What are /r/Kraken's favorite Products & Services?

From 3.5 billion Reddit comments

We are thrilled to be able to bring new features to our US clients. Don't forget we are still working on opening the doors to our Kraken Bank. This will be a game changer for our US based clients.

Let me know if there's anything I can do for you.

Best,

Sana from Kraken 🐙

Hi u/magpietribe,

Thank you for asking!

There will be Kraken Fee + Digital Wallet Payments Processing Fee when you use the Google Pay or Apple Pay option.

You can find the Fee Schedule here for more information.

Please let us know if you have any questions.

Best,

Sam from Kraken

The new app looks great. It doesn't look like they've updated their fees page though - I see Kraken Pro, but not the Kraken app. Are the fees the same?

(Side comment: It seems ridiculous that Coinbase changes lower fees if you use their Coinbase Pro app. The fees should be the same, so users can simply choose their preferred interface.)

Our values are of utmost importance to us at Kraken. Day-in and day-out, we strive to bring crypto to the masses the RIGHT way. From having a work/life balance in the fast-paced world of crypto, to working with a remote a and diverse team... We strive to maintain transparency and real communications with Krakenites (what we call Kraken team members).
Check out all our open roles at https://www.kraken.com/en-us/careers

📣BITCOIN ANNOUNCEMENT 📣

One of Bitcoin’s biggest upgrades of all time is just around the corner, but few understand its potential impact.
In Kraken Intelligence’s latest report, “Taproot Primer: An Upgrade For The Ages,” our team breaks down each of the three Bitcoin Improvement Proposals (BIPs) included in the Taproot upgrade and explains the transaction efficiency and user privacy benefits the upgrade will bring to the Bitcoin protocol.
Check out the BLOG post for more details, if anyone has any questions feel free to post below.
Kraken Support Team 🐙

Hi u/lestnas 👋

We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), called Kraken Bank.
Headquartered in Cheyenne, Wyoming, Kraken Bank is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.

For more updates on this front make sure you subscribe to our Kraken Bank updates.

- Pluto from Kraken 🐙

Hey u/occasionalreddit0r 👋🏻,

I am glad you are finding it useful.

We really aim at providing high quality, educational content. You will find much more on our Kraken Learn Platform.

Don't forget to subscribe to our Intelligence reports too 😉

Happy Krakening,

Val from Kraken.

Hello u/Zoiks23,

Thanks for reaching out!

When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction.

Each block is found at a different rate depending on the blockchain.
For example, on the Bitcoin blockchain, a block is mined on average every 10 minutes, and Kraken only credits Bitcoin deposits to a client’s account after 4 confirmations, which takes approximately 40 minutes.
However, sometimes it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation). This is outside of Kraken's control.

A great thing about blockchain is that it is publicly available information and you can find the specific transaction and track it in real time!

Please check out this article on Finding deposit/withdrawal blockchain transaction ID or hash

To learn more about Bitcoin, please check out this guide.

Best,

Sam from Kraken

You could pull it from the API and save it in a spreadsheet.

This page may be of help: https://www.kraken.com/features/api#public-market-data

1. Go to https://www.kraken.com/ether

2. Upload your wallet

3. Enter your password

4. Enter the amount - You should try it with a small amount first to see if it works as expected.

5. Open a new tab and go to https://www.kraken.com/u/funding/deposit?asset=XETH

6. Choose Ether (ICAP) and click on Generate new address at the bottom.

7. Copy the appearing account id (looks like "ENIUM3RY0") and paste that into the last step of the sweep tool. Click "Deposit to Kraken" - Done.

The intention is that you should "Lock your account settings with the global settings lock" https://support.kraken.com/hc/en-us/articles/201396877-What-is-the-Global-Settings-Lock-

If you'd like to report a security issue, please use: https://www.kraken.com/security/bug-bounty

For this issue, you could describe step-by-step how a user would use our current security page to secure their account incorrectly. Add a specific suggestion for how this should be remedied. For example, there may be a point in the process where the user should be warned that they should enable the global settings lock.

