In our review of Kraken, we will discuss factors that matter most to traders, such as fees, security, customer support, etc.
Founded in 2011, Kraken is one of the industry’s oldest and most secure crypto exchanges. It is fully functional, with low fees and a massive collection of coins.
The cryptocurrency exchange has recently expanded its custody services for institutional investors in the UK and Australia, signaling its resilience.
Moreover, the exchange is incredibly beginner-friendly, and with separate Basic and Pro platforms, it caters to both beginners and advanced traders.
Our verdict on Kraken
Kraken is an excellent platform for cryptocurrency trading and investing, but users must understand all costs before committing their money to the exchange.
Kraken’s top-notch security, low trading fees, and support for many cryptocurrencies make it a good choice for beginners and experienced traders. However, it is recommended that new users do not stick to Kraken’s beginner platform for too long as its fees are not competitive.
The exchange supports all popular payment methods, and its customer support is easily reachable and responsive. Thus, it won’t be wrong to say that Kraken strikes the right balance between ease of use and functionality.
Kraken is also launching its very own ETH layer-2 cryptocurrency, dubbed ‘INK.’ The token is expected to be launched early in 2025, attempting to replicate Coinbase’s success with BASE.
Pros and cons of Kraken
Like any exchange, Kraken has pros and cons. Below are the pros and cons of Kraken’s platforms, Kraken and Kraken Pro.
Pros
- Supports more than 240 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Cardano, and several newer coins as well.
- Kraken Pro’s service fees are among the lowest in the industry.
- Its beginner platform is relatively easy to use, even for users without any crypto experience.
- Kraken is one of the biggest crypto exchanges globally; thus, there is no dearth of liquidity. High liquidity makes it easy for users to buy and sell at market rates.
- Plenty of advanced trading options, including margin trading, staking, and futures trading.
- Kraken offers extensive education materials covering all topics, from basic everyday topics to complex concepts.
- A newly launched desktop trading application, fully customized for crypto spot trading and futures, has been launched.
Cons
- Services are not available in all US states.
- Fees are comparatively higher for Kraken’s beginner platform.
- Judge William Orrick of the Northern District of California ruled that the US SEC lawsuit against Kraken (failing to register as a broker, exchange, or clearinghouse) should proceed to trial.
- Margin trading is no longer available to Canadians.
- Limited fiat currencies support. Kraken only accepts USD, EUR, and CAD.
Methodology: How we reviewed Kraken
We reviewed Kraken on the following criteria, which were measured across 46 individual data points.
- Supported cryptocurrencies
- Payment methods
- Fees
- Ease of use
- Features
- Customer service
- Reputation and security
Our expert reviewers also used their own experience with the platform to judge subjective qualities like ease of use and customer service.
About Kraken
Jesse Powell founded Kraken in 2011 in San Francisco. Powell served as the company’s CEO until April 2023, when Dave Ripley took over.
Before Kraken, Powell worked as a security consultant for Mt. Gox, the Japanese Bitcoin exchange that collapsed into bankruptcy a decade ago.
Kraken operates in over 190 countries and has over 2,000 employees. It has consistently led the crypto industry in security. The company is registered as a Money Services Business in the US with FinCEN (Financial Crimes Enforcement Network), while the Wyoming Division of Banking further supervises Kraken Bank.
In Canada, the company is registered as a Money Services Business with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), while in the UK, it operates locally as a Financial Conduct Authority (FCA) Registered Cryptoasset Firm.
Kraken UK EMI license, MIFID and partnerships
On March 10, 2025, Kraken announced it had obtained an Electronic Money Institution (EMI) authorization from the U.K.’s Financial Conduct Authority (FCA).
This means Kraken is strengthening its position in the UK, with the UK regulator giving it the green light to issue electronic money. This may be reflected in offering faster deposits and withdrawals.
Major partnerships were secured with Tottenen Hotspur FC (Spurs) and the Williams Racing F1 team to boost the company’s presence in the United Kingdom.
In February, the exchange secured a Markets in Financial Instruments Directive (MiFID) license in the EU. The license was acquired by acquiring a Cypriot Investment Firm, which was regulated by the Cyprus Securities and Exchange Commission (CySEC). New products can be launched in EU markets.
Kraken fees
Fees apply during deposits, withdrawals, and trading. Below are some common fees you will likely encounter when trading at Kraken.
Deposit and withdrawal fees
| Method | Deposit | Withdraw |
| Bank account | Free | Free |
| Debit card | Free | NA |
| Credit card | Free | NA |
| PayPal | Free (may vary depending on region) | NA |
Trading fees
| Method | Buy (taker) | Sell (maker) |
|---|---|---|
| Instant purchase (only in Kraken Pro) | 0.9% for stablecoins;1.5% for other cryptos | NA |
| Spot market* | 0.20% to 0.40% | 0.10% to 0.25% |
| Futures | 0.01% to 0.05% | 0.00% to 0.02% |
* Fees mentioned are for Kraken Pro. The fees for the basic Kraken platform vary due to the spread
Kraken supported cryptocurrencies
Kraken supports more than 240 cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), Litecoin (LTC), Polkadot (DOT) and Polygon (MATIC). The exchange also supports a few stablecoins, including Tether USD, USD Coin, and Dai.
Kraken’s number of supported cryptocurrencies is quite good when compared to some of the best cryptocurrency exchanges. Binance and Bybit, however, support more cryptocurrencies than Kraken.
