Kraken is one of the oldest crypto exchanges, launched just two years after the inception of Bitcoin. Known for its low commissions, Kraken allows you to buy and sell assets such as Bitcoin and Ethereum. However, being old doesn’t necessarily mean it’s the best option. Choosing Kraken might or might not be the right decision for you—it all depends on your needs.
In this review, you’ll discover new things about Kraken and gain some in-depth knowledge of its basic trading tools, helping you decide whether Kraken’s features align with your needs to make a more informed decision.
Key Takeaways:
Here’s what you need to know about Kraken:
- Regulated and secure, never hacked since 2011.
- Offers both basic and advanced trading options with Kraken and Kraken Pro.
- Staking features are restricted for users in the US and UK.
- Low spot trading fees range from 0% to 0.26%, depending on your account.
- Supports over 290 cryptocurrencies and 600 trading pairs.
- Provides futures trading with up to 50x leverage.
- Kraken Pro fees for futures trading range from 0% to 0.05%.
- Supports seven currencies via ACH, credit, or debit card.
- Kraken Wallet must be downloaded separately from the Kraken app.
Kraken Overview
Kraken is a well-established cryptocurrency exchange that has been operating since 2011, making it one of the older players in the game. Founded by Jesse Powell, a crypto pioneer and CEO of Payward Inc., Kraken has built a reputation for reliability and security.
One of the standout features of Kraken is that it has never been exploited by hackers, which adds a significant layer of trustworthiness to the platform. You can feel confident knowing that it is regulated, ensuring compliance with strict standards that enhance its credibility in the crypto space.
As a user, you’ll benefit from a wide range of services, including margin trading, spot trading, futures, indices, over-the-counter (OTC) trading, staking, and NFT trading. With over 10 million clients and availability in 190+ countries, Kraken has become a significant player in the market.
What sets Kraken apart is its backing from notable investors like Blockchain Capital, Digital Currency Group, Hummingbird Ventures, Tribe Capital, and others. This support not only adds credibility but also reflects the confidence that the investment community has in Kraken’s operations.
We strive to keep this information up-to-date, but regulations may change. While we regularly update this data, we make no guarantees, and it is your responsibility to verify whether your country is supported before using the platform. Due to regulations, Kraken does not support every country. To ensure that you are eligible to register on the exchange, you can use our free Kraken country checker.🌍 Free Kraken Country Checker
Simply type in your country and see if you can use the platform or if your country is restricted.
Kraken KYC and Sign up
Creating an account with Fairdesk is straightforward and fast. You can register using your email address in just a few simple steps. However, it’s important to note that KYC verification is required for unrestricted trading and withdrawals.
To complete the process, simply provide your personal details and a valid government-issued ID. Fairdesk will perform facial recognition to verify your identity, allowing you to trade and withdraw without limitations once confirmed.
Kraken Pros and Cons
| 👍 Kraken Pros | 👎 Kraken Cons |
|---|---|
| ✅ User-friendly interface, suitable for beginners | ❌ KYC required |
| ✅ Offers competitive trading fees | ❌ Complex for beginners |
| ✅ Secure and reliable | ❌ Poor liquidity |
| ✅ Passive income products | |
| ✅ Established and regulated |
Kraken Accounts
To access Kraken, you have two options: either the basic Kraken account or the Kraken Pro account. Both accounts come with their own perks, targeting ease of use for users with different crypto needs. Both accounts are available to all users, so if you want to switch from Kraken to Kraken Pro, you can do so using the App Switcher feature on Kraken.
Kraken
For Kraken Basic, you’ll find it perfect if you’re a casual or beginner trader, giving you an easy way to buy, sell, and fund your crypto assets. It’s designed to make things simple with instant buy and staking options, so you can dive right in.
Kraken Pro
With Kraken Pro, you get access to advanced trading tools like professional order-book trading, advanced order types, and futures/margin trading, perfect for your needs if you’re looking for more control and lower fees.
| Features | Kraken | Kraken Pro |
|---|---|---|
| User Level | Casual or Beginner | Advanced Trader |
| Main Function | Easy buying and selling | Professional order-book trading |
| Exchange Fees | Dynamic | 0% - 0.26% |
| Mobile App | ✅ | ✅ |
| Instant Buy | ✅ | ❌ |
| Staking | ✅ | ✅ |
| Futures/Margin Trading | ❌ | ✅ |
| Advanced order types | ❌ | ✅ |
Kraken Trading
Kraken gives you all the key tools to shape your trading experience. Depending on your account, you can access spot, margin, and futures trading. If you’re into NFTs, Kraken has a dedicated marketplace just for that, adding even more flexibility to your trading options.
