Nowadays, you can find hundreds of exchanges which facilitate cryptocurrency transactions. But do you know which exchange has been operating for the longest time?
It’s none other than Kraken! The best part is that it’s available for Pakistanis, and they can easily trade using it. Without any further ado, let’s learn more about this decade-old exchange.
What is Kraken?
Kraken is a cryptocurrency exchange that allows users to buy, sell, and trade various digital assets such as Bitcoin, Ethereum, Dogecoin, and many other cryptocurrencies.
It was founded in 2011 by Jesse Powell, with the Kraken exchange going live in September 2013.
Kraken is one of the oldest crypto exchanges known for its global reach and lack of significant controversies, making it a favourite among retail and institutional investors worldwide.
Where is Kraken Based?
Kraken is based in San Francisco, California. However, it also has offices in Japan, Great Britain, and Singapore.
Who Created Kraken?
The Kraken exchange was founded by Jesse Powell, who served as its CEO until late 2022, when he became the company’s first chairman of the board. Longtime COO Dave Ripley has since taken charge as CEO.
In the beginning, Powell allegedly decided to start the project after being hired as a consultant on the Mt. Gox crypto exchange. The Mt. Gox exchange would collapse less than six months after the launch of the Kraken exchange, with Mt. Gox being hacked in February 2014 and forced to liquidate in April 2014. There, Powell anticipated the company’s collapse and foresaw the need for an alternative after its fall.
Is Kraken Legit for Pakistanis?
The Kraken exchange is one of the oldest exchanges online, surviving without major hacks since its launch. As far as crypto exchanges go, Kraken is generally seen as one of the safer options available.
Having learned from the failures of Mt. Gox, Kraken holds 95% of its funds in cold storage. This means funds are stored offline, disconnected from the internet, and in different parts of the planet to avoid hacking and fraud.
Kraken boasts over 9 million clients, supports 190+ countries, including Pakistan, and has a quarterly trading volume exceeding $200 billion. So while it is never advised to keep your money on any exchange long-term, it doesn’t seem like Kraken is disappearing anytime soon either.
Pros and Cons of Kraken For Pakistanis
The pros of the Kraken
- Their selection of cryptocurrencies
- Generally strong security practices
- Never been a target of a hack
- Extensive support page
Having been with us for a decade, Kraken is considered among the best crypto exchanges available.
The cons of Kraken
- High fees when using the instant buy/sell buttons
- A moderate level of technical and financial literacy is required to use their cheaper but more advanced trading features.
However, should you be comfortable with more advanced trading features, then Kraken may be the exchange for you.
How Can Pakistanis Deposit Money on Kraken
According to the Kraken website, the exchange offers complete services to Pakistan. Here’s what you should do to deposit funds on the exchange.
1. Make an Account and Go to the Funding tab
- First, create an account.
- Once you’ve created an account, go to My Account in the top right corner.
- Next, from the banner at the top, click the Funding tab.
- From the Funding tab, the Deposit should be highlighted in blue on the right-hand side.
2. Deposit Currency
- Click Deposit and select US Dollar. Kraken doesn’t support PKR deposits, and Pakistanis should pay the processing fee in US dollars.
- You can now enter the amount you wish to deposit.
- Select your deposit method. Kraken supports Visa/Mastercard and Google/Apple pay deposits in this case.
If making multiple deposits over a short period, send varying amounts to avoid potential delays.
Importantly, the name on your bank account must match the name on your Kraken account.
How Can Pakistanis Short on Kraken?
Short selling is the act of borrowing assets that you believe will decline in value before the loan is due to be repaid. If you can borrow an asset that you believe will decline in value, you can sell this borrowed asset now for another that you believe will hold its value. Then, when the debt repays, you use the asset holding value to buy back the asset you borrowed but at a cheaper market price. This allows you to keep the difference as profit.
- Go to Kraken Pro Dashboard
- You must first go to the Trading tab to short-sell on the Kraken.
