We come to the essential question: is octopus a safe exchange?
Similar to other cryptocurrency exchange platforms, Kraken is not protected from negative reviews. A simple search on octopuses on the web will reflect comments from angry users and mark octopuses as a scam. They warn against losing large amounts of money after they are said to have been “hacked”. But are things really as they seem?
In this octopus review we learn what octopus is, how it works and what offers it offers, so that we can correctly assess at the beginning whether octopus is actually something that is worth trying out or being discarded.
Kraken is a crypto exchange that was released in 2011. Kraken came into the scene and had built its own cryptocurrency platform and refined the traditional functions. While the crypto trading community is polarized through the Kraken exchange platform, some reviews from the internet agree that Kraken is by far the safest place where both beginners and experienced crypto traders can easily trade, buy, and of course sell their coins can.
San Francisco is the main exchange location for octopuses. It also has operational bases in other countries like the UK and Canada. In the 2000s it had raised an amazing amount of money. As early as 2011, $ 1.5 million was raised through seed capital. Just last year, 2019, a total of $ 100 million was raised.
Kraken’s tools are powerful; It offers a wide range of technical indicators and chart options.
The levels to which each merchant type belongs are displayed in the Octopus retail panel. It is divided into sections where beginners can easily use it. The more experienced a user is, the more advanced things can be tried. All these operators are familiar with the best that their level can offer so that they can improve and carry out their commercial activities efficiently.
Kraken’s fees are simply competitive. Trading fees are the same as for the other exchange platforms. What sets Kraken apart from the rest are its offers to large-volume dealers with the best industry rates.
Kraken has a volume-based fee schedule for traders and offers the following:
0% for large volume dealers
0.16% for manufacturers
0.26% for customers
The fee for trading stable coins varies. Manufacturers get 0.20% while customers are free from these interests, i.e. when a monthly trading volume of over $ 1 million is reached.
Margin fees vary overall. The fee for opening a position is between 0.01% and 0.02%. Rollover fees are also charged. This brings an additional 0.01% to 0.02% every 4 hours.
Kraken serves the following fiat currencies with corresponding schedules for deposits and withdrawals. These are charged by Kraken’s payment employees. These may change depending on the circumstances and without notice:
EUR – SEPA bank transfers – Deposit: Free, Withdrawals: € 0.09
USD – US Domestic Transfer – Deposits and Withdrawals: USD 5
CAD – Canadian Domestic Bank Transfer – Kraken: Free, additional bank charges: 10 USD
Electronic transfer – withdrawals: 0.25% fee with no minimum or maximum fee
The following coins are traded on the platform:
Stellar Lumen (XLM)
All of these currencies are traded on margin. Analysts and users agree that because of market capitalization’s support for the largest and most profitable cryptocurrencies, Kraken only focuses on the strongest digital assets.
Kraken adheres to the following regulatory authorities:
1. Know your customer (KYC)
2. Anti-money laundering
Therefore, retailers are required to disclose their identity and address details for verification.
The user accounts are divided into 5 levels from 0.
Levels, Kraken withdrawals and Kraken minimum deposits
Level 0 – start level, only allows browsing the platform
Level 1 – As soon as all personal data are given, a user can already start trading. However, deposits, withdrawals and trading in fiat currencies are still prohibited.
Level 2 – A full physical address is required for this level. You can withdraw up to EUR 2,000 per week or EUR 10,000 per month.
Level 3 – Benefits are increased through this level by submitting full identity details and submitting proof of address.
Level 4 – Higher and stricter review processes are used here.
Is octopus a scam?
For customers of Kraken, these special features speak of astonishing advantages. But of course it’s easy to write good things about what the crypto exchange offers. It’s not so easy to find information about what it’s really worth. In theory, everything looks good and sounds good. Almost all companies dealing with the exchange of digital or other assets always have negative valuations that are not only easy to believe, but generally raise doubts about the better valuation.
However, it would be wise to be in constant doubt. Not that you should always be pessimistic and suspicious, but you should be informed and critical of financial efforts that he or she would make. As this is the case, it is recommended that a trader who wants to get the help of octopuses look into the platform, ask for opinions, and thoroughly search the web for actual user reviews. This way traps and devastating losses are avoided.