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Kraken Review 2023: The Top Reasons to Use Kraken Exchange for Your Crypto Trading Needs


Kraken exchange, a leading cryptocurrency exchange, has gained a reputation as a reliable and secure platform for buying, selling, and trading a variety of crypto for relatively low fees. Founded in 2011, Kraken is one of the oldest still active crypto exchanges in the world. The San Francisco-based company has become a go-to destination for crypto enthusiasts around the world, not the least in the United States and Europe.

This trading platform is known for its wide range of supported assets, focus on security, and educational resources for new traders. In addition to standard trading functionality, Kraken also offers margin trading and over-the-counter (OTC) trading for larger transactions, making it a versatile choice for traders of all levels. Overall, Kraken is a reliable and secure platform for buying, selling, and trading a variety of crypto, including Bitcoin, Ethereum and over 200 altcoins.

Over 200 Supported Crypto On Kraken Exchange


One of the standout features of the Kraken exchange is its wide range of supported cryptocurrencies. In addition to the more well-known options like Bitcoin ($BTC) and Ethereum ($ETH), Kraken also supports a variety of altcoins and stablecoins. This means that new traders on the platform have a wide range of assets to choose from, which can be especially beneficial for those looking to diversify their portfolio.

For example, a new trader may want to consider buying some Bitcoin as a long-term investment. They could also add some stablecoins like $USDC or Tether ($USDT) to their portfolio for on-chain liquidity in case they spot something they want to buy. Alternatively, a trader might choose to explore some of the more niche altcoins on the platform, such as Cardano ($ADA) or Cosmos Network ($ATOM), which have their own unique features and potential for growth. In total, there are over 200 different crypto available on the Kraken Exchange today.

This flexibility can help new traders to find the assets that work best for them, and potentially maximize their returns in the long run. So, it can be a great platform for beginners of crypto interested in trading on Kraken.

How to Get Started With Kraken Trading


To get started Kraken trading, you will need to follow these steps:

Sign up for an account: To create a Kraken account, visit the Kraken website and click on the "Sign Up" button. Follow the prompts to enter your personal information and create a login name and password.

Verify your identity: To comply with regulatory requirements and ensure the security of your account, you will need to verify your identity by providing certain personal information and documentation. This can include a government-issued ID, proof of address, and other documentation.

Fund your account: To start trading, you will need to deposit funds into your Kraken account. You can do this by clicking on the "Funding" tab and selecting the currency and payment method you want to use. Kraken supports a wide range of fiats and cryptos.

Place your first trade on Kraken: Once your account is funded, you can start trading by selecting the currency pair you want to trade and placing an order using the Kraken trading interface. You can choose between different order types, such as market orders, limit orders, and stop orders, depending on your trading strategy.

How to Deposit Money on Kraken Exchange


To deposit money into your Kraken account, follow these steps:

• Log in to your Kraken account and click on the "Funding" tab.

• Select the currency and payment method you want to use to deposit money. Kraken supports a wide range of fiats and cryptocurrencies, as well as various payment methods such as bank transfers, credit cards, and cryptocurrency transfers.

• Follow the prompts to enter the details of your deposit, including the amount you want to deposit and any required information for your chosen payment method.

• Review and confirm the details of your deposit, and then submit the request.

• Once the deposit is processed and completed, the money will be credited to your Kraken account, and you can start trading.

Binance Payment Methods


Kraken offers a wide range of payment methods for depositing funds into your account. These include:

Bank transfers: Users can deposit funds into their Kraken account via bank transfer using a variety of methods, including SEPA (Single Euro Payments Area) for European users and wire transfer for users in other regions.

Credit and debit cards: Users can deposit funds into their Kraken account using credit and debit cards, including Visa, Mastercard, and American Express.

Cryptocurrency transfers: Users can deposit cryptocurrency directly into their Kraken account by sending it from another wallet or exchange. Kraken supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Other payment methods: Kraken may also offer other payment methods in certain regions, such as Interac e-transfer for users in Canada.

How to Withdraw Money From Kraken


To withdraw funds from your Kraken account, follow these steps:

• Log in to your Kraken account and click on the "Funding" tab.

