Kraken review
- Fiat currencies
- 7
- Supported assets
- 229
Our verdict
Trade a wide range of cryptocurrencies on this prominent, feature-filled exchange
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
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Large selection of cryptocurrencies
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Low fees for active traders
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Pleasant UI for new traders
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High-quality educational guides and tools
Cons
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Lots of trading features unavailable to UK users
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High fees for newcomers or infrequent traders
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No crypto debit card available
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 |
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Finder ratings for Kraken
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 3.7 |
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 type | Minimum | Fee (GBP) |
|---|---|---|
| FPS/BACS (Clear Junction)* | £1 | Free |
| CHAPS (Clear Junction)* | £22 | £21 |
| SWIFT – Bank Frick** | £4 | £3 |
| SWIFT – Etana Custody** | £150 | Free |
*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
| Deposit | Withdrawal |
| £0–£21 depending on method of deposit | £1.95–£35 depending on method of withdrawal |
Crypto withdrawal and deposit fees
| Deposit | Withdrawal |
| Mostly free but requires a minimum balance to deposit | Minimum withdrawal requirement and flat-rate withdrawal fee that varies for each cryptocurrency |
Case study: Matt used Kraken to convert crypto into pounds
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.
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.
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.
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 offered | Wait times | |
|---|---|---|
| Contact us form |  | 6+ hours |
| Live chat | | 2+ minutes |
| Ticket request | | 15+ 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.