Kraken, a cryptocurrency exchange operating from the United States, is adding 11 new trading pairs through expanded options for converting ether (ETH), USDT and Pound Sterling (GBP).
Prior to today’s move, Kraken users had to convert their crypto holdings into fiat currencies in order to buy another crypto coin. The exchange is finally adding direct cryptocurrency-to-cryptocurrency conversions.
For example, converting Bitcoin Cash (BCH) to ETH on Kraken previously required two distinct trades. But with the new BCH/ETH trading pair, clients can save more fees as this conversion can be done directly, allowing clients to simply sell BCH directly for ETH — but there’s some inevitable spread
The move comes as the San Francisco-based platform is turning to traditional forex trading to allow their cryptocurrency traders to expand their horizons and begin trading into a $6 trillion market. With the news, Kraken’s total number of trading pairs grows to 155, further diversifying their portfolios and trading options.
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Non-leveraged FX offering
Not to be confused with its fiat-crypto offering, the new service allows Kraken users to directly trade between CAD, CHF, EUR, GBP, JPY, and USD. The venue already allows users to trade between cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin against various fiat currencies, namely the US dollar, the Canadian dollar, Euro, British pound and Japanese yen.
Most recently, the Swiss franc joined the roster of fiat currencies that Kraken currently supports. But unlike its trading service for crypo, the exchange is not providing margin trading on its forex offering at launch.
Kraken has recently joined the Silvergate Exchange Network (SEN), developed by crypto-friendly lender Silvergate Bank, to enable its customers to deposit and withdraw US dollars from their bank accounts with no fees.
Further trading pairs will be added to the exchange in the future, and Kraken’s stablecoin fee schedule will apply for current instruments, the company said.
While the number of trading platforms is growing, Kraken has recently made infrastructure upgrades to create an ecosystem that integrates both fiat and crypto trading in one platform. Now to stand out from the crowd, Kraken allows traders to set up advanced orders such as stop loss and take profit options through its web-based trading portal.