Kraken, the world’s fourth largest digital currency exchange by volume, launched this week for U.S. users, CNBC reports. The app launched in Europe in January, and has garnered 7 million clients including many retail cryptocurrency traders. Between January and May 2021, trading volume increased by more than six times, CNBC says, placing Kraken as the second largest fiat-to-crypto exchange in the world behind Coinbase, according to the Block Crypto data dashboard.
Now, users across the United States, except for New York and Washington, can buy and sell more than 50 kinds of cryptocurrency, including Bitcoin and Ethereum, from their Android or iOS mobile devices. Users can invest as little as $10 with competitive fees for trading, although fees drop the higher your trading volume.
The website BuyBitcoinWorldwide shares that the maker fee for 30-day volume below $50,000 is just 0.16%, and the taker fee is 0.26%. These rates drop incrementally by 0.02% with every additional $50,000 in trading volume per month, all the way down to no fees for makers trading $10 million or more per month and 0.10% for takers trading at the same volume.
On the other hand, Coinbase stars with a base rate of 4% for all transactions, and then fees vary based on the method of payment, according to the crypto exchange’s website. Kraken also has low withdrawal fees, which vary depending on the type of token being traded.
Right now, Kraken does not permit users to deposit or withdraw money via credit or debit card; you can only deposit money via wire transfer from a bank account.
It’s important to note that, like any crypto exchanges, money held in your Kraken account is not FDIC-insured, so it’s important only to keep enough money in there for your crypto investments. Kraken also does not offer crypto wallet capabilities.
However, the platform provides another choice for U.S.-based crypto investors, with an easy-to-use interface and many coin options to trade.
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Last updated: June 4, 2021