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Kraken Cryptocurrency Exchange Platform in Singapore
Kraken is one of the most established cryptocurrency exchanges in the world and is the fourth-largest cryptocurrency exchange by trading volume. With its headquarters in San Francisco, United States, Kraken is available in 176 countries and 46 states in the United States. Kraken also provides crypto prices to Bloomberg Terminal, which is a commendable feat. It is also among the most popular cryptocurrency exchange in Singapore.
Background Information about Kraken
Kraken is a cryptocurrency exchange that positions itself as being liquid and has high trading volume, minimal fees, a huge number of active traders, and good funding options. It also has various types of limits for its customers. However, that depends on the residency of the user, verification level, and the asset used for deposit or withdrawal.
Kraken was founded in 2011 by Jesse Powell. Jesse is the CEO of Kraken, who has more than 15 years of expertise in the virtual currency industry. He is also a specialist in online/international payments and fraud.
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Pros
- Safe to use, and high-security measures
- 24/7 live chat support
- Available in multiple languages
- Flexible and intuitive trading interface
- Low transaction fees
Cons
- Slow verification process of new users and pro-level accounts
- Website slows down on some occasion
- No credit/debit card deposits
Features of Kraken Cryptocurrency Exchange in Singapore
- Margin trading: This feature of Kraken is for more advanced users that include more complex trading strategies.
- Indices: With the indices feature, you can access up-to-the-second pricing data with cryptocurrency indices, powered by CF Benchmarks, and stay informed of the most current market conditions.
- Futures: With this feature, you can hedge your risks and maximize your returns when markets are volatile by buying futures contracts.
- OTC: Over-the-counter (OTC) trading is a more personalized one-to-one service that takes place off the open Kraken exchange and is available for high volume trades worth over $100K.
- Staking services: With this feature, you can earn rewards by staking cryptocurrencies and fiat for some time.
- Account management: This service is for advanced traders, where Kraken offers an exclusive additional layer of near real-time, hyper-personalized support through email, phone, SMS, and advanced ticketing.
- Cryptowatch: It is a real-time charting service that allows traders to watch their portfolios and follow the trends in cryptocurrencies and analyze markets.
How to create an account at Kraken from Singapore?
To create an account at Kraken in Singapore, you need to follow the below step-by-step process:
Step 1: Visit the official website of Kraken and click on the “Create Account” button.
Step 2: After you click on the “Create Account” button, you’ll be redirected to the sign-up page, where you have to fill in details like email address, user name, country of residence, and create a password.
Step 3: Next, you have to read and accept the terms and policy of the company, and then click the “Sign Up” button.
Step 4: You will receive an activation email from Kraken to the registered email address containing an activation key.
Step 5: Now, you have to enter your activation key on the account activation form. Alternatively, you can also complete the activation by clicking on the link received in the email.
Step 6: At last, you need to confirm your password, complete the CAPTCHA if asked, and then click the “Activate Account” button. After successful authentication of the account, you are ready to get started.
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How do I fund my account at Kraken in Singapore?
Now that you’ve successfully created your account, it’s time to fund it. First, you need to log in to your Kraken account and select the “Funding tab”. You’ll see an overview of the funding options and activity. Here, you will get the option of depositing fiat currency and/or digital assets/cryptocurrencies. To deposit funds in your account, click on the “Deposit” option for any of the assets listed and then follow the instructions.
- Fiat currency
Kraken supports funding in some fiat currencies: USD, EUR, CAD, GBP, AUD, CHF, and JPY. However, the option of fiat deposit and withdrawal will solely depend on your country of residency and verification level.
- Cryptocurrency
If you want to deposit cryptocurrency in your account, you have to select the type of cryptocurrency you want to deposit and generate an address for it. Next, you have to either scan the QR code or copy the address generated by using the select button and then input it in the location of the source funds.
Free quently asked questions
1Is Kraken Cryptocurrency Exchange Platform secured?
Kraken is a safe and secured platform and takes a comprehensive approach to protect your investments. The website is SSL encrypted, and the platform’s safe coin storage facility keeps 95% of all deposits in offline, air-gapped, geographically distributed cold storage.
2Are there any fees and limits on cryptocurrency deposits?
Yes, Kraken enforces a minimum deposit limit and levy a fee amount based on the type of cryptocurrency user by users. The platform also charges a one-time Address Setup Fee to the first deposit to a newly generated deposit address.
3How long does is it take for Kraken to settle my fiat withdrawals?
The fiat withdrawal process at Kraken is lengthy. The estimated processing times vary from 0- 5 business days; however, some delays are possible as they are outside Kraken's control. Also, the first-time withdrawals of fiat deposits will have a temporary (72 hour) withdrawal hold on the account.