• Select the currency and payment method you want to use to withdraw funds. Kraken supports a wide range of fiats and cryptocurrency, as well as various payment methods such as bank transfers, credit cards, and cryptocurrency transfers.

• Follow the prompts to enter the details of your withdrawal, including the amount you want to withdraw and any required information for your chosen payment method.

• Review and confirm the details of your withdrawal, and then submit the request.

• Once the withdrawal is processed and completed, the funds will be transferred to your chosen payment method, and you will be able to access them.

• Again, it's important to note that withdrawal times and fees can vary depending on the payment method you are using. Some methods may take longer to process than others, and fees may be applicable for certain payment methods. Be sure to check the Kraken website for the most up-to-date information on withdrawal times and fees.

Kraken KYC Process (Know-Your-Customer)



Kraken has a Know Your Customer (KYC) program in place to comply with regulatory requirements and prevent illegal activities such as money laundering and terrorist financing.

As part of its KYC program, Kraken requires users to provide certain personal information and documentation in order to verify their identity. This can include things like a government-issued ID, proof of address, and other documentation.

To complete the KYC process, users will need to follow the prompts on the Kraken website and submit the required documentation. The process is typically straightforward and can be completed online.

The KYC process may vary depending on the location of the user and other factors. Some users may be required to provide additional documentation or undergo additional verification steps.

The Kraken KYC process is designed to help protect users and ensure the security and integrity of the Kraken platform. It is a standard practice among financial institutions and exchanges to help prevent illegal activities and maintain compliance with regulatory requirements.
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How to Make a Crypto Trade On Binance


To make a crypto trade on Kraken, follow these steps:

• Log in to your Kraken account and navigate to the trading interface.

• Select the currency pair you want to trade. Kraken offers a wide range of cryptocurrency pairs, including Bitcoin, Ethereum, and Litecoin.

• Choose the order type you want to use. Kraken offers a variety of order types, including market orders, limit orders, and stop orders.

• Enter the details of your trade, including the amount of cryptocurrency you want to buy or sell and the price at which you want to execute the trade.

• Review and confirm the details of your trade, and then submit the order.

• Once your trade is completed, the funds will be credited to or debited from your Kraken account, depending on whether you are buying or selling.
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Kraken Trading Fees With a Tiered Structure

Below are examples of Kraken relativelylow fees. The Kraken fees tend to be slightly above the industry average, a price that is worth to pay if you ask me. Or ask yourself - wouldn't you be willing to pay some cents extra for added security and peace of mind? Plus the awesome 24/7 customer support that Kraken offers.

Tiered fee structure of Kraken Exchange (based on 30-day trading volume) for spot trading crypto:

• $0 - $50,000 in trading volume gives you 0.16%0.26% trading fees.
• $50,001 - $100,000 in trading volume gives you 0.14%0.24% trading fees.
• $100,001 - $250,000 in trading volume gives you 0.12%0.22% trading fees.
• $250,001 - $500,000 in trading volume gives you 0.10%0.20% trading fees.
• $500,001 - $1,000,000 in trading volume gives you 0.08%0.18% trading fees.
• $1,000,001 - $2,500,000 in trading volume gives you 0.06%0.16% trading fees.
• $2,500,001 - $5,000,000 in trading volume gives you 0.04%0.14% trading fees.
• $5,000,001 - $10,000,000 in trading volume gives you 0.02%0.12% trading fees.
• $10,000,000+ in trading volume gives you 0.00%0.10% trading fees.

Tiered fee structure of Kraken Exchange (based on 30-day trading volume) for stablecoins and FX:

• $0 - $50,000 in trading volume gives you 0.20%0.20% trading fees.
• $50,001 - $100,000 in trading volume gives you 0.16%0.16% trading fees.
• $100,001 - $250,000 in trading volume gives you 0.12%0.12% trading fees.
• $250,001 - $500,000 in trading volume gives you 0.08%0.08% trading fees.
• $500,001 - $1,000,000 in trading volume gives you 0.04%0.04@ trading fees.
• $1,000,000+ in trading volume gives you 0.00%0.00% trading fees.