Thanks for your help!

Hey u/conanmack,

Are you sure you're checking the chart for Kraken's USDC/USD trading pair? Charts for other exchanges will show different data. Please make sure you're checking the chart on our trading terminal or Cryptowatch.

It's also possible that you are mixing up the USDC/USD and USDC/USDT pairs. For instance, maybe you have a limit buy order for the USDC/USD pair but you're viewing the USDC/USDT chart?

I do see that since January 11th, the price reached $0.9999 on the USDC/USD pair very shortly on two occasions, but it has not gone below that. It has, however, gone below that on the USDC/USDT pair.

- Luna from Kraken 🐙

Hey u/chiamalogio,

That is an excellent question, thank you for asking!

At Kraken, we don’t just let you trade cutting-edge digital assets, we’re working to maximally leverage the transparency of the open-source blockchains on which they operate.
Our regular Proof of Reserves audits make it easy for clients to verify the balances they hold are backed by real assets, all with just a few easy clicks in their account.
An advanced cryptographic accounting procedure conducted semi-annually by trusted auditors, Proof of Reserves lets you verify that Kraken is meeting rigorous standards for accountability and exceeding the transparency offered by legacy financial firms.

A Proof of Reserves (PoR) is an independent audit conducted by a third party which seeks to ensure that a custodian holds the assets it claims to on behalf of its clients.

This auditor takes an anonymized snapshot of all balances held and aggregates them into a Merkle tree — a privacy-friendly data structure that encapsulates all client balances.
From there, the auditor obtains a Merkle root: a cryptographic fingerprint that uniquely identifies the combination of these balances at the time when the snapshot was created.

The auditor then collects digital signatures produced by Kraken, which prove ownership over the on-chain addresses with publicly verifiable balances. Lastly, the auditor compares and verifies that these balances exceed or match the client balances represented in the Merkle tree, and therefore that the client assets are held on a full-reserve basis.

Customer data is kept private in the audit and Armanino will be posting a copy of the audit to its website.

Hope that answers your question.

Cordially,
Jimbo from Kraken
🐙

Hi u/therealsteronOG,

If you're talking about trading one cash currency (GBP for example) for another then yes! We do support this. You can read more about that here. However, please keep in mind that this is not available to US residents.

As for the fees for this type of trade, you can refer to our fee schedule. The tab that says 'Stablecoin & FX pairs' are the fees incurred for FX trades.

I hope that answers your questions, but if it doesn't, feel free to let me know!

- Luna from Kraken 🐙

Hey u/LiamCodd,

Just to cut it but it seems you may be referring to a Kraken visa debit card. As you are probably aware we are setting Kraken Bank up at the moment and creating a debit card is a part of phase 2 of development, timings on this is yet to be determined but may I suggest you sign up to our newsletter for any updates.

Also here is an outline of some of the other features that the Bank will have on offer.

Hope that helped

Summer from Kraken 🐙

Hello u/nikiu,

Thank you for reaching out to us. Too answer your question no you don't have to download the whole blockchain. Here you can find more information on the subject.

Feel free to reach out to us if you need anything else.

Best,
Kiki from Kraken Support 🐙

Hi u/speerribs

Thanks for reaching out and sorry for any inconvenience caused.

Please note that security is our number one priority and we have a number of security features in place that help keep your account secure.

We'd be happy to follow up with our account security team regarding your request. Please provide us with your support ticket number here and we'll get back to you.

Kylie from Kraken.

🐙

Hi u/-ae_- 👋

Thanks for your kind feedback.

We are planning a phased launch in 2021, we’ll roll out to existing U.S. Kraken clients first and will provide more information as it becomes available. Please subscribe for updates about Kraken Bank to stay up to date with all the announcements.

Have a great day,
- Pluto from Kraken 🐙

Hey u/mreed911 👋🏻,

The fees are the same as for card purchases. 💳

You can read more in our Blog announcement as well as in our Fee schedule.

