With over 1,600 Cryptocurrencies in the open market and hundreds of exchanges to choose from, it is important to select not only the most secure exchanges but the exchanges that offer the widest selection of cryptocurrencies.
Kraken is what I like to call a fiat exchange, or your ‘main’ exchange. This is where you will be sending your money to in the first place. The intention of your main exchange is to buy either Bitcoin or Ethereum and to then use them to buy altcoins on your altcoin exchange(s).
Kraken lists only 16 cryptocurrencies which is less than 0.01% of the wide selection that we can choose from. The main reason why they limit the amount of coins they list is for security reasons. Kraken needs to adequately store and protect funds within their platform, quite often the smaller cryptocurrencies have several bugs within their wallets or coding that could potentially allow hackers access to either the wallet or a back door into Krakens website. With an average daily volume currently sitting at 160 million, Kraken is not willing to take these risks.
Kraken does support more coins that most ‘main’ exchanges do, below is a complete list of all the coins that Kraken supports:
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Stellar Lumens (XLM)
Over time this will likely increase, but I personally would rather the selection remained smaller and the focus was on security.
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