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The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital payment token (DPT) service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
1. Whether your DPT service provider is licensed by MAS to provide DPT services or not, please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. Transacting in DPTs may not be suitable for you if you are not familiar with the technology that DPT services are provided.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
Kraken is a 10-year-old San Francisco-based online cryptocurrency exchange for crypto coins such as Bitcoin, Ether, Cardano, Dogecoin. Kraken also deals with 6 fiat currencies, namely USD, EUR, JPY, GBP, CAD, AUD, CHF. You will be able to access Kraken if you're living in Singapore.
Kraken crypto exchange was founded in 2011 by CEO Jesse Powell. It is owned by parent company Payward Inc.
Kraken is cryptocurrency exchange (not an online brokerage) that allows global users to submit their buy or sell orders. Kraken then helps users match their buy-sell orders at a fee.
Given its 10-year-long history, high security (Kraken has never been hacked before), Kraken is generally suitable for both beginner and seasoned crypto investors.
One of the most commonly lauded advantage of Kraken is their high security. In the past decade that Kraken has been around, it has never been hacked. Kraken emphasises heavily on their Security Protocol and Security Labs initiatives. Users also require a two factor authentication (2FA) for logins.
Most cryptocurrency exchanges opt for a no-frills approach and do not have any customer support teams to keep costs and fees lower. However, Kraken is one of the few crypto exchanges that comes with a customer support team. While Kraken takes around 2 weeks to respond to a customer's request, reviewers have said that their requests usually gets resolved.
A Kraken Pro account has one of the cheapest fees for crypto trading at 0.16% (maker) and 0.26% (taker) for a 30-day trading volume between $0 to $50,000. To apply for a Kraken Pro account, you'll first need to be verified as an Intermediate account.
Compared to other larger crypto exchanges such as Coin Hako, Crypto.com, or even Binance, Kraken has a smaller pool of available coins that users can trade with. For savvy traders with a higher risk appetite, this comes as lost opportunity. However, some beginner users have claimed to prefer Kraken's curated approach to only list established and reliable coins.
An ongoing frustration faced by many Kraken users is the introduction of the KYC internal audit. A KYC (Know Your Client) audit serves to verify your real identity, risk appetite, and suitability for trades. Kraken users have had their accounts, funds, and portfolios frozen while the KYC audit takes place – incurring losses.
If you're a crypto beginner using a starter Kraken account, you may be faced with higher Instant Buy Fees at 1.5% per transaction (or 0.9% per. USD Stablecoins transaction).
|CHF (Swiss Franc)||Yes|
If you've just set up your Kraken account and are ready to trade cryptocurrencies, here are three ways you can fund your Kraken account – cash, cryptocurrencies (from other exchanges), or credit card.
To make a cash deposit to your Kraken account, go to the top menu bar, click on "Funding", followed by "Deposit". Click on your fiat currency of choice, followed by deposit amount, and wire method. You'll then see Kraken's bank account details, which you can copy and paste into your bank account's payee field when you set up your transfer. Do note if your transfer has been successful or not – some banks may reject cryptocurrency-related transactions.
If you've got cryptocurrencies on other exchanges, you can transfer them over to your Kraken account. However, you'll first need to get your Kraken Starter account verified. Then, go to your former exchange's "Withdraw" section, and withdraw your crypto via the right network. You'll be able to find specific withdrawal guides for most major exchanges on the Kraken support section
To add your credit card to your Kraken account, click on "Buy Crypto" on the top right hand corner of the page. Then, you'll be able to key in your choice of currency, coin, and select "Add debit and credit card". You'll then be able to complete the process with your card details and billing address.
If you're in Singapore, you'll be visiting the Kraken.com global website. Click on "Create Account" on the top right hand corner. You'll then have to key in your preferred username, email address, password, and go through the usual email activation for your account.
Before you can fund your account, you'll need to be verified. To get your Kraken account verified, login to your Kraken.com account, click on your name on the top right hand corner, followed by "Get Verified". You'll be required to provide your passport or NRIC for identification purposes.
Once you have received your verification email, you're now ready to fund your Kraken account. There are three ways to fund your account – credit card, cash bank transfer, or depositing cryptocurrencies that you already hold from other exchanges.
If you're looking to buy popular major crypto coins such as Bitcoin (BTC) or Litecoin (LTC), you will be able to find them on Kraken. To purchase, you will first need to create an account and verify your identity.
After your account has been verified, you can then fund your account via credit card, a cash bank transfer, or by depositing cryptocurrencies that you already hold from other exchanges.
Fret not, the buying process is pretty straightforward. You will be able to click "Buy", select your crypto coin of choice, and enter the amount you wish to buy. Click enter and your purchase is now complete.
Whether you're a Kraken user or not, the global Kraken website offers a free "Learn" section that comes with informative and detailed beginner to advanced guides, articles, videos, and podcasts.
Kraken offers on-chain staking for select coins – Cardano (ADA), Cosmos (ATOM), Ethereum (ETH), Flow (FLOW), Kava (KAVA), Kusama (KSM), Polkadot (DOT), Solana (SOL) and Tezos (XTZ). Unlike off-chain staking, on-chain staking makes use of proof-of-stake blockchain protocols to generate 4% to 20% 'rewards' or payouts for your staked amount. This is often used for idle balances.
Kraken comes with a 24/7 live chat customer service support that you can access via the "Support" section of the website.
Kraken has one of the most comprehensive and accessible educational articles, guides, videos, and podcasts for beginners. You can expect guides ranging from "What Is Crypto" to detailed breakdowns of every crypto coin listed on Kraken, such as Ripple (XRP).
You'll find advanced crypto articles on Kraken's "Support" section, with topics ranging from Parachain Auctions, On-Chain Staking, REST API vs WebSocket API, Margin Trading, and more.