Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Kraken cryptocurrency exchange – review
Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange.
What is Kraken?
Kraken is a leading digital currency exchange for “serious and professional traders”. The platform is designed with the sophisticated trader in mind and provides access to many sought-after features such as fast execution speed, margin trading and deep liquidity.
Kraken offers comprehensive services for the crypto investor, such as the ability to buy and sell bitcoin and trade digital tokens against fiat currency.
The exchange is also transparent, offering proof of reserve audits and a high level of security.
What currencies can I buy, sell and margin trade?
- Supported fiat currencies: USD, EUR, GBP, JPY, CAD, CHF
- Supported cryptocurrencies: Approximately 56 cryptocurrencies
Is Kraken available in Ireland?
Kraken is available globally, with some exceptions. Irish citizens are able to sign up for and use Kraken.
Which payment methods are accepted?
Kraken accepts payments through fiat currency and cryptocurrency. To make a deposit, log in and go to Account > Funding > Deposit. Here, you’ll be prompted to choose your deposit method.
It’s also important to note that USD deposits via wire transfer are only available for Tier 3 or Tier 4 account holders. These tiers refer to your level of account verification. A full breakdown of the tier structure is available on the Kraken site.
Credit cards, debit cards and PayPal are not currently supported.
How much does Kraken cost?
Fees start as low as 0% and depend largely on how much you trade. Fees are charged on a per-trade basis and calculated as a percentage of the trade’s quoted currency volume.
Kraken offers one of the most comprehensive fee schedules on the market. For full disclosure on how much trading will cost you, visit Kraken’s website.
How quickly will my funds be available?
International wire transfers are processed in approximately 1-5 business days.
Are there any transfer limits?
You won’t be able to withdraw funds if it puts you over your current daily or monthly limit. The same rule applies for deposits, except that the window is set daily. Below are the maximum withdrawal limits by tier.
|Daily limit||Monthly limit|
|Tier 1 (digital currency only)||US$2,500||US$20,000|
|Tier 2 – Fiat currency|
Tier 2 – Cryptocurrency
Is Kraken secure?
This is an important consideration, and one you should investigate for yourself. However, Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well capitalised and very safe to use.
In fact, Kraken’s security features are made public on its website. All new deposits go directly to cold wallets, where the vast majority of coins are stored. All wallets are encrypted.
Users also enjoy 2-factor authentication and vast protection against malicious attempts to retrieve personal login information.
Although there has been some concern over privacy when uploading documents, Kraken maintains an isolated system for sending documents. Your account information and verification documents are also encrypted.
Kraken is one of the world’s most popular bitcoin exchanges, which means its customer support may sometimes be overwhelmed. That’s why the platform offers a Support Centre, Help Centre and detailed FAQ section, which can help you troubleshoot any problems.
You can also submit a request if none of the available resources help.
Kraken pros & cons
- Highly respected exchange
- Low transaction fees
- Professional trading platform with all the bells and whistles
- Margin trading and short selling
- Limited payment methods
- Not suitable for beginners
- Customer support can be overwhelmed at times, leading to slower service
First, you need to study the features and decide whether Kraken suits your needs. If you’re keen on giving Kraken a shot, simply visit the website and click “Open an account” to get started. Here, you’ll be prompted to complete a form and activate your account. Once verified, you can fund your account with cryptocurrency or cash.
Frequently asked questions
More guides on Finder
Review: Ulster Bank international money transfers
A detailed review of the exchange rates, fees and processing times for Ulster Bank international money transfers.
Review: FTX cryptocurrency exchange
Trade cryptocurrency, derivatives and speculate on stocks with this fully-featured exchange created “by traders, for traders”.
How to buy, sell and trade Aeternity (AE)
Read our comprehensive guide to the Aeternity smart contract platform and how to buy Aeon (AE), Aeternity’s native currency.
How to buy, sell and trade Dai (DAI)
Step-by-step instructions on how to buy, sell and trade Dai (DAI), the cryptocurrency stablecoin issued by MakerDAO.
What are security tokens?
Learn more about security tokens and why some experts consider them the next big thing in the cryptocurrency space.
What is a stablecoin?
A comprehensive overview of cryptocurrency stablecoins, including how they work, what they’re used for and why they’re important.
Compare and learn about cryptocurrency trading bots
Your detailed guide to cryptocurrency trading bots, how they work and the benefits and risks you need to consider when choosing a crypto trading bot.
Compare cryptocurrency loans and lending services
Bitcoin loans offer a new and decentralised way to access personal financing. Find out how these loans work in our guide to cryptocurrency lending and borrowing.
How to earn passive income with cryptocurrency
It’s possible to make money from cryptocurrency without just buying low and selling high. Here’s how.
How to buy Roblox (RBLX) stock from Ireland
Roblox is set to go public, here’s what you need to know if you’re looking to buy in from Ireland.
Ask an Expert