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Kraken Crypto Exchange Review Australia 2021

Welcome to our Kraken review. If you’re looking for one of the best crypto exchanges, you might as well start here. This is because Kraken makes crypto trading something that anybody can enjoy.

Our Kraken crypto review found that this site gives you a fast and secure way to trade XBT, ETH, XRP and much more. The Kraken crypto exchange is actually one of the world’s oldest Bitcoin trading sites and is a trustworthy option. So if all of this sounds good to you, then keep reading the best Kraken review Australia has to offer!

kraken review australia
Pros & Cons of Kraken
  • Easy way to trade top cryptocurrencies
  • Long-running and trusted crypto exchange
  • Friendly customer support on live chat
  • Fully regulated in Australia
  • Trading fees can add up

Security, Usability, Look & Feel - Positive findings in our Kraken crypto review

Our Kraken crypto review found that this was a user-friendly and safe exchange. Much of this is because it’s one of the longest-running and largest crypto exchanges. Need proof? Since Kraken started operations in 2011, it has regularly started posting trading volumes of well over $178 million.

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We should also let you know that Kraken has never been the victim of any major hacking attempts. Its website features a range of different security features you can use to keep your account safe. These include the likes of two-factor authentication, a global settings lock and  API security. There are also other advanced features like the Security Shield and the YubiKey. This is a USB device you can put in your computer and it will generate a special passcode.

We found it very easy to carry out this Kraken crypto review. This is because the website is nicely designed with a stylish white and purple colour scheme, and a crisp and professional look. Site navigation has been made reasonably intuitive, and page loading times were as we’d expect. Don’t forget that Kraken has also taken the time to create some excellent trading apps for iOS and Android mobile devices.

How To Trade – Quick and easy trading at Kraken

It’s easy to trade cryptocurrencies at Kraken. The first thing that you will need to do is to register a Kraken account. You won’t need to use any kind of Kraken referral code to do this. All that you have to do is to provide some personal information like your email address. Once you’ve done this, you’ll just need to create a username and password. All of this can be done by simply clicking on the Create Account link at the top of the homepage. The whole signing up process took only a couple of minutes for the basic steps.

Then it’s a matter of verifying your identity. You’ll need to provide valid ID and proof of residence to deposit in Australian dollars. However, you might just have to provide your date of birth, telephone number and country of residence to buy Bitcoin with other cryptos. Basically, the further levels of verification that you provide, the more you can do at Kraken. There are three levels of verification that run from starter to intermediate and pro.

Once you have successfully verified your account you’ll be ready to make your deposits. If you want to deposit a cryptocurrency, you just have to create a deposit address and send the funds to that address. You’ll be given a number of different options for depositing with a FIAT currency like Australian dollars. Most people in Australia will simply deposit with a bank transfer. It’s free to make these deposits and they can be done from a minimum of $5 at a time. Remember that it might take up to two working days for the money to show up in your account.

Finally, you’ll be ready to start buying cryptos like Bitcoin. Just head over to the Kraken Prices area and enter in how much of which individual cryptocurrency you’d like to buy. Don’t forget that this site hosts a range of other financial services with the Kraken futures feature being particularly noteworthy.

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Payments - Deposit in FIAT and cryptos

You can deposit via a FIAT currency like Australian dollars at Kraken. But many people will choose to make deposits with a cryptocurrency. Bear in mind that the Kraken minimum deposit for Bitcoin currently is 0.0001 XBT. All of these deposits should show up instantly in your account. The fees for making a crypto deposit are usually free, although you might have to pay a small amount for some small cryptocurrencies like Aave and Aragon.

Our Kraken review found that there are minor fees for making crypto withdrawals. The Kraken withdrawal fees for Bitcoin are 0.00015 XBT, and there’s a full list of the other Kraken withdrawal fees in the support section. Just so you know you can withdraw Bitcoin from a minimum of 0.00050 at a time.

Kraken does operate deposit and withdrawal limits. The Kraken withdrawal limit will vary according to factors like your verification level. But most customers should be able to withdraw anywhere up to a value of $5,000 per day to begin with.

Customer Service - Get help 24/7 at Kraken

We were glad to find that Kraken operates a friendly and professional customer service team that is available 24/7. There’s a handy live chat icon in the bottom-right of the brand’s homepage. Clicking on this brought up a live chat box, and we were instantly chatting with a customer support agent called Kai.

Sadly there didn’t appear to be any kind of customer support options for either email or a telephone hotline. However, we should note that Kraken is pretty busy on its Facebook and Twitter social media channels. Either of these could be a good way to chase up any queries.

But it is Kraken’s comprehensive support section on its website that really impressed us. This wasn’t just a couple of vague FAQs, but instead a massive resource of useful and accurate information. If you are new to Kraken ‘How to trade?’ is probably going to be one of your first questions. But all of this is covered in the FAQ and a series of helpful blog articles.

License & Security - Fully regulated in Australia

The Kraken crypto exchange has a customer support article that discusses how the brand is licensed and regulated. By reading this Kraken review Australian crypto users will see that the site registered as a digital currency exchange. This means that there aren’t any Kraken scams as  the brand is regulated by the Australian Transaction Reports and Analysis Centre. So is Kraken safe? Our Kraken review found plenty of evidence to believe so.

