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Kraken cryptocurrency exchange review
Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange
- Great for its wide range of features
- Not so great for its varying trading fees
Check out our full list of pros and cons or read on.
7
Fiat currencies
62
Cryptocurrencies
Details
| Product Name | Kraken Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD, EUR, GBP, JPY, CAD, CHF, AUD |
| Cryptocurrencies | BTC, ETH, BCH, EOS, LTC, ADA, XLM, TRX, BAT, ETC & 40+ more |
| Deposit Methods |
Bank transfer Cryptocurrency SWIFT Wire transfer Osko SEPA |
| Trading Fee |
Maker: 0.00-0.16% Taker: 0.10-0.26% |
| Deposit Fees | Fees vary |
| Withdrawal Fees | Fees vary |
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, EUR, GBP, JPY, CAD, CHF, AUD
- Supported cryptocurrencies: Approximately 62 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Cryptocurrency
- SWIFT
- Wire transfer
- Osko
- SEPA
Fees and limits
Platform trading fees
Kraken’s comprehensive trading fee structure varies depending on trade volume and what kind of trade it is. Fees vary for stablecoins, dark pool trades and margin trading, so it’s worth checking Kraken’s site for the latest breakdown.
The fees below are accurate as of February 11, 2021.
Trading fees
| 30-day volume (30-day USDT) | Maker fee | Taker fee |
|---|---|---|
| $0 – $50,000 | 0.16% | 0.26% |
| $50,001 – $100,000 | 0.14% | 0.24% |
| $100,001 – $250,000 | 0.12% | 0.22% |
| $250,001 – $500,000 | 0.10% | 0.20% |
| $500,001 – $1,000,000 | 0.08% | 0.18% |
| $1,000,001 – $2,500,000 | 0.06% | 0.16% |
| $2,500,001 – $5,000,000 | 0.04% | 0.14% |
| $5,000,001 – $10,000,000 | 0.02% | 0.12% |
| $10,000,000+ | 0.00% | 0.10% |
General trading fees explained
The maker fee is for people who place orders, while the taker fee is for people who pick up existing orders placed by others.
The volume discount is based on your trade volume over the last 30 days.
Stablecoin trading fees
| 30-day volume | Maker fee | Taker fee |
|---|---|---|
| $0 – $50,000 | 0.20% | 0.20% |
| $50,001 – $100,000 | 0.16% | 0.16% |
| $100,001 – $250,000 | 0.12% | 0.12% |
| $250,001 – $500,000 | 0.08% | 0.08% |
| $500,001 – $1,000,000 | 0.04% | 0.04% |
| $1,000,000+ | 0.00% | 0.00% |
Stablecoin trading fees explained
Stablecoin trades do not count towards your volume discount.
Dark pool trading fees
| 30-day volume | Maker fee | Taker fee |
|---|---|---|
| $0 – $50,000 | 0.36% | 0.36% |
| $50,001 – $100,000 | 0.34% | 0.34% |
| $100,001 – $250,000 | 0.32% | 0.32% |
| $250,001 – $500,000 | 0.30% | 0.30% |
| $500,001 – $1,000,000 | 0.28% | 0.28% |
| $1,000,001 – $2,500,000 | 0.26% | 0.26% |
| $2,500,001 – $5,000,000 | 0.24% | 0.24% |
| $5,000,001 – $10,000,000 | 0.22% | 0.22% |
| $10,000,000+ | 0.20% | 0.20% |
Dark pool trading fees explained
Dark pool trades won’t show up on the order books.
The fees for doing this are set at the normal taker fee plus 0.1%. Volume-based discounts apply as normal.
Margin trading fees
- Make sure you fully understand the risks before margin trading.
Margin trading may result in the loss of your entire account balance. Cryptocurrency is volatile, and rapid price drops can liquidate your account. If you want to margin trade, please ensure you fully understand the risks involved, take care to manage your exposure and consider setting profit targets and stop-loss limits to manage the risks better.
| Base currency | Quote currency | Opening fee | Rollover fee |
|---|---|---|---|
| XBT (Bitcoin) | EUR, USD | 0.01% | 0.01% per 4 hours |
| USDT (Tether) | EUR, USD | 0.01% | 0.01% per 4 hours |
| BCH (Bitcoin Cash) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
| ETH (Ethereum) | EUR, USD, USDT, XBT | 0.02% | 0.02% per 4 hours |
| ETC (Ethereum Classic) | EUR, USD, ETH, XBT | 0.02% | 0.02% per 4 hours |
| REP (Augur) | EUR, ETH, XBT | 0.02% | 0.02% per 4 hours |
| XMR (Monero) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
| XRP (Ripple) | EUR, USD, XBT | 0.02% | 0.02% per 4 hours |
Margin trading fees explained
The opening fee is the fee for opening a margin trading position. The rollover fee applies when maintaining an open position.
Deposits and withdrawals
You can deposit cryptocurrencies with standard network fees, while the deposit options and fees will vary depending on whether you’re depositing USD, EUR, CAD, AUD, GBP, JPY or CHF and whether you’re making a deposit or withdrawal.
