Kraken Review: Complete Guide to This Crypto Exchange

Kraken, founded in 2011, is one of the oldest and largest cryptocurrency exchanges in operation today. With over 8 million clients, Kraken provides access to a wide selection of digital assets and trading pairs while also offering industry-leading security features.

In this review, we’ll take an in-depth look at Kraken to see how it stacks up against competitors like Coinbase and Binance. We’ll examine Kraken’s offerings, including its selection of supported cryptos, trading features, fees, security, customer support, and more.

By evaluating Kraken across these key categories, we’ll get a sense of how it performs as a crypto trading platform and whether it’s a good fit for different types of users, from beginners to advanced traders.

Our goal is to provide an objective assessment of Kraken’s strengths and weaknesses so readers can determine if it is the right exchange to suit their cryptocurrency trading and investing needs.

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Quick Verdict: Kraken is a versatile and secure cryptocurrency exchange trusted by traders worldwide for its robust feature set and strong security practices.

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What Is Kraken?

Kraken is one of the most popular and oldest cryptocurrency exchanges in the world, having been around since 2011. The exchange aims to set itself apart by offering great services, low fees, multiple funding options, and top-notch security.

Founded by Jesse Powell with the mission to accelerate the adoption of cryptocurrency at a global scale as an alternative to traditional financial systems, achieving financial freedom and inclusion for billions of people around the world.

Unlike other exchanges, Kraken is based in the United States, which ensures its compliance with local regulations.

While this makes it readily available to American customers, it also means it offers fewer features than other exchanges, although the one it offers should be enough for most investors.

Keeping in mind that the US has struggled to create a comprehensive body of regulations for cryptos is worth remembering. Today crypto exchanges in the US operate normally, but if the US opts to impose stricter regulations on them, the situation could change quickly.

The exchange is also planning to go public in the future, having attracted the attention of major investors like London-based Rothschild Investment Trust Capital Partners.

For now, while not available to invest in it by just anyone, Kraken remains one of the best platforms to invest in some of the best and most popular crypto projects.

As long as you are not living in Afghanistan, Cuba, Congo, Iran, Iraq, Libya, North Korea, Syria, or Tajikistan, you will be able to take advantage of everything Kraken has to offer. You can check if you have any local restrictions here.

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Kraken Features

One of the most important aspects of any cryptocurrency exchange is the set of features and tools it provides for traders and investors. The trading interface, coin selection, security measures, and other functionalities can make a big difference in the user experience.

Kraken has developed a fairly robust feature set across its exchange products to serve both novice and expert cryptocurrency users, as follows …

• Wide selection of cryptocurrencies – Kraken offers trading pairs for over 50 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Polkadot, Chainlink, Uniswap and more. This gives users lots of options for trading and investing.
• Margin trading – Kraken provides up to 5x leverage margin trading, allowing traders to amplify their gains (and losses). Margin trading carries high risk.
• OTC desk – For high volume traders, Kraken offers an over-the-counter (OTC) desk that provides personalized service and helps fulfill large orders without dramatically impacting market prices.
• Futures and derivatives – Kraken offers futures trading that allows users to speculate on the future price of cryptos. It also plans to introduce crypto options and other derivatives.
• Pro trading tools – Kraken has an advanced crypto trading platform with tools like real-time order books, depth charts, price charts and more. Useful for technical analysis.
• Security features – Kraken stores most crypto in cold wallets offline. It offers two-factor authentication, PGP encryption, and other security measures to protect accounts.
• Low fees – Kraken’s trading fees start at 0.16% per trade side, lowering based on trading volume. Fees are competitive with other major exchanges.
• Global availability – Kraken is available in over 100 countries globally and offers fiat on-ramps for many currencies like USD, EUR, CAD, etc.
• Kraken Pro mobile app – Kraken offers an iOS and Android app tailored for professionals with real-time spot prices, the ability to trade, and other account management features.
• Staking services – Kraken allows users to stake certain proof-of-stake coins on the exchange to earn rewards.
• NFT marketplace – Kraken has its own NFT marketplace that allows users to buy, sell, and mint select NFTs that are verified by Kraken. The marketplace connects to users’ Kraken accounts for easy trading.
• 24/7 live chat support – Kraken offers constant live chat support direct from their website for quick assistance with any issues.