- Second, you’ll need to click on the small graph icon near the top right of the webpage. This will take you to the Kraken Pro Dashboard.
- Third, click the + icon under the sign-out tab in the top right.
- Select Leverage
- Select the pair you are looking to short. In this Kraken review, we’ll use the ETH/USD pair.
- To create a sell order, go to the Trading tab on the right-hand side of the screen.
- Under action, select Sell.
- Next, type the amount you want on Limit.
- Under Leverage, select the amount you are looking to borrow. Available margin trading pairs and their maximum leverage amounts can be found on the Kraken website.
- Caution, leveraging can cause liquidation – 2x leverage means you’re borrowing 100% additional assets for your trade which must be repaid. Make sure you understand this before using leveraged trading features.
Leveraging can cause liquidation – 2x leverage means you’re borrowing 100% additional assets for your trade which must be repaid. Make sure you understand this before using leveraged trading features.
- Set Sell
- Then, enter either an amount or percentage of your total ETH holdings under Funds.
- Then, set your price.
- To short sell, this price will be lower than its current market price.
- The Total tab will now tell you the total value of your position.
- Next, click Review & Sell.
- Once you have reviewed and are happy to proceed, click Confirm Sell to finalise your short-selling position on the Kraken.
- Review Order
- Finally, to review your order, you will see your sell order in the bottom right under the Orders tab.
- You will also find a Cancel button on the right side of the Order should you wish to cancel the sell order you have just created.
How can Pakistanis Withdraw from Kraken?
To withdraw from the Kraken, you first must sell your crypto into your local currency. So, let’s imagine the Dogecoin and Bitcoin we bought earlier have increased in value, and we now would like to withdraw into local currency.
Pakistanis can usually withdraw in USD since PKR is not available on Kraken currently.
- Go to Buy Crypto
- Selling your crypto into USD can be done through the Buy Crypto button at the top.
- Click Sell
- On the left-hand side, you will now see Sell. Click Sell and enter the amount you would like to sell. This is for immediate selling.
- This can be done through the Trading tab if you would like to sell at a specific price.
- On the left-hand side, you will now see Sell. Click Sell and enter the amount you would like to sell. This is for immediate selling.
- Withdraw
- Once sold into USD, to withdraw to your bank account, go to the Funding tab and find USD from the Account Balances.
- Click on the Withdraw button to the right of this currency.
- This will take you to the withdrawal page, where you can select the bank account you added earlier.
- Confirm
- After selecting your bank account from the Bank Account dropdown box, you should be able to enter an amount and see any fees included at the bottom.
- Next hit Review Withdrawal, and if happy to proceed, click Confirm.
How Long Does Kraken Verification Take?
Once you provide the verification details, it’ll take a day or two for your account to become fully verified. To get verified, attempt to buy, sell, or deposit currency on the platform, and you will be informed you need to be verified before doing so.
First, it will ask you to input your occupation – or any occupation, if you would rather keep that information private. Next, you’ll need to upload a copy of your driver’s license, passport, or CNIC. Then, you’ll need some proof of residence. This can be a utility bill, bank statement, credit card statement, or proof of residency certificate.
How can Pakistanis Buy Dogecoin on Kraken?
The quickest way to buy Dogecoin on the Kraken exchange is with your bank card.
Step 1.
To add funds to your new Kraken account, you must first add a card. The quickest way to add a card is to click Buy on the left-hand side of the Buy Crypto tab. Once you click Buy, it will prompt you to select a cryptocurrency. Pakistanis have the option to add Visa/Mastercard.
Step 2.
Once you click Dogecoin, it will take you to the Add A Card screen. Click Add A Card, enter your info, and then press Continue. Now enter the amount of Dogecoin you would like to purchase and hit Review. A confirmation screen will appear, informing you of the current conversion rate, along with a breakdown of the amount and fees.
Step 3.
If happy, press Confirm, and the transaction will complete.
