The world of cryptocurrency can feel complex, but with the right platform, it can become an exciting part of your financial growth strategy. At Grow My Money, we believe in exploring all avenues for building wealth, and for many, that includes digital assets. Kraken, one of the world's most established cryptocurrency exchanges, offers a robust and secure platform for both new and experienced investors.
Why Kraken?
Since 2011, Kraken has built a reputation for security and reliability in the crypto space. They offer a wide range of services, including:
- A user-friendly platform: Kraken is designed to be accessible for beginners, with a simple interface for buying and selling crypto. For more experienced traders, the Kraken Pro platform offers advanced features and tools.
- Broad asset selection: You can trade over 550 different cryptocurrencies on the platform, providing a vast selection to diversify your portfolio.
- Australian-friendly funding: For Australians, Kraken makes it easy to deposit and withdraw Australian dollars (AUD) via Osko or PayID, which are typically instant and free.
The Power of a Smart Investment
Imagine you've decided to take your first step into crypto. You sign up for Kraken and make an initial investment. What happens next?
Let's consider a hypothetical scenario: a promotion where a new user receives a bonus for their first investment. This "cashback" isn't just a one-off treat; it's an opportunity to apply a smart money strategy.
For example, a $75 cashback on a $200 investment gives you a few powerful choices:
- Boost your super: Transferring the money to your superannuation fund can give your retirement savings an immediate lift.
- Accelerate your mortgage repayments: Putting this cashback towards your home loan can reduce your principal and contribute to long-term interest savings over the life of the loan.
- Grow your savings: The simplest option is to transfer it to a high-interest savings account. From there, you could even transfer or re-invest this cashback into Kraken, starting a cycle of building your wealth.
Understanding the Fees
Kraken's fee structure is transparent. While creating an account is free, fees apply when you use the platform's services. These include:
- Trading fees: Kraken uses a maker-taker fee schedule, with fees decreasing as your 30-day trading volume increases.
- Funding fees: Deposits of Australian dollars via Osko and PayID are typically free, while other methods may have a fee.
- Spreads: When using the instant buy/sell feature, a spread is included in the price.
Disclaimer: This is branded content and does not constitute financial advice. Cryptocurrency is a volatile and high-risk investment. You should do your own research and consider seeking professional financial advice before making any investment decisions.
Professional financial advice before making any investment decisions.
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Kraken does not and will not work to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are regulated and others are unregulated; regardless, Kraken may or may not be required to be registered or otherwise authorised to provide specific products and services in each market, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the crypto asset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your crypto assets and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Legal Disclosures for each jurisdiction here.
Some cryptoassets are unregulated in Australia, profits may be subject to capital gains tax, and the value of cryptoassets can go down or up.