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Supported Currencies

One of Kraken’s biggest strengths is the wide variety of cryptocurrencies and tokens it supports. Kraken offers spot trading for over 50 different cryptos and altcoins.

Major coins like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple are to be expected. But Kraken has also made an effort to support altcoins like Cardano, Polkadot, Loopring, KAVA, and many more.

Kraken has been at the forefront of supporting some new crypto assets. For example, it was one of the first exchanges to enable Shiba Inu coin trading. And Kraken provides access to popular decentralized finance (DeFi) tokens like Chainlink, Uniswap, Aave, and more.

The large selection of coins makes Kraken a great option for investors looking to diversify their crypto portfolio beyond the most common assets. Traders can take advantage of fluctuations in prices between these smaller cap coins.

Kraken also allows for trading between cryptos, not just trading cryptos for fiat currencies like the U.S. dollar. There are crypto-to-crypto pairs, stablecoin trading, and more.

While some exchanges like Coinbase have wider overall assets coverage with 100+ cryptos, Kraken still offers one of the larger selections in the industry. The ability to trade between a diverse pool of tokens adds to Kraken’s power as an exchange for seasoned crypto traders.

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Kraken Signup and Login

A Kraken account can be easily opened by following the signup process and entering your name, email address, and password. All passwords must be at least 8 characters in length and contain letters, numbers, and special characters.

 

Kraken offers both basic and advanced accounts, to open a basic account users are required to give their full name, date of birth, address and phone number. Advanced account users must go through a more stringent verification process in order to complete their registration. For an advanced account it’s necessary to:

• Upload your ID. In order to verify your account you are required to upload government issued forms of identification and a proof of residence. For US residents, a Social Security Number is also required; whilst in countries such as Germany or Japan require additional ID confirmation.
• Documentation can be uploaded under the ‘Get Verified’ tab of your Kraken account and the verification time depends on the number of applications being processed and can take from a few days to over a week.
• Be sure to set up 2-Factor Authentication (2FA) which provides a secondary layer of security to your account.
• Once this is complete you can move onto funding your account. Add the bank account that you will make transfers to and from; bank transfers and wires are the only accepted methods for depositing funds.

 

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Account Verification

While the verification process is optional, it will determine what exchange features you can use and the limits set to your account. There are 4 levels of verification: Starter, Express Intermediate, and Pro.

Let’s take a look at the features you will gain access with each level of verification:

• Starter: Add security Settings, Kraken Pro App, Kraken Mobile App, deposit cryptocurrencies with no limits, withdraw cryptocurrencies with low limits, exchange crypto, on-chain staking, generate up to 16 API keys, and a low API call rate limit.
• Express: You receive all the benefits of the starter verification with the addition of fiat deposits with an up to $9 lifetime limit, and fiat withdrawals with a $9k monthly limit.
• Intermediate: Same features as express but with higher deposit and withdrawal limits depending on your country, on-chain and off-chain staking, margin trading, futures trading, parachain auctions, and a higher API call rate limit.
• Pro: Same Features of intermediate but with the highest limits for withdrawals of crypto and fiat as well as cash deposits, access to dark pool trading, trading on OTC desk and business account, 25 API keys, and the highest API call rate limit.

To get verified, you will need to provide some personal information (express), provide your ID (intermediate), and provide financial information (pro). The process can take under 1 minute, 5 minutes, or a few days depending on the level you are looking for.

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How to Make a Deposit

Navigate to the ‘Funding’ section in the Menu tab, and then select your preferred deposit method. You may choose to deposit into the exchange via the bank transfer function. Or utilize a cryptocurrency wallet in order to transfers funds.

How to Make a Trade

Once your account has been funded, it’s possible to click on the ‘Trade’ tab in the Menu and select ‘New Order’; from here you can select the currency you would like to buy and your preferred payment currency.

