Kraken Bitcoin Exchange Review
I love signing up for new exchanges and going through the experience to see how exchanges are optimizing to attract the mainstream investor.
Kraken does a nice job with onboarding and I think they solve a great problem that many other exchanges suffer with, getting started.
There are obvious steps like identity verification that need to be completed BUT the primary goal is to get investors onto the main dashboard. Kraken does this extremely well.
Starting from the top this is the sign-up process for Kraken.
Step 1 (after email key verification process)
After signing up your dashboard is on XBT/EUR?
I presume they are trying to get you to click the drop down to see how many currencies Kraken facilitates.
Kraken has a great variety of currencies available. 21 to be exact.
This is HUGE for me on an exchange. There needs to be variety for investors to diversify.
Step 2 – New orders for buying and selling
New orders are smooth and intuitive to execute. If you notice at the top left you can see that Kraken provides a range of fees that they charge 0.16/0.26%.
It is fantastic that they inform right on the new order simple window. This goes with their mission of “creating an awesome experience.”
Finally on the New Order window you can see they have different views SIMPLE, INTERMEDIATE, ADVANCED. This is great to beginners to go through and learn step by step incorporating more metrics into their trading as they advance.
Step 3 – Deposit and withdraw window
This is very straightforward and investors that are to this stage will be able to easily deposit and withdraw as needed. Quality liquidity is vital to an exchange.
Step 4 – Probably the most apparent strategic move on Kraken is the Mt Gox claim window.
Mt. Gox was the biggest bitcoin exchange that went bankrupt a few years ago and crushed a lot of investors.
This is a brilliant way to bring those investors to Kraken.
I am not sure how this works and it looks as though the filing period has “passed” but this is a brilliant way to increase their users. So many investors jumped from Mt. Gox and have been looking for a place to invest.
In summary, Kraken is a great exchange focusing on the experience of the investor. I love that they have 21 different types of currencies on the exchange making it easy for investors to diversify and they have ranges of fees available in plain sight.
I am truly excited to watch Kraken grow.