In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews
Kraken Cryptocurrency Exchange
3.7
★★★★★
Finder score
Capital at risk
Fiat currencies
7
Supported assets
229

Our verdict

Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange

Gold Finder Awards Badge
Finder Awards 2023 winner
Innovation Award

Kraken is a secure, user-friendly platform with some of the industry’s best customer support. Having launched in 2011, it’s one of the oldest crypto exchanges and has built a strong reputation ever since.

Kraken prides itself on offering low spreads and providing deep liquidity across markets. Just watch out for its high fees for credit and debit card purchases. Besides this, it’s a solid choice for anyone looking to buy crypto, whether you’re a beginner or advanced. Still, if you’re not set on Kraken, check out our comparison of the best crypto exchanges.

Pros

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

Cons

  • Lots of trading features unavailable to UK users
  • High fees for newcomers or infrequent traders
  • No crypto debit card available

In this guide

  • Our verdict
  • Details
    • Product details
  • Frequently asked questions
  • Your reviews

Details

Product details

Product Name Kraken Cryptocurrency Exchange
Fiat Currencies USD, EUR, GBP, JPY, CAD, CHF, AUD
Cryptocurrencies BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, USDT & 219 more
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Apple Pay
Google Pay
SWIFT
Trading Fee 1.5% plus spread
Deposit Fees Cash: £0–£21 depending on method of deposit
Cryptocurrency: Mostly free but requires a minimum balance to deposit
Withdrawal Fees Cash: £1.95 - £35 depending on method of withdrawal (min. withdrawal £5)
Cryptocurrency: Minimum withdrawal requirement and flat-rate withdrawal fee that varies for each cryptocurrency

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Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Finder ratings for Kraken

Supported cryptocurrencies★★★★★
Transferring money or assets★★★★★
Fees and costs★★★★★
Ease of use★★★★★
Customer service★★★★★
Staking/earning★★★★★
Trustworthiness/security★★★★★
Overall score3.7

What is Kraken?

Kraken is a centralised, US-based cryptocurrency exchange that is easy for both new and experienced crypto traders to buy or sell a variety of well-known tokens, including Bitcoin, Ethereum, Solana and many others. It is also known for its trading in futures or on margins. But due to FCA regulations, UK customers are not eligible to use these services.

It prides itself on its high liquidity levels and low processing times, making buying and selling crypto that much quicker. The user experience may be overwhelming for beginners, but Kraken expects everyone to become an informed trader in no time. Originally launched in 2013 in San Francisco, it was one of the earliest platforms in the industry. It has maintained its legacy status by educating users and constantly improving security, usability and adding cryptocurrencies.

  • If this is your first exchange: Take advantage of the large variety of guides offered by Kraken to become knowledgeable on cryptocurrency.
  • If you’re switching exchanges: Unlike many other platforms, Kraken has committed the time and energy to creating a high-quality system and easy-to-use UI (user interface) that is pleasant to look at and good for navigating multiple features. An experienced crypto trader will be relieved at how easy it is to trade, move crypto around and manage assets.

What to know about Kraken

Kraken has a unique and personal customer support system that is helpful to people who trade often or have questions about the platform. Kraken has excellent phone and chat support, and frequent traders are assigned a personal account representative who will receive questions and requests.

Kraken’s supported cryptocurrencies

Kraken offers a wide range of cryptocurrencies. All popular cryptocurrencies are listed on Kraken, as well as some lesser-known, niche tokens such as Axie Infinity, Moonbeam and Mango.

Kraken has a medium offering that allows it to compete with other centralized exchanges to attract users who want a curated, vetted range of cryptocurrencies to purchase and hold.

Transferring fiat and cryptocurrency

Kraken offers a variety of fiat funding methods and supported fiat currencies. There are low minimum deposits (often £1), and the processing times are 0–5 business days depending on the method used. Withdrawals for fiat have the same processing time, though there are fees for every method.

Crypto deposit and withdrawal times depend on network congestion, but they are processed instantly.

GBP Deposits

Transfer typeMinimumFee (GBP)
FPS/BACS (Clear Junction)*£1Free
CHAPS (Clear Junction)*£22£21
SWIFT – Bank Frick**£4£3
SWIFT – Etana Custody**£150Free

*Available in UK only

**Available worldwide (minus restricted countries)

Kraken fees and costs

Many fiat deposit methods are free. Fiat withdrawals all incur fees apart from if you’re using BLINC. Crypto deposits are free apart from network fees, while crypto withdrawal fees vary by asset. There are minimum withdrawals for both fiat and crypto.

