US-based cryptocurrency exchange, Kraken has a new feature. It recently launched conventional based Forex trading on its crypto platform.
Kraken made this announcement on 11 March 2020, disclosing that the platform will also support nine different fiat pairs.
Beginning from March 12, 2020, at 14.30 UTC, Kraken users excluding those based in the United States will have access to the platform. They will also be able to make trades between Euros, Dollars, Japanese Yen, Pound Sterling, Canadian dollars and the Swiss Francs.
Fiat trading pairs include
• EUR/CAD
• USD/CAD
• USD/JPY
• EUR/CHF
• USD/CHF
• EUR/USD
• EUR/GBP
• EUR/JPY
• GBP/USD
This is the first record of a major cryptocurrency exchange taking a dive into the Forex industry. The exchange, for now, is not offering margin trading on its forex platform. It is trying out what can be referred to as a Minimum Viable Product (MVP). What Kraken refers to as “industry-low order minimums”. Simply put, users, for now, can only trade 10 units of base currency for each transaction.
All prices except the Japanese Yen will be displayed at five revival points. JPY, pairs will be displayed at 3 points.
This integration of forex service on Kraken exchange will provide users with special trading tools and important forex and crypto know-how. Making users “more agile and sophisticated” while trading.
More development on Kraken
The year 2020 has been a great year yet for Kraken. The exchange recently disclosed plans to expand its services to the Indian market. Follow the lifting of its crypto ban. The exchange in December last year also acquired Circle’s OTC desk. And then went on to list TRON.
For now, Forex exchange service charges will be according to the stablecoin fee schedule. It is important to however note that US users are not allowed on the exchange’s FX platform. Apart from this exclusion, users from all over the globe are welcome to try out the first-ever crypto FX platform.
