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
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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.
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.
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.
|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 Fee||Maker: 0.00%-to-0.16% and Taker: 0.10-to-0.26%|
|Crypto-currencies:||EOS, LTC, BTC, ETH, ADA & 118+ more|
|Fiat-Currencies||USD, EUR, CNY, GBP, RUB, AUD and 23+|
|Mobile Application||Yes, it’s available on android and iOS|
Here’s a rundown of the services offered by the Kraken platform.
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.
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.
Qualified investors can get up to 5x leverage, a trading interface made for professionals, and limits on deposits of up to $500,000.
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.
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:
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.
To open a Kraken account, you must provide an email address, a username, a password, and your country of residency.
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.
Kraken provides three distinct account types:
After selecting an account type, you must provide additional personal information to further personalize your account. Such information includes:
It should be noted that the quantity of information you must submit to Kraken may vary depending on your location.
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.
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:
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.
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.
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 Method||Minimum Withdrawal Threshold||Trader’s Withdrawal Fees||Payment Processing Time Frame|
|Domestic wire transfer (Credit Union Atlantic)||$125||$11.50 charged by your bank||1-5 business days|
|In-person cash or debit|
|$20||1.25 CAD + 0.25%||30-60 minutes|
|Interac e-Transfer||$5||1.5% (up to a max of $30)||Almost instantly|
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 USD||Maker’s Fee Percentage (%)||Taker’s Fee Percentage (%)|
|$1,000,000.00 and above||0.00||0.00|
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.
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 Currencies||Trading Currency Base||Opening Fee in (%)||Roll-overFee Per Hour in (%)|
|Bitcoin or BTC||U.S Dollars and EUR||0.01||0.01/4hrs|
|Bitcoin or BTC||GBP, Canadian Dollar, and USDT||0.02||0.02/4hrs|
|Ethereum OR ETH||U.S. Dollar, EUR, USDT, and Bitcoin||0.02||0.02/4hrs|
|Tether or USDT||U.S Dollar and EUR||0.01||0.01/4hrs|
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 USD||Maker Fee in Percentage (%)||Taker Fee in Percentage (%)|
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.
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 Currency||Minimum Order|
|Australian Dollar||AUD 10|
Kraken provides users with two trading platforms:
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.
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 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.
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:
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.
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.
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.
Transactions with cryptocurrency cannot be reversed. Keep your account details private and double-check addresses before transferring funds to another bitcoin wallet.
Next in our Kraken review, we’ll share some of the highlights about using Kraken.
Kraken accepts prominent cryptocurrencies such as Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.
Even if you have no prior knowledge of cryptocurrency, Kraken is quite simple to use.
Kraken is a bustling exchange where you can easily buy and sell at market values.
As part of our Kraken review we found some areas for improvement on the platform.
The transaction costs on the standard Kraken platform are greater than on Kraken Pro..
Some users claim that Kraken has a history of expensive hacks with little to no assistance.
Kraken offers a number of features that make it an appealing option for many investors, but a few stand out.
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 is audited semi-annually to guarantee that account balances are supported by real assets. A reputable third-party conducts the audits.
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.
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.
Cybersecurity supplements physical security with enhanced encryption at each platform level.
Security mechanisms that users may modify are also critical to Kraken’s ability to keep ahead of attacks.
Not convinced Kraken is right for you? You might consider using another crypto exchange, such as:
Thanks for checking out our Kraken review!
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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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.
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.
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.
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.
Yes, Kraken has a simple Instant Buy interface that new users can use to buy, sell, and convert crypto/fiat.
No, Kraken is not free to use since there are transaction and payment processing costs.