The Intro to eCurrency
The Kraken. The mightiest mythological sea beast ever to live; an iconic figure, is about to be unleashed on the Internet!
Eh, not quite.
While its not the fierce denizen of lore, this Kraken promises to help you “Sail the high seas of success.” From what I have seen Kraken.com is one of the most secure eCurrency trading sites in the world. It is hard to hack a safe filled with encrypted flash drives, especially when its guarded by armed guards and the best security money can buy.
It is slightly out of the way to find, but I noticed by hovering over the “Help” tab at the top quickly leads to an emboldened “SECURITY” listing of all the previously listed features that make Kraken the secure choice for online currency trades. Plus, what is better than a bank that always has all of everyone’s money? Instead of maintaining a traditional banking business plan, Kraken earns money through exchanges between currencies, so there is never a time you can’t withdraw; how long it takes is another story entirely, but I will get to that.
Kraken lays everything out for you on the homepage, with the words “Buy, Sell, and Trade Bitcoin” in bold right before a signup/sign in page. The audience, i.e. “currency traders” gets an idea of what’s going on from here. However this gung-ho approach should be taken into context, as Kraken’s boasted security yields a double-edged sword.
Because of Kraken’s security, verification for large orders can take weeks to parse, and if your entire eCurrency portfolio happens to be on Kraken, you might be out of luck when it really matters.
Understanding the Kraken
Despite these flaws, Kraken maintains rhetoric to convince you to trade, as the stakeholders benefit from people being invested in using their website. After all, what’s more encouraging for individuals to make trades once they have invested money and opened a Kraken account. In actuality, while Kraken is a viable method for safe storage of one’s digital wealth, I personally see Kraken as a data miner’s Saturday night- that can be freely accessed by clicking on the Charts tab.
The amount of information that Kraken parses in relation to real time trades is top notch, you can easily see the spread and depth of all real time trades for whatever eCurrency you would possibly look for. Which serves its true purpose; it is designed to be the only site you will ever need to check for anything to do with any popular eCurrency. Otherwise, thankfully Kraken is relatively sparing with the visual rhetoric, saving the flare for those that scroll down past it all, where you can see several pictures of the company in generic business poses, along with graphics of their various awards and praises. There are certainly several images, however they are all pushed downward for those that don’t truly want to deal with it all. And that’s the excellence of Kraken; it is all in one place and its very straightforward.
Why You Should Choose Kraken
Kraken makes up for its snail like trades with its informative chart designs. Data is easily accessible and it’s also easy on the eyes, keeping as much white space as possible. The toolbar at the top also serves as the focal point of the Charts section- who can resist ogling an ever-counting indicator of hypothetical wealth? Granted, when you’re investing in the eCurrency market you generally either flounder when you see red or flourish at green.
Regardless, there is no beating around the bush with Kraken, what you see is what you get. A sentiment which might not always be the case at a rival eCurrency exchange that does not have Kraken’s defense mechanisms in place. Realistically, Kraken is a great place to store your money and feel comfortable about it. However at the end of the day the eCurrency market is volatile intrinsically, so it is up to the individual to decide whether or not the tradeoff of “peace of mind” is really worth the loss of speed.