Kraken founded in 2011 has today announced via email and blog post that it will be launching foreign exchange trading on its platform.
At launch 9 currency pairs will be available to trade. EUR/CAD, USD/CAD, EUR/CHF, USD/CHF, EURJPY, USDJPY, EUR/USD, and GBP/USD. With the company stating that they are open to adding more pairs in the future.
The markets will launch on the 12th of March at 14:30 UTC Time. In the blog post Kraken highlights as a selling point that the minimum trade size is 10 units. Stating that this is “Substantially lower than many leading FX Shops.”
Kraken says that the introduction of these markets within the platform will allow “clients to be more agile and sophisticated when trading across our markets”.
Below is the fee schedule that will apply to trading FX pairs
Traders will not be allowed to margin trade these new FX pairs like they typically are on other cryptocurrency based markets. Customers based in the US are also excluded from using these markets.
This continues the trend within the cryptocurrency industry of further integrating with what one might describe as traditional finance.