Kraken The Largest Bitcoin Exchange

Cryptocurrencies have become widely embraced by investors, traders, and other industry players around the world. With the remarkable surge in the emerging digital currencies, the launch of trading markets is also on the rise. Comparable to a stock exchange operations, these cryptocurrency exchanges assist the buying and selling of digital coins by both small time and large investors.

Operating on the lines of a stock exchange that processes stock trading, Kraken is a cryptocurrency exchange where market enthusiasts can trade several cryptocurrencies. The users are permitted to buy or sell their assets utilizing various fiat currencies, that include U.S. dollars, Canadian dollars, euros, and the Japanese yen.

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Kraken is a US-based cryptocurrency trading market operating in Canada, the EU, Japan and the US, and considered as the world’s largest bitcoin exchange in euro volume and liquidity. Kraken added Ethereum dark pool trading in June 2016, for large bitcoin clients. This trading platform was founded in the year 2011, and it formally launched the exchange operations in 2013. The company is owned by Payward Inc. and is directed by CEO and co-founder Jesse Powell. It renders the smooth flow of money to and from the linked bank accounts of the shareholder, and the movement of cryptocoins to and from the participant’s digital wallets from Kraken-linked trading accounts.

The Rising Popularity

Several factors have become values and contribution to Kraken as a trading target of choice for a diversified cryptocurrency market participants since its launching.

As the crypto-mania began changing the world around 2014, Kraken, together with Coinbase exchange, was chosen to provide the market data of Bitcoin trading to the Bloomberg terminal. Acquiring association with the leading market data provider supported Kraken increase popularity among the trader society. Bloomberg clients were then capable of accessing digital currency prices, charts, news, and social media posts by suitable Bloomberg services and terminals.

Shortly after, Kraken associated with the worldwide leader in the chart-service provider, TradingView. It proceeded to add more cryptocurrencies to its trading platform and authorized funding and trading in many fiat currencies like the USD, GBP, and JPY.

The Advantage Of Kraken

Kraken provides a feature-rich trading system for individual cryptocurrency traders as well as large trading groups. It has several account types that meet the requirements of all kinds of traders and investors.

With its excellent order system and trading tools that accommodate a diversity of stop loss and profit-taking system types, support and margin-based trading, automated policy trading, and a huge pool of cryptocurrencies to exchange in, Kraken stands among the leaders in cryptocurrency exchanges.

Security and Reliability

Kraken is presumably one of the most reliable online cryptocurrency exchanges globally. The outcome of the Mt. Gox issue, Kraken was the first company to build a cryptographically authenticated proof of reserves which clarifies that the market holds 100% of customer reserves, as it should. They keep the majority of funds offline in cold storage. Their servers are retained in protected facilities with armed guards, retina scanners, and top-notch video monitoring.

The company has two-factor authentication, PGP encryption for email communication and a global setting lock, which blocks any account changes within a specified period.

So far, Kraken hasn’t been hacked, but there were instances where careless users got their accounts hacked because of the absence of 2fa security.

Conclusion

Despite challenges, Kraken continues amongst the most exceptional and modern digital currency trading platforms. While it is not surprising to see even stabilized stock exchanges get caught by obstacles, the decentralized and anonymous ecosystem of cryptocurrencies advances trading them very challenging.

Although cryptocurrencies mostly persist outside of the range of government control, trading exchanges and marketplaces will require to equate regulations inflicted by real-world regulators and the unknown, uncontrolled judgment mechanism of the multiple digital currencies.