After entering the quantity you would like to purchase and selecting either a market or limit order, you can click on the green confirmation button in order to confirm your purchase.

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Kraken Fees

Kraken is a centralized exchange run by a corporation. As such, it is a for-profit platform that makes money by charging fees when performing certain transactions on it.

The most common fee you will be charged when using Kraken is a trading fee that is charged when an order is matched with another order. If you create an order but it is not executed, you will not incur any fees at all.

This fee can vary but will always be between 0% and 0.26% of the order’s total value.

The fee will be determined by the following factors:

• The trading pair being used
• Your 30-day trading volume in USD
• If you are adding (maker) or taking (taker) liquidity from the reserve

If you are using leverage on your trading, there are two other fees that will be applied: The margin opening and rollover fees.

These fees will vary depending on the currency you are trading but will always rank between 0.01% and 0.02% for both, with the fee being for every 4 hours you maintain your position in the case of rollover fees.

 

Another fee you will need to consider is the address setup fee, which will vary depending on the cryptocurrency you are setting an address for. As this address will be necessary to trade certain currencies, it can vary depending on your needs and the specific coin. You can check these fees here.

If you are using the instant buy feature, which lets you instantly buy, sell, or convert cryptocurrencies without the need of creating an order, you will need to consider the following fees:

• Instant Buy: 0.9% fee for any stablecoin or 1.5% for any other crypto pair.

If you are using a card or online banking to buy the crypto, you will incur one of the additional fees:

• An extra 3.75% for payment processing fee
• An extra 0.5% for the online banking processing fee

It is important to keep in mind that when using Kraken, your trading fees will decrease as your 30-day volume in USD increases. The first level at which you will notice a decrease is if you reach a $50k trading volume.

Fiat deposits will also incur fees depending on the method, with some of them being free or as high as 21 British Pound, but this will be discussed later on in the funding section.

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Is Kraken Safe?

Kraken is widely considered one of the most secure cryptocurrency exchanges available in the crypto world, having never been hacked in the past. Binance, arguably the biggest crypto exchange, suffered a hack in 2019, which makes Kraken’s record the most impressive.

According to the exchange, it stores 95% of all deposits in cold storage distributed geographically to ensure its safety, using reserves to ensure liquidity. Its servers are also under 24/7 surveillance to ensure that unauthorized physical access is not possible.

Cold storage is the safest way to store tokens – and it is almost impossible to hack tokens that are being stored in this way.

With 2FA, email confirmations for withdrawals, customizable API keys, PGP signature, constant monitoring, SSL encryption, Zero settlement risk, and configurable account timeouts, your crypto will be as safe as it can be when in Kraken.

While security is a concern with any crypto exchange, Kraken is one of the best options that anyone in the US can choose.

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Kraken Trading Volume and Liquidity

As one of the most popular exchanges, Kraken does pretty well in terms of trading volume and liquidity, consistently being one of the top 10 spot exchanges in these regards.

Kraken aims to drive high liquidity by incentivizing high trading volumes, providing multiple funding options and low fees, and having more active users by reducing fees for makers.

According to the exchange, it is able to achieve spreads as tight as 1 point per percentage (pip), which allows its users to trade high volumes without incurring big losses in the process.

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Kraken Customer Support

Kraken offers several resources to its users to support them on their journey through the crypto world.

These resources include support guides for the platform’s features, an in-depth “learn” section that provides information on everything related to crypto, podcasts, videos, and 24/7 global customer support.

Unlike most cryptocurrency exchanges, which focus on a ticket system, Kraken offers its customers phone support from Monday to Friday from 6 am to 6 pm EST, which can be a deal-breaker for many looking for a more personalized touch.

If you are not the kind of person who likes talking on the phone, Kraken also offers a live chat which will allow you to receive live help from support specialists at any time during the week. If you would rather fill a support ticket, this is also possible.

Due to the size of the exchange, reply times can vary depending on the demand.

While Kraken didn’t excel in the customer support department some years ago, it is clear that the exchange is focusing on improving the experience for its users, with the addition of phone support being a great plus.

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Is Kraken Good for Beginners?

