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Fiat currencies

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Cryptocurrencies

Details

Product Name Kraken Cryptocurrency Exchange
Fiat Currencies USD, EUR, GBP, JPY, CAD, CHF, AUD, AED
Cryptocurrencies BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, USDT & 205 more
Deposit Methods Bank transfer
Apple Pay
Google Pay
SWIFT
Visa and Mastercard debit/credit card
ACH online banking
Digital Wallet purchases
Trading Fee 1.5% plus spread
Deposit Fees Fees vary
Withdrawal Fees Cash: £1.95 (min. withdrawal £5)
Cryptocurrency: Fees vary

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.

Pros and cons of Kraken

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
Go to Kraken's website

Verdict: Is Kraken any good?

Kraken is a solid choice for users who wish to take full advantage of educational guides, simple UI and a decent range of coins compared to other centralized exchanges. While a decentralized exchange (DEX) may offer more uncommon tokens, Kraken aims to provide fast, flexible funding to make it easier to execute crypto trades. Its unique 24/7 customer service also appeals to more experienced users who wish to resolve issues as soon as possible.

Finder ratings for Kraken

Supported cryptocurrencies★★★★★
Transferring money or assets★★★★★
Fees and costs★★★★★
Ease of use★★★★★
Customer service★★★★★
Staking/earning★★★★★
Trustworthiness/security★★★★★
Overall score4.5

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, though the max fee otherwise is US$10. Fiat withdrawals all incur fees apart from ACH. 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 charges a 1.5% trading fee for using a stablecoin to buy a cryptocurrency, such as if you use USDT to purchase Bitcoin. It charges 0.9% for using fiat or a stable coin to purchase a different stable coin. Fees are charged on a per-trade basis. This is through the instant buy option.

Kraken Pro offers trading discounts on maker and taker fees that decrease as 30-day trading volume increases, starting at 0.16% for maker fees and 0.26% for taker fees. They can go as low as zero for makers and 0.10% if enough capital is traded during the 30-day period.

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

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. These also allow advanced crypto traders to navigate Kraken quicker.

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

UI
The Kraken staking interface is clean and simple. It keeps all of your staked coins in a single place, giving you a total reward value and an averaged APY on your staked assets. It also makes it easy to stake or un-stake your cryptocurrencies if you wish to start or discontinue earning rewards.
Kraken Overview UI

Knowledge base
While Kraken can seem difficult to new traders, it expects anyone can become an informed user who makes their own charts in no time. The resources on different cryptocurrencies, the use cases, and how coins on the same blockchain function within an ecosystem 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

KYC
Verifying your identity on Kraken is no trouble at all, with your personal data being confirmed in a matter of minutes. This allows you to immediately deposit fiat or cryptocurrency to start trading on the exchange. Each level of verification unlocks new features and increases limits.
Kraken Overview KYC

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 from 6am to 6pm EST, and 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.

Earning on Kraken

Kraken offers the option to stake a large number of cryptocurrencies with competitive rewards, including 2% on USD, 6% on Solana, and 12% on Polkadot.

Kraken does not offer lending or yield farming services currently. It is unknown if these services will be provided in the future.

Kraken Promotions

Kraken has an affiliate program. Qualified clients can give out an affiliate link that gives them 20% of the trading fees collected from the referred client’s trades.

Kraken trust rating

Past hacks

In its 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 Armanino on December 31 ,2021. 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. Register email and password

The first step to trade crypto on Kraken is to click on this Green Button:

Go to Kraken's website
Then, create an account by registering your email and password.
Kraken Overview Step 1

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.
Kraken Overview step 2

Step 3. Confirm your identity

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.
Kraken Overview step 3

Step 4. Increase account security

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 utilized.

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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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