Kraken review

- Fiat currencies
- 7
- Supported assets
- 277
Our verdict
Trade over 270 cryptocurrencies on this world-class, global exchange.
Founded in 2011, Kraken is one of the world's oldest crypto exchanges. It operates in 190+ countries and caters to new and experienced crypto traders.
Experienced traders will like Kraken's charting tools, detailed order book and range of order types. Beginners will appreciate the app's user-friendly interface and availability of educational materials.
Canadians can earn a yield on their funds, primarily through staking. You can reach customer support 24/7 via live chat or by submitting a support ticket.
Pros
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Supports 270+ cryptos
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Easy-to-use for beginners
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Advanced features for experienced traders
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Quality educational resources
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Filed for pre-registration with the Ontario Securities Commission (as of 2023)
Cons
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NFT marketplace shut down in 2024
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No margin or futures trading in Canada
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Can take days to verify Pro accounts
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Non-competitive fees (but you can get discounts for high-volume trades)
Details
Product details
Product Name | Kraken |
Fiat Currencies | CAD, AUD, EUR, GBP, CHF, USD, JPY |
Cryptocurrencies | BTC, ETH, SOL, USDC, XRP, ADA, SHIB, AVAX, TRX, BCH & 267 more |
Deposit Methods |
Credit card Cryptocurrency Debit card Interac e-Transfer Wire transfer Apple Pay Google Pay |
Trading Fee |
Maker (Pro account): 0%-0.25% Taker (Pro account): 0.1%-0.4% |
Deposit Fees |
Interac e-Transfer: 0.5% Apple Pay/Google Pay: variable Crypto: Free for most cryptos Wire transfers: $0-$3 Canada Post cash/debit: $1.25+0.25% |
Withdrawal Fees |
Interac e-Transfer: $10 EFT: 0.35% Wire: $0-$35 Crypto: variable |
About Kraken — company background
Kraken is a US-based cryptocurrency exchange that was launched in 2013 in San Francisco. It has over 13 million users.
One of the longest-running platforms in the industry, Kraken has maintained its legacy status by educating users, shaping industry policy and being highly active in regulatory discourse.
Kraken is registered as a Money Services Business (MSB) with FinCEN in the US and FINTRAC in Canada. It's registered as a Digital Currency Exchange (DCE) with AUSTRAC in Australia.
Listed Kraken crypto exchange assets
Kraken supports over 277 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 14 of the top 20 cryptos are available on Kraken.
Popular assets on KrakenKraken fees
Kraken charges a $1.25+0.25% fee for canada post cash/debit deposits, variable fee for apple pay/google pay deposits and a 0.5% fee for interac e-transfer deposits. Wire transfers and crypto deposits are free for folks in Canada.
Deposit & withdrawals fees
Transaction type | Fee |
---|---|
Deposit funds | Interac e-Transfer: 0.5% Apple Pay/Google Pay: variable Crypto: Free for most cryptos Wire transfers: $0-$3 Canada Post cash/debit: $1.25+0.25% |
Withdraw funds | Interac e-Transfer: $10 EFT: 0.35% Wire: $0-$35 Crypto: variable |
Kraken uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
Type | Fee |
---|---|
Maker | 0%-0.25% (Pro account) |
Taker | 0.1%-0.4% (Pro account) |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Kraken deposit methods
- Credit card
- Cryptocurrency
- Debit card
- Interac e-Transfer
- Wire transfer
- Apple Pay
- Google Pay
How to sign up on Kraken exchange
Before you can even get started trading on Kraken, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Kraken's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Kraken account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Kraken.
Using the Kraken app
Kraken offers two mobile apps.
The standard Kraken app is targeted to beginners and focuses on a simplified buying and selling experience. The app includes a neat snapshot of your portfolio and has a concise summary of each asset and how it works. You can purchase crypto instantly or set a recurring order.
The Kraken Pro app is targeted at experienced traders and includes many of the same features as the desktop exchange. You view price charts, the order book and market depth. The spot market has a number of order types and trade settings available.
You can contact customer support through both apps as well as set price alerts for individual assets.
App store | Rating | Total reviews |
---|---|---|
Google Play | 4.1 stars | 32.5k reviews with 1m downloads |
Apple Store | 4.6 stars | 1.9k reviews |
Is Kraken safe?
Past hacks. Kraken encrypts sensitive account data and keeps its systems and infrastructure under 24/7 surveillance, but the platform isn't immune to hacks. In June 2024, a user claiming to be a security researcher stole $3 million worth of crypto thanks to a flaw that allowed customers to inflate their account holdings.
Security. Kraken accounts come with standard modern security features such as SMS codes to confirm withdrawals, email confirmation, and 2-factor authentication (2FA).
Independent audits. Kraken has been audited by independent accounting firms.
Proof of Reserves. Following the collapse of Celsius and FTX, Kraken implemented a Proof of Reserves system. This allows users to verify their account balances using on-chain data and a type of cryptographic proof called a Merkle Tree.
Insurance. Cryptocurrencies do not qualify for federal deposit insurance in the US, CDIC coverage in Canada or the Financial Claims Scheme (FCS) guarantee in Australia. Kraken does not disclose an independent insurance policy.
Keeping your crypto secure
All centralized exchanges, including Kraken, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Kraken customer support
Kraken support is very accessible and can be reached in a variety of mediums depending on the urgency or the difficulty of the issue. Phone support is available in select time zones. Chat support is available 24/7.
How to reach Kraken customer support
- Contact form
- FAQ page
- Help center articles
- Live chat
- Phone
- Support ticket
- Telegram
Alternatives to Kraken
Finder Score for crypto exchanges
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