Kraken exchange review
- Fiat currencies
- 8
- Supported assets
- 223
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
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Large selection of cryptocurrencies
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Low fees for active traders
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Pleasant UI for new traders
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High-quality educational guides and tools
Cons
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Verification can take days
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CAD, USD and EUR are the only supported fiat currencies
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 & 213 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 KrakenKraken 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 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’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 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 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
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
- Live chat
- Support ticket
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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