As one of the leading cryptocurrency exchanges, Kraken has earned a solid reputation for its security, reliability, and diverse range of supported assets. However, as users become more experienced, many look for advanced tools to help them trade more effectively. Kraken’s basic platform offers a great starting point, but for traders looking for more robust features, an upgrade to Kraken Pro may be just what they need.
In this article, we will walk you through how to upgrade from Kraken to Kraken Pro, outlining the benefits of Kraken Pro and offering a detailed, step-by-step guide to make the process seamless. By the end, you’ll not only understand how to upgrade but also why the upgrade could be the best decision for your cryptocurrency trading strategy.
What is Kraken?
Kraken is one of the most well-established and secure cryptocurrency exchanges in the market. Founded in 2011 by Jesse Powell, Kraken offers a user-friendly interface for individuals who are just entering the world of cryptocurrency. It supports a variety of assets including Bitcoin, Ethereum, and other popular altcoins, as well as some lesser-known cryptocurrencies, providing a comprehensive platform for buying, selling, and trading digital currencies.
Kraken prides itself on several core strengths:
Security: Kraken uses industry-leading security measures, such as cold storage of assets, two-factor authentication, and encryption protocols to ensure that your funds and data are safe.
Low Fees: Compared to other exchanges, Kraken’s trading fees are quite competitive. It also provides different fee structures for regular and high-volume traders.
Variety of Coins: Kraken offers a broad selection of cryptocurrencies, making it a versatile platform for traders interested in both mainstream and niche digital assets.
Fiat Support: Kraken allows deposits in several major fiat currencies, such as USD, EUR, GBP, and JPY, enabling easier entry and exit for those new to crypto trading.
While Kraken provides a solid foundation for beginners, it may eventually feel too basic for experienced traders. That’s where Kraken Pro comes into play.
What is Kraken Pro?
Kraken Pro is Kraken’s advanced trading platform designed for users who need more sophisticated tools to execute their strategies. Unlike the basic Kraken interface, Kraken Pro offers enhanced charting tools, more granular control over orders, and reduced fees for high-volume traders.
Kraken Pro caters to both professional traders and advanced retail traders who seek:
Advanced Charting Tools: Kraken Pro offers in-depth charting capabilities, including real-time market data, historical price trends, and customizable indicators. Traders can tailor their view to match their specific trading strategy.
Order Types: Kraken Pro supports a broader range of order types such as market, limit, stop-loss, and take-profit orders. This is useful for traders looking to manage their risk and take advantage of more complex strategies.
Lower Fees: Kraken Pro uses a maker-taker fee structure, where market makers (those who provide liquidity) are rewarded with lower fees, while market takers (those who consume liquidity) pay slightly higher fees.
Depth of Market (DOM): The DOM tool provides insight into the current supply and demand for a given asset by showing all the available buy and sell orders at different price levels.
Customizable Interface: Kraken Pro’s interface is highly customizable, allowing you to move and resize modules, choose color schemes, and personalize the layout to suit your preferences.
Benefits of Upgrading to Kraken Pro
Now that we understand the key features of Kraken Pro, let’s look at the specific advantages of upgrading.
Enhanced Trading Experience
Kraken Pro is designed for traders who need access to professional-grade tools. The platform offers advanced charting software that allows you to make informed decisions based on real-time market trends and historical data. The ability to apply technical analysis directly from the platform is a significant upgrade from the basic Kraken interface.
Access to More Order Types
In cryptocurrency trading, timing and precision are critical. Kraken Pro offers a wider range of order types, including stop-loss, take-profit, and trailing stop orders, giving traders more control over their trades. These orders allow traders to set automatic triggers to buy or sell assets based on specific conditions, minimizing risks and maximizing potential returns.
Lower Trading Fees
One of the major advantages of Kraken Pro is its fee structure. The platform operates on a maker-taker model, where fees are reduced for those who add liquidity (makers) and slightly higher for those who remove liquidity (takers). High-volume traders can benefit from even lower fees, making Kraken Pro more cost-effective in the long run.
Customizable Interface
The ability to customize your trading interface is a valuable feature for anyone spending significant time trading. Kraken Pro allows you to set up your workspace exactly how you like it, whether you want to focus on market depth, price charts, or trade history. The flexibility in layout design can significantly enhance your trading efficiency.