Fees may vary and are subject to change. There are additional fee structures for margin trading and futures. For complete information, please consult the Kraken website or reach out to their customer support team.
A reply from a Twitter user reads: "Kraken customer support is excellent. Happy to pay a tiny bit more in fees to be able to chat with actual customer service people in real time who know what they're talking about."

Different Kraken Fees


Here is a breakdown of the fees that traders can expect to pay on Kraken:

Trading fees: When placing an order on Kraken, traders will pay a fee based on the asset they are trading and the order type they are using. For example, takers (i.e., those who take orders from the order book) will typically pay a higher fee than makers (i.e., those who add orders to the order book). The exact fee percentage will depend on the specific asset being traded and the volume of the trader's activity.

Withdrawal fees: When withdrawing assets from Kraken, traders will pay a fee based on the asset they are withdrawing and the destination of the withdrawal. For example, withdrawing Bitcoin to a wallet or exchange may have a different fee than withdrawing money (fiat) to a debit card. The exact fee will depend on the specific asset and destination.

Deposit fees: When depositing on Kraken, traders may also be subject to fees depending on the method they are using. For example, depositing via bank transfer may have a different fee than funding via a debit or credit card.
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High Performant Trading Platform


The speed and efficiency of trade execution on an exchange can be an important factor for traders, as it can impact their ability to enter and exit positions quickly and at the best prices.

In general, the Kraken exchange is known for its fast and efficient trade execution. The platform uses a range of technology and infrastructure to enable this performance, including high-performance servers and a robust network infrastructure.

One of the key components of Kraken's trade execution is its matching engine, which is responsible for matching buy and sell orders and executing trades in real-time. The exchange's matching engine is designed to handle a high volume of orders and is capable of processing millions of trades per second. The matching engine is an essential component of any cryptocurrency exchange, as it is responsible for facilitating the buying and selling of digital assets on the platform.

Another factor that contributes to the speed and efficiency of trade execution on Kraken is the exchange's use of advanced algorithms to match and execute orders. These algorithms are designed to maximize liquidity and minimize slippage (i.e., the difference between the expected price of an order and the actual price at which it is executed).

The combination of the matching engine and the advanced algorithms creates an ideal trading environment. Here is how it works:

It's helpful to think of the matching engine as a traffic controller at an airport. Just as an airport traffic controller directs planes to the correct gates and runways, a matching engine directs buy and sell orders to the correct counterparty and executes trades in real-time using advanced algorithms.

When a trader places a buy or sell order on the Kraken exchange, the order is first sent to the exchange's order book. The matching engine then scans the order book to identify any orders that can be matched with the trader's order. If a matching order is found, the matching engine executes the trade and updates the order book to reflect the trade. If no matching order is found, the trader's order is placed on the order book and waits to be filled by a counterparty.

Mobile Trading On Kraken App


Kraken offers mobile trading through its official mobile app, which is available for both iOS and Android devices. The app is designed to provide users with the same functionality as the desktop version of the platform, allowing users to trade cryptocurrency, view market data, and manage their account from their mobile device.

To start mobile trading on Kraken, you will need to download the app from the App Store or Google Play Store and log in to your Kraken account. From there, you can access the trading interface and place trades using the same steps as you would on the desktop version of the platform.

To download the Kraken app, follow these steps:

• Open the Apple App Store or Google Play Store on your mobile device.

• Search for "Kraken" using the search bar.

• Select the official Kraken app from the search results.

• Click on the "Install" or "Get" button to download and install the app.Once the app is installed, open it and log in to your Kraken account using your login name and password.

• Follow the prompts to set up the app and begin using it to trade cryptocurrency and manage your account.

• The Kraken app may not be available in all regions or on all devices. Be sure to check the App Store or Google Play Store for the most up-to-date information on availability.

You can also download the Kraken trading app via their official website.
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Many Features And Trading Tools Available on Kraken Exchange


Here is a list of some features and trading tools that traders can expect to find on the exchange:

Spot trading: This type of order allows traders to buy or sell an asset at the best available price on the market. Market orders are typically executed immediately and are often used by traders looking to enter or exit positions quickly.

Limit orders: This type of order allows traders to specify a particular price at which they want to buy or sell an asset. Limit orders are not executed immediately, but rather are placed on the order book and filled when the market reaches the specified price.

