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Kraken Review 2023 - Features, Fees and Top Alternatives

Get insights into Kraken's features, fees, and find top alternatives in this detailed review. Discover how it works and assess its reliability.
Sumit Meghani
8 Minutes
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As the crypto world continues to evolve, it's crucial for investors and enthusiasts to stay updated on the best platforms available. In this detailed review post, we'll delve into an in-depth review of one of the leading crypto exchanges, Kraken, in 2023.

By the end of this post, you'll have a comprehensive understanding of Kraken's features, fees, and possible alternatives, enabling you to make informed decisions.

Kraken Overview

Kraken is one of the veteran names in the cryptocurrency exchange space, having been launched way back in 2011. Founded by Jesse Powell, this U.S.-based exchange has made a name for itself by focusing on high security, regulatory compliance, and a wide range of cryptocurrency assets. 

Over the years, it has built a strong reputation for reliability and integrity, attracting millions of users globally. In today's fast-paced crypto market, Kraken continues to evolve, offering a blend of old-school trustworthiness and cutting-edge features. 

Whether you're a casual investor or a seasoned trader, Kraken's platform aims to cater to your needs with its extensive services, from basic spot trading to complex futures contracts.

Key Features of Kraken

Robust Security - Kraken invests heavily in state-of-the-art security measures, making it one of the safest exchanges. It employs measures like two-factor authentication (2FA), cold storage, and encrypted data storage.

Broad Cryptocurrency Selection - In 2023, Kraken supports over 200+ cryptocurrencies, from major players like Bitcoin and Ethereum to emerging gems. This wide variety offers versatility for investors.

User-friendly Interface - For beginners and professionals alike, Kraken's platform is intuitive and easy to navigate. It also offers a mobile application for trading on-the-go.

Advanced Trading Options - For more seasoned traders, Kraken offers features like futures trading, margin trading, and over-the-counter (OTC) options.

Fee Structure on Kraken

Trading Fees - Kraken operates on a maker-taker model. The fee varies depending on the volume, starting at 0.16% for makers and 0.26% for takers. As your monthly trading volume increases, these fees decrease.

Fee Structure on Kraken

Deposit and Withdrawal Fees - While deposit fees are minimal or non-existent for most cryptocurrencies, withdrawal fees depend on the specific coin and network congestion.

Margin Trading Fees - For those leveraging Kraken's margin trading, expect a fee that varies depending on the cryptocurrency pair being traded.

How to Create Account in Kraken?

Opening an account with Kraken is a straightforward process, designed to ensure both ease of use and the utmost security for its users. Follow these step-by-step guidelines to get started:

1. Visit the Official Website - Head over to Kraken's official website. On the homepage, click on the "Create Account" button, typically located in the top right corner.

2. Enter Basic Information - You'll be prompted to enter your email address, create a username, and set a strong, unique password. Remember, a robust password often combines letters (both upper and lowercase), numbers, and special symbols.

3. Verify Email - After providing your details, Kraken will send a confirmation email to the address you provided. Click on the verification link in the email to confirm your account's creation.

4. Set Up Two-Factor Authentication (2FA) - For enhanced security, Kraken will prompt you to set up 2FA. This is a critical step as it provides an additional layer of protection for your account. You can use apps like Google Authenticator or Authy for this purpose.

5. Complete KYC Verification - Before you can begin trading, Kraken requires users to complete a Know Your Customer (KYC) verification. 

This step involves providing personal details and uploading identification documents, such as a passport or driver's license. The verification process helps ensure the platform's safety and compliance with regulatory standards.

6. Funding Your Account - Once verified, navigate to the 'Funding' tab in your account. Here, you can choose your preferred method to deposit funds, whether in fiat currency or cryptocurrencies.

7. Ready to Trade - With your account funded, you're all set to start exploring and trading on Kraken's extensive platform.

Remember, while the sign-up process is designed to be user-friendly, always ensure you’re using a secure connection and a trusted device when setting up your account, given the sensitive nature of the information involved.

Customer Support and Education

One of Kraken's most commendable aspects is its dedication to customer education. Their resource library contains a multitude of guides, video tutorials, and webinars. In case of concerns, their customer support, available 24/7, is responsive and effective.