Kraken Pro Spot Fees
0% to 0.25% Maker
0.1% to 0.4% Taker
Kraken Pro Future Fees
0% to 0.02% Maker
0.01% to 0.05% Taker
Spot Trading
Kraken’s spot trading platform lets you choose from over 290 cryptocurrencies, including major ones like Bitcoin, Ethereum, and Solana. With an average daily trading volume of $500 million, Kraken ensures plenty of liquidity. Plus, you can select from 600 trading pairs, giving you more options and flexibility. Both Kraken and Kraken Pro offer spot trading, but Kraken keeps it simple, while Kraken Pro equips you with advanced tools for making more informed decisions.
Margins Trading
The margin trading feature is available on Kraken Pro, offering you the tools to analyze the market and make informed decisions. Kraken lets you leverage your trades with up to 5x margin and gives you access to 165 cryptocurrencies for margin trading.
Futures Trading
Futures trading on the Kraken Pro platform allows you to leverage your balance with up to 50x leverage and trade over 200+ cryptocurrencies. The platform offers a wide range of advanced tools and an analytics suite to help you understand market trends and conditions, enabling you to make smarter trading decisions.
Kraken Products
A crypto exchange today should offer more than just basic trading features, and Kraken gets that. That’s why Kraken has developed a comprehensive suite of products to help you maximize your cryptocurrency potential.
Kraken Analytics
The Kraken Analytics platform helps you gain deeper insights into the market, so you can execute your trades with precision. Available only on Kraken Pro, it lets you visualize market conditions with charts like aggressor differential, market book imbalances, and volatility for any cryptocurrency you choose.
Kraken Rewards
Kraken offers an attractive solution for earning from the cryptocurrencies you hold through staking. Staking with Kraken provides a convenient and secure way to earn passive income while you hold your assets for larger gains. The APR can exceed 10%, but please note that this feature is currently restricted for users in the US and UK. If you’re in one of these regions, this limitation might be a key factor in deciding whether to switch to Kraken.
Kraken Wallet
Kraken Wallet is a self-custodial wallet from Kraken that lets you easily enter the Web3 space and manage all your crypto, NFTs, and multiple wallets securely from one place. If you’re looking for Kraken Wallet within the Kraken app, you’ll need to download it separately from the app store.
NFT Trading
One of Kraken’s newer features is its NFT marketplace, where you can trade digital art and collectibles without worrying about gas fees. You’ll use the listed crypto asset, typically ETH, to purchase your NFTs. While you won’t have to pay gas fees, keep in mind there’s a 2% fee on all NFT transactions.
Institution Trading
Kraken’s institutional trading offers a premium experience tailored for large-scale operations. You can execute substantial orders through their OTC service, earn rewards with customizable staking solutions, and access deep liquidity with top-notch security. Futures trading allows you to manage risk and invest without holding the actual assets. Additionally, Kraken provides secure custody solutions for managing and transferring digital assets efficiently.
Kraken Deposits and Withdrawals
Kraken currently supports seven currencies that you can easily deposit into your Kraken account using ACH, credit, or debit card. The fees for buying, selling, or converting assets with your card consist of a displayed fee and, where applicable, a spread included in the price. Any spread is calculated before your orders are executed and may differ for similar transactions.
If you’re interested in directly depositing your cryptocurrency into your Kraken wallet, there are no fees from Kraken; you only need to pay for gas. The gas fees may vary depending on the network you are using for the deposit.
Kraken Security & Regulations
Kraken emphasizes security with measures designed to keep your assets safe. Your funds are protected through a Proof of Reserves system, ensuring transparency. Their cybersecurity efforts have earned them ISO/IEC 27001:2013 certification, along with a SOC 2, Type 1 examination.
