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Kraken cryptocurrency exchange review
Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange
Founded in 2011, Kraken is one of the oldest Bitcoin exchanges on the market. Over the years, its service offerings have expanded beyond just Bitcoin to include some of the world’s leading altcoins.
The platform also has the distinction of being the first exchange to be listed on the Bloomberg terminals.
Today, Kraken is trusted by government officials in Japan and regulated banks throughout Europe, making it one of the most respected exchanges available.
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, ETC, LUNA & 212 more
Deposit Methods
Bank transfer Credit card Cryptocurrency Debit card Apple Pay Google Pay
Trading Fee
Maker: 0.00-0.16% Taker: 0.10-0.26%
Deposit Fees
Fees vary
Withdrawal Fees
Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
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 24 August 2020.
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%
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 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 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 better manage the risks.
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
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
Cryptocurrency
Minimum
Fee
Any supported cryptocurrency
None
Network fees apply
Transfer type
Minimum (USD)
Fee (USD)
FedWire – MVB Bank*
$1
Free
FedWire – Signature Bank*
$1
Free
FedWire – Synapse *
$20
$5
FedWire – Silvergate*
$100
$25
FedWire – Etana Custody*
$150
Free
SWIFT – Etana Custody**
$150
Free
SWIFT – Signature Bank**
$1
Free
SWIFT – Silvergate Bank**
$100
$40
SWIFT – Bank Frick**
$4
$3
Silvergate Exchange Network – SEN**
no minimum
Free
*Available in US only **Available worldwide (minus restricted countries)
Transfer type
Minimum
Fee (EUR)
SEPA – Fidor*
€1
Free
SEPA – Etana Custody*
€150
Free
SEPA – Bank Frick*
€1
Free
SEPA – InCore Bank (Excluding Cyprus and Iceland)*
€1
Free
SWIFT – Bank Frick**
€4
€3
SWIFT – Fidor**
€50
€5
SWIFT – Etana Custody**
€150
Free
*Available in SEPA (Single Euro Payments Area) only **Available worldwide (minus restricted countries)
Transfer type
Minimum (CAD)
Fee (CAD)
Domestic wire transfer*
$125
Free (sending banks may apply fees though)
In-person at Canada Post locations, with cash or debit*
$20
$1.25 + 0.25%
InterFIN – High Limit*
$1,000
Free (sending banks may apply fees though)
SWIFT – Bank Frick**
$4
$3
SWIFT – Etana Custody**
$150
Free
*Available in Canada only **Available worldwide (minus restricted countries)
Etana Custody and Silvergate Exchange Network deposits
Etana Custody and Silvergate Exchange Network are two different deposit options that Kraken offers. To use these deposit methods, you will first have to create an account with Etana Custody or Silverate 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 which 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.
What’s it like to use Kraken?
1. Getting started
Find bold designs, as well as quick links to account creation, Kraken features, markets and other extras on the Kraken home page.
2. 24/7/365 customer service
Kraken customer support is available 24 hours a day, 7 days a week, 365 days a year, even on major holidays.
3. Current prices
You can find Kraken's current cryptocurrency prices, and some additional information, on the prices page. Simply click through to view the order book for a given pair.
4. Trading screen
Find more detailed information on how a pair is trading, place orders and trade through the Kraken trading screen.
5. Extra features
Browse Kraken's extra features including margin trading, futures and its OTC desk, as well as analytics features such as indices, and Kraken's own Cryptowatch tool.
Kraken offers three smartphone apps, each tailored to a different part of the exchange.
The Kraken mobile app is for quick buying and selling, while the Kraken Pro app is a feature-rich experience for traders, and finally, Kraken Futures is solely focused on futures contracts.
Kraken app
The Kraken app aims to make buying and selling cryptocurrency from your phone a quick and easy process. It offers in-app fiat deposits and withdrawals, buy and sell cryptocurrencies, a portfolio tracker and access to customer support. Kraken says that it’s so straight-forward that even people who have never purchased cryptocurrency before will be able to use it.
Kraken Pro app
The Kraken Pro app aims to bring the fully-fledged exchange experience to your smartphone. It features Kraken’s full range of markets, enhanced security, margin trading, advanced order types and live market data. As far as exchange apps go this is one of the most comprehensive out there, and users seem to agree with an average rating of 4.5/5 and 4.9/5 on the Play and App Store respectively.
Kraken Futures app
As the name suggests, the Kraken Futures app is purely focused on futures markets in a mobile format. Users are able to trade with up to 50x leverage on five different currencies pairs – just like the desktop exchange. Live market data and in-app customer support round out the experience.
Is Kraken safe to use?
Regulation. Kraken is based in Canada and has registered as a money services business in the United States 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 programme 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 from your Kraken account.
How do I create an account at Kraken?
Click on “create account” to go to the account creation page. You will be taken to a screen where you can enter your email, choose a username and create a password, and select your location.
After creating an account, go to your settings to add your information. There are three verification levels and the information you will need to provide varies depending on what level of verification you need.
Email, name, date of birth, phone number and physical address are required for all verification levels, and you can’t trade until you provide them.
You will only need to provide documents if you want to get verified to a higher level.
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 all the way to Pro unlocks dark pool trading, lets you manage more API keys and raises all limits to the highest levels.
You will need to make a deposit before trading. To make a deposit, log in and go to the Funding page. Here you’ll see the available deposit options.
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 click through to the pair of your choice. Available options include market buy and sell, limit orders, margin trading and more.
It’s worth familiarising yourself with all the options available to get the most out of the Kraken cryptocurrency exchange.
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 and JPY 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
Kraken is available globally, minus restricted countries. Restricted countries may include those to which the United States has embargoed goods and services.
Yes. The Kraken app is called Kraken Pro.
It’s available for iOS and Android, and aims to offer a complete mobile trading experience on both the Kraken spot and futures markets.
The verification process varies depending on what verification level you require.
Verification level
Requires
Gives
Starter
Name, phone number, email, physical address, date of birth
Cryptocurrency deposits and withdrawals, trading
Intermediate
As above, plus valid ID and proof of residence
As above, plus fiat currency deposits and withdrawals, higher limits, futures trading
Pro
As above, plus completion of a KYC questionnaire
As above, plus dark pool trading, corporate account creation, OTC desk access, highest limits
Kraken offers multilingual customer service available 24 hours a day, 7 days a week and every day of the year, including on major holidays.
However, among the positive feedback, there are also many user reviews where people complain of Kraken customer service being readily available, but unable to address their issue.
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.
Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
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