Cryptocurrency trading has become increasingly popular, and with numerous platforms available, traders seek the best experiences for buying, selling, and managing their digital assets. One of the most well-known platforms in the crypto space is Kraken, offering both basic and advanced trading options. Kraken is user-friendly, accessible to beginners, and offers a range of cryptocurrencies for trading. However, for those who want more advanced trading features and a greater degree of control over their trades, Kraken Pro is the go-to solution.
In this guide, we will explore whether it’s possible to switch from Kraken to Kraken Pro, the differences between the two platforms, and the process involved in upgrading. We’ll also delve into the benefits and potential challenges of switching to Kraken Pro, offering key insights into why users might want to make the transition.
What is Kraken?
Before we dive into how you can switch from Kraken to Kraken Pro, let’s first review what Kraken is and its core offerings.
Kraken is a cryptocurrency exchange founded in 2011, and it has grown to become one of the most reputable platforms for trading digital assets. It provides users with the ability to buy, sell, and trade a wide variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many others. Kraken’s basic platform is designed with simplicity and ease of use in mind, making it accessible to beginners who are new to cryptocurrency trading.
The platform also offers features like spot trading, staking, and fiat-to-crypto exchanges. Kraken’s user interface (UI) is intuitive, and it supports various payment methods like bank transfers, wire transfers, and credit cards.
What is Kraken Pro?
Kraken Pro is the advanced trading platform offered by Kraken. Unlike the standard Kraken platform, Kraken Pro is designed for active and professional traders who require advanced features to optimize their trading strategies. With Kraken Pro, users gain access to an expanded set of tools that help them make informed decisions, track market trends, and execute trades more efficiently.
Some of the key features of Kraken Pro include:
Advanced Charting: Kraken Pro integrates advanced charting tools, which are critical for analyzing price movements and executing technical analysis. Users can access real-time market data and visualizations to make informed trading decisions.
Greater Control Over Orders: Kraken Pro offers advanced order types such as limit orders, stop-loss orders, and margin trading options. This gives traders more flexibility and control over the execution of their trades.
Low Fees: Kraken Pro provides lower fees compared to the standard Kraken platform. Active traders, especially those who make high-volume trades, can benefit from Kraken Pro’s fee structure, which rewards liquidity providers and users who execute larger trades.
Customizable User Interface: The platform allows users to tailor the interface to their needs, choosing from a variety of layouts, themes, and views.
Access to More Cryptocurrencies: Kraken Pro provides access to additional cryptocurrency pairs and more advanced trading options that are not available on the basic Kraken platform.
For users who are actively trading or looking to scale their cryptocurrency investments, Kraken Pro offers a more professional and customizable experience.
Can I Switch from Kraken to Kraken Pro?
The simple answer to this question is yes—users can switch from Kraken to Kraken Pro, and in fact, the process is seamless. Both Kraken and Kraken Pro are part of the same ecosystem, meaning that the accounts are linked, and there’s no need to create a new account to use Kraken Pro. If you already have a Kraken account, you automatically have access to Kraken Pro with the same login credentials.
However, there are several things to consider before making the switch. Let’s take a closer look at the process, and also some of the differences between Kraken and Kraken Pro that might influence your decision to switch.
How to Switch from Kraken to Kraken Pro
Making the switch from Kraken to Kraken Pro is relatively simple and involves the following steps:
Sign In to Your Kraken Account
First, sign in to your existing Kraken account using your username and password. If you don’t have an account yet, you will need to create one on the Kraken website. This process requires you to submit your personal details for verification, which is standard for complying with regulatory requirements.
Access Kraken Pro
Once you’ve signed into your Kraken account, you can easily access Kraken Pro. You can do this by visiting the Kraken Pro website or downloading the Kraken Pro app for mobile trading. Your existing Kraken credentials will work for both platforms.
Alternatively, if you’re already using the basic Kraken app, you can switch to Kraken Pro by simply clicking on the “Pro” option available in the app’s settings or toolbar.
Set Up Kraken Pro
After accessing Kraken Pro, you’ll be taken to the more advanced trading interface. This platform has a more complex and information-dense layout compared to the standard Kraken platform. Here’s a brief overview of how to set it up:
Customize Your Workspace: Kraken Pro offers several customizable features, such as the ability to resize chart panels, choose different chart types, and configure market data views.
