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Kraken Crypto Exchange Singapore 2024
Start buying Bitcoin, Ethereum and other cryptos with Kraken exchange. Open a trading account now!
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Disclaimer
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.
What is Kraken Crypto Exchange?
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.
Who owns Kraken?
Kraken crypto exchange was founded in 2011 by CEO Jesse Powell. It is owned by parent company Payward Inc.
How does Kraken work?
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.
Who is Kraken best for?
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.
Pros and Cons of Kraken
Pros
Security
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.
Pros
Customer Support
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.
Pros
Cheap Fees
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.
Cons
Lesser Coins
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.
Cons
KYC Internal Audit
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.
Cons
High Fees
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).
List of fiat currencies supported on Kraken
| Fiat Currencies | Available? | |
|---|---|---|
| USD | Yes | |
| EUR | Yes | |
| CAD | Yes | |
| JPY | Yes | |
| GBP | Yes | |
| CHF (Swiss Franc) | Yes | |
| AUD | Yes | |
| SGD | No |
Kraken Fees (Beginner or starter accounts)
Trading Fee
1.5% for crypto or FX, 0.9% fee for stablecoins
Payment Card Processing Fee
3.75% + €0.25
Digital Wallet Payments Processing Fee
3.75% + €0.25
Online Banking/ACH Processing Fee
0.5%
Deposit
If you're in Singapore, USD deposits are mostly free except SWIFT Silvergate Bank which comes with US$10 fee, SWIFT Bank Frick at US$3. For EUR, all are free except SWIFT Bank Frick with a €3 fee. CAD SWIFT Bank Frick comes with a $3 CAD fee. AUD deposits are free. GBP SWIFT Bank Frick comes with a £3 fee. Swiss franc deposits come with a 0.75 CHF fee. JPY deposits are free.
Cash Withdrawal Fee
If you're living in Singapore and are looking to withdraw cash from your Kraken account, the cash withdrawal fees vary across the different currencies. USD cash withdrawals range from US$4 to US$35. EUR cash withdrawals range from €5 to €35. GBP cash withdrawals range from £13 to £35. CAD cash withdrawals range from $13 CAD to $35 CAD. Swiss franc cash withdrawals range from 1 CHF to 35 CHF. AUD cash withdrawals cost AU$35. JPY cash withdrawals cost US$35 equivalent in JPY.
How do I fund my Kraken account?
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.
Bank Transfer
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.
Cryptocurrencies
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
Credit Card
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.
Steps to open a Kraken account
Step 1
Create Account
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.
Step 2
Verify 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.
Step 3
Fund
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.
How do I withdraw money from Kraken account?
Bought some coins or transferred some crypto to your Kraken account? If you're ready to withdraw your coins as fiat currency from your Kraken account, here's how you can do it. Login to your Kraken account, click on "Funding" from the top menu bar, followed by "Withdraw". You'll be required to choose the cryptocurrency you want to withdraw, followed by your type of wire withdrawal. From there onwards, you'll be able to add a new bank account (that's registered under your name). Once that's done, you'll need to make a detour. Go to the main Kraken homepage again, select "Funding", "Withdrawal", your cryptocurrency of choice, and select the bank account you've just added. If you're having trouble with the withdrawal process, check that you have an account set up with the wire service (e.g. Etana or Bank Frick), and that your bank is 'approved' by them. Kraken users from all over the world have shared on Reddit that they've run into several obstacles while trying to withdraw their fiat currencies from Kraken.
How to buy Bitcoin, Ethereum, Litecoin etc. on Kraken?
Create & Verify Account
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.
Fund
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.
Buy Cryptocurrency
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.
Additional Kraken Features
Education
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.
Staking
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.
Support
Kraken comes with a 24/7 live chat customer service support that you can access via the "Support" section of the website.
Is it safe to use Kraken Exchange?
Kraken is globally deemed one of the safest cryptocurrency exchanges. Users often praise its security features, and 2FA (two factor authentication) logins. Although the Kraken platform has never been hacked before, global Kraken users have taken to Reddit – in the past year – to share that their Kraken accounts have been hacked via other means in the likes of their personal email, cookies, etc.
How long does it take for account to be verified?
If you've just created and submitted your Intermediate Kraken account for verification, the estimated automated verification time (for countries outside the US) takes 2 to 7 days. However, if your application requires manual review, or if there's a high volume of new accounts being created, you account verification may be further delayed.
Crypto Educational Resources
Kraken Learn
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).
Support
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.
Kraken Customer Support
There are three ways you can get in touch with Kraken's Customer Support team – via a live chat function (click on "Chat" on the bottom right corner of the Kraken website), call the US-based hotline at +1 855 777 7603 from Mondays to Fridays, 6am - 6pm EST, or by submitting a ticket request via the Kraken website's "Contact Support" section.
Frequently Asked Questions
Is there a Kraken coin?
- Unlike cryptocurrency exchanges such as Binance and Crypto.com with their own utility tokens, BNB and CRO, Kraken does not have its native Kraken coin or token.
Which is better – Kraken vs Coinbase?
- Users have praised Kraken for its lower fees, better security, a more accessible customer support team (they're even active on Reddit), and overall interface. However, some considerations that Coinbase users have against Kraken include the relatively limited number of cryptocurrencies available, and its deposit and withdrawal fees. Together with Binance, Gemini, and Coinbase, Kraken is considered one of the leading global cryptocurrency exchange at the moment.
How long does it take for funds to be available in my Kraken account?
- Depending on the bank that you're using, your funds deposit may either be instant or take up to 5 business days to show up on your Kraken account. If you're making your first cash deposit into your Kraken account, do note that you will not be able to withdraw your funds for the first 72 hours.
Has Kraken been hacked before?
- It's commonly known throughout the global cryptocurrency industry that Kraken takes it security culture very seriously and, therefore, has never had a site wide hack before. Employees who work at Kraken have to abide by strict cybersecurity measures, and Kraken has a Bug Bounty Program where users can get Bitcoins for finding security bugs.
Is Kraken a good crypto exchange?
- Kraken is generally considered a good online cryptocurrency exchange globally, known for its reliability, high security, relatively lower fees, user-friendly interface, prompt customer support, and a good track record historically for the past decade its been running.
Can I buy crypto with credit card on Kraken?
- Yes, you can buy cryptocurrency with your Visa or MasterCard credit cards on Kraken. However, credit card purchases come with a 1.5% Instant Buy fees on Kraken – which is still relatively lower to other exchanges such as. 3.5% on Crypto.com.