[ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH

[Dargo]

Small bug for canadian address registration... need to input postal code in all caps for some reason. That's fine but no error message specifies what exactly is wrong with the postal code, and it took me a while to figure out what was going on!

Edit:

Level 3 verification error;

Identity document: Internal error
Proof of residence: Internal error

Documents are PNG, and ~1mb each.

Thanks Sterling - I'll make a ticket about this so the devs can check it out.

[Seth Otterstad]

Why do I see the trading volume is zero?
What are your bank conversion rates for £ and USD?

Because there's still no BTC/FIAT trades?

I don't understand.  The original post says BTC/EUR is available to trade for level 2 customers.

Pairs available to trade:
BTC/EUR   
BTC/LTC
LTC/EUR


Services that appeared in Beta that are not available at launch:
USD, GBP, XRP, NMC, VEN pairs

[Dargo]

i think there are compelling reasons to have a strong EUR market. bitstamp seems to be stuck on dollars, because of liquidity concerns. but this creates unwanted fees for converting between dollar/euro with their bank.

this is a gap that kraken could fill.

Congrats Kraken! Love your name.

I am very surprised to see only EUR and not USD, what's the reason for this? (I understand you don't offer for legal reasons in US, but is not trading in USD also for legal reasons?)

On the other hand, I think it's a good idea to trade in EUR, indeed there is no successful EUR market. And bitstamp does cost money in constant USD/EUR conversion for all the Eurozone inhabitants. BTC24 proved that a EUR market can flourish.

We're working hard to complete our regulatory compliance in more areas of the globe, including most of the US. We'll offer USD once we get greater US coverage. If you're in an area where we can currently offer fiat deposits, it's possible to deposit USD to our bank account now, but it will get converted to EUR in your account and you'll have to trade in EUR (and you'll have to pay the conversion fees).

[Dargo]

I would like to open an account and I want to trade in USD/BTC and EUR/BTC. USD from a US bank account and EUR from an NL bank account. I'm just a little confused as to what to fill in in the registration form.

If I put US as country, will I still be able to use a EUR bank account for deposits/withdrawals?
If I put NL as country, will I still be able to use a US bank account for deposits/withdrawals?

Thanks!

I'm pretty sure you put your country of residency.

Will

If you choose US, you would still be able to deposit to our EUR account, but you'd have to pay a conversion fee. We won't know for sure about the converse scenario for a while yet, but I don't think it'd be a problem. Even if our US bank couldn't do the conversion, your bank might. 

[Dargo]

Why do I see the trading volume is zero?

Eventually we plan to provide some liquidity, at least for some currency pairs. But for now the liquidity will only be provided by users. So, for now, the liquidity will be low until we get more users. Traders should pick their prices and stick with limit orders. Until the volume picks up, it's best to avoid market orders since they can fill at unfavorable prices when liquidity is low. 

What are your bank conversion rates for £ and USD?

Our bank will convert to EUR for deposits, but I'm waiting to find out what the fee is. But our bank won't convert from EUR on withdrawals. Check with your bank to find out if they can convert for the deposit and convert back for the withdrawal. If they can and the rate is reasonable, that's your best option for now.

We appreciate your patience as we progressively bring our services online. Trading and account funding in other fiat currencies, including USD are coming down the pipe!

[Dargo]

I don't understand.  The original post says BTC/EUR is available to trade for level 2 customers.

Yes, BTC/EUR is available to trade. But BTC/EUR being available to trade is a different thing from there being volume in BTC/EUR. Initially volume will be low to non-existent until more users sign up and build up the market. As I said in another post, we'll be providing some liquidity for some pairs eventually, but for now it's up to users to create the market. Traders should pick their prices and stick with limit orders. Until the volume picks up, it's best to avoid market orders since they can fill at unfavorable prices when liquidity is low.

[Dargo]

Awesome!
Sent my first 1 BTC. At Tier 1 I can only trade BCT/LTC. Waiting for my account to be upgraded to Tier 3 

Cool - we'll get you Tier 3 verified ASAP. Keep in mind that it may take a bit longer here at launch than it will later. I'm not sure exactly how long, but maybe give us 5 working days then check in if you're not verified yet.   

[Dargo]

Finally!

Best of lucks, we need some serious competition.

congrats KRAKEN !!!

im so happy you have BTC/LTC, take notice GOX! take notice COINBASE!!

Thanks - we plan on being serious competition in this space. It'll be progressive though as we bring more services to more areas.

[BKM]

Any chance of adding Canadian $ to the mix? We need some serious competition up here.

[Dargo]

Any chance of adding Canadian $ to the mix? We need some serious competition up here.

Oh yes, that's in the pipe too. From what I understand, we're pretty far along in the process - but no definite ETA.

[BKM]

Any chance of adding Canadian $ to the mix? We need some serious competition up here.

Oh yes, that's in the pipe too. From what I understand, we're pretty far along in the process - but no definite ETA.

Awesome! In the meantime I'll be moving my meager LTC business over to you - whats up with 24 confirmations on LTC deposits?

[Dargo]

Any chance of adding Canadian $ to the mix? We need some serious competition up here.

Oh yes, that's in the pipe too. From what I understand, we're pretty far along in the process - but no definite ETA.

Awesome! In the meantime I'll be moving my meager LTC business over to you - whats up with 24 confirmations on LTC deposits?

What's up with it is that it's actually wrong.  

12 confirmations are required. We'll fix the verbiage ASAP.

[600watt]

finally ! great ! feels good !

[john11johng]

Is it my browser? But no market data appearing, just on 0 for all data?

[nitrous]

A while ago I mentioned keeping the trial account functionality available, is that still being considered?

[nitrous]

Is it my browser? But no market data appearing, just on 0 for all data?

It's because no one's deposited any fiat yet, so no one can trade the EUR pairs. If you look at the BTC/LTC pair, you'll notice that isn't 0. We have to wait for the banks' long wire processes before trading with fiat can begin.

[btcx]

A while ago I mentioned keeping the trial account functionality available, is that still being considered?

Yeah, we'll get the trial accounts back in action at some point but it's low on the list of priorities right now.

[nitrous]

A while ago I mentioned keeping the trial account functionality available, is that still being considered?

Yeah, we'll get the trial accounts back in action at some point but it's low on the list of priorities right now.

Ok, great I'm really pleased that you've launched this exchange with its advanced feature set, not sure why others haven't implemented the functionality that forex exchanges have had for years!

[statdude]

By what means can you buy/sell USD to cash/bank?

[nitrous]

By what means can you buy/sell USD to cash/bank?

Get verified (tiers 1 and 2 are very simple and quick to do), then do a wire or sepa transfer using the deposit page. Then you can trade with the fiat you've deposited, and then do a withdrawal.