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Kraken, the world’s fourth largest digital currency exchange by volume, launched this week for U.S. users, reports CNBC. The app launched in Europe in January and has garnered 7 million customers, including many retail cryptocurrency traders. Between January and May 2021, the volume of transactions increased more than six-fold, according to CNBC, placing Kraken as the second largest fiat-to-crypto exchange in the world behind Coinbase, according to the Block Crypto data dashboard.
See: 10 Best Cryptocurrencies To Invest In For 2021Find: Major Dogecoin Price Increase: Is It Still Worth An Investment?
Now, users across the United States except New York and Washington can buy and sell over 50 types of cryptocurrency, including Bitcoin and Ethereum, from their Android or iOS mobile devices. . Users can invest as little as $ 10 with competitive trading fees, although the fees decrease the higher your trading volume.
The BuyBitcoinWorldwide website shares that the maker fee for 30-day volume under $ 50,000 is only 0.16%, and the taker fee is 0.26%. These rates gradually decrease by 0.02% for every additional $ 50,000 in transaction volume per month, until there are no fees for manufacturers trading $ 10 million or more per month and 0.10% for buyers trading at the same volume.
More: Kraken vs. Coinbase: which cryptocurrency exchange is the best? The Economy Explained: Cryptocurrency: Breaking Down the Basics
On the other hand, Coinbase stars with a base rate of 4% for all transactions, and then the fees vary depending on the payment method, according to the crypto exchanges website. Kraken also has low withdrawal fees, which vary depending on the type of token traded.
At this time, Kraken does not allow users to deposit or withdraw money by credit or debit card; you can only deposit money by wire transfer from a bank account.
See: Bitcoin Cash (BCH): The Most Important Things You Need To Know About It Discover: Kraken Review 2021: What Newbies Should Read Before Buying Bitcoin
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It is important to note that, like any crypto exchange, the money held in your Kraken account is not FDIC insured, so it is important to keep enough money for your crypto investments. Kraken also does not offer crypto wallet capabilities.
However, the platform offers another choice for US-based crypto investors, with an easy-to-use interface and plenty of coin options to trade.
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Last updated: June 4, 2021
This article originally appeared on GOBankingRates.com: Kraken’s crypto trading app debuts in the US
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