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Kraken is one of the leading cryptocurrency exchanges that allows users to buy, sell, and trade over 340 cryptocurrencies. The platform offers a simple sign-up process, making it easy to start buying and selling crypto quickly. Beyond its trading features, it also provides educational resources, 24/7 customer support, and strong security measures. Given its reputation, many people are eager to learn more.
To help you better understand what it offers, we’ve written an in-depth Kraken review. In it, we’ll dive deep into the company’s background, its various products and services, supported cryptocurrencies and trading pairs, fees and commissions, and security measures. We’ll also answer some of the most common questions users have about the platform.
Our Kraken Review: Key Takeaways
- Kraken supports 340 cryptocurrencies for buying and selling;
- Kraken Pro offers tiered fees; higher trading volume means lower costs;
- Strong security with FIDO2 2FA, SSL encryption, PGP-signed emails, and account timeout settings;
- The platform offers 24/7 customer support via live chat, email, and phone;
- Multiple apps are available, including Kraken, Kraken Pro, Kraken Desktop, and Kraken Wallet;
- Lower liquidity in spot markets can lead to unpredictable trade execution.
Overview of Kraken Exchange
Founded by Jesse Powell in 2011, Kraken is known for its low transaction fees, a wide range of features, and overall security. Following the bankruptcy of former Bitcoin exchange Mt. Gox in 2014, the Kraken platform assisted in processing claims.
The Kraken exchange operates across the United States (except Washington state and New York), Canada, Australia, New Zealand, numerous Asian countries, and the European Union.
Since the exchange was launched, it has raised over $130M in funding. Kraken boasts about its high liquidity, industry-leading security measures, and 24/7 live customer support.
Kraken holds total reserves of its customer funds and employs an independent, cryptographically verified audit to prove to third parties and the exchange’s customers that funds are properly held.
Kraken was the first cryptocurrency company to obtain a bank charter, receiving a Special Purpose Depository Institution license in Wyoming. It has become one of the largest popular exchanges, with a quarterly trading volume of over $207 billion.
Kraken Services and Products
Kraken offers its customers an advanced trading platform for spot trading and margin and futures trading for more experienced users. Kraken offers two different trading platforms – Kraken and Kraken Pro. Read on to learn about the services and products as well as the differences between using Kraken Pro and Kraken.
The main Kraken platform is easy to use and is perfect for beginners. It allows you to quickly and easily buy the best cryptocurrency using a linked bank account, debit card, or credit card (depending on region) and just as easily exchange between different cryptocurrencies. Of course, you only have access to simple buy and sell orders. It offers dynamic exchange fees, multiple-language support, an instant buy feature, a mobile app, and security features. Our Kraken Pro review highlights that this model caters to professional trading with more detailed charts and tools. It allows users to use technical indicators and compare up to four markets simultaneously. Multiple order types are also available, including stop-loss orders, take-profit orders, immediate or cancel (IOC) orders, and reduce-only orders. In addition, Kraken Pro enables users to customize the entire user interface to arrange their own trading setup and track their entire portfolio in one place. Users can toggle easily between spot trading, margin trading, and staking features for easy asset management. It offers the same features as Kraken, except for the instant buy option. However, its exchange fees are between 0% and 0.26%, and it provides many additional options, like advanced order options, a desktop application, margin trading, futures trading, a customizable trading interface, and price alerts. Anyone with a Kraken account can use Kraken Pro, so you don’t need to sign up separately if you already have one. You need to click on the App Switcher and select the platform you like to use. Kraken Futures is a derivatives platform by Kraken that is available on Kraken Pro. It allows users to trade cryptocurrencies with access to over 300 perpetual futures, with leverage and low fees. Users can benefit from advanced trading analytics and monitor their balances and historical performance from a single portfolio view. Unfortunately, the Kraken Futures feature is unavailable to users