Kraken Review Australia – Is This Platform Safe For Australians?
Hi everyone today in this Kraken review Australia we will be diving deeper into the technical features to know if this exchange is worth the hype.
There has been a rapid increase in the popularity of crypto tokens and altcoins. A lot of cryptocurrency exchanges are gaining investors’ and traders’ attention.
To find which exchange is best for your needs, we usually recommend people to read complete information about the cryptocurrency exchange that they want from you.
Kraken Review Australia – Are The Fees Really Low?
Through this Kraken review Australia, you will find all the important points about the cryptocurrency exchange Kraken.
If you are looking to use a cryptocurrency exchange in Australia, then Kraken could be one of the best choices.
Kraken exchange is quite known for its security, dedicated team of developers, and cryptocurrency Pairs.
Key Points On Kraken Exchange
◾ Kraken exchange allows you to do cryptocurrency trading activities at quite low fees. You can trade more than 100 cryptocurrencies on Kraken.
◾ Kraken offers a special application for the advanced trader known as Kraken Pro.
It is USA-based on a cryptocurrency exchange, which is registered in countries like the USA, Japan, and Australia.
◾ Kraken offers an easy-to-use user interface. Any beginners who don’t have experience in buying cryptocurrencies can use the Kraken platform easily.
◾ Kraken offers an easy user experience to create a new account but you need to pay some deposit fees when you create an address for the first time on Kraken.
What Is Kraken Australia?
Kraken crypto exchange is one of the largest cryptocurrency exchanges co-founded by Jesse Powell and launched in 2011.
It is based out of the US and in one complete decade, they have managed to outperform their competitors.
Kraken exchange offers complete transparency about the cryptocurrency information to their clients and always ensures that their users are not at big risk.
Kraken is an altcoin exchange, which means that it not only supports Bluechip Cryptocurrencies like Ethereum and Bitcoin but other Defi tokens also.
There are a total of 100 cryptocurrency pairs and soon more will be added. Recently Kraken exchange has added 26 more cryptocurrency pairs for Australian traders against AUD or Australian Dollars.
Kraken is quite a beginner-friendly cryptocurrency exchange, that offers a complete set of tutorials and guides for new traders who want to learn about cryptocurrency trading.
Also, the user experience of their basic version of the application is quite easy to use and understand without any complexities.
Kraken Australia Supported Coins
Kraken cryptocurrency exchange supports almost every cryptocurrency and Defi token. Some of the major cryptocurrency tokens that it has listed are Ethereum, Bitcoin, Dogecoin, etc.
Kraken Australia Features
Kraken gives its user complete power to choose their cryptocurrencies and do trading as per their comfort.
Staking To Earn Interest
If any cryptocurrency user is looking to maximize their returns, they can stake their crypto tokens and fiat that might be sitting idle at your Kraken account
Once you have staked your assets, you will earn some rewards periodically and compound your earnings.
Some of the crypto tokens that you can stake are Cosmos, Cardano, Ethereum 2.0, Flow, etc.
Instantly Buy And Sell Crypto
If you are looking to use the quickest way to buy or sell crypto tokens, then you can use their feature called Buy Crypto.
This will allow you to exchange your stablecoins for crypto. Currently, this is not available for all the cryptocurrencies but major of them you can exchange.
Also, there is a facility to Place Market orders if you want to buy cryptocurrencies instantly at Market Price.
Kraken is one of the topmost cryptocurrency exchanges that has quite a huge volume for Bitcoin trades.
There are thousands of clients who sell and buy cryptocurrencies every day. All the traders are expected to get the best prices for the cryptocurrency that they purchase.
Liquidity also depends on the total fees, hence the Kraken exchange ensures that its maker fees are quite low.
Kraken offers a mobile application for both of its applications, Kraken and Kraken Pro. Traders do not need to always carry their desktop devices or laptops to conduct trading activities on the Kraken.
They can simply log in with their mobile phones and place their orders. Kraken app is available on both the devices iOS and Android devices.
Kraken Australia Fees
When it comes to trading fees, the Kraken exchange ensures that there are fewer fees charged.
This section of Kraken review Australia will discuss various fees incurred by Kraken crypto exchange
Kraken Deposit Fees
There is an Address setup fee which is a one-time fee charged to make your first deposit. Once the address is set up, you do not need to pay any fees.
For any additional deposit that you want to make, there will be some additional fees charged depending upon the crypto token.
Kraken Withdrawal Fees
When you put on-sell transactions, the Kraken exchange will charge approximately 1.5% fees.
If you are transferring from one chain to another, then there might be additional fees charged that will be dependent on the total gas fees price on a particular network.
For example, if you want to send your Ethereum tokens to another ERC-20 address, then you need to pay the gas fees as per the Ethereum network.
Kraken Trading Fees
Kraken’s primary service is to offer order matches when anyone wants to buy or sell cryptocurrencies.
Trading fees are charged whenever such an order gets executed on Kraken. If orders are canceled then there would be no fees charged.
You can also trade using leverage which is available on their advanced platform.
Kraken Pro For Advanced Traders
Advanced traders can log in to the Kraken pro account to get more advanced features. Some of the basic facilities you can avail of are advanced charting, an advanced order form, multiple indicators, and trading volumes.
Any user can select a trading pair as per their choice. Kraken Pro doesn’t charge high fees like Kraken. But the advanced traders need to go through the KYC process.
Kraken Regulation & Licensing
Kraken exchange is a USA-based cryptocurrency exchange that is compliant with all the regulatory and legal requirements of the United States of America.
FinCen has regulated Kraken. Also, the Wyoming Division of Banking has approved the Kraken platform to conduct trading activities.
