Kraken Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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Kraken Review (December 2022) – Pros, Cons, Features, & Pricing

So, is Kraken legit? Finding a trustworthy crypto exchange that will keep your digital assets safe might be difficult at times. Given the hundreds of crypto exchanges available, it’s easy to become overwhelmed when deciding which one is ideal for you.

Kraken Crypto Exchange is one of the oldest and largest crypto exchanges available, and it has been shown to be even more reputable than you may imagine, promising to guide you safely through your crypto adventure.

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Last Updated: Nov 24, 2022

Kraken

  • Trade 50+ cryptocurrencies
  • Margins and futures trading with leverage up to 4x
  • Safe & reliable app that's never been hacked

For As Little As $10, Sign Up And Access 65+ Cryptocurrencies Instantly - Claim this offer

This Kraken review will guide you through the key Kraken features, costs, and pros and disadvantages so you can determine whether it checks all the boxes for a trustworthy cryptocurrency exchange.

What exactly is Kraken?

Let’s get into this Kraken review by going over what it is. Kraken is one of the world’s oldest cryptocurrency exchanges, having been in operation in the United States since 2011.

Over 122 different types of cryptos may be bought, sold, and traded using a variety of fiat currencies, and they include features like staking, margin-trading, and even future contracts.

Kraken is one of the major cryptocurrency exchanges, serving traders all over the world; its success stems from low costs, the convenience of use, and outstanding safety and regulatory procedures.

An Overview of the Kraken Exchange

Kraken is a cryptocurrency exchange that was launched in March 2011 in San Francisco and now has offices across the globe.

It serves consumers in the majority of the world’s top economies, including Canada and all U,S states.  Kraken provides competitively priced bitcoin trading to individual and institutional clients.

Beginners will benefit the most from the standard Kraken platform, whereas experienced and skilled crypto enthusiasts will prefer Kraken Pro with its complex margin and futures capabilities.

Beginners and advanced users alike may earn interest benefits by staking coins. Kraken’s mix of platforms and services makes it likely that it can meet your bitcoin needs.

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Kraken Platform at Glance

 Website Address:kraken.com
Headquarters:San Francisco, CA, USA
Accepted Payment Methods Bank transfer via Payoneer (ACH), Federal wire, Wire transfer, Debit or Credit card ( for non-US residents)
Trading FeeMaker: 0.00%-to-0.16% and Taker: 0.10-to-0.26%
Crypto-currencies:EOS, LTC, BTC, ETH, ADA & 118+ more
Fiat-CurrenciesUSD, EUR, CNY, GBP, RUB, AUD and 23+
Deposit FeeVaries
Mobile ApplicationYes, it’s available on android and iOS

Services provided by Kraken

Here’s a rundown of the services offered by the Kraken platform.

1. Trading Fundamentals

The Kraken platform’s basic trading capabilities enable the app to buy, sell, and convert coins. Deposits and withdrawals are straightforward on the same interface.

Trading digital assets is a simple procedure that requires just a few taps or clicks to complete.

2. The OTC Website

The OTC Desk enables greater deals for individuals seeking them. For high-net-worth investors, Kraken’s over-the-counter site permits block trading. Get one-on-one support and expert advice for completing transactions.

3. Trading on Margin

Qualified investors can get up to 5x leverage, a trading interface made for professionals, and limits on deposits of up to $500,000.

4. A Customized Account Management System

Kraken provides the standard set of services for purchasing, selling, and trading cryptocurrencies. However, tailored attention enriches the entire process.

Kraken’s Account Management Service is available to advanced users that want something more. Users can use this personalized help to move up in the crypto trading industry, much like working with an investment adviser.

A personal representative is appointed to each account in the account management service program. Users may contact their reps by email, phone, prioritized help desk tickets, or even text when they have issues about trading or the platform.