in the United States or other restricted countries. For high-volume trades (over $100K), Kraken offers over-the-counter (OTC) services with a 1-on-1 service. Frequent high-volume traders can also receive a dedicated account manager to handle their trading needs. In addition to the deeper liquidity for tighter spreads, it offers a more personalized and private service for high net-worth individuals and institutional clients who need to fill large orders of USDC. The OTC Portal can be accessed through Kraken Pro. Kraken NFTs is currently in withdraw-only mode, meaning users have to move their NFTs to external wallets. The marketplace supported many collections, providing thousands of NFTs under $100. Some of these collections included Williams Racing NFTs, Bored Ape Yacht Club, and CryptoPunks. This self-custody wallet allows users to store and manage their crypto and NFTs in one place and connect to other Web3 protocols. Open-source software combining the latest encryption and biometric authentication technology secures users’ assets. The wallet offers complete autonomy and a seamless experience. While Kraken’s wallet is convenient, as we discuss in our Kraken Wallet review, we recommend users take self-custody seriously with our highest-rated crypto wallets, which you can learn more about below: As mentioned earlier, Kraken also provides a staking service that allows non-US users to earn a return on assets otherwise held and unused by its users. It is easy to start with staking, and after just a few clicks, you can earn up to 17% annually on some of the best staking cryptocurrencies. Kraken has officially relaunched its staking operations in 39 U.S. states, introducing a new platform that supports 17 different digital assets. Kraken supports 340 cryptocurrencies, including more established ones and new cryptocurrencies. The Kraken coin list includes some popular ones, like: Some available stablecoins, such as $USDC, $USDT, and $ETH, have many networks to choose from for withdrawals and deposits. Some are not available in certain countries. $GENS, $AVT, $PICA, $OTP, $SXP, and $WETH are currently unavailable for trading but for deposits and withdrawals only. In addition to supporting some of the best altcoins, Kraken supports over 200 trading pairs. The platform offers flexible funding options, including fiat currency funding, crypto deposits, instant buy methods, and corporate funding. Deposits and withdrawals can be made via SEPA, SWIFT, wire, and domestic transfers. In almost all cases, they will take 1–5 business days. In our experience, the average deposit takes as little as 24 hours. It’s free to deposit most of the accepted cryptocurrencies, but there’s a small address setup fee in a few cases. Regarding fiat deposits, CAD and SEPA deposits are free, which is convenient if you’re in the European Union and your location is on the list of SEPA countries. USA users (except in NY, WA, and TX) may link their bank accounts to fund their Kraken accounts with USD via bank transfer (ACH) without a fee. Kraken’s fee structure varies based on the user activity level and trading method. Kraken fees are usually higher for instant buy/sell orders, where users may be charged a percentage of the transaction plus additional fees based on the payment method. As for Kraken’s deposit and withdrawal transaction fees, here’s what users need to know: The difference between Kraken and Kraken Pro is that the latter uses a maker-taker fee schedule with volume incentives depending on users’ activity in the last 30 days. It has a tiered pricing model; the more you trade, the less you pay. Fees are charged per trade, calculated as a percentage of the trade’s quote currency volume. With specific pairs, the fee can be calculated considering the trade’s base currency, which is sometimes specified when ordering with the Fee Currency option. Feature Kraken Fees Kraken Pro Fees Instant Buy/Sell Fees Differ depending on the chosen payment method (account balance, card, ACH). Not applicable Spot Trading Fees 0.16% Maker / 0.26% Taker 0.02% Maker / 0.04% Taker Futures Fees 0.02% Maker / 0.05% Taker 0.02% Maker / 0.04% Taker Staking Fees None None Withdrawal Fees Varies by asset Lower for pro users Convert Small Balances Fee 3% Not applicable Spread Fees Included in price Not applicable Kraken is widely known as a very trusted exchange after tons of effort and focus on its exchange security. Certified has Kraken rated as the most secure cryptocurrency exchange. So, if you’re wondering whether Kraken is safe for beginners, rest assured that the exchange provides a robust suite of security features designed to safeguard user accounts. Kraken Security Labs conducts comprehensive