Add Funds: Just like the standard Kraken platform, Kraken Pro allows you to deposit cryptocurrencies or fiat currencies. If you’ve already funded your Kraken account, your balance will automatically be reflected in Kraken Pro.
Explore Advanced Trading Features: Familiarize yourself with the advanced order types, trading pairs, and charting tools. Kraken Pro also includes margin trading options for users looking to amplify their trading strategies.
Begin Trading on Kraken Pro
Once you’ve completed your setup, you can begin trading immediately. The interface offers advanced tools like candlestick charts, order book data, and various technical indicators for more in-depth analysis. You can trade directly from the platform’s dashboard and access a broader range of cryptocurrency pairs.
Key Differences Between Kraken and Kraken Pro
While both Kraken and Kraken Pro are part of the same platform, there are notable differences that distinguish the two:
User Interface
Kraken: The standard Kraken platform is designed for beginners. The user interface is simple and intuitive, with basic options for buying, selling, and trading cryptocurrencies. It focuses on ease of use, making it accessible for newcomers.
Kraken Pro: Kraken Pro is built for professional traders, and its interface reflects that. It’s packed with advanced charting tools, real-time price data, and customizable features that allow for in-depth analysis of markets and trades. If you’re comfortable with more complex interfaces, Kraken Pro offers a richer trading experience.
Fee Structure
Kraken: Kraken has a more traditional fee structure that’s based on the size of the trade. For smaller-volume trades, fees tend to be higher compared to Kraken Pro.
Kraken Pro: Kraken Pro offers lower trading fees than the standard Kraken platform, especially for high-volume traders. Kraken Pro’s fee schedule is based on a maker-taker model, which rewards users who provide liquidity (makers) and those who take liquidity (takers).
Trading Options
Kraken: The basic Kraken platform supports essential trading options, including spot trading and buying/selling assets using fiat currency. It’s ideal for casual or occasional traders who don’t require advanced features.
Kraken Pro: Kraken Pro offers more advanced trading options, such as margin trading and advanced order types like stop-limit and trailing stops. This makes it suitable for traders who need more control over their positions and who use more sophisticated strategies.
Cryptocurrencies Available
Kraken: Kraken provides access to a broad selection of cryptocurrencies but may limit certain altcoins or trading pairs to the basic platform.
Kraken Pro: Kraken Pro supports a wider variety of cryptocurrencies, and offers more pairings, including less common altcoins and tokens, making it ideal for those who want access to niche markets.
Customer Support
Kraken: Kraken offers customer support through email, live chat, and an extensive knowledge base. Their support is user-friendly, though response times can vary depending on traffic.
Kraken Pro: While Kraken Pro shares the same customer support infrastructure as Kraken, it caters more to active traders and is designed to offer efficient support for complex queries.
Why Should I Switch from Kraken to Kraken Pro?
The decision to switch from Kraken to Kraken Pro depends on your trading needs, experience level, and goals. Here are some reasons why many users decide to upgrade:
Advanced Trading Features
If you are a more experienced trader or have learned the basics of cryptocurrency trading and want to expand your strategies, Kraken Pro provides advanced tools that allow for greater precision. You’ll have access to features like advanced charting, margin trading, and additional order types, all of which provide a more professional experience.
Lower Fees for Active Traders
For active traders who frequently execute trades, Kraken Pro offers lower fees, which can save you significant amounts over time. This is especially important for high-volume traders or those using advanced strategies.
Enhanced Control and Flexibility
Kraken Pro provides more control over your trades, offering greater flexibility in how you place orders and manage positions. For those who prefer a more tailored and customizable trading experience, Kraken Pro’s advanced order book and technical analysis features are key advantages.
Conclusion: Is Switching to Kraken Pro Right for You?
In conclusion, switching from Kraken to Kraken Pro is a simple and straightforward process. Kraken Pro offers advanced features that are well-suited for active or professional traders who require more control over their trades. It provides a robust trading interface, lower fees, and a broader selection of cryptocurrencies compared to the standard Kraken platform.
However, if you’re new to cryptocurrency trading or prefer a more basic interface, Kraken’s platform may be more suitable for your needs. Both platforms are connected to the same account, so you can explore both options without having to create a separate account.
Before making the switch, assess your trading goals and experience level. If you feel ready to dive into more complex trading, Kraken Pro might be the perfect platform for you to elevate your trading experience.
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