API for Algorithmic Trading
Kraken Pro offers an API that allows for algorithmic trading. This is ideal for traders who wish to deploy bots to automatically execute trades based on predefined strategies. The API gives users the ability to program custom trading algorithms, which can operate 24/7 without the need for human intervention.
Market Insights and Depth
Kraken Pro’s Depth of Market (DOM) feature is invaluable for professional traders. It shows all available buy and sell orders for a particular asset at different price levels, offering a comprehensive view of the market’s liquidity. This allows traders to make more informed decisions, especially in volatile markets.
How to Upgrade to Kraken Pro: Step-by-Step Guide
Upgrading to Kraken Pro is a straightforward process, and you don’t need to create a new account. Kraken Pro and Kraken are essentially two versions of the same platform, with a shared wallet, user account, and trading history. Below is a detailed guide on how to make the switch:
Step 1: Ensure Your Account is Verified
Before upgrading to Kraken Pro, make sure your Kraken account is fully verified. Kraken offers several tiers of verification, from Starter to Intermediate and Pro. Each tier provides different benefits, including increased deposit and withdrawal limits. For most users, Intermediate verification is sufficient to access Kraken Pro, but higher tiers may be required for advanced features.
To verify your account:
- Log in to your Kraken account.
- Navigate to the Profile section.
- Click on Get Verified.
- Follow the on-screen instructions to complete the verification process.
Verification typically involves submitting personal identification documents, such as a passport or driver’s license, and proof of address.
Step 2: Access Kraken Pro
Once your account is verified, you can access Kraken Pro through two main methods:
Web Browser: Simply visit Kraken website and log in using your existing Kraken credentials. There’s no need to create a new account—Kraken Pro uses the same account as the regular Kraken platform.
Mobile App: Kraken offers a mobile app for Kraken Pro, which is available for both iOS and Android devices. Download the app from your device’s app store and log in with your existing Kraken credentials.
Step 3: Familiarize Yourself with the Interface
Once logged in to Kraken Pro, take some time to explore the platform. The interface may appear more complex compared to the basic Kraken platform, but it is highly intuitive once you get the hang of it. Below are some key areas to explore:
Trading Dashboard: The main dashboard gives you access to various charts, order books, and trade history. You can customize the layout by dragging and dropping different modules.
Order Types: Familiarize yourself with the different order types available on Kraken Pro. If you’re used to using simple market or limit orders, try experimenting with stop-loss or take-profit orders.
See Also: How Do I Deposit Money into Kraken Pro?
Charting Tools: The charting tools in Kraken Pro are robust and customizable. You can add indicators, draw trend lines, and analyze price patterns directly from the charts.
Step 4: Customize Your Trading Workspace
Kraken Pro allows for a high level of customization. To make the platform work best for you:
- Click on the Settings icon in the top right corner.
- Choose Custom Layout to arrange different modules like the order book, recent trades, and charts.
- Select from a variety of color schemes to suit your trading style, whether you prefer a dark theme for night trading or a light theme for daytime.
- Save your preferences so that every time you log in, Kraken Pro displays the layout you prefer.
Step 5: Start Trading on Kraken Pro
After customizing your workspace, you’re ready to start trading on Kraken Pro. Here’s how:
Choose a Trading Pair: Select the cryptocurrency pair you want to trade, such as BTC/USD or ETH/EUR.
Select the Order Type: Whether you’re placing a market, limit, or stop-loss order, choose the appropriate option from the order entry section.
Enter the Amount: Specify the amount of the cryptocurrency you want to buy or sell.
Review and Submit: Review your order to ensure all details are correct. Once you’re satisfied, click Submit.
Your order will be placed in the market, and depending on the type of order, it will execute either immediately or once certain conditions are met.
Conclusion
Upgrading from Kraken to Kraken Pro offers traders a wealth of advanced features, from enhanced charting tools to lower fees and more sophisticated order types. Kraken Pro caters to both professional traders and those looking to elevate their trading strategy with a more comprehensive platform.
The process of upgrading is simple and requires no new account creation—just log in with your existing Kraken credentials. Once you’ve accessed Kraken Pro, the platform’s customizable interface and powerful trading tools will help you trade more efficiently and effectively. Whether you’re an experienced trader or someone looking to step up your game, Kraken Pro is a worthwhile upgrade for anyone serious about cryptocurrency trading.
Take the time to explore the platform and its features, and you’ll soon see how Kraken Pro can help you achieve your trading goals with precision and flexibility.
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