Kraken, a well-established cryptocurrency exchange known for its security and large trading volumes, is offering a special incentive to former FTX clients. Specifically, individuals who receive their recovered funds from FTX through the Kraken platform will be eligible for trading fee credits. These credits will allow them to purchase up to $50,000 worth of cryptocurrencies without incurring any trading fees. This initiative aims to reduce the cost for these users if they choose to reinvest their recovered funds in the cryptocurrency market using Kraken.
How the Offer Works
Kraken’s offer is designed to make it easier for former FTX customers to re-enter the crypto space. The fee credits, up to $105 in Kraken trading fee credits (KFEE), are allocated based on the amount of funds a user receives from the FTX distribution. These credits become available in the user’s account shortly after the FTX payout is processed.
To make use of these credits, customers must trade on Kraken Pro, Kraken’s interface that supports spot, margin trading, and staking—all in one place. The allocated fee credits can only be used there within this platform. For more information about Kraken fee credits, users may refer to the support article on Kraken’s website.
Why Kraken?
Kraken positions itself as a reliable alternative to FTX, emphasizing several reasons why former users might choose to use their service. Kraken highlights their superior trading platform with deep liquidity, which means there are significant volumes of cryptocurrency being traded constantly allowing for trades to be executed rapidly. The exchange also boasts tight spreads, so the differences between the buying and selling prices are very small which results in better financial gains for the trader. In addition, Kraken provides 24/7 customer support via chat, phone, and email, addressing customer needs no matter the time of day or location. This level of service, paired with Kraken’s security protocols, are the reasons the company hopes former FTX clients trust their platform.
Kraken’s Story: Building Trust from the Ground Up
The foundational reason for Kraken’s existence is rooted in the cryptocurrency industry’s early history, specifically the Mt. Gox incident in 2011. Kraken’s founder Jesse Powell was actively involved in the efforts to recover from the Mt. Gox hack. The experience of seeing the lack of security standards and controls prompted him to co-found Kraken with a commitment to building an exchange known for safety, transparency, and a heightened level of professionalism. This experience left a substantial impression on the founder which continues to fuel the company’s approach to client protection. Ever since its inception, Kraken has prioritized security and client service above all else.
Kraken takes pride in consistently pioneering industry standards. As evidence of its commitment, Kraken was among the first exchanges to implement a "Proof of Reserves" process. Since 2014 Kraken has maintained this process, conducting audits to show that client account holdings are backed by real assets that are fully reserved. This approach means that user funds are kept separate from company funds, ensuring that the company has the assets needed to satisfy all users in the event of any challenges. Kraken has further exhibited its industry leadership by voluntarily providing its expertise to help recover lost funds for various victims or clients in the past. In addition to having assisted with the Mt. Gox incident in 2014, they were selected again in 2024 to support the distribution of funds to Mt. Gox’s clients.
A Look at Kraken’s Platform and Services
Beyond its founding principles, Kraken offers a comprehensive suite of services which includes spot trading, margin trading, various staking options, regulated derivatives, and index services–all within a single user-friendly environment. Users can monitor the markets and trade cryptocurrencies via the web or through the Kraken and Kraken Pro mobile apps available on both iOS and Android devices.
Kraken supports over 200 digital assets and six national currencies including the British Pound, Euro, US Dollar, Canadian Dollar, Swiss Franc, and Australian Dollar. This variety makes it a globally accessible service for a diverse international clientele. The platform has a loyal following of millions of individual traders, professional investors, and institutional clients from all parts of the world.
The commitment to providing fast, reliable, and secure trading experiences is a constant throughout their mission which seeks to empower everyone with financial freedom and inclusion through cryptocurrency. Kraken’s dedication to cultivating this experience is reflected in their world-class customer support with agents available 24/7, 365 days a year in addition to the company’s continual investments in security measures. The platform boasts deep liquidity, tight spreads, and one of the fastest trading platforms available in the market today.
Recognized for Workplace Culture
In 2024, Kraken has also distinguished itself as a desirable employer, which emphasizes the investment it makes into its own team and its work ethic culture. The company was ranked 14th in Newsweek’s Global Top 100 list of Most Loved Workplaces. Kraken was also the only crypto company to have secured placement on the list for two consecutive years, a further testament to its culture. This recognition of workplace satisfaction contributes positively to the overall stability and reliability of the exchange itself which benefits its customer base. It highlights a company culture that is people-focused and makes Kraken an attractive place to invest both as a user and as an employee.
Summary
In response to the FTX bankruptcy, Kraken is reaching out to former FTX clients by offering them the opportunity to purchase up to $50,000 worth of cryptocurrencies with fee credits, thus offering an alternative to their users. This incentive encourages users to consider Kraken as a new platform. Kraken is one of the older, more established exchanges in the crypto arena. Their focus on security, user interface, and customer service makes it a platform they hope will gain consumer confidence after the collapse of FTX. Kraken’s initiative seeks to make the transition from FTX as seamless and free as possible by supplying credits to offset all trading fees up to an allocated limit.
Frequently Asked Questions (FAQ)
Q: Who is eligible for the fee credits?
A: The fee credits are exclusively available to new Kraken clients who receive their funds from the FTX distribution via the Kraken platform.
Q: How many fee credits will I get?
A: You will receive up to $105 in Kraken fee credits (KFEE). The amount of credits received depends on the amount of funds received from the FTX distribution. The more funds received, the more fee credits you are allocated.
Q: When will the fee credits appear in my account?
A: The fee credits will be credited to your account within a few days of receiving your deposit from the FTX distribution.
Q: Where can I use the fee credits?
A: The fee credits can only be used in Kraken Pro, Kraken’s professional one-stop trading platform which supports spot, margin, and staking options.
Q: Is there a limit on the amount I can trade using the fee credits?
A: With the fee credits you receive, you can trade up to $50,000 in cryptocurrencies without paying any trading fees.
Q: How do I get started receiving my funds via Kraken?
A: Start by visiting the FTX Debtors’ customer portal at https://claims.ftx.com and select "Kraken." Once you’ve completed the necessary steps for the distribution, ensure you complete the Kraken onboarding and identity verification.
Q: What if I have other questions?
A: For more information on KFEE please visit the article on Kraken’s Support Center. You can also contact Kraken’s client support team available 24/7 via chat, phone or email.
References
- Kraken Support Center. (n.d.). Kraken fee credits (KFEE).
- Newsweek. (2024). Global Top 100 Most Loved Workplaces.