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Kraken exchange review

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Kraken Cryptocurrency Exchange
4.5
★★★★★
Finder score
Fiat currencies
8
Supported assets
223
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Our verdict

Trade a wide range of cryptocurrencies on the prominent, feature-filled Kraken exchange.

Kraken is a solid choice for users who wish to take full advantage of its educational guides, simple UI, and decent range of coins compared to other centralised exchanges. While a decentralised exchange (DEX) may offer more uncommon tokens, Kraken offers a variety of trading options, such as leverage and margin, which are unlikely to be provided by a DEX.

Crypto can easily be transferred to Kraken to trade if you are coming from a different exchange.

Pros

  • Large selection of cryptocurrencies
  • Low fees for active traders
  • Pleasant UI for new traders
  • High-quality educational guides and tools

Cons

  • Limited options for funding accounts
  • Margin trading only available for Ontario residents who meet certain requirements
  • High minimum deposit requirements that may turn off traders new to crypto

In this guide

  • Review
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
  • Ask an expert

Details

Product details

Product Name Kraken Cryptocurrency Exchange
Fiat Currencies USD, EUR, CAD, AUD, GBP, CHF, JPY & 1 more
Cryptocurrencies BTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, USDT & 214 more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Apple Pay
Google Pay
SWIFT
Trading Fee Maker: 0.00-0.16%
Taker: 0.04-0.26%
Deposit Fees Credit and debit card - Fees vary ($10 minimum deposit)
Apple Pay or Google Pay - Fees vary ($10 minimum deposit)
Crypto - Free
Withdrawal Fees Interact e-transfer - 10 CAD
EFT - 0.25%
Crypto - Fees vary depending on coin or token

Ratings methodology - how we scored Kraken

Supported cryptocurrencies ★★★★★
Transferring money or assets ★★★★★
Fees and costs ★★★★★
Ease of use ★★★★★
Customer service ★★★★★
Features ★★★★★
Staking/earn ★★★★★
Trustworthiness/security ★★★★★

How we rate our crypto exchanges and platforms

Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.

Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

About Kraken — company background

Kraken is a US-based cryptocurrency exchange that was launched in 2013 in San Francisco.

It is one of the longest running platforms in the industry. It 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 and as a Digital Currency Exchange (DCE) with AUSTRAC in Australia.

Listed Kraken crypto exchange assets

Kraken supports over 223 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 17 of the top 20 cryptos are available on Kraken.

Popular assets on Kraken
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
supports
Tether (USDT)
does not support
BNB (BNB)
supports
XRP (XRP)
supports
Solana (SOL)
supports
USDC (USDC)
does not support
Lido Staked Ether (STETH)
supports
Cardano (ADA)
supports
Dogecoin (DOGE)
supports
TRON (TRX)
supports
Chainlink (LINK)
does not support
Toncoin (TON)
supports
Avalanche (AVAX)
supports
Polygon (MATIC)
supports
Polkadot (DOT)
supports
Wrapped Bitcoin (WBTC)
supports
Litecoin (LTC)
supports
Dai (DAI)
supports
Shiba Inu (SHIB)

Kraken fees

Kraken charges a fee for deposits and a fee for crypto - free deposits.

Deposit & withdrawals fees

Transaction type Fee
Deposit funds Credit and debit card - Fees vary ($10 minimum deposit)
Apple Pay or Google Pay - Fees vary ($10 minimum deposit)
Crypto - Free

Withdraw funds Interact e-transfer - 10 CAD
EFT - 0.25%
Crypto - Fees vary depending on coin or token

Kraken uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.

Type Fee
Maker 0.00-0.16%
Taker 0.04-0.26%

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

  • Bank transfer
  • Credit card
  • Cryptocurrency
  • Debit card
  • Apple Pay
  • Google Pay
  • SWIFT

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 proof of identification). This can take quite a long time. The reason for this is Kraken's commitment to certifications, and compliance with regulations and insurers.

  1. Get started
    After selecting the Get Started button, fill in the create account form.
  2. 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.
  3. 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.
  4. Start trading
    After all that is processed, you're ready to trade on Kraken.
Create Kraken account

Using the Kraken app

Kraken’s mobile app is informative and can track daily volume, market cap and 15-minute price changes. The app can be used as a complement to the website, allowing trading on the go, and it can even be a suitable choice for traders who only use a phone or tablet.

Is Kraken safe?

Past hacks. In its decade-long history, Kraken has never been hacked. The majority of assets managed by Kraken are stored offline, which protects them from most of the vulnerabilities associated with cryptocurrency theft.

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 or the Financial Claims Scheme (FCS) guarantee in Australia. Kraken does not disclose an independent insurance policy.

Keeping your crypto secure

All centralised 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

Go to site
Go to site

Supported assets

5,500+

Supported assets

1,456+

Price (USD)

$149

Price (USD)

$219

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
  • Live chat
  • Support ticket

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OKX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP

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Bank transfer, Credit card, Debit card, Neteller
EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more

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cryptocurrencies

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Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT
USD, EUR, CAD, AUD, GBP, CHF, JPY

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Certain trading features are limited or unavailable to residents of Ontario and Quebec.

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Cryptocurrency, Interac e-Transfer, Wire transfer
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cryptocurrencies

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions

Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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