All the client’s funds are kept in the client’s account only at Krakens’ Partner banks. If we talk about Australia, Kraken is registered as Bit Trade PTY limited as a Cryptocurrency Exchange.
Also, it is completely regulated and approved by the AUSTRAC. In Japan, it is registered as Payward Asia K.K, a cryptocurrency Exchange operator which is approved by FSA.
Kraken User Interface Experience
Kraken exchange offers two different trading applications based on the experience of traders.
One is the Kraken and another one is the Kraken pro. Based on your experience, you can prefer to use any of them.
The Kraken is quite suitable for beginners to experts who want to Hold their cryptocurrencies as an investment.
But for doing rigorous trading, then you should try using Kraken Pro. Kraken Pro is an advanced trading platform that you can access from both desktop and mobile phones.
The interface Experience is quite intimidating for newbie traders but it is worth learning about it.
You can find all the necessary information. Kraken has limited features like only selling or buying cryptocurrencies or other crypto tokens.
Kraken Safety And Security
As per many Kraken reviews Australia it is clear that Kraken is one of the most reliable cryptocurrency exchanges that is accessible for 58 states in the USA and 176 countries all across the globe.
Users can trade up to 72 different pairs of crypto tokens and fiat tokens. Hence Kraken exchange is the most legitimate and secured cryptocurrency exchange.
Along with this Kraken provides all the secured tools for traders to buy or sell crypto tokens.
Users can make trades without any security flaws. Also, Krake is the only exchange that didn’t get hacked to date.
Also, it ensures that all the security tools are up to date and conduct research at regular intervals to enhance the security of Kraken.
Kraken Australia Pros And Cons
Kraken is one of the most popular cryptocurrency exchanges that offer quite many advantages to beginners.
In this section of Kraken review Australia we will list out Some of the Pros and cons of the Kraken Exchange
- It uses high-security measures, which are quite safe to use.
- It charges quite reasonable fees for withdrawal and deposit.
- The User Interface is quite sleek and offers a lot of customizations to conduct trade.
- It is available in different countries all across the world that have listed more than 72 pairs.
- It is not beginner-friendly.
- It has a very small user base.
Kraken Customer Reviews And Complaints
As per various Kraken customer reviews, Kraken is one of the best cryptocurrency exchanges to use.
Also, it offers quite a high level of security measures for the users to ensure that there is no compromise on the funds.
But a lot of complaints have been registered about not responding to the user’s query.
Many customer reviews also show that it charges quite high fees compared to other cryptocurrency exchanges like Binance or Nexo and takes quite a lot of time to enlist new cryptocurrencies which leads the traders to miss the opportunity during the sudden bull run for tokens.
Kraken Contact And Customer Service
Kraken customer support is available 24/7. In case of any problem, the traders can place a request using their ticket system after which they can either call them or open a chat.
If you don’t want to use this option, then you can also send an email to the support center and they will reply to you soon
Kraken platform has hired some good customer service support people who are finance specialists.
Their team is distributed all over the world having experience of communicating in various languages.
They offer personalized solutions to all their customers when they look for support.
How To Use Kraken?
As we mentioned before in this Kraken Australia Review, Any beginners who don’t have experience in buying cryptocurrencies can use the Kraken platform easily.
Just follow the steps mentioned below to create an account on the Kraken Platform
Step 1: Open A Kraken Account
You can easily create an account on the Kraken cryptocurrency exchange by going to their official website.
Once you open their official website, you can click on the create account option, which will open a form where you would need to fill in all your details.
Once you confirm your details your account would be open.
Step 2: Verify Identity
After you open your account, you need to go under KYC or Know your customer process to ensure that you are AML compliant.
To get your identity verified you need to be of age more than 18 years and reside in supported countries.
Some of the documents you need to offer are Valid ID, Proof of Residence, Face Photo, and KYC questionnaire.
Step 3: Deposit Funds / Instant Buy
There are three different ways that you can use to deposit funds on your Kraken account. One is to use a debit/credit card and the other two are using either cash or crypto.
If you want to use a debit card you can easily use their Buy Crypto widget.
Step 4: Storage
If you want to store your crypto tokens on a different wallet, then you need to withdraw your tokens from the Kraken exchange and put the receiver address as your other wallet.
This will charge you some gas cost depending on the blockchain network that you will use.
For example, if you will be using the Ethereum blockchain, then the gas fees would be applied as per the Ethereum gas price.
Kraken Review Australia – Conclusion
Kraken offers quite good tools and resources for beginners to learn about crypto trading. If any trader is comfortable with crypto trading then they can also use its advanced feature.
Although the fees might be higher than other cryptocurrency exchanges it utilizes the best security methods that prevent your tokens from getting hacked.
If you are in Australia and would like to use a debit/credit card to buy cryptocurrencies then Kraken exchange could be one of the best choices available for you to trade cryptocurrencies.
We hope this comprehensive Kraken review Australia would help you to understand more about the Kraken cryptocurrency exchange.
Frequently Asked Questions
Kraken in Australia has implemented all the industry standards that allow the following of certain protocols and encryption features.All the users’ funds are stored in cold storage and distributed in different countries to prevent redundancy.
If you are looking to withdraw the Australian Dollar (AUD) balance then you can simply click on the withdraw button. Once you select the withdrawal option, you can choose bank transfer and fill in all the necessary information about your bank.
If you hold cryptocurrencies like Ethereum, Bitcoin, or Dogecoin, then you can stake it on the Kraken cryptocurrency exchange. And you can earn periodic interest on your holdings.
All the digital assets and fiat currencies stored on your cryptocurrency wallet are not insured against any losses.