Kraken Adds Nine Major Foreign Currency Trading Pairs On Its Platform
- Kraken will support nine trading pairs of cryptocurrencies on their platform as of 12th March 1430 UTC notably excluding US-based FX traders.
- This is despite the US accounting for the largest number of FX traders globally.
Kraken announced on Twitter, they will now offer direct trades with some of the most popular fiat currencies. At exactly 1430 UTC on 12th March, they would support trades between CAD, CHF, EUR, GBP, JPY and USD on the Kraken platform.
Via the FX platform, they would launch nine of the most widely used currencies globally with prospects of adding other fiat currencies to their fold in the future. Minimum trades would have to be, if not less, than ten units of the base currency per transaction which is considerably lower compared to other Forex platforms. The decimal points are expected to be precise up to five decimal points excluding trades involving the Japanese Yen (JPY).
The trading FX pairs are namely EURCAD, USDCAD, EURCHF, EURGBP, USDCHF, EURJPY, USDJPY, EURUSD and GBPUSD being charged a flat rate regardless of whether the trade was a maker or taker aligning with how their stablecoins are performing against cryptocurrencies.
Not available to US-based clients yet
However, they were keen to highlight that they won’t be supporting margin trading yet. The trades will be available to all FX clients with an exception of US-based clients. It is yet to be seen how popular the new additions will be, considering, that the US accounts for the largest chunk of FX traders.
Kraken has built a reputation as one of the most secure exchanges, considering it has never had to endure hacks despite being operational since 2011 is likely to catapult them right to the top.
Is Forex the Way of the Future For Crypto Exchanges?
It is likely that other exchanges will follow suit in adding similar pairs. The majority of the industry leaders are aligning their protocols with regulator standards, streamlining their KYC protocols, and are showing commitment to ridding their platforms off financial crimes in a bid to become key players in the lucrative financial space.
Kraken may have come first but other exchanges will want to have a piece of the pie as they are uniquely positioned to reel in funds to the Blockchain realm. Adding more exchanges to the forex market in the US would certainly put more force on the legislature to fully recognize cryptocurrencies.