Stop loss orders: This type of order allows traders to set a trigger price at which a trade will be automatically executed in order to limit potential losses. Stop loss orders can be used to protect against unexpected market moves or to manage risk. On the Kraken exchange, traders can set stop loss orders as a percentage of their position size or as a specific price level.

Margin trading: Kraken offers margin trading, which allows traders to borrow funds from the exchange to increase their buying power. This can be a useful tool for traders looking to increase their exposure to a particular asset, but it also carries additional risks as traders are required to pay interest on the borrowed funds.OTC trading: Kraken also offers over-the-counter (OTC) trading, which allows traders to execute large transactions directly with the exchange rather than going through the order book. This can be useful for traders looking to avoid moving the market with large trades or for those looking for more privacy in their trades.

Technical analysis tools: Kraken offers a range of technical analysis tools to help traders analyze the market and make informed trading decisions. These tools include charting tools, indicators, and overlays that can help traders to identify trends, patterns, and other market signals. Technical analysis can be a useful tool for traders looking to make more informed decisions based on market data, and the tools available on Kraken can help traders to better understand the market and make more informed trades.

Kraken Margin Trading


Margin trading, also known as leverage trading, allows traders to borrow funds from the exchange to increase their buying power. This can be a useful tool for traders looking to increase their exposure to a particular asset, but it also carries additional risks as traders are required to pay interest on the borrowed funds.

On the Kraken exchange, traders can use margin to trade a variety of digital assets, including Cosmos Network's $ATOM token. To use margin on Kraken, traders must first open a margin account and agree to the exchange's margin terms and conditions. Once their margin account is open, traders can use the platform's leverage selector to choose the amount of margin they want to use for their trades.

For example, let's say a trader has $1,000 in their account and wants to trade Cosmos Network's $ATOM token using margin. The trader could select to use a 2x leverage, which would allow them to place a trade worth up to $2,000 ($1,000 x 2). If the trader's trade is successful and the value of their $ATOM position increases, they could potentially earn a profit on the trade. However, if the value of the position decreases, the trader could also incur losses, which could exceed their initial investment.

Potential Risks of Using Margin Trading On Kraken Exchange


Using leverage, or margin, in trading carries a number of specific risks that traders should be aware of. These risks can include:

Increased risk of losses: When using leverage, traders are essentially borrowing funds from the exchange to increase their buying power. This means that they can potentially incur larger losses if the value of their positions decreases. For example, if a trader uses a 2x leverage on a $1,000 position in Cosmos Network's $ATOM token and the value of the position decreases by 50%, the trader would incur a loss of $1,000 (50% x $2,000). This is significantly larger than the loss the trader would have incurred if they had not used leverage ($500).

Higher volatility: Leverage can also increase the volatility of a trader's positions, as it amplifies both the potential profits and losses. For example, if the value of a trader's $ATOM position increases by 50% while using a 2x leverage, the trader would earn a profit of $1,000 (50% x $2,000). However, if the value of the position decreases by 50%, the trader would incur a loss of $1,000. This increased volatility can make it more challenging for traders to manage their risk and may not be suitable for all investors.

Risk of margin calls: When using leverage, traders may also be at risk of receiving a margin call from the exchange. A margin call is a request from the exchange for the trader to add additional funds to their account in order to maintain their positions. This can occur if the value of the trader's positions falls below certain levels, which is referred to as the margin maintenance level. If a trader is unable to meet a margin call, the exchange may close their positions in order to protect its own interests.

Kraken Exchange Day Trading


The Kraken exchange is considered to be a good platform for day trading due to its fast and efficient trade execution, wide range of trading tools and features, and high liquidity. The exchange's matching engine is designed to handle a high volume of orders and is capable of processing millions of trades per second, which can be beneficial for traders looking to enter and exit positions quickly. The exchange also offers a variety of order types and technical analysis tools to help traders make informed trading decisions.

Additionally, the Kraken exchange has high liquidity, which can be important for day traders. High liquidity means that there are many buyers and sellers in the market, which can make it easier for traders to enter and exit positions at good prices.

