Kraken is supposedly the world’s number five digital currency. The last quarter of last year is a good time for digital currencies. Bitcoin, Ether, Ripple, and others do well. Kraken is not exceptional. The digital currency receives massive support. It records new clients. Many of its old clients add their investments this is a good thing for the company. It is a good thing for the company too. But it is also one of the worst times. Due to a massive number of logins, the system crashes. It forces the digital currency to shut down. Unfortunately, the shut down does not come back fast. It takes weeks, even months to recover.
Why Did Kraken Cryptocurrency Exchange Add Margin Trading?
Above all, this forces the crypto company to shut the system. What is the aim, of doing this? The goal is for the firm to conduct an upgrade. When the digital coin receives a lot of clients thus facing challenges, the company writes. It is to inform the general public. It wants to educate clients that the company is facing issues.
Margin trading has returned to Kraken and free trading continues through January 31! Read about it on our blog: https://t.co/F0GUPaAxpT
— Kraken Exchange (@krakenfx) January 26, 2018
“The recent, unexpected explosion in demand has been overwhelming. Each of the past few days is producing 50,000 new account registrations. There are also 10,000 new support tickets. Also, this is an order of magnitude above where we were just last quarter. Concurrent users, daily trades, and volumes are also hitting new all-time highs. We are struggling to keep up,” they wrote in December.
To live up to their word, the company is doing two upgrades. Each of the enhancements takes some time. It can stretch for a week or two. The other update brings the same period. Also, this is to allow the company to try if the upgrade is worth the effort.
The last of the two upgrades take place on January 13. As a security measure, the company does something peculiar during this update. What is this usual thing that the company does as a security measure? On January 13, the company removes the new margin positions. Besides, Kraken is doing something right to their clients. The digital currency company is giving clients zero fee trading Ethereum, Dogecoin, BTC Cash and more altcoins. Above all, this is a limited offer. It will run until January 31. Evidently, this is an ingenious way in which Kraken is saying sorry to clients.
Clients Are Frustrated Because Of Downtime
You can imagine how the downtime is frustrating to clients. What starts as a normal short time downtime results into weeks. Clients have nothing to do. Remember, there is no trading on the company during this time. What an inconvenience! Withdrawals are also a challenge. It is good to remember that in this business, every second count. You will either gain or lose terribly. Clients have nothing to do. They have to wait.
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Kraken Cryptocurrency Exchange Is Back Up With Margin Trading
Thankfully, Kraken is now saying that everything is back to normal. Through a blog post, the company announced the other day. Above all, this gives clients hope. What is more is that the company offers clients incentives. Although short-lived, the incentives will provide clients with a relief. For now, the exchange is not imposing any marginal fees. Also, this will calm down clients who will trade within the time limit. Margin position fees too are meager. Yes, there is an extended downtime, but now, Kraken is back.