To secure your assets, Kraken utilizes advanced cold storage and hot wallets. Your crypto is stored in secure cages monitored 24/7 by armed guards, alarm systems, and video surveillance.
When it comes to security testing, Kraken goes the extra mile. Their expert team constantly tests the system for any vulnerabilities, and they even run a bug bounty program to tap into the skills of the wider security community.
The exchange’s security initiatives have been recognized with the prestigious CSO50 Award. Kraken adheres to strict regulatory standards across the globe, ensuring compliance with various authorities.
The exchange’s security initiatives have been recognized with the prestigious CSO50 Award. Kraken adheres to strict regulatory standards across the globe, ensuring compliance with various authorities. This includes the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, AUSTRAC in Australia, and the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
However, there are still a few restricted countries where you cannot use Kraken. If you unfortunately reside in one of these restricted countries, it’s better to consider other alternatives such as Coinbase or Binance US.
Kraken Customer Service
Kraken offers 24/7 customer support through various channels, including live chat, email, and phone. The platform’s support team is known for its responsiveness and effectiveness in addressing user concerns. However, it’s worth noting that user experiences with Kraken’s customer service can vary. If you face issues with Kraken products or services, their detailed help articles and guides are a great resource to resolve problems before needing to contact support.
Kraken Alternatives
Kraken is a solid choice, but if it’s not meeting your needs, check out these alternatives:
- Coinbase: Coinbase is a more beginner-friendly option with a wider range of educational resources.
- BYDFi: If you’re looking for high leverage and no KYC, BYDFi is worth considering.
- Bitunix: Bitunix is another no-KYC exchange with a user-friendly interface.
| Feature | Kraken | Coinbase | BYDFi | Bitunix |
|---|---|---|---|---|
| Established | 2011 | 2012 | 2019 | 2022 |
| Spot Fees (Maker/Taker) | 0.16% / 0.26% | 0.40% / 0.60% | 0.00% / 0.10% | 0.10% / 0.10% |
| Futures Fees (Maker/Taker) | 0.020% / 0.050% | 0.050% / 0.050% | 0.020% / 0.060% | 0.020% / 0.060% |
| Max Leverage | 50x | 10x | 200x | 125x |
| KYC Required | Yes | Yes | No | No |
| Supported Cryptos (Spot) | 323+ | 250+ | 418+ | 317+ |
| Futures Contracts | 156+ | 10+ | 187+ | 218+ |
| 24h Spot Volume | $608.49M | $1.09B | $163.71M | $537.63M |
| 24h Futures Volume | $0.42B | $0.81B | $5.6B | $6.4B |
| Trading Bonus | None | None | $300 | $5,500 |
| Key Features | • Established since 2011 • Strong security • Advanced trading features |
• Most trusted US exchange • Easy to use interface • Strong compliance |
• No KYC required • High leverage (200x) • Zero-fee spot trading |
• No KYC required • High leverage (125x) • Multiple fiat options |
| Sign Up | Sign Up | Sign Up | Sign Up | Sign Up |
Final Thoughts: Should You Choose Kraken?
Kraken provides you with a solid foundation for trust, with its rigorous security measures and extensive regulatory compliance. This robust backing ensures you can rely on the platform’s reliability and safety.
Kraken staking options is what makes it so special. By participating in staking through Kraken, you can earn rewards and grow your investments passively while supporting the network’s operations. Kraken’s staking options cover a range of cryptocurrencies, offering you multiple ways to enhance your investment strategy.
So, whether you’re interested in margin trading, futures trading, or using various order types, Kraken’s features are designed to support your diverse trading strategies and preferences.
FAQ
Is Kraken reliable?
Yes, Kraken is highly reliable, ranking second in security by Crypto Exchange Ranks (CER) with an AAA rating. It maintains full reserves and undergoes semi-annual audits for added assurance.
What is Kraken Instant Buy?
Kraken Instant Buy is a convenient feature that empowers users to purchase or sell cryptocurrencies without any hassle. It’s accessible to all Kraken users, but notably, it’s the exclusive method available for Starter accounts.
Does Kraken Offer Staking in the U.S.?
Kraken previously provided staking services, but unfortunately, they are no longer accessible to customers residing in the United States due to regulatory changes.