Kraken-Crypto-Exchange-800X443 - Comparewise

A Quick Look at Kraken Features

The Kraken exchange platform has several tools that can let you get started with cryptocurrency in minutes. The following are the key qualities that distinguish Kraken:

  • Over 50 cryptocurrencies are traded.
  • Supports six fiat currencies, including US dollars, EUR, CAD, Japanese yen, British pounds, as well as Swiss francs.
  • It has margin and futures trading that has 4x or more leverage.
  • There is also an over-the-counter (OTC) one-on-one service for high-volume dealers.
  • It has a place to buy right away for people who are just starting out, as well as Kraken Pro for more experienced traders.
  • The Kraken mobile app makes it easy to manage and monitor your trades with ease while on the go.
  • It is a safe & reliable crypto platform that has never recorded any hacking.
  • High liquidity guarantees that your deals are completed at the desired price.
  • Kraken has a wealth of educational tools. Learn how to get help at any moment with 24/7 support through live chat and rich support documents.

How to Setup an Account on the Kraken Exchange

Only a modest amount of personal information is necessary to set up your Kraken account. However, if you want to utilize your bank account for deposits or withdrawals, you will need to submit extra verification.

Additional authentication is also necessary to increase your cryptocurrency-based deposit and withdrawal limitations.

Step 1: Create an account

To open a Kraken account, you must provide an email address, a username, a password, and your country of residency.

Step 2: Activate your account

After you’ve created an account, the next action is to activate it. After you create an account, you will get an activation key via email.

Step 3: Select your account type

Kraken provides three distinct account types:

  • The Starter Account for Beginners
  • The intermediate account is for traders with little experience.
  • The Pro Account is for expert traders.

Step 4: Verify your account

After selecting an account type, you must provide additional personal information to further personalize your account. Such information includes:

  • Full Name
  • Address and contact information
  • Date of Birth as shown on ID

It should be noted that the quantity of information you must submit to Kraken may vary depending on your location.

Step 5: Finish Account Setup

To complete the setup of your Kraken account, you must provide picture identification and evidence of residency. This procedure may take many days to complete.

At this point, once the account setup is completed, you can go ahead and fund your account once it has been validated. You can choose to deposit fiat cash or cryptocurrency/digital assets.

It’s advised to use two-factor authentication to safeguard your Kraken account.

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Coins and Markets That are Available on Kraken

Kraken is well-known for its ability to trade major cryptocurrencies such as BTC, ETH, Bitcoin Cash, Tether, USDT, and Polkadot (DOT). This exchange also supports a number of fiat currencies, including US dollars, EUR, British Pounds, CAD, JPY, CHF, and Australian Dollars.

Kraken, along with Bithumb, is thought to be one of the most important cryptocurrency exchanges because it lets people trade between cryptocurrencies and fiat currencies.

The following is a list of all the cryptocurrencies that Kraken supports:

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • DAI
  • DASH
  • Compound
  • The Graph
  • Synthetix
  • Zcash
  • Keep Network
  • Orchid
  • Gnosis
  • EOS 
  • Cosmos
  • Algorand
  • Storj
  • Basic Token
  • ICON
  • Decentrland
  • Ethereum Finance
  • Sia Coin
  • Waves
  • Lisk
  • Nano
  • Ocean Token
  • Kyber Net
  • Energy Token
  • Angur
  • Angur v2
  • TRON
  • Monero
  • Kusama
  • OMG Network
  • Curve DAO
  • Ripple
  • Uniswap
  • Filecoin
  • Litecoin
  • Chainlink
  • USD Coin
  • Bitcoin Cash
  • Lumen
  • Dogecoin
  • Aragon
  • Balancer
  • Kava
  • Enzyme Finan
  • Pax Gold
  • Aave 
  • Tezos
  • Qtum Flow

Tether and USD Coin are among the numerous stablecoins supported by Kraken. You can also exchange USD for any other supported fiat currency, like CAD dollars or Swiss francs. It should be noted that not all currencies is used for trading in all supported countries.

Fees and Commissions for Kraken in Canada

For those considering crypto transactions, Kraken is certainly one of the most cost-effective exchanges available.

Still, like other cryptocurrency exchanges, Kraken’s pricing is a bit confusing, and there are a lot of fees to think about before you start trading cryptocurrencies on this exchange.

