Kraken Review for Sports Betting
Cryptocurrency for Sports Betting
What is the Kraken?
Kraken is a trading platform that will allow you to trade Altcoins in a safe and secure manner, as well as providing new ICO’s with a platform from where they can initially launch their coins. Kraken is a nice place to get some of those extremely hard to find Altcoins. They have decent exchange rates for their Bitcoin’s and are very accurate with the exchange rate for each coin.
Kraken deals strictly with crypto to crypto basis, which basically means that they do not deal with real currency or fiat currency such as USD, EUR, etc. You can not purchase cryptocurrency with your American Dollar or your common traditional money. If you want to purchase some coins on Kraken, you will need to trade other cryptocurrency.
There really isn’t much that we can say about the company's history. Normally, when we write these cryptocurrency reviews, we head to the website and simply review the information that they place in their “About” section of their website but for Kraken, the information is very limited…..and when I say limited, I mean there just isn’t anything there.
They don’t tell you when the company was founded, where it was developed, who runs the company and what they stand for. There really is no information on the website and as you will read a little bit later in this review, is a little concerning not only to me but also to the cryptocurrency trading community.
I do believe that up until this point, this is the first cryptocurrency website that I have reviewed that didn’t contain any information to provide to its users. Most of the other websites that I have been on will give you basic information and provide you with some history about the company, licensing information about where and when they were originally and currently licensed.
Getting Started with Kraken
Let’s start off by addressing something that many people don’t realize when starting out with Kraken. There is a minimum deposit set for each coin you decide to purchase. For example, if you want to invest in Ethereum, you would need to purchase X amount initially, which for some people is a shock when they realize this. We are addressing it in the beginning so you are well aware before you invest any money.
Setting up an account with Kraken is fairly simple. Anyone that can fill in some basic information can start an account with Kraken. The first thing you will need to do is prove that you are not a robot, or at least that is what they call it. You will need to provide a email address and choose a password. This is something that you should write down and store in a safe location, not on your computer. Once you setup your email and password, you will be ready to get started with trading your Bitcoin and Altcoins.
Benefits of the Kraken
One of the best benefits that we have found on Kraken is the fact that it is very easy to use and will allow you to handle a wide range of various Altcoins. They have one of the most comprehensive lists of Altcoins available in the industry and maintain one of the best inventories for Altcoins, including start-ups. There are over 350 cryptocurrencies available on CoinExchange that you can trade and more are being added daily.
Another nice benefit of trading on Kraken is their trading fees. They charge a flat fee of 0.15% on all trades, no matter what the coin is. Due to the fact that most other exchanges and trading websites charge a minimum of 0.20%, this puts Kraken as one of the more competitive exchanges as far as rate is concerned.
Negatives of the Kraken
Over the past 12 months, there have been a large amount of talk on cryptocurrency forums and chat websites that Kraken may not be exactly what it appears. There are reports among the trading community that this company is not legit and many have gone as far as saying you should not utilize their services. One of the major sticking points to these claims is the fact that they are registered completely anonymously via NameCheap, raising red flags all over the place.
Another major concern for Kraken is the fact that they have a extremely diverse range of Altcoins and many different initial offering coins. While many people enjoy getting into some of these coins on the bottom floor, it is concerning that many are going to be fraudulent in nature and therefore creating a headache down the road.
Kraken assumes no liability for fraudulent coins and this is truly concerning knowing they can not be held responsible for coins that are fraudulent. Kraken would be a much more respected company if they would do their due diligence on some of these coins to provide their clientele with some stability and confidence when purchasing these coins.
Overall Conclusions of the Kraken
This is a very tough exchange to do a review on and I won’t lie and say that many things truly concern me about this company. First and foremost, this is the only company I have did a review on, to date, that provides their clients with absolutely no company information. It appears that they are purposely refraining from releasing any information on the company, even after numerous complaints have been lodged online. It is also very concerning that the company itself is using an anonymous registration for the company info.
A user could say that Kraken anonymity is something that they enjoy and trade with them for that fact. Bitcoin was developed with the idea of anonymity but when you attempt to trade on an exchange, they make you verify your identity but at CoinExchange, there is no verification and you may remain 100% anonymous.
My overall advice if you want to use Kraken is to be careful, check your account daily and only use this company to trade your cryptocurrency. I would not recommend housing any of your funds in a hosted wallet on CoinExchange for any period of time due to the fact that if they disappear, you have no recourse and will be unable to track this company down.