security assessments on third-party products and services, proactively identifying vulnerabilities, demonstrating potential risks, and implementing solutions to mitigate threats before they can be exploited by cyber threats. The platform occasionally works with an external auditor to perform a Proof of Reserves audit. It uses advanced hot wallet solutions and cold storage to protect users’ funds. Is Kraken safe? Although most users have had a positive experience, some have reported being victims of Kraken-focused phishing scams. Despite not being targeted directly through their accounts, the email scams have eventually led to customers having their funds withdrawn from their accounts or their passwords changed. Still, to prevent such incidents from happening again, the exchange puts huge efforts into protecting its users’ accounts, as we’ve seen from the many security features. When a user’s account is funded, it’s crucial that they add 2FA. Users can create different two-factor codes for account withdrawals, sign-ins, and trades. Kraken is available in more than 190 countries worldwide and is accessible through mobile apps and desktop devices. We’ll list all the regions where Kraken is available and the devices users can use. List of countries and regions where Kraken is available, with several exceptions due to local and international regulations: Some prohibited regions include Belarus, Afghanistan, Iraq, Crimea, Donetsk, and Luhansk regions of Ukraine, the Democratic Republic of the Congo, Cuba, North Korea, Iran, Sudan, Libya, Russia, Syria, Japan, and South Sudan. Kraken users can enjoy the platform’s benefits through four apps: Kraken offers 24/7 customer support through live chat, phone, and email. Its team is distributed worldwide and fluent in many languages. It responds quickly and works every day – even on major holidays. Moreover, Kraken’s Support Center provides many comprehensive articles to help users troubleshoot problems. Its support library is based on years of direct client interactions, covering everything from getting started to common questions about the platform. The reviews on its customer service are mostly positive, praising its response time, industry-leading satisfaction rates, and effectiveness. The overall Kraken app review on Reddit is positive. However, there are some criticisms, where users have complained about the high number of requirements set by customer service, like completing identity verification and meeting their requirements within a set timeframe, where users have repeatedly followed up until issues were resolved. Here are some positive Kraken Reddit reviews: Kraken stands out among crypto exchanges due to its low fees, strong security measures, and deep liquidity. When comparing Kraken to Coinbase, it’s clear that Kraken users benefit from high trading limits, lower fees, and many currency options. In contrast, every Coinbase review mentions the platform’s ease of use and suitability for beginners. Exchange Fees Security Regional Availability Features Kraken Maker fee: 0%–0.25%, taker fee: 0.10–0.40% (Kraken Pro); Higher fees for Instant Buy/Sell transactions; Deposit and withdrawal transaction fees are based on the currency and method used FIDO2-compliant 2FAs with Passkeys, email confirmations for new withdrawal addresses, global settings time lock for extreme security when users are away, SSL encryption, configurable account timeout, no phone/SMS account recovery Customizable, granular API key permissions PGP signed and encrypted email Trading in over 190 countries Global availability, advanced trading tools, wide crypto selection, low trading fees Coinbase 3.99% for credit card purchases, 0.50% per trade, and 1.49% for Coinbase bank account or wallet purchases Two-step verification, insurance in the event Coinbase is breached, biometric fingerprint logins, AES-256 encryption for digital wallets, FDIC-insured USD balances Trading in over 100 countries Easy-to-use interface for beginners, quick withdrawals, global availability, staking To access Kraken’s services, you should first open an account. Let’s go over the process step by step. Keep in mind that all new and existing Kraken users will be required to complete a KYC questionnaire to access its services. Is Kraken pro free? Both Kraken and Kraken Pro are free, and no fees are charged for opening an account; fees are only applied when using platform services. Kraken’s Referral Program allows you and a friend to earn a $10 referral bonus. After your friend signs up for Kraken using your invite link and sells or buys $100 in crypto, you’ll both receive a bonus. The program is available in the United States (excluding Washington and New