Payment charges

Kraken accepts two types of deposits: cryptocurrency and bank wire transfers. One of the most intriguing aspects of Kraken is that it does not charge a fee of any sort if you fill your account with one of the popularly used cryptos.

When it comes to withdrawals, Kraken does not charge any fees when a user uses cryptocurrencies. The exchange charges the following fees for withdrawals using Canadian payment options:

Withdrawal MethodMinimum Withdrawal ThresholdTrader’s Withdrawal FeesPayment Processing Time Frame
Domestic wire transfer (Credit Union Atlantic)$125$11.50 charged by your bank1-5 business days
In-person cash or debit
(Canada Post)
$201.25 CAD + 0.25%30-60 minutes
Interac e-Transfer$51.5% (up to a max of $30)Almost instantly
Kraken Review Mobile App - Comparewise

Kraken Exchange Trading Fee

Trading costs are by far the most essential consideration when selecting a cryptocurrency exchange. Furthermore, like with any crypto exchange, trading costs vary depending on the type of purchase and the volume of the trading deals.

If you choose to make an instant purchase with your account balance, for example, you will be charged a 0.9 percent fee for any stablecoin and FX pairings and a 1.5 percent fee for any-other cryptocurrency. Internet banking incurs a fee of 1.7 percent plus $0.10.

Volume Within 30 Day in USDMaker’s Fee Percentage (%)Taker’s  Fee Percentage (%)
0-to-$50,000.002020
50,00-to- $100,000.001616
100,001-to-$250,000.001212
250,001-to-$500,000.0088
500,001-to-$1,000,000.0044
$1,000,000.00 and above0.000.00

Kraken’s maker-taker fee structure for large volume trading is as follows:

There is a Kraken Pro account for people who trade a lot and have a lot of money in their accounts. This account has a much lower maker and taker costs.

Margin Trading Fees

Kraken is also a platform that may be used for margin trading. A pricing structure is shown here, and further information may be found on the Kraken website.

Base Trading CurrenciesTrading Currency BaseOpening Fee in (%)Roll-overFee Per Hour in  (%)
Bitcoin or BTCU.S Dollars and  EUR0.010.01/4hrs
Bitcoin or BTCGBP, Canadian Dollar, and USDT0.020.02/4hrs
Ethereum OR ETHU.S. Dollar, EUR, USDT, and  Bitcoin0.020.02/4hrs
Tether or USDTU.S Dollar and EUR0.010.01/4hrs

Fees for Future Trading

Kraken gives room for traders to trade cryptocurrency and fiat currency futures in addition to cryptocurrency trading. This is a very important part of our Kraken crypto exchange review because it tells you about everything Kraken has to offer.

Volume Within 30 Day in USDMaker Fee in Percentage (%)Taker Fee in Percentage (%)
0-to- $100,000.000.02000.0500
100,001-to-$1,000,000.000.01500.0400
1,000,001-to-$5,000,000.000.01250.0300
5,000,001-to-$10,000,000.000.01000.0250

There is also an in-depth section on the costs related to deposits & withdrawals further down this Kraken review, which is detailed in more detail on the Payment pages.

Limits on Kraken Purchases

The daily limitations at Kraken are computed independently for fiat currency, bitcoin, and altcoins, depending mainly on the account type you’ve selected (Starter, Intermediate, or Pro).

If you opt to deposit funds using cryptocurrency, there are no limits for any account type. Still, the most you can take out of a starting account in 24 hours is $5,000, from an intermediate account it’s $500,000, and from a professional account, it’s $10 million.

The minimum order sizes are determined by the coins (fiat or crypto) that you want to acquire. The minimum order size for fiat currencies is as follows:

Based CurrencyMinimum Order
US Dollar$10
GBP£5
Australian DollarAUD 10
EUR€5
Kraken Review Mobile App - Comparewise

Kraken Exchange Trading Experience

Kraken provides users with two trading platforms:

  1. Kraken
  2. Kraken Pro

Kraken Pro has cheaper prices and is accessible to everyone who has a Kraken account.

You may pick Kraken or Kraken Pro depending on your bitcoin and active market trading expertise. In either case, there is a platform for everyone, from novices/beginners to experts/specialists.