How can Pakistanis Fund Kraken Accounts with USD
- To fund your Kraken exchange account with USD, sign into your account and go to the Funding tab at the top (USD should appear by default in the Account Balances section.) On the right-hand side, you will see either an up and down arrow or the words Deposit and Withdraw.
- To fund your Kraken account, we will be clicking Deposit. Next, enter the amount you would like to deposit and sign into your online banking. Now you need to set up a transfer and enter the Bank Details that Kraken has provided, along with your unique Reference number.
Kraken Pakistan Review
Review and basic information of Kraken Pakistan are as follows.
| Crypto Exchange Basics | Kraken Pakistan |
|---|---|
| Official Name | Kraken |
| Exchange Representative (Founder) | Dave Ripley |
| Headquarters Location | California |
| Kraken Pakistan Launch Date | 2011-07 |
| Number of Tradable Crypto Pairs | 967 Pairs |
| Weekly Visits | 837,236 Users |
| Overall Rating | ⭐ 4.7 / 5.0 |
The rating result at the top is the result of Coin-Labs.com's overall evaluation of Kraken Pakistan.
Kraken Pakistan was rated in seven categories: fees, diversity and quality of the services provided, security capabilities, etc.
Kraken Pakistan Fee 2024
The fees charged to you for transactions at Kraken Pakistan are as follows.
| Maker/Taker Fees | Kraken Pakistan Transaction Fees |
|---|---|
| Spot Maker Fee | 0.16% |
| Spot Taker Fee | 0.26% |
| Derivatives Maker Fee | 0.02% |
| Derivatives Taker Fee | 0.05% |
The fees shown in the table above are Kraken Pakistan transaction fees charged to a regular user.
Kraken Pakistan Trading Volume
Trading Volumes of Kraken Pakistan are as follows. (Based on CoinMarketCap 2024-10-12 14:41:21 data)
| Trading Volume Items | Kraken Pakistan Trading Volume |
|---|---|
| Daily Trading Volume (24h) | 1,407,275,706,358 KRW |
| Weekly Trading Volume (7d) | 11,462,049,809,478 KRW |
| Monthly Trading Volume (30d) | 58,161,830,932,546 KRW |
| Daily Volume Change (24h) | -13.94% |
| Weekly Volume Change (7d) | -7.04% |
| Monthly Volume Change (30d) | -14.83% |
Communicate with Kraken Pakistan
You can check exchange's messenger and SNS information in the table below.
| Types | URL |
|---|---|
| https://twitter.com/krakenfx | |
| 🎺 Messenger |
FAQs
Who founded Kraken Pakistan exchange?
Kraken Pakistan was founded in 2011 by Dave Ripley.
Where is Kraken Pakistan located?
Currently, Kraken Pakistan's headquarters is known to be located in the California.
How many cryptocurrencies are tradable on Kraken Pakistan?
If you join Kraken Pakistan, you can trade a total of 967 crypto pairs.
How much is Kraken Pakistan trading fee?
Kraken Pakistan has a spot maker fee of 0.16% and a taker fee of 0.26%. On the other hand, the maker fee for futures trading is 0.02% and the taker fee is 0.05%. Please note that these fees are for regular users, and the higher your membership level within Kraken Pakistan, the lower the fees.
How much is Kraken Pakistan trading volume 24h?
Kraken Pakistan's trading volume 24h is 1,407,275,706,358 KRW. Furthermore, the daily trading volume is showing a -13.94% change from the previous day.
How much is Kraken Pakistan weekly trading volume?
Kraken Pakistan's weekly trading volume is 11,462,049,809,478 KRW, with a total of 837,236 users. Furthermore, Kraken Pakistan's weekly trading volume is showing a change of -7.04% from the previous week.
How much is Kraken Pakistan monthly trading volume?
The monthly trading volume of Kraken Pakistan is 58,161,830,932,546 KRW. Furthermore, this month's trading volume is showing a change of -14.83% compared to the previous month.