​

I hope that helps,

Val from Kraken 🐙

Hi u/Chocholategirl 🍫,

I perfectly well understand what you mean.

Currently, we don't have such a feature, but the good news are, we are working on a solution that will meet your needs 🤐It shall become available with one of our future releases, so please make sure to install all the latest updates for both our App and your phone firmware 🤓

As we are on the topic, have you heard of cryptowat.ch 👀It's another service of ours, a trading terminal that can be connected to a bunch of exchanges, including your favorite one, Kraken 🐙

It comes with a Net Value Time Series (NVTS) graph, that shows your portfolio’s performance over time. I personally luv it.

Happy 2022,

Val the Krakenite 🐙

Hi again u/tittywagon,

It's very difficult to say with 100% certainty as I don’t know the exact time - if you tell me the time of these charts, we can view the trade history via the API and confirm whether or not these charts are representative of the trades that took place.

However for now, these charts look right to me.

It’s important to note that the chart will only update when an actual trade has taken place. This means that on really low time frame charts on Cryptowatch these kind of candles aren’t unusual. When comparing the binance and kraken charts we should note that these are independent markets. Please remember that “we do not set the price of any assets. Each participant decides at which price to sell and buy. Therefore, prices change at different rates and times in the various marketplaces and exchanges.”

You can view the binance:btc-usdt market on Cryptowatch and they should match better.

Hope you find this info useful!

Wishing you a great week,

Dave from Kraken

Hey u/tittywagon 👋🏻,

It could be that 0ms as a throttle response is too heavy for your machine. It's the same for my personal laptop. Please try with 1000ms instead and see how it goes.

Alternatively, you could also give the Cryptowatch Desktop App a try. If you're already a fan of our web-based version, there's a high chance you'll like the Desktop one even moar 🤓

Let me know how it goes,

Val from Kraken 🐙

Hello u/CitizenJosh,

Thanks for asking.

Profit/Loss can be viewed in the positions tab for spot trades on margin, for spot orders we do not display PnL so you have to calculate it manually.

You can also use Cryptowatch for the Net Value Time Series feature. You may sign up for a CryptoWatch account and input your API, and it'll give you a better Portfolio overview.

Hope this helps, but let us know if you have any questions.

Best,

Kraken

That's an excellent suggestion coinsmash1!

Cryptowatch is a Kraken-owned premium trading terminal that also includes portfolio management across multiple exchange accounts.

Best,

Sam from Kraken

Hi u/Justing_Biber 👋🏻,

Such an interesting question to ask! I have also been wondering in the past, so let me clarify:

The intermediate trade order form lets you set your preference for the currency in which your trading fees are determined if the order is filled. But it won't necessarily give you your choice, for example, if you set it to a currency in which you have zero balance.

If you're wondering what fee your order incurred, you can always head to the History Tab, where you'll find your orders Ledger. Click on the ID and you will see what was the fee for the order and in what currency.

I hope that helps. Let me know if you have any other questions,

Val from Kraken 🐙

Working within the legacy banking system is quickly becoming quite onerous. Any updates on when the Kraken Bank product will be launching?

I've been subscribed to the mailing list for months now but I haven't been a single update.

https://www.kraken.com/bank

Hi u/MintFlavoredAppleJam 👋🏻,

How about you subscribe to our Kraken Intelligence Newsletter then? 👀

There's the option to also get all our new blog posts sent to your email.

Happy newslettering,

Val from Kraken.

Hello u/ErouanDm,

Thank you for your interest!

For your inquiry, Kraken Bank will be launched by the end of 2021.

In the meantime, you can sign up for email updates on new developments and review a list of frequently asked questions here.

Stay tuned and follow us on social media for more updates!

