Why Kraken is the Go-To Exchange for UK Cryptocurrency Traders in 2024

According to a survey by the FCA, approximately 10% of UK adults now own cryptocurrency, and Statista projects that this figure will surge to 35.12% by 2025, reaching nearly 24 million users. As demand grows, a variety of crypto exchanges have emerged, each offering unique features. Among them, Kraken stands out for its robust security, low fees, diverse funding options, ease of use, innovative features, and responsive customer support.

As one of the leading crypto exchanges in the UK, Kraken provides an ideal solution for navigating the complexities of cryptocurrency trading. Here’s why UK traders are turning to Kraken in 2024.

Industry-Leading Security for UK Traders

Security is paramount in the crypto world, where fraud, hacks, and breaches are common risks. Kraken has built a reputation for its exceptional security practices, boasting a clean track record of zero major breaches in its 13-year history.

Kraken implements multi-layered security protocols, including advanced cold storage, proof of reserves, and strict legal compliance. It is also regulated by the UK Financial Conduct Authority (FCA), ensuring that UK users can trade with peace of mind.

From a user perspective, Kraken enhances security with two-factor authentication (2FA), email confirmations for adding withdrawal addresses, and SSL encryption for a safe browsing experience. Kraken’s ISO/IEC 27001:2013 certification further reinforces its commitment to adhering to the highest international security standards, ensuring the safety of your funds and personal information.

$200 Billion+ Quarterly Trading Volume for Effortless Swaps

Beyond security, Kraken offers deep liquidity, a critical feature for smooth trade execution. Deep liquidity allows users to buy and sell assets quickly, with minimal risk of slippage, while benefiting from favorable prices and low fees. Kraken’s high trading volume—exceeding $200 billion quarterly—ensures that orders are filled swiftly and spreads are as tight as 1 pip.

For high-volume traders and institutions, deep liquidity is essential for executing large trades without significantly affecting market prices. This enables them to scale their strategies, manage risks effectively, and capitalize on short-term opportunities.

Advanced Trading Tools for UK Users

Kraken offers over 200 cryptocurrency assets for trading, including major coins like Bitcoin, Ethereum, and Solana, as well as popular meme coins such as Dogecoin and PEPE. By providing a wide variety of assets, Kraken allows UK traders to diversify their portfolios according to their risk tolerance and financial goals.

Kraken supports both spot and futures trading, with leverage options ranging from 5x to 50x to amplify potential profits. Additionally, Kraken provides passive income opportunities through staking, allowing users to lock up assets such as BTC, SOL, ADA, and more, earning competitive APY rates with just a few clicks.

Competitive Fees with Kraken Pro

Kraken’s fee structure is transparent and competitive, particularly for active UK traders. While the instant buy and sell feature carries a 3.75% fee, users can significantly reduce costs by using Kraken Pro.

Kraken Pro features a tiered fee structure, where fees decrease as trading volume increases. For example, traders with a 30-day volume under $10,000 pay 0.25% in maker fees and 0.40% in taker fees—lower than Coinbase’s 0.40%/0.60% for the same tier. As volume increases, fees drop further; for $500,000 to $1,000,000 in volume, Kraken Pro’s fees are 0.08%/0.18%, compared to Binance’s 0.10% flat fee for the same range.

Kraken also supports GBP for deposits and withdrawals, making it easy for UK traders to move funds between crypto and fiat. Various funding options, including bank transfers, SEPA, and SWIFT, offer flexibility for users.

Around-the-Clock Customer Support

In the world of crypto, prompt and reliable customer support is essential. Kraken excels in this area, offering 24/7 multilingual support via live chat, phone, and email. Whether you have a technical issue or a trading query, Kraken’s customer service team is quick to respond and resolve issues.

Additionally, Kraken’s comprehensive Support Center is filled with resources, covering everything from platform troubleshooting to detailed guides on trading and API usage.

Why Kraken is the Best Choice for UK Traders in 2024

As the cryptocurrency market continues to evolve, Kraken offers UK traders a secure, accessible, and feature-rich platform. With its competitive fees, deep liquidity, flexible GBP funding options, and 24/7 customer support, Kraken is the ideal choice for navigating the exciting world of crypto trading in 2024.

UK traders looking to take advantage of the growing crypto market should consider signing up with Kraken for a reliable and seamless trading experience.

References:

• Cryptoassets Consumer Research 2023 (FCA)
• Cryptocurrencies in the UK (Statista)
• Kraken Security Protocols