How to Use Technical Analysis When Trading On Kraken


The Kraken exchange offers a range of technical analysis tools to help traders analyze the market and make informed trading decisions. These tools include charting tools, indicators, and overlays that can help traders to identify trends, patterns, and other market signals.

Here are a few examples of charting tools and indicators that are available on the Kraken exchange:

Candlestick charts: These charts display the open, high, low, and close prices for a security over a given time period. Candlestick patterns can provide information about potential trend reversal and continuation.

Moving averages: These are averages of past prices that are used to smooth out price action and identify trends. Moving averages can be used to identify support and resistance levels and generate buy and sell signals.

Trend lines: These are lines drawn on a chart to connect a series of price highs or lows and show the direction of a trend. Trend lines can be used to identify potential trend reversal and continuation.

Oscillators: These are indicators that oscillate between two extreme values and can be used to identify overbought and oversold conditions. Oscillators can be used to generate buy and sell signals.

To use these charting tools on the Kraken Exchange, you will need to log in to your account and access the charting interface for the crypto you are interested in. From there, you can select the time frame and any charting tools or indicators you want to use. It's important to keep in mind that technical analysis is just one approach to evaluating securities, and it's not always accurate. It's always a good idea to use a combination of technical and fundamental analysis when making investment decisions.Technical analysis is a method of evaluating securities by analyzing statistical trends and patterns in market data, such as price, volume, and open interest. Technical analysts use various charting tools and techniques to identify trends and patterns that can indicate buying or selling opportunities.
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Customer Support at Kraken


Kraken offers 24/7 customer support to help users with any issues or questions they may have. Their customer service can be considered to be one of the best in the crypto industry. Customers can contact Kraken's support team through a variety of channels:

Live chat: The most efficient way to get help on Kraken is to message their 24/7 customer support team via live chat. This way you can communicate with a Kraken professional directly.

Email support: Users can contact Kraken's customer support team via email to ask questions or report issues.

Phone support: Kraken has a dedicated phone line that users can call to speak with a customer support representative.

Social media: Users can reach out to Kraken on social media platforms such as Twitter and Facebook to ask questions or report issues.

Help center: Kraken has a comprehensive help center on its website that contains a wide range of resources and information on topics such as account management, trading, and security.

Support Forum: Kraken has an active forum where users can discuss a variety of topics and get help from other members of the community.

Being Safe And Secure Kraken Exchange


Kraken takes security very seriously and has implemented a number of measures to protect user funds and personal information.

One key measure is the use of advanced encryption to protect user data and transactions. Kraken uses secure SSL (Secure Sockets Layer) connections and two-factor authentication to help prevent unauthorized access to accounts.

In terms of storing digital assets, Kraken uses a combination of hot and cold storage. Hot storage refers to assets that are stored online and are accessible through the exchange's servers. Cold storage refers to assets that are stored offline and are not accessible through the internet. The majority of Kraken's digital assets are stored in cold storage, which makes them much less vulnerable to hacking or other types of cyberattacks.

Kraken also has a robust server infrastructure in place to support its operations. The exchange uses a distributed network of servers that are designed to be highly available and scalable. This helps to ensure that the platform can handle a large volume of trades and maintain high levels of performance even during times of high market activity.

Kraken Exchange Compliance And Regulations


Kraken has a robust compliance program in place to ensure that it adheres to the laws and regulations in the countries it operates in. This includes implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to help prevent illegal activities such as money laundering and terrorist financing.

As part of its compliance program, Kraken requires users to provide certain personal information and documentation in order to verify their identity and comply with regulatory requirements. This can include things like a government-issued ID, proof of address, and other documentation.

Kraken also has policies in place to comply with other relevant laws and regulations, such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States.

Kraken Bank


Kraken Bank is a digital asset bank that was founded in 2018 by the cryptocurrency exchange Kraken. The bank, which is based in Germany, is licensed by the German financial regulatory authority (BaFin) and is focused on providing banking services to the digital asset industry.

Kraken Bank offers a range of services to its customers, including account opening, asset storage, and payment processing. The bank is designed to be a fully-compliant, transparent, and secure platform for handling digital assets, and aims to provide its customers with the same level of service and protection as traditional banks.