While Kraken can be used by beginners who have or are willing to do their research, the exchange is not exactly user-friendly when compared to other exchanges. This is not only limited to its user interface when trading but also to its deposit and withdrawal methods if you are unable to use a debit or credit card.

The signup process can also be more cumbersome than other exchanges due to its compliance with local regulations, which requires it to adapt Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) measures.

This means you will be required to provide personal information and verify your identity when registering an account.

However, if you are familiar with other market platforms or have no problem with reading a few guides, it is possible to use Kraken as a beginner.

If you are not a beginner, Kraken’s mobile app and platform have a lot of customization alternatives that make it super adaptable to your specific needs as well as straightforward features, which could make it easy to use depending on your experience.

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Kraken Interface & Apps

In addition to its web platform, Kraken also offers several ways in which users can take advantage of its features. For example, Kraken offers three official Apps that are available both for iOS and Android users.

The first App is the standard Kraken App, which will allow users to buy crypto using a debit/credit card or ACH online banking, monitor prices and track their portfolio, deposit their cryptocurrency, and purchase predefined amounts of crypto.

The Kraken Pro APP is intended to provide a professional trading experience and as such, it provides access to eligible users to margin trading, advanced order types, and multiple charting tools.

Another app is specifically available for those looking to trade futures: Kraken Futures. If you are eligible, it will allow you to trade crypto with up to 50x leverage, transfer between your sport and futures wallets, trade futures, and access personal support as well as educational content.

In addition to the mobile and web apps, Kraken also offers access to its REST API. If you have programming knowledge, this will allow you to interact with Kraken’s platform in a more customizable way.

Not only does the API provide access to market data via a public endpoint but it also allows authenticated endpoints to be accessible, providing user data, trading, funding, and staking features to your apps or bots.

This is a great way for power users to automate their trading strategies and gain access to unique insights depending on their needs.

If you want to be able to use bots to trade your account, Kraken is a good options to consider. With a fast exchange structure, and loads of data, Kraken is built for anyone that uses automated trading tools on a regular basis.

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Conclusion

Kraken is an efficient, reliable, and safe exchange that offers a good balance between features and compliance with regulations, ensuring it is a safe bet for investors of any level of experience who are not looking for advanced features.

With all the crypto exchanges that are out there – Kraken stands out as a great choice, especially for anyone who lives in the USA. Be sure to understand what features an exchange offers before you make a deposit, and start trading.

Given its emphasis on educating its users on the multiple aspects of cryptocurrency and providing them with security, it is a great alternative for beginners who don’t mind having to navigate a user interface that is not that user-friendly.

The company also gives its clients ready access to customer support, so that they can get the help they need. After many years of development, Kraken offers its clients a full set of trading tools that are simple to use, and very effective.

When looking at Kraken in-depth, it is not hard to see why it is one of the most trusted and used cryptocurrency exchanges out there.

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Kraken FAQs

Is Kraken available in my country?

Kraken is available in most countries worldwide, with the exception of New York and Washington state in the US. Check their website for your specific country.

Does Kraken have insurance protection?

Yes, Kraken maintains full insurance coverage and digital asset protection up to $100 million. This protects users from theft or loss of funds.

What are Kraken’s fees?

Kraken has a tiered fee schedule based on 30-day trading volume. Fees range from 0.16% maker/0.26% taker at the lowest tier to 0% maker/0.10% taker at the highest VIP tier.

Does Kraken have a mobile app?

Yes, Kraken has iOS and Android mobile apps. The Kraken Pro app is designed for professionals and includes order execution.

What customer service options does Kraken offer?

Kraken offers 24/7 live chat support as well as an extensive help center and FAQ knowledge base. You can get account assistance over email also.

How do I deposit/withdraw funds on Kraken?

Kraken allows both crypto deposits and fiat currency deposits through wire transfer or electronic funds transfer. Withdrawals work similarly in reverse.

Is Kraken safe to use?

Kraken utilizes top security measures like two-factor authentication, PGP encryption, and the majority of assets held in offline cold storage. Its security practices are considered highly safe.