Cryptocurrency exchange Kraken recently added 11 new trading pairs on its platform and expanded conversion options with USDT, Pound Sterling (GBP), and Ether (ETH).
What does the move entail?
The new conversion options will help users get reduce their trading woes. Earlier, they had to convert their crypto holdings into a fiat currency to buy another crypto. Now, they can opt for direct crypto-to-crypto conversions as well. If a user had to buy ETH, he would have liquidated his BCH coins first. However, now, if a user wants to move from BCH/ETH, he can easily do so without hassles. This will also save fees for the users and reduce trading time and headaches.
The San Francisco based exchange is also bringing the $6 trillion forex trading market to its users, making it more accessible and helping them expand their horizons and crypto portfolios. With this move, the exchange now offers 155 trading pairs, helping users diversify their portfolios and as well as trading opportunities.
Forex offering on Kraken
Kraken is also offering non-leveraged forex to its users. The exchange already has a fiat-crypto trade offering for its users. The announcement refers to a new service that allows users can utilize to trade directly between USD, JPY, GBP, EUR, CHF and CAD. Users have been trading popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple with USD, EUR, CAD, GBP, and JPY. The most recent currency to join the league was the Swiss Franc.
Kraken does not provide margin trading for its forex offering right now. To bring more diversified offerings to its users, Kraken joined the Silvergate Exchange Network (SEN), developed by Silvergate Bank. The move will help users deposit or withdraw USD via their bank accounts without paying a fee. The firm said that it plans to add more trading pairs in the future and apply its stablecoin fee schedule to the current instruments.
The exchange is trying to create an ecosystem that connects crypto and fiat trading on a single platform. It is also allowing traditional advanced options for its users like to take profit option and stop loss.