Note that Kraken’s number of supported cryptocurrencies varies by region. For instance, US residents can’t trade around 40 cryptocurrencies. Visit Kraken to obtain more information on the regional limits.
Kraken key features
| Feature | Overview |
| Staking | Users can stake popular crypto assets and earn up to 23% in staking rewards |
| Education | Kraken Learn provides users with in-depth crypto education on a range of topics |
| Spot market margin trading | Kraken offers margin trading for over 100 pairs, with leverage depending on the pair |
| Futures | Futures trading on Kraken can be done with up to 50X leverage on certain pairs (only in Kraken Pro) |
| Trading bots | Kraken offers multiple trading bots with different strategies to cater to the need for automated strategies. |
| Lending/Borrowing | Kraken allows lending and borrowing on the platform through margin trading and staking |
| NFT Marketplace | Update: Kraken NFT marketplace closed at February 27, 2025 |
| Kraken OTC Desk | It is a premium service that allows traders to execute orders of the open Kraken exchange (only in Kraken Pro) |
| Account Management Program | Under the program, advanced traders benefit from near real-time and personalized support |
Kraken app review
Kraken has two mobile apps, Kraken and Kraken Pro, which are available for iOS and Android devices.
Like the desktop version, the Kraken app offers a simplified and intuitive interface, perfect for traders new to the crypto world. The app allows users to buy and sell crypto, deposit and withdraw cash or crypto, and exchange assets quickly and easily.
The Kraken Pro app is for experienced traders and resembles the Pro desktop version regarding features and interface. The app is very well designed to allow traders to continue trading away from their desktops.
Additional features in the Pro app, such as margin and futures trading, provide traders with a seamless trading experience.
User ratings of Kraken
| Platform | Rating | Number of reviews |
| Google Play | 4.4 | 29,000+ |
| Apple Store | 4.7 | 7,500+ |
| Trustpilot | 1.4 | 2,300+ |
*we have considered ratings and reviews of the Basic Kraken app
Kraken Customer satisfaction
In our Kraken crypto review, we reviewed many user reviews of the Kraken exchange on the Play Store, App Store, and Trustpilot. Overall, user sentiment was positive, but some users complained about deposit issues.
They have been holding my deposit without any email or explanation for over 5 days now. I reached out to customer services a couple of times, and they said, “Concerned team is working on the issue, and they will be updating you over email.“ – Read a review on Trustpilot
The app is always up. It doesn’t try to force Authenticator apps on me like Uphold did, none of which worked. Withdrawals to cold wallets work fine. The app has never crashed on me. Wire transfer deposits credit on the same day, while Uphold makes me wait 4 days. Read a review on the App Store.
Kraken customer support
Kraken offers 24/7 customer support via live chat and email in 13 languages. The exchange also offers phone support, but it was temporarily unavailable at the time of writing.
We tested both (live chat and email) the options and found them to be fast and reliable. Live chat with a virtual assistant is good for general inquiries, while users can talk to a customer support agent to get answers to specific questions.
Kraken also has a comprehensive FAQ section that provides detailed information on various topics, including funding, withdrawal, features, and more. The exchange also provides dedicated account managers to VIPs and high-volume traders.
Ways to contact Kraken:
- Contact form
- Twitter (Now X)
- Live chat
Is Kraken safe?
The following will help us to determine whether or not Kraken is safe:
Security: Kraken follows industry standards when it comes to security. The exchange has adopted several measures to keep user funds safe, such as 2FA, email confirmations for withdrawals, and continuous platform and server monitoring.
Insurance: Though Kraken follows all security protocols, it doesn’t have insurance coverage for customer deposits. “Cryptocurrency exchanges do not qualify for deposit insurance programs because exchanges are not savings institutions,” Kraken says.
Proof-of-reserves: It refers to a third-party audit that verifies whether the exchange has the assets claimed by its clients. Kraken was among the first exchanges to adopt PoR, and it performs this audit every six months.
Past hacks: Kraken has existed for over a decade, but it has never been a victim of a successful hack. Some users, however, have reported hacked accounts with little or no support from Kraken.
Legal issues: Kraken has been subject to a US Securities and Exchange Commission (SEC) lawsuit, alleging the company of operating an unregistered securities exchange. The lawsuit, as of this writing, is proceeding to trial.
Reputation: Kraken is a reputable cryptocurrency exchange that has been in business for more than a decade. It is certainly among the top when it comes to security.
How to sign up on Kraken
Signing up for Kraken is quick and easy. Follow the below steps to create an account on Kraken:
Create an account
Step 1: Visit the official Kraken website and click on the signup button in the upper-right corner (you can also use Kraken’s mobile app to sign up).
Kraken website | source
Step 2: You will land on the sign-up form, where you need to enter your email address and country of residence and create a strong password.
Step 3: Tick the agree box, implying that you read Kraken’s Terms of Service and Privacy Policy, and then click the Create account button.
Step 4: You will receive an activation email with an activation key. Enter the activation key on the account activation form. You can also complete the activation by clicking the link in the email.
Kraken website | source
Step 5: You must reconfirm your password and click the Activate Account button. That’s it!
It must be noted that just creating an account will give you limited functionality. You must verify your details and complete KYC requirements to buy and sell cryptocurrencies.
To verify the details, click on “Verify account” and provide the following information – Mobile number, First and last name, Date of birth (must be at least 18 years of age), Address, and Occupation. Residents of the US and South Africa may be subject to further requirements.
Additionally, you will have to submit supporting documents to complete your KYC. Once you have completed the steps, your account has been created, and you may begin buying or trading cryptocurrencies.