Pros and Cons of Kraken

Like all platforms, Kraken comes with its set of strengths and weaknesses. Recognizing them can help users make an informed decision on whether it aligns with their trading and investment needs.

Pros

1. Robust Security - One of Kraken’s foremost advantages is its strong emphasis on security. Features like cold storage for funds, encrypted data, and the option of two-factor authentication make it a reliable platform.

2. Wide Cryptocurrency Selection - Kraken boasts an extensive list of supported cryptocurrencies. From mainstream coins like Bitcoin and Ethereum to emerging tokens, there's a diverse range for investors.

3. User-Friendly Interface - Whether you're a novice or a pro, Kraken’s intuitive design ensures a smooth trading experience. Their platform, including the mobile app, is designed for efficiency and ease.

4. Regulatory Compliance - As one of the few exchanges that prioritize regulatory measures, Kraken ensures it operates within legal boundaries, enhancing trust among its users.

5. Educative Resources - Kraken doesn't just offer a trading platform; they educate. With a vast collection of articles, tutorials, and webinars, users can stay informed and sharpen their trading skills.

Cons

1. Instant Buy Fees - Kraken's instant buy option comes with significant fees. Purchases for stablecoins begin at 0.9% while other cryptocurrencies stand at 1.5%. 

If using a debit or credit card, an additional 3.75% fee is charged, and 0.5% for ACH transfers. For fewer fees, consider depositing cash and waiting for clearance.

2. Geographical Restrictions - Kraken is currently unavailable for residents of New York and Washington state due to high regulatory compliance costs. This restriction isn't exclusive to Kraken; exchanges like Binance.US and Crypto.com have similar limitations.

3. Platform and App Limitations - While Kraken's platform and app cover basic functionalities efficiently, they might fall short for those seeking advanced features. 

While you can monitor cryptocurrency prices and set alerts, advanced traders might miss comprehensive charting tools and research capabilities.

Is Kraken Right for You?

Deciding on Kraken hinges on your trading needs and priorities. Consider factors like fees, especially for instant buys which are higher on Kraken. 

If you're based in New York or Washington state, Kraken's services are unavailable due to regional restrictions. While beginners might find Kraken comprehensive, seasoned traders could miss certain advanced features. 

Nonetheless, if security and educational resources rank high on your list, Kraken's robust safety measures and learning tools could make it an ideal choice. Always align the platform's offerings with your unique requirements before diving in.

Top Alternatives to Kraken

While Kraken offers an impressive suite of features, it's always beneficial to consider alternatives based on individual needs.

Coinbase - A friendly interface and strong security protocols make Coinbase an excellent choice for beginners. It offers over 210 cryptocurrencies and is known for its ease of use.

Binance - With an extensive range of supported coins and low fees, Binance remains a top competitor. It's ideal for those seeking diverse trading options.

Gemini - Prioritizing regulatory compliance and security, Gemini is a platform for those who place safety above all else.

Also Read - eToro Review

Frequently Asked Questions

Q1. What is the minimum deposit amount on Kraken?

While Kraken doesn't have a strict minimum deposit for cryptocurrencies(ACH method minimum $1), there might be minimum limits for fiat deposits, which vary based on your funding method and currency.

Q2. How does Kraken handle forked coins?

Kraken typically supports major forks, crediting users with the forked coins based on their existing holdings. However, always check Kraken's official announcements for specifics on individual forks.

Q3. Can I use Kraken for staking?

Yes, Kraken offers staking services with the Kraken Pro app for certain cryptocurrencies except ETH, allowing users to earn rewards by simply holding their coins on the platform.

Q4. How does Kraken ensure the safety of user funds?

A significant portion of Kraken's funds are stored offline in cold storage. Additionally, they use encrypted databases and offer two-factor authentication for user accounts.

Q5. Are there withdrawal limits on Kraken?

Yes, withdrawal limits on Kraken depend on the user's verification level. The more verified and compliant you are, the higher your withdrawal limit.

Q6. Is Kraken available internationally?

Kraken is accessible in many countries worldwide, with a few exceptions. Always verify availability based on your specific location on their website.