Best,

Orange from Kraken

Staking Risks.
The currency may lose it’s liquidity & value. The Crypto market is volatile, holding onto funds in staking is generally considered a longterm strategy.
We go into detail on our legal page here:
https://www.kraken.com/en-us/legal/
Annex C & down. > Scroll further down to 6. Risks

Hope this helps

Summer from Kraken 🐙

📣Shiden Wins The Third Kusama Parachain Slot Auction @ Kraken 🐙

We are excited to announce that Shiden secured the third parachain slot on Kusama – Congratulations!
Shiden (SDN) – A smart contract platform for decentralized applications (dapps) on the Kusama network. Shiden is built to support “layer 2” solutions, which refers to secondary frameworks built on top of existing blockchains that improve upon a network’s scalability and transaction speeds.
For more details check this out 👉This blog post..
Summer from Kraken 🐙

Hi u/Shortcelsunite2,

Good of you to reach out mate.

So, these are two different columns, one for card payments and the other for online banking (ACH). They are not the same, so you will only pay one. Since you're from Canada, you will be charged the 3.75% + €0.25 + Kraken Fee

(----> Kraken fee is 0.9% for any stablecoins or 1.5% for any other crypto or FX pair.)

Hope this clears it up a bit for ya!

Dave from Kraken

It is due to launch 2021, when exactly that is is yet to be confirmed but please sign up for our newsletter for updates - https://www.kraken.com/bank

Summer from Kraken 🐙

Hi u/xqpcy,

Thank you for your interest in Kraken Bank.

At this time, we don't have any news to share.

Please check https://www.kraken.com/bank for more information.

Best,

Sam from Kraken

Hi u/twenty-ten,

Service availability is based on your geographic location which would have been verified via KYC process.

We do not recommend falsifying such information as residence address when providing verification documents.

https://www.kraken.com/en-us/legal/

Thank you for your understanding.

Best,

Sam from Kraken

Hi u/tazemebro,

You are correct, ACH is not available to residents in New York, Texas or Washington. We don't have any news on whether or not this feature will become available to these states as of now. If anything changes it would be announced on our blog.kraken.com.

Don't forget that we are working on opening the doors to our Kraken Bank. This may be something to look forward to!

Let me know if there's anything else I can do to assist you.

Best,

Sana from Kraken 🐙

Hi u/beasmile,

We regret to hear about the high fees on your ETH deposits.

As with most exchanges, funds sent to deposit addresses are moved to cold storage and hot wallets. Withdrawals are handled by the hot wallet and not the deposit address; the sending address for withdrawals will be different than the deposit address.As stated on the deposit page, ETH deposit will encounter a fee to move the fund into Kraken's wallet.

The fee is used to pay miners(Kraken does not receive these fees) to sweep the funds to our hot wallet by a contract which requires more gas than a standard transaction.

Usually the fee to sweep funds is quite small however due to the recent traffic surge on Ethereum network, it has increased significantly.

Thank you for your understanding.

Best,

Sam from Kraken

Hi u/JosieLlama,

We regret to hear about the high fees on your deposits.

As with most exchanges, funds sent to deposit addresses are moved to cold storage and hot wallets. Withdrawals are handled by the hot wallet and not the deposit address; the sending address for withdrawals will be different than the deposit address.

As stated on the deposit page, ETH deposit will encounter a fee to move the fund into Kraken's wallet. The fee is used to pay miners to sweep the funds to our hot wallet by a contract which requires more gas than a standard transaction. Usually the fee to sweep funds is quite small however due to the recent traffic surge on Ethereum network, it has increased significantly.

Thank you for your understanding.

Best,

Sam from Kraken

Hi u/simsimulation,

Thank you for reaching out!

We regularly announce new trade pair listings on our blog as well as email newsletter.

You can also check out our Crypto Guides articles to learn more about the new coins/tokens.

Best,

Sam from Kraken

Thanks for reaching out.

We understand the frustration felt by the community about the ACH delays.

If you visit the Fee schedule page, you will notice the section that mentions this:

Online Banking purchases via ACH are currently limited to a small percentage of clients, we will soon be making it available to all US residents.

This feature is currently at live test phase and will be available to rest of our US clients in the upcoming weeks.