Kraken Trading Experience

Beginners should begin with the center Kraken platform. With a verified account and a linked commercial bank account, you can get cryptocurrency right away, and it’s just as easy to sell or switch between currencies in your account.

Once you’ve formed an account and logged in, it simply takes a few seconds to place an order using a simple form.

You may buy cryptocurrency straight from your local bank account balance using this technique. So by implication, you don’t need to fund your account first.

Aside from buying and selling, you can stake your cryptocurrency and earn up to 0.23 percent interest, depending on the currency.

Kraken Exchange Pro Trading

Kraken Exchange Pro is an active trading platform that can be accessed via a web browser or smartphone.

While the UI may be intimidating to newcomers to crypto and trading, it may be worthwhile to understand. It has a lot more information about assets, like live charts and a look at orders that are open.

Kraken Pro is available to everyone who has an active Kraken account. Lower costs may be more significant than the sophisticated interface.

 When you utilize Kraken Pro instead of Kraken to make the identical deal, you will pay less than if you used the main interface.

Kraken Experience Trading Fees

Pricing and fees vary based on the platform and the type of deal is entered. Prices are also subject to spread fees in any instance. Here’s a quick rundown of the most significant costs to be aware of:

Fees for Kraken Trading 

Most cryptocurrencies have a cost of 1.5 percent for instant purchases and 0.9 percent for stablecoins purchased with US dollars or another stablecoin.

Additional fees may apply, however, it will depend on how you pay for the purchase. Prices range from 0.5 percent for bank account funding to more than 3.75 percent + 25 Euro cents for debit cards, credit cards, or digital wallet funding.

Fees for Kraken Pro Trading

Kraken Pro is substantially less expensive compared to the regular Kraken platform. Pricing is determined by your overall trading volume over the last 30 days. The majority of deals are subject to a 0.26 percent taker charge or a 0.16 percent maker fee.

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Kraken Security

If you follow proper internet security procedures diligently, your Kraken account should be protected from fraudsters seeking to drain your holdings.

Once an account has been financed, it is absolutely prudent to enable two-factor authentication.

Different two-factor codes can be generated for sign-in, account withdrawals, and transactions. If you’re scared that your Kraken account has been compromised, you can also lock it to prevent any modifications.

While the majority of customers have had a great experience, some have reported hacked accounts where the owner has lost everything with no way to restore lost assets.

Because bitcoin blockchain transactions cannot be reversed, cryptocurrency accounts are a popular target for fraud. Be aware of these risks when using Kraken or any other exchange.

Warning

Transactions with cryptocurrency cannot be reversed. Keep your account details private and double-check addresses before transferring funds to another bitcoin wallet.

Kraken Exchange Pros Explained

Next in our Kraken review, we’ll share some of the highlights about using Kraken.

1. Over 120 coins are supported

Kraken accepts prominent cryptocurrencies such as Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.

2. The user interface is simple

Even if you have no prior knowledge of cryptocurrency, Kraken is quite simple to use.

3. The exchange of high liquidity

Kraken is a bustling exchange where you can easily buy and sell at market values.

Kraken Exchange Cons Explained

As part of our Kraken review we found some areas for improvement on the platform.

1. Fees are higher when Kraken Pro is not used

The transaction costs on the standard Kraken platform are greater than on Kraken Pro..

2. Some users have reported losses as a result of hacks

Some users claim that Kraken has a history of expensive hacks with little to no assistance.

What Kraken excels at

Kraken offers a number of features that make it an appealing option for many investors, but a few stand out.

There are several options

Kraken has something to offer for everyone. Advanced traders—experienced players trying to level up in the crypto trading game—may gain the most from Kraken’s hands-on offers.

Traders who want to trade crypto for crypto will profit from Kraken’s conversion pair choices. Kraken has a wide range of cryptocurrencies, and 65 of them are now available in the US.

Kraken Crypto Exchange App - Comparewise

Reserves Documentation

Kraken is audited semi-annually to guarantee that account balances are supported by real assets. A reputable third-party conducts the audits.

