On March 12 Kraken will launch Foreign Exchange trading across its global platform. This represents a bold step into the traditional financial space, and reflects the increasing professional development of cryptocurrency exchanges.
KRAKEN EXCHANGE PLANS STANDARD FOREX SERVICE
Kraken will offer nine trading pairs, primarily between the most popular and active fiat currencies. The pairs include USD/GBP, EUR/USD, and EUR/JPY. The fees will be competitive, and based on those of its stablecoins when traded against cryptocurrencies.
Margin trading will not be offered, although Kraken does enable it on its crypto platform. The exchange has not said if it plans to open it in the future, which is relevant as most forex traders do so on margin. Kraken says that it plans to launch more fiat pairs at a later date.
The exchange will offer the trading on its global platform, but will block the United States. It is unlikely that the U.S. ban will remain in place permanently, as Americans represent the largest share of forex traders. Although it does not appear that Kraken is offering anything unique to the forex space, its team appears to put together a solid, competitive service. Read More...