Conclusion

Choosing a crypto exchange is a significant decision, influencing the ease, safety, and success of your trading ventures. Kraken, with its extensive features, remains a top contender in 2023. However, based on specific requirements, alternatives like Coinbase, Binance, Gemini, or Bitfinex might be more suitable.

Before diving in, always ensure to conduct personal research and consult trusted resources to remain updated. Remember, the crypto landscape is dynamic, and the best decisions are informed ones.

Disclaimer

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such.

Token Metrics does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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You're tracking 50+ tokens across three exchanges, updating your rebalancing spreadsheet every weekend, and second-guessing every exit decision at 2 AM. Sound familiar? Manual crypto portfolio management isn't just exhausting—it's expensive. Between missed rebalances, execution drag, and behavioral mistakes during volatility, DIY portfolio management quietly erodes returns before you see any market gains.

The data tells the story: investors who manually manage diversified crypto portfolios typically underperform comparable automated strategies by 12-18% annually, with 60% of that gap coming from operational inefficiency rather than market timing. If you're spending 10+ hours weekly maintaining positions, those hours have a cost—and it's higher than you think.

The Hidden Costs Destroying Your Returns

Time Drain: The 500-Hour Tax

Managing a diversified crypto portfolio demands constant vigilance. For investors holding 20+ positions, the weekly time investment breaks down to approximately:

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  • Rebalancing calculations: 2-3 hours determining optimal weights and required trades
  • Order execution: 3-5 hours placing trades across multiple platforms
  • Record keeping: 1-2 hours logging transactions for tax reporting
  • Research updates: 3-5 hours staying current on project developments

That's 14-23 hours weekly, or 728-1,196 hours annually. At a conservative $50/hour opportunity cost, you're spending $36,400-$59,800 in time value maintaining your portfolio. Even if you value your time at minimum wage, that's still $10,000+ in annual "sweat equity" that automated solutions eliminate.

Execution Drag: Death by a Thousand Trades

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  • Bid-ask spreads: 0.2-0.8% depending on liquidity
  • Slippage: 0.3-1.2% on smaller cap tokens
  • Gas fees: $2-50 per transaction depending on network congestion

For a $100,000 portfolio rebalanced monthly with 40 trades per rebalance, the costs add up:

  • Average cost per trade: ~$100
  • Monthly execution drag: $4,000
  • Annual execution drag: $48,000 (48% of portfolio value)

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Automated indices solve this. TM Global 100, Token Metrics' rules-based index, consolidates 100 individual positions into a single transaction at purchase, with weekly rebalances executed through optimized smart contract batching. Users typically save 3-7% annually in execution costs alone compared to manual approaches.

Behavioral Mistakes: Your Worst Enemy Is in the Mirror

Market psychology research shows that manual portfolio managers tend to make predictable, costly mistakes:

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  • FOMO buying at peaks: Tokens up 300% in a week attract chase behavior, with managers entering after the movement is mostly over.
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Token Metrics' systematic approach removes emotion from the equation. The TM Global 100 Index follows a transparent ruleset: hold the top 100 tokens by market cap during bullish phases, shift to stablecoins during bearish cycles, and rebalance weekly—eliminating emotional override and procrastination.

Missed Rebalances: Drifting Out of Position

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Tax Reporting Nightmares

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  • High professional accounting fees ($500-2,000+)

Automated solutions like Token Metrics provide transparent transaction logs for each rebalance, simplifying tax reporting and reducing accounting costs.

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Automation Without Compromise

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Decision Framework: When to Automate

Automation suits investors who:

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Manual management may be suitable for those with fewer positions, active trading infrastructure, or tactical strategies. For most diversified portfolios, automation enhances efficiency and reduces operational errors.

The Compound Effect of Efficiency

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Conclusion: Time Back, Returns Up

Manual crypto portfolio management made sense when portfolios were small and concentrated. Today’s diversified sets require operational discipline to prevent erosion of returns due to execution drag, missed rebalances, and emotional mistakes. Token Metrics built TM Global 100 to turn research into automated, transparent execution, reclaim your time, and boost portfolio discipline—without sacrificing control.