Security on Multiple Levels

Kraken’s primary claim to fame is the security of its platform, which has been in operation for over 10 years without a single hacking incident. Users who are concerned about hacking may trust Kraken because of its multi-layered approach to security.

1. Physical Security

Kraken’s physical security comprises both high-tech equipment and the necessary personnel to defend it. At least 95 percent of Kraken’s currency storage is spread across various sites.

  • This cold storage is offline and air-gapped, making internet access impossible.
  • Servers are locked up in cages and constantly watched by armed security staff.

2. Cybersecurity

Cybersecurity supplements physical security with enhanced encryption at each platform level.

  • Kraken uses both penetration testing and bug bounties to find security holes before hackers do.

3. Safety in Your Hands

Security mechanisms that users may modify are also critical to Kraken’s ability to keep ahead of attacks.

  • Without phone-based account recovery, all accounts require two-factor authentication.
  • Encryption is used for all communication and browsing.
  • Users may set lockout settings for when Kraken is open or while they are away from their devices.

Kraken Alternatives

Not convinced Kraken is right for you? You might consider using another crypto exchange, such as:

Thanks for checking out our Kraken review!

Kraken Review Verdict

Let’s wrap up this Kraken review. Kraken’s price and features make it a suitable choice for new cryptocurrency traders and investors, from beginners to experts. Its cheap Kraken Pro fees, strong staking rates, and futures markets are even more appealing.

However, some users claim major account security difficulties, and the site is not the easiest to use when compared to rivals.

Overall, Kraken is a solid cryptocurrency trading as well as an investing platform. Make sure you are aware of all expenses and hazards and take steps to safeguard your account using two-factor authentication. If you do, you will have a nice time buying and trading Bitcoin on Kraken. Thanks for checking out our Kraken review.

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FAQs about Kraken

Is Kraken secure?

Yes. Kraken is regarded as one of the most highly secure crypto-exchanges in the world's crypto space today. Kraken employs cutting-edge security features such as two-factor authentication (2FA) and top-notch Global Settings Locks. Due to missing cash, Kraken Crypto Exchange was accused by some traders of being hacked in 2016. The site, on the other hand, was able to demonstrate that it was never penetrated and that the lost money was the result of phishing and man-in-the-middle assaults. This emphasizes the need for individuals to adhere to appropriate cryptographic security measures. Even though it is seen as one of the largest crypto exchanges in the world, Kraken has never been successfully hacked. It's crucial to remember that no exchange is completely safe, and it's always a good idea to keep large quantities of cryptocurrencies in your own cryptocurrency wallet.

Is Kraken's customer service good?

If you read the typical Kraken Exchange review, you'll notice that customer care is regularly mentioned as one of the site's greatest characteristics. It also helps that Kraken is one of the few cryptocurrency exchanges that has a phone support line where you can speak with a real person. You can reach them Monday through Friday from 6 a.m. to 6 p.m. EST.If you want to type out a question, Kraken also provides the standard support request through an email mechanism. Finally, Kraken features a high-quality live chat option that is open 24 hours a day, seven days a week, and the Kraken Twitter account might be useful.

Are Kraken's fees reasonable?

Kraken's fees vary based on how frequently you trade each month. In rare cases, trading commissions might be as low as 0%. Kraken operates on a maker-taker fee arrangement, with market maker fees lower than taker fees. Maker costs in stablecoin marketplaces are somewhat higher. People often say that Kraken's fees are some of the lowest for a licensed cryptocurrency exchange.

How does Kraken crypto exchange work?

A Kraken is a simple creature. To get started, you must fill out a form and complete the entrance gateway by creating an account and verifying your identity. Load money into your account when it has been validated in order to begin trading on the site. Fedwire, SWIFT, Etana Custody, and the Silver Exchange Network all accept deposits in supported fiat currencies (SEN). You may also use your debit or credit card to buy cryptocurrency straight on Kraken Instant Buy.

Is Kraken suitable for beginners?

Yes, Kraken has a simple Instant Buy interface that new users can use to buy, sell, and convert crypto/fiat.

Is Kraken available for free?

No, Kraken is not free to use since there are transaction and payment processing costs.

October 6, 2022
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