Deposits
Etana Custody and Silvergate Exchange Network deposits
Kraken offers two deposit options: Etana Custody and Silvergate Exchange Network. To use these deposit methods, you will first have to create an account with Etana Custody or Silvergate Bank.
Etana Custody is a funding and custody service that provides additional benefits, such as worldwide availability and instant transfer options, where needed, while Silvergate Bank is a platform that offers access to the Silvergate Exchange Network for fast international transfers.
Etana lets you deposit a wide range of currencies, while Silvergate Exchange Network is for USD only.
How fast will my funds be available?
Deposits
Instant – 5 days
Instant or near-instant deposits are available through Etana Custody, CAD payment options or cryptocurrency deposits.
Most other options will take 1 to 5 business days.
Withdrawals
Varies
Instant or near-instant withdrawals are available through Etana Custody, CAD payment options or cryptocurrency deposits.
Most other options will take 1 to 5 business days.
Is Kraken safe to use?
- Regulation. Kraken is based in Canada and has registered as a money services business in the US under the name of its parent company Payward, Inc.
- Verification process. Kraken requires all users to provide information about themselves, but document verification is only required for fiat currency transfers or trading. No document verification is required for cryptocurrency transfers or trading.
- Security features. Kraken follows industry best security practices, such as keeping 95% of user funds in cold storage and encouraging two-factor authentication. It runs a bug bounty program and says its servers are kept in secure cages, under armed guards and constant surveillance.
Kraken was founded in 2011 and launched in 2013. While individual users have had their accounts compromised over the years, typically after failing to enable two-factor authentication, Kraken is never known to have been the victim of a major heist, and two-factor authentication is now mandatory.
Regardless, Kraken CEO Jesse Powell advises people not to store cryptocurrency on Kraken or any other cryptocurrency exchange.
It was the world’s first exchange to produce cryptographic proof of its reserves, and you can still verify that Kraken is fully backed as of its most recent audit. You can verify that your cryptocurrency was included in the latest audit once logged in to your Kraken account.
Compare alternatives to Kraken
Not yet rated
| Go to site |
|---|
|
Cryptocurrencies BTC, BCH, BSV, ADA, DOGE, EOS, ETC, FIL, XLM, ZEC & 50+ more |
|
Deposit method Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay |
|
Trading fee Fees vary |
|
Withdraw fees
Instant Card Withdrawal: Up to 1.5% of the transaction plus a minimum of $0.55 |
Not yet rated
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Cryptocurrencies BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM & 30+ more |
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Deposit method Bank transfer, Credit card, Debit card, Neteller, PayPal, Online banking, Skrill |
|
Trading fee Fees vary. Overnight and weekend fees apply |
|
Withdraw fees US$5 (minimum withdrawal of US$50) |
Not yet rated
| Go to site |
|---|
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Cryptocurrencies BTC, ETH, XRP, BCH, EOS, FET, LTC, ADA, XLM, KDA & 200+ more |
|
Deposit method Credit card, Cryptocurrency, PayPal, TransferWise, SEPA |
|
Trading fee
Maker: 0.04-0.20% |
|
Withdraw fees Cryptocurrency: Fees vary |
Compare more providers
How do I create an account at Kraken?
- Visit the Kraken website and select Create Account. On the next screen, enter your email, choose a username, create a password and select your location.
- Provide your information or get verified. After creating an account, go to your settings to add your information. There are three verification levels, and the information you’ll need to provide varies depending on what level of verification you need. Getting verified past the Starter level lets you deposit and withdraw fiat currencies and raises your withdrawal, margin trading and API call limits. Getting verified to Pro unlocks dark pool trading, lets you manage more API keys and raises all limits to the highest levels.
- To make a deposit, log in and go to the Funding page. Choose your preferred deposit type and follow the instructions provided to deposit the amount of whatever currency you want.
You can now buy, sell and trade cryptocurrency on Kraken. To access the markets, go to the Prices section, then browse through to the pair of your choice. Available options include market buy and sell, limit orders, margin trading and more.
Familiarize yourself with all options available to get the most out of the cryptocurrency exchange.
What else do I need to know about Kraken?
Kraken was founded in 2011 after the Mt. Gox incident. It was conceived with the specific intention of being the professional, secure and high-quality Bitcoin exchange the nascent industry desperately needed at the time.
It was launched in 2013 and has been one of the world’s most prominent cryptocurrency exchanges ever since.
In a nutshell
Pros
- Wide fiat and crypto range. With USD, EUR, GBP, CAD, AUD, JPY and CHF pairs, plus a wide range of cryptocurrencies, Kraken is among the world’s most versatile exchanges.
- Feature-filled. Kraken offers margin trading, futures, an OTC desk, dark pools and additional tools such as indices and its own Cryptowatch.
- 24/7/365 customer service. Kraken offers customer service every hour of every day of the year, as well as account management services for advanced traders.
- Since 2013. Kraken is one of the world’s largest exchanges by trading volume, and many regard it as one of the most legitimate.
Cons
- Varying fees. You need to be aware of the fees because they can vary by trade type. Basic trading fees range from 0% to 0.26%, while dark pool, stablecoin trading or margin trading have different fee structures.
Compare Kraken against other exchanges
Frequently asked questions
Disclaimer: 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.
