Release the Kraken to Buy Top Weiss-Rated Cryptos

We previously showed you how to open accounts and buy crypto on Coinbase and Uphold.com. But we're always on the lookout for better deals on the infrastructure and services you need to invest in cryptocurrencies.

Please keep in mind that Weiss Cryptocurrency Alert accepts no compensation whatsoever for steering readers to any crypto exchange, broker, or lending platform. (Aside from trading accounts that we may have, we have no business relationships with any we cover.)

This information on Kraken is intended for educational purposes. We hope you can use it to help determine the best way for you to trade and hold crypto assets.

Kraken is one of the oldest and most secure U.S.-based cryptocurrency exchanges. While previous exchanges we’ve spoken about have had solid security, Kraken goes the extra mile. With it, you can set up 2-Factor Authentication codes not just for login, but for funding and even trading.

And the benefits don’t stop there. Kraken charges lower trading fees than its competitors. Coinbase charges 0.5% while Uphold charges 0.5%-1.0%. But Kraken's maximum fee is just 0.26%. And goes down from there as your trade volume increases.

It currently supports 39 cryptocurrencies, and you can stake certain crypto assets on Kraken and earn 6% — which is a full percentage point above what's available on Coinbase.

Best of all, the interface is simple and user friendly. There are three verification levels with different permissions, as shown in the chart below:

The main difference between the three is which way each allows a user to fund their trades — either with crypto assets or with fiat currency.

Basic verification is the fastest way to start using Kraken. You can make crypto-to-crypto trades, as well as withdraw and deposit crypto. But there will be no fiat support.

Intermediate verification allows fiat but caps deposits at $100,000. For higher fiat deposit/withdrawal limits, you’ll need to get Pro verification.

There is, though, one potential drawback you should be aware of. One of Kraken’s greatest strengths — robust security — may also be a key weakness.

Specifically, their Know-Your-Customer requirements forced our researcher to visit his bank in person and show ID before Kraken would accept his account-opening wire-transfer.

Virtually all security measures come at the expense of convenience (and vice versa). And of course, we're very much in favor of strong security.

Nevertheless, personal appearances can be a significant obstacle — especially when COVID-19 restrictions make travel difficult.

For this reason, if you decide to trade crypto with Kraken, we would very much welcome hearing from you — about how often you had to show up in person to open and actually operate your account.

Best wishes,

Juan and Bruce

About the Contributor

Dr. Bruce Ng is a literal rocket scientist who was among the first to write about DeFi. Today he applies the same mathematics and scientific methods to the crypto space to discover the world’s most promising, and potentially most profitable, altcoins.

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