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The biggest gains in crypto rarely come from the majors. They come from Moonshots—fast-moving tokens with breakout potential. The Moonshots API surfaces these candidates programmatically so you can rank, alert, and act inside your product. In this guide, you’ll call /v2/moonshots, display a high-signal list with TM Grade and Bullish tags, and wire it into bots, dashboards, or screeners in minutes. Start by grabbing your key at Get API Key, then Run Hello-TM and Clone a Template to ship fast.

What You’ll Build in 2 Minutes

Why This Matters

Discovery that converts. Users want more than price tickers, they want a curated, explainable list of high-potential tokens. The Moonshots API encapsulates multiple signals into a short list designed for exploration, alerts, and watchlists you can monetize.

Built for builders. The endpoint returns a consistent schema with grade, signal, and context so you can immediately sort, badge, and trigger workflows. With predictable latency and clear filters, you can scale to dashboards, mobile apps, and headless bots without reinventing the discovery pipeline.

Where to Find The Moonshots API

The cURL request for the Moonshots endpoint is displayed in the top right of the API Reference. Grab it and start tapping into the potential!

How It Works (Under the Hood)

The Moonshots endpoint aggregates a set of evidence—often combining TM Grade, signal state, and momentum/volume context—into a shortlist of breakout candidates. Each row includes a symbol, grade, signal, and timestamp, plus optional reason tags for transparency.

For UX, a common pattern is: headline list → token detail where you render TM Grade (quality), Trading Signals (timing), Support/Resistance (risk placement), Quantmetrics (risk-adjusted performance), and Price Prediction scenarios. This enables users to understand why a token was flagged and how to act with risk controls.

Polling vs webhooks. Dashboards typically poll with short-TTL caching. Alerting flows use scheduled jobs or webhooks to smooth traffic and avoid duplicates. Always make notifications idempotent.

Production Checklist

Use Cases & Patterns

Next Steps

FAQs

1) What does the Moonshots API return?

A list of breakout candidates with fields such as symbol, tm_grade, signal (often Bullish/Bearish), optional reason tags, and updated_at. Use it to drive discover tabs, alerts, and watchlists.

2) How fresh is the list? What about latency/SLOs?

The endpoint targets predictable latency and timely updates for dashboards and alerts. Use short-TTL caching and queued jobs/webhooks to avoid bursty polling.

3) How do I use Moonshots in a trading workflow?

Common stack: Moonshots for discovery, Trading Signals for timing, Support/Resistance for SL/TP, Quantmetrics for sizing, and Price Prediction for scenario context. Always backtest and paper-trade first.

4) I saw results like “+241%” and a “7.5% average return.” Are these guaranteed?

No. Any historical results are illustrative and not guarantees of future performance. Markets are risky; use risk management and testing.

5) Can I filter the Moonshots list?

Yes—pass parameters like min_grade, signal, and limit (as supported) to tailor to your audience and keep pages fast.

6) Do you provide SDKs or examples?

REST works with JavaScript and Python snippets above. Docs include quickstarts, Postman collections, and templates—start with Run Hello-TM.

7) Pricing, limits, and enterprise SLAs?

Begin free and scale up. See API plans for rate limits and enterprise options.

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Support and Resistance API: Auto-Calculate Smart Levels for Better Trades

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Most traders still draw lines by hand in TradingView. The support and resistance API from Token Metrics auto-calculates clean support and resistance levels from one request, so your dashboard, bot, or alerts can react instantly. In minutes, you’ll call /v2/resistance-support, render actionable levels for any token, and wire them into stops, targets, or notifications. Start by grabbing your key on Get API Key, then Run Hello-TM and Clone a Template to ship a production-ready feature fast.

What You’ll Build in 2 Minutes

A minimal script that fetches Support/Resistance via /v2/resistance-support for a symbol (e.g., BTC, SOL).

  • A one-liner curl to smoke-test your key.
  • A UI pattern to display nearest support, nearest resistance, level strength, and last updated time.

Next Endpoints to add

  • /v2/trading-signals (entries/exits)
  • /v2/hourly-trading-signals (intraday updates)
  • /v2/tm-grade (single-score context)
  • /v2/quantmetrics (risk/return framing)

Why This Matters

Precision beats guesswork. Hand-drawn lines are subjective and slow. The support and resistance API standardizes levels across assets and timeframes, enabling deterministic stops and take-profits your users (and bots) can trust.