York), Canada, Australia, and some EU countries. To participate, you must adhere to certain terms and conditions, some of them: 1. The friend you refer must live in the same country as you. Note: Referrals are currently available on the Kraken app. Buys or sells made on Kraken Pro do not count towards eligibility for receiving a referral bonus. Regulated by the Financial Conduct Authority (FCA), Kraken has also expanded its authority by acquiring an Electronic Money Institution authorization to extend its authority into the UK market. On top of that they have acquired a Cyprus-based company, thus securing a MiFID license, strengthening its foothold in the European sector. This license allows Kraken to offer crypto derivative products across all 27 member nations. It is also licensed as a Money Services Business with FINTRAC in Canada and FinCEN in the USA. Lastly, Kraken ensures regulatory compliance by receiving an ISO/IEC 27001:2013 certification and completing a SOC 2, Type 1 examination to ensure industry-level security. To sum up, our Kraken review confirms that it is among the best crypto exchanges, offering a range of services and benefits. The platform allows you to buy and sell various cryptocurrencies and trading pairs while providing excellent trading tools, funding options, and competitive fees. Despite shortcomings and a few negative user reviews, Kraken remains a popular trading platform with a user-friendly interface and broad availability. Is Kraken Safe? Kraken is safe, with security features including FIDO2-compliant 2FAs with Passkeys, SSL encryption, PGP signed and encrypted email, and configurable account timeout. What cryptocurrencies can I trade on Kraken? Kraken offers its users access to over 340 different cryptocurrencies. All of the most popular coins are available to trade on Kraken, including Bitcoin (BTC), Ethereum (ETH), Polygon (POLYGON), Solana (SOL), Dogecoin (DOGE), and plenty of others. Check out their list of cryptocurrencies available on Kraken. What is the disadvantage of Kraken? Some disadvantages include not being available in all US states and its funding limited options for U.S. customers. Is Kraken trustworthy? Kraken’s security rating is AAA, with a 90% security score. The exchange is fully certified, has undergone an approved penetration test, maintains an ongoing bug bounty program, and has completed a proof of reserves audit. Is Kraken better than Coinbase? Kraken offers different features than Coinbase and boasts the top security rating in the industry. However, both exchanges have something to offer. Many traders will find advantages to having accounts with both exchanges. In the recent couple of years Coinbase has been seeing a rising number of complaints in regard to its customer service, so Kraken might be the better option from that perspective. Are Kraken fees high? Kraken’s trading fees are among the lowest in the industry and decrease with higher trading activity. Is the Kraken app any good? According to every Kraken app review, all four Kraken apps (Kraken Desktop, Kraken, Kraken Pro, and Kraken Wallet) have been praised by their customers. Why is it so hard to withdraw from Kraken? Certain transactions, such as Paypal, debit or credit card purchases, ACH purchases, or digital wallet purchases, will lead to a 72-hour withdrawal hold on the account for security purposes. Also, there’s a 7-day withdrawal hold for cash deposits through ACH Plaid. Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days. Weekly Research Monthly readers Expert contributors Crypto Projects ReviewedKraken
Kraken Pro
Kraken Futures
Kraken OTC Desk
Kraken NFTs Marketplace
Kraken Wallet
Staking
Supported Cryptocurrencies and Trading Pairs
Kraken Trading Pairs
Kraken Fees and Commissions
Kraken Security
Availability
Customer Support and Reviews
Kraken vs.Coinbase
Opening a Kraken Account
Kraken Referral program to invite your friends
2. Your friend must use your invite link to create a new account on the Kraken mobile app and buy or sell at least $100 worth of cryptocurrency within 30 days of signing up.
3. Your friend must not have previously created a Kraken account before signing up with your invite link.
Regulation and Compliance
Kraken Pros and Cons
Pros
Cons
Kraken Exchange Review Conclusion: Is Kraken Right For You?
Our Kraken review highlights that this platform is ideal for both crypto newbies and seasoned traders, thanks to its separate platforms, which are tailored toward different audiences. However, Kraken offers some features that are hard for US-based users to find, like margin trading.
Kraken
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Cons
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