The Kraken site is packed full of security features that are designed to keep you and your money safe. You’ll get email confirmations for withdrawals alongside a global-setting account lock. There will be constant real-time monitoring on the site for any suspicious activity. The website features secure SSL encryption so that you can safely browse.

All of this has been created by the Kraken security team who understand what kind of safety crypto users are looking for. The fact that nearly all deposits are held in air-gapped cold storage should give you some idea of the financial safety of this site.

How To Trade – Quick and easy trading at Kraken

It’s easy to trade cryptocurrencies at Kraken. The first thing that you will need to do is to register a Kraken account. You won’t need to use any kind of Kraken referral code to do this. All that you have to do is to provide some personal information like your email address. Once you’ve done this, you’ll just need to create a username and password. All of this can be done by simply clicking on the Create Account link at the top of the homepage. The whole signing up process took only a couple of minutes for the basic steps.

Then it’s a matter of verifying your identity. You’ll need to provide valid ID and proof of residence to deposit in Australian dollars. However, you might just have to provide your date of birth, telephone number and country of residence to buy Bitcoin with other cryptos. Basically, the further levels of verification that you provide, the more you can do at Kraken. There are three levels of verification that run from starter to intermediate and pro.

Once you have successfully verified your account you’ll be ready to make your deposits. If you want to deposit a cryptocurrency, you just have to create a deposit address and send the funds to that address. You’ll be given a number of different options for depositing with a FIAT currency like Australian dollars. Most people in Australia will simply deposit with a bank transfer. It’s free to make these deposits and they can be done from a minimum of $5 at a time. Remember that it might take up to two working days for the money to show up in your account.

Finally, you’ll be ready to start buying cryptos like Bitcoin. Just head over to the Kraken Prices area and enter in how much of which individual cryptocurrency you’d like to buy. Don’t forget that this site hosts a range of other financial services with the Kraken futures feature being particularly noteworthy.

Kraken Crypto

Cryptocurrencies - What can be found at the Kraken crypto exchange?

The Kraken crypto exchange allows you to trade all of the biggest cryptocurrencies. Our Kraken exchange review found that this site currently allows you to buy and sell 54 different cryptos.

Anybody reading our Kraken crypto exchange review will be unsurprised to find that this includes Bitcoin. But this site is much more than yet another one of those basic Bitcoin exchanges. You’ll find easy ways to trade many more cryptos like Ethereum, Tether, Ripple, Litecoin and Monero at the Kraken crypto exchange.

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What’s really impressive is how the Kraken crypto trading options feature cryptocurrencies that you simply won’t find elsewhere. Want to trade in Kusama, Melon or Storj? Our Kraken review found easy ways to buy and sell all of the above and more.

The Kraken cryptocurrency exchange presented you with an easy way to see the price and the percentage value change over the past 24 hours. Our Kraken review appreciated that there were simple tabs for buying and selling, and the whole service felt sleek and professional. By reading this Kraken Australia review, you’ll be glad to know that you can buy cryptocurrencies with Australian dollars as a Kraken Australia customer.

Fees - What we found in our Kraken exchange review

We can’t really have a Kraken crypto review without taking a look at the brand’s fees. Our Kraken crypto review found that the fees for making deposits and withdrawals in standard FIAT currencies will be set by the provider. Kraken is actually nicely transparent about all of its fees which is something that can’t be said for other exchanges. You’ll find a full rundown of the Kraken fees in the brand’s Support area.

In terms of Kraken trading fees, these are fairly competitive and range between 0% and 0.26%. These Kraken trading fees will be charged once your order has been executed. Just so you know, there are no fees for staking, storing funds or even account inactivity. All of these fees are roughly what you should expect to find from most major crypto exchanges. But be sure to see what trading fees we discovered in our Binance review for a good comparison.

Jurisdictions and Limits - Limits found in our Kraken review

Kraken is a US-based Bitcoin exchange that launched in 2011. However, our Kraken review found that this crypto exchange has grown to become a truly multinational brand. The best thing is that our Kraken Australia review discovered that the company has just opened an office in Sydney, Australia.

This means that as of June 2020, Australian customers can legally sign up to the Kraken crypto exchange. Our Kraken Australia review also found that it is perfectly legal for you to make a Kraken deposit from Australia and trade in Australian dollars.

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As Kraken is one of the longest-running crypto exchanges, it’s not surprising to find that it operates globally. Kraken is fully registered as a Money Services Business in Canada and the US. Plus the brand is a registered Crypto Asset Exchange Operator in Japan. See how this compares with what we found in our Coinbase review.

Overall Conclusion - World leading crypto exchange

It’s hard to think of any negatives about the Kraken crypto exchange. Everything about this brand felt legit, trustworthy and secure. The whole Kraken site was professionally designed, and we loved how clear the brand was in explaining how you could trade cryptocurrencies.

Kraken is a great option for any Australians who want to get started in buying Bitcoin. The brand is regulated in Australia and accepts payments in Australian dollars. The verification procedure for buying cryptos is reasonably straightforward and you could make your first Bitcoin purchase with the minimum of fuss.

Other plus points include a friendly and responsive customer support that’s available 24/7, and there are a range of cool features that give you a chance to trade futures and indices. Obviously there are some costs involved for doing all of this, but these fees are roughly in line with what you’d get at other crypto exchanges. All of which means that we’d definitely recommend that you sign up to Kraken.

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