Kraken’s fees range from 0% to 0.26% of the total cost (value) of your order and depends on the currency pair that is being traded, your 30-day trading volume (in USD) and whether your order is maker or taker. The higher your 30-day trading volume, the lower your fee will be.

Fiat withdraw and deposit fees
DepositWithdrawal
£0–£21 depending on method of deposit£1.95–£35 depending on method of withdrawal
Crypto withdrawal and deposit fees
DepositWithdrawal
Mostly free but requires a minimum balance to depositMinimum withdrawal requirement and flat-rate withdrawal fee that varies for each cryptocurrency

Case study: Matt used Kraken to convert crypto into pounds

Matt Mckenna profile pic
Matt Mckenna

Head of communications at Finder

I was trying to convert some crypto I had sent from another platform into GBP and Kraken seemed like a good option to do this. It initially looked like it would cost quite a lot to do this on the platform. However, when I went on to the advanced trading area of the platform I was able to do it for a miniscule fee. So, in the end it represented good value, but it took a bit of digging to get to that point.

If there's one thing you'd tell a friend who's thinking of getting this, what would it be?
Use the advance trading section of the platform if you're comfortable doing so.

What is it like to use Kraken?

Kraken has a UI system geared towards more advanced trading, so it may be overwhelming to a new trader who is unfamiliar with charting, terminology or advanced trading techniques.

Thankfully, Kraken has a variety of features and advantages that can help new traders get up to speed, like its beginner guides. These features also allow advanced crypto traders to understand and navigate Kraken more easily.

Another helpful feature is the standard Kraken app. While Kraken Pro comes packed with features and fee discounts, the standard app offers a quick-fire way for new users to easily buy and sell crypto.

Mobile 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.

Kraken Overview Mobile app

Learn centre
While Kraken can seem difficult to new traders, its knowledge base helps anyone become an informed user in no time. The resources on different cryptocurrencies, the use cases, and how coins on the same blockchain function can quickly train a new user to make informed choices when buying or selling crypto.
Kraken Overview Knowledge base

Orders
While some exchanges require the use of a dedicated trading terminal to spot trade, Kraken makes creating an order painless, with the current spot price, order type and estimated price easy to locate.
Kraken Overview Orders

Does Kraken have good 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 Monday to Friday, 24 hours a day. Weekend support is temporarily paused. Chat support is available 24/7.

Support offeredWait times
Contact us formcheck6+ hours
Live chatcheck2+ minutes
Ticket requestcheck15+ minutes

List of services on Crypto.com

Trading on Kraken

Kraken offers a variety of trading options for its users. However, UK users will only really be able to take advantage of Kraken’s instant buy and spot market as futures and margin trading is not allowed in the UK. The instant buy option is the most convenient, while the spot market offers reduced fees comparatively.

Kraken trust rating

Past hacks

In its more than 10-year history, Kraken has not had any hack take place on its platform. A majority of assets managed by Kraken are kept offline, making it extremely difficult for hackers to locate and steal them.

Security audits on Kraken

Kraken is often audited by independent accounting firms, most recently by The Network Firm on 30 November 2023. Kraken accounts come with standard modern security features, such as SMS codes to confirm withdrawals, email confirmation, as well as 2-factor authentication (2FA).

Kraken Insurance

Digital assets stored on Kraken are uninsured, as digital assets are not subject to CDIC insurance. While Kraken has never been hacked, it has prepared a $100 million fund in the event the exchange is breached. If assets are ever stolen, users will be compensated from the fund.

FCA status

Whilst crypto trading isn’t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed its AML and counter-terrorism checks. Kraken (owned by Payward Ltd) can be found on the FCA’s register.

Signing up on Kraken

  • Step 1. The first step to trade crypto on Kraken is to head over to Kraken’s site. Then, create an account by registering your email and password.
  • Step 2. Verify your email. Once your account is created, a security email will be sent to your address to confirm that it belongs to you. Once confirmed, your Kraken account is now at the base level, meaning you can access trading options, but not participate in spot trading until your ID is submitted and verified.
  • Step 3. The next step in KYC (know your customer) is to submit a copy of your government-issued ID. Once accepted, you will be able to begin depositing and trading cryptocurrency.
  • Step 4. Now that assets are stored on your Kraken account, security should be increased to prevent your crypto from being stolen. Kraken supports 2FA and email confirmations for withdrawals, and these should be utilised.
Go to Kraken's website
Capital at risk

Compare Kraken against other exchanges

Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
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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 aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply. Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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