Forex Trading for Nine Currency Pairs on Kraken Crypto Exchange Launched


Kraken a U.S. crypto-currency exchange includes conventional forex trading, and this takes place to live as from today, 12 March with nine new currency pairs.

Users around the world will be able to make direct trade between euro, U.S. dollars, Canadian dollars, Japanese yen, pound sterling, and Swiss francs on the Kraken platform, especially except residents in the United States.

The exact FX pairs are EUR/CAD, USD/CAD, USD/JPY, EUR/CHF, EUR/CHF, EUR/USD, EUR/GBP, EUR/JPY, GBP/USD. Please notice that this applies.

Leading a Fresh Step for the Industry?
Kraken is the first major crypto exchange to enter the forex market.

Different from its cryptocurrency trading service, Kraken does not offer margin trading in its forex market at launch. However, it establishes what it considers to be “industry-low order minima,” meaning traders are required to trade only 10 units of the base currency for each transaction.
Prices are displayed at five decimal points, except for JPY pairs, which are shown at 3 points.

The exchange has described its move to provide forex services as something that will allow its customers in their trading strategies to be more agile and sophisticated.

Events of Spring 2020
Lately, Kraken has confirmed its intentions to extend services to the Indian market, following a recent Supreme Court decision overturning existing limitations on banking services for crypto companies.

Besides, this month the exchange is mired in a dispute in which the United Kingdom’s Financial Conduct Authority (FCA) took part.

The body issued an alert against the exchange on its webpage, stating that it was “particularly careful to deal with this unauthorized business,” but was forced to delete the warning quickly after it became clear that the tip-off of the FCA had been related to scammers who falsely claimed to be working under it.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.