Production-ready by design. A simple REST shape, predictable latency, and clear semantics let you add levels to token pages, automate SL/TP alerts, and build rule-based execution with minimal glue code.

Where to Find

Need the Support and Resistance data? The cURL request for it is in the top right of the API Reference for quick access.

👉 Keep momentum: Get API Key • Run Hello-TM • Clone a Template

How It Works (Under the Hood)

The Support/Resistance endpoint analyzes recent price structure to produce discrete levels above and below current price, along with strength indicators you can use for priority and styling. Query /v2/resistance-support?symbol=<ASSET>&timeframe=<HORIZON> to receive arrays of level objects and timestamps.

Polling vs webhooks. For dashboards, short-TTL caching and batched fetches keep pages snappy. For bots and alerts, use queued jobs or webhooks (where applicable) to avoid noisy, bursty polling—especially around market opens and major events.

Production Checklist

  • Rate limits: Respect plan caps; add client-side throttling.
  • Retries/backoff: Exponential backoff with jitter for 429/5xx; log failures.
  • Idempotency: Make alerting and order logic idempotent to prevent duplicates.
  • Caching: Memory/Redis/KV with short TTLs; pre-warm top symbols.
  • Batching: Fetch multiple assets per cycle; parallelize within rate limits.
  • Threshold logic: Add %-of-price buffers (e.g., alert at 0.3–0.5% from level).
  • Error catalog: Map common 4xx/5xx to actionable user guidance; keep request IDs.
  • Observability: Track p95/p99; measure alert precision (touch vs approach).
  • Security: Store API keys in a secrets manager; rotate regularly.

Use Cases & Patterns

  • Bot Builder (Headless): Use nearest support for stop placement and nearest resistance for profit targets. Combine with /v2/trading-signals for entries/exits and size via Quantmetrics (volatility, drawdown).
  • Dashboard Builder (Product): Add a Levels widget to token pages; badge strength (e.g., High/Med/Low) and show last touch time. Color the price region (below support, between levels, above resistance) for instant context.
  • Screener Maker (Lightweight Tools): “Close to level” sort: highlight tokens within X% of a strong level. Toggle alerts for approach vs breakout events.
  • Risk Management: Create policy rules like “no new long if price is within 0.2% of strong resistance.” Export daily level snapshots for audit/compliance.

Next Steps

  • Get API Key — generate a key and start free.
  • Run Hello-TM — verify your first successful call.
  • Clone a Template — deploy a levels panel or alerts bot today.
  • Watch the demo: Compare plans: Scale confidently with API plans.

FAQs

1) What does the Support & Resistance API return?

A JSON payload with arrays of support and resistance levels for a symbol (and optional timeframe), each with a price and strength indicator, plus an update timestamp.

2) How timely are the levels? What are the latency/SLOs?

The endpoint targets predictable latency suitable for dashboards and alerts. Use short-TTL caching for UIs, and queued jobs or webhooks for alerting to smooth traffic.

3) How do I trigger alerts or trades from levels?

Common patterns: alert when price is within X% of a level, touches a level, or breaks beyond with confirmation. Always make downstream actions idempotent and respect rate limits.

4) Can I combine levels with other endpoints?

Yes—pair with /v2/trading-signals for timing, /v2/tm-grade for quality context, and /v2/quantmetrics for risk sizing. This yields a complete decide-plan-execute loop.

5) Which timeframe should I use?

Intraday bots prefer shorter horizons; swing/position dashboards use daily or higher-timeframe levels. Offer a timeframe toggle and cache results per setting.

6) Do you provide SDKs or examples?

Use the REST snippets above (JS/Python). The docs include quickstarts, Postman collections, and templates—start with Run Hello-TM.

7) Pricing, limits, and enterprise SLAs?

Begin free and scale as you grow. See API plans for rate limits and enterprise SLA options.

Disclaimer

This content is for educational purposes only and does not constitute financial advice. Always conduct your own research before making any trading decisions.

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