Best,

Summer from Kraken

Hello u/Ahdilable,

Thank you for reaching out!

Have you submitted a support ticket regarding this issue?If you have not already done so, please fill out the form here and submit.

Once the ticket is created, our funding specialists can look into the case and reach out to you with an update.

If you have a ticket number, please use this ticket escalation request form to escalate your ticket:

www.kraken.com/escalate-your-ticket

Best,

Sam from Kraken

Hey lano1106,

Thanks for reaching out.

We are glad to hear that you like our API.

Can you please explain what do you mean by saying that data is ugly since the beginning of September?

Below, see the replies to your questions:

1. The volume appears to be lower across the exchanges.
2. Thank you for the suggestion. I have forwarded that to the relevant department.

Please note that we have four Fee schedules: Trading fees, Stablecoin fees, FX fees, Dark Pool fees and Margin Trading fees.

Stablecoin fee schedule applies to FX pairs (EUR/USD) and where a stablecoin is the base currency (USDT/USD, DAI/USDT, etc.). If the stablecoin is the quote currency only (XBT/DAI), the trading fee schedule applies.

Hope this explanation is helpful. Please let us know if you have any further questions and keep an eye on our blog for any announcements.

Best,

Jeff from Kraken.

Hello CalmSundae,

Please note that our trading fees have been stable for lots of time. Crypto withdrawal fees can change without notice and may not always be current. However, they only have been lowered during the last years.

May I kindly ask you which fees got higher?

Thank you.

I determined that https://www.kraken.com serves a different webpage based on the clients' IP address. I can successfully load the homepage and login into Kraken with my usual account, if I connect to Kraken via a web proxy. However, my home IP address (Italy, 82.51.81.60) cannot login into Kraken with the same user account.

The security options you choose are up to your discretion, and we recommend the use of 2FA for your login.

The best way to lock down your account is the Global Settings Lock feature. When this feature is turned on, no changes can be made to the account whatsoever (incl. funding, trading, account info, etc.), and it will require your Master Key to be turned off again. Make sure that you have a valid Master Key when you turn on the settings lock, as you will otherwise be effectively shutting down the account for an extended period of time (default is 3 days, but you can tweak these settings).

Speaking personally, I use the 2FA for my login, and have a Master Key set which I use in conjunction with the Global Settings Lock for extra peace of mind. Unfortunately, we don't have SMS key generation at this time, but I'll make sure to pass your idea along to our team.

Read more about our security features here:

https://www.kraken.com/help/faq#security

and please feel free to open a support ticket if you would like more personalized information:

http://support.kraken.com

When placing a BUY order for XBT/XDG, the website offers a drop-down menu where you can select the amount of XDG to spend (instead of the amount of XBT to buy). So you can create an order for as little volume as 0.01 XDG by spending XDG instead of buying XBT.

To achieve this with the API you can use the oflags argument:

viqc = volume in quote currency

Check out the Private User Trading section of our API documentation for more info:

https://www.kraken.com/help/api#private-user-trading

Kraken App Adds Apple Pay and Google Pay Integration

We are excited to announce that Kraken now supports Apple Pay and Google Pay in the Kraken App.
At Kraken we are committed to continually offering faster, easier and more convenient ways for our clients to buy crypto.
The Kraken App (available in the Apple App Store or Google Play Store) will automatically connect with your existing Apple Pay or Google Pay account. From there, purchasing crypto can be completed in three simple steps.
1. In the Kraken app, select the ‘Buy’ crypto button and choose your preferred cryptocurrency (or select the ‘Buy’ button while on an individual token page).

1. Enter the amount of crypto you wish to purchase and use the ‘Pay With’ option to select Apple Pay or Google pay.

2. Review and confirm your purchase

Please note that there is a minimum purchase amount of $10 and a maximum purchase limit of $7,500 during a seven-day rolling period.
With the addition of Apple Pay and Google Pay, we take yet another step forward making it easier to make crypto part of your daily experience. Happy trading!
-Team Kraken