-out limits you can configure anytime. Lastly, every withdrawal is followed by an email confirmation.
Kraken Exchange Accepts Over 200 Cryptocurrencies
Note that some cryptos could be restricted to the country of your origin. As for the trading pairs, not all cryptos can be directly traded for one another, so check the list of supported trading pairs and the entire market overview before you decide to sell or buy crypto assets.
What is Kraken Pro?
As the name suggests, Kraken Pro is a powerful interface used by more experienced crypto traders. It uses a maker-taker fee model based on maker fees and taker fees, and it offers versatile funding options and various improvements over the basic interface.
You can make your own financial courses, review your past transactions, check your available balance, get an exact price quote before buying, and then create custom orders that fit your goals.
You can even create your own custom list, showing the most traded cryptos, top-losing, or largest market cap. Obviously, Kraken Pro is showing your total balance at all times, just be aware that Kraken Pro isn’t going to help you in your gambling endeavors. It is an awesome tool for crypto trading and investing, but it won’t impact your gambling odds or give you an edge in live casinos. Let’s take a look at the Kraken Pro fees.
Kraken Exchange Security
The platform includes numerous security features, which ensure seamless transactions and the protection of user data. These include:
Is Kraken Better Than Coinbase?
Coinbase and Kraken are two of the oldest and most trustworthy crypto exchanges in the world, founded in 2012 and 2011 respectively. Both exchanges offer different perks and drawbacks and there’s no point in arguing which one is a better crypto exchange. And yet, in terms of online gambling, we have to give it to Kraken simply due to the lack of legal issues and potential problems.
As stated in its Terms and Conditions Agreement, Kraken allows users to freely transfer their assets from a Kraken account to any legal online casino. However, Coinbase’s Terms and Conditions state that you can only transfer assets to third parties while playing table games, and even then you have to ask for their permission to do so.
Granted, some casino players managed to do just fine using nothing but Coinbase and it is truly a good crypto exchange platform, but we still prefer Kraken due to regulations that are 100% clear and favorable to online gamblers.
Staking is the easiest way to earn rewards by staking your cryptos and cash (fiat currency) for longer periods of time. Similar to traditional banks, you earn money by “locking” your cryptos away and reap the benefits as you wait.
Kraken offers up to 21% yearly on your crypto assets, and the more assets you stake – the more lucrative the rewards. Let’s take a closer look and see all the details regarding staking the most popular cryptos.
Kraken offers margin trading services with certain geographic and eligibility limitations. Thos service is available to Pro and Intermediate clients living outside of USA and Ontario, Canada. Those gamblers need to meet additional eligibility criteria to be qualified for margin trading, which is not available at all for Starter and Express users.
Kraken Mobile App
Kraken mobile apps are free and readily available for both iOS and Android users, as well as the Kraken Pro app. The app is not available in Crimea, Donetsk, Luhansk, Cuba, Iran, Japan, North Korea, and Syria. Opening an app requires the same security protocol as unlocking your phone (biometric, or password), and here are the features.
Kraken Pro App
Kraken KYC Procedure
Below is the list of documents and procedures you need to complete if you want Intermediate or Pro level Kraken service.
A face photo is required for residents of the USA and South Africa, and investors funded via American and South African banks. At any time, the Kraken trading platform can ask for a selfie of you holding an ID, or some other details regarding your identity confirmation.
To upload all the required documents to your Kraken account:
Kraken Exchange Customer Support
With a client satisfaction score of over 90%, it is safe to say that Kraken has good customer support. Kraken support is available via 24/7 live chat, direct phone support, or email. They do not ask for your real name, username, or your 2FA code, and they are pretty quick to respond once you click to activate a support ticket.
What users like about Kraken Exchange
Overall, users feel Kraken is great for online gambling with over 200 supported cryptos that can be deposited in your top Bitcoin casino. Moreover, the fact that users can make a passive income by staking their cryptos for a long period of time is one of the highlights.
Kraken Pro is an excellent trading interface packed with important details and trading tools, but it demands attention and experience. Beginners can learn a lot due to an abundance of educational material. Lastly, Kraken received praise for great customer support and a well-made mobile app.
What users dislike about Kraken Exchange
Options could be severely limited in the country where you live. The platform itself can be difficult to grasp for absolute beginners.
Only a few fiat currencies are supported. credit card fees can be quite annoying and in some cases worse than those offered by direct competitors. When all is said and done, it remains a trading platform first, and a casino tool second.
Kraken Review Summary
Kraken is one of the oldest Bitcoin exchanges and it’s near perfect for online casino customers. If you want to play casino games in top Bitcoin casinos then Kraken is the right choice.
Having said that, keep in mind that although most online casinos readily support Kraken, this crypto exchange is primarily designed for traders and investors, not gamblers, so do not expect it to be adapted for gambling purposes.
It offers relatively low fees and a lot of educational content, so even rookies can learn a thing or two as they become more experienced crypto traders. The company charges 0,9% or 1,5% for beginners’ fees and 0,16% to 0,26% for advanced traders with high monthly trading volume.
To summarize, Kraken is an excellent exchange platform for online gambling but its primary purpose is to improve your crypto portfolio, not make you a successful gambler. Please, bear in mind that our review of this crypto exchange is not actual investment advice, but an informative article designed to help you, and only you, make an informed decision.
Is Kraken Exchange safe?
Yes, Kraken is a cryptocurrency exchange with one of the safest trading protocols and rigorous security standards, which is why the rest of the world trust Kraken and its handy tools made for safe crypto investing. Kraken is well-accepted in most Bitcoin casinos due to its top-notch security protocols and privacy policies.
Is Kraken Exchange good for online casinos?
Yes, Kraken is brilliant if you plan to use it in Bitcoin casinos. A lot of crypto casinos readily accept Kraken wallets and they make the whole gambling experience quite more enjoyable, not to mention – quicker and cheaper. Just stack your bankroll into your Kraken wallet and forget about your cards and traditional bank accounts.
Is Kraken Exchange available in my country/region?
Kraken is available throughout the world, and we’ll mention only major countries according to the number of inhabitants. You can use Kraken in the following countries, just remember that some restrictions still may apply:
- Algeria, Egypt, Kenya, Morocco, Nigeria, Senegal, South Africa, Tunisia, Bangladesh, China, Cyprus, India, Israel, Japan, Kazakhstan, Lebanon, Pakistan, Philippines, Saudi Arabia, Thailand, Turkiye, UAE, Vietnam, Yemen, Canada, Mexico, Panama, United States of America, Australia, Indonesia, New Zealand, Argentina, Brazil, Chile, Colombia, Peru, Uruguay, Venezuela, and Europe, including Vatican and Ukraine.
Is Kraken good for beginners?
If you are an absolute crypto beginner, then Kraken might seem a bit complex because it counts on your basic crypto knowledge. However, if you are new to cryptos but know your way around, then Kraken is a good choice due to its simple and efficient Instant Buy feature.