In addition to its core banking services, Kraken Bank also offers a range of other products and services, including an institutional-grade over-the-counter (OTC) desk and a cryptocurrency trading platform. These services are designed to cater to the needs of professional traders and institutions operating in the digital asset space.
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What to Consider Before You Start Trading Crypto On Kraken

Before you start trading on Kraken, it's important to consider the following factors:

Your financial situation: Trading cryptocurrency carries risks, and it's important to consider your own financial situation before getting started. Make sure you have a clear understanding of your financial goals, risk tolerance, and ability to bear losses.

Your knowledge and experience: It's a good idea to educate yourself about cryptocurrency and trading before getting started. This can help you make informed decisions and understand the risks and rewards of trading.

Your trading strategy: Developing a clear trading strategy can help you make informed decisions and manage risk. This can include things like setting limits on your trades, diversifying your portfolio, and having a plan for exiting trades.

The fees and costs: It's important to consider the fees and costs associated with trading on Kraken, including trading fees, deposit and withdrawal fees, and any other costs that may apply.

The security of your account: Make sure you take steps to secure your Kraken account, including using strong passwords, enabling two-factor authentication, and keeping your personal information private.

Why Invest And Trade Cryptos On Kraken

There are several reasons why Kraken could be a good choice for investing in cryptocurrency:

Security: Kraken is known for its strong focus on security and has implemented a number of measures to protect user funds and personal information. This includes advanced encryption, cold storage, and a robust server infrastructure.

Liquidity: Kraken consistently ranks among the top exchanges in terms of trading volume, which makes it a good choice for traders looking to buy or sell large amounts of cryptocurrency.

Advanced trading tools: Kraken offers a range of advanced trading tools, including margin trading and futures contracts, which can be useful for experienced traders looking to take advantage of market movements.

User-friendly interface: Kraken has a reputation for being user-friendly and easy to navigate, with a clean and intuitive interface that makes it easy to place trades and track market movements.

Educational resources: Kraken offers a variety of educational resources, including webinars, tutorials, and market analysis, which can be helpful for new traders looking to learn the ropes.

Taxes When Trading On Kraken


There may be tax implications if you make a profit while trading cryptocurrency on Kraken or any other exchange. The tax treatment of cryptocurrency transactions depends on the specific circumstances and the laws of your country or jurisdiction.

In general, cryptocurrency transactions may be subject to capital gains tax if you sell or trade a cryptocurrency for a profit. This means that you may be required to pay tax on any profits you make from trading cryptocurrency. The tax rate you will pay depends on your tax bracket and other factors.

It's important to note that the tax treatment of cryptocurrency varies from country to country and may be subject to change. Be sure to familiarize yourself with the tax laws in your jurisdiction and seek the advice of a qualified tax professional if you have questions or concerns about your tax obligations.

In some cases, you may be able to offset your cryptocurrency-related losses against your gains in order to reduce your overall tax burden. It's a good idea to keep track of your cryptocurrency trades and maintain accurate records in order to properly report your profits and losses on your tax return.

Summary Kraken Review 2023: Why Kraken Exchange is the Top Choice for Crypto Traders


In summary, Kraken is a reliable and secure cryptocurrency exchange that is well-suited for both novice and experienced traders. There's over 200 different crypto and relatively low trading fees. The platform offers a wide range of advanced trading tools and has a strong focus on security, with advanced encryption, cold storage, and a robust server infrastructure in place to protect user funds and personal information.

Kraken consistently ranks among the top exchanges in terms of trading volume, making it a good choice for traders looking to buy or sell large amounts of crypto at low fees. The exchange also offers a user-friendly interface and a range of educational resources, making it accessible and easy to use for traders of all levels.
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Open a Binance account!

If you sign up to a crypto exchange using any of the links on this page, I will directly benefit. For example, there could be a Binance Exchange offer available, giving you a 10% cashback on all fees. Besides the fact that you will receive a 10% cashback, I will also receive a percentage of the trades you make. A win-win for both of us!

These fees will be used to buy coffee, pay for maintenance of Patlid.com, and buy more cryptos and NFTs that I'll cover on this blog.