Kraken review
- Fiat currencies
- 6
- Supported assets
- 261
Our verdict
Trade a wide range of cryptocurrencies on the prominent, feature-filled Kraken exchange.
Kraken is a veteran crypto exchange that provides crypto newbies and pros alike with ample resources. For those new to the crypto space, Kraken has a “Learn” section in which it provides written, video and audio tutorials to help you along as you wet your feet in crypto waters.
For the more seasoned crypto investors, Kraken offers more advanced trading options like futures contracts and margin trading. While some may not find Kraken's minimum withdrawal amounts for fiat and crypto convenient, just about every other dimension of the exchange is user-friendly and engineered to support you.
Pros
- 10+ years serving crypto investors. Kraken was founded in 2011 and has never experienced a security breach.
- High-quality educational guides and tools. Kraken’s learn center features videos explaining the basics of cryptocurrency plus more advanced topics such as parachain auctions.
- Advanced trading features. You can use charting tools and see Kraken’s order book when you trade on the platform.
- Complies with the Financial Crimes Enforcement Network regulations in the US. FinCEN is the peak body for regulating cryptocurrency exchanges in the US which requires Kraken to comply with laws and regulations that are intended to provide certain protections for users.
- Over 261 cryptocurrencies supported. Kraken supports 261+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
Cons
- Not available to all US residents. Kraken is only available in 48 states. You can not use Kraken if you are a resident of District of Columbia, New York and Washington.
Details
Product details
| Product Name | Kraken Cryptocurrency Exchange |
| Fiat Currencies | USD, EUR, CAD, GBP, CHF, AUD |
| Cryptocurrencies | BTC, ETH, BCH, EOS, LTC, ADA, XLM, DASH, XMR, USDT, XRP & 250 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card Apple Pay Google Pay SWIFT ACH online banking |
| Trading Fee |
Maker: 0-0.16% Taker: 0.1-0.26% |
| Deposit Fees |
ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free |
| Withdrawal Fees |
FedWire withdrawal - $4-$35 Crypto - Fees vary depending on coin or token |
Finder Score
★★★★★About Kraken — company background
Kraken is a US-based cryptocurrency exchange that was launched in 2013 in San Francisco.
It is one of the longest running platforms in the industry. It has maintained its legacy status by educating users, shaping industry policy and being highly active in regulatory discourse.
Kraken is registered as a Money Services Business (MSB) with FinCEN in the US and FINTRAC in Canada. It's registered as a Digital Currency Exchange (DCE) with AUSTRAC in Australia.
Listed Kraken crypto exchange assets
Kraken supports over 261 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 16 of the top 20 cryptos are available on Kraken.
Popular assets on KrakenKraken fees
Kraken charges a fee for crypto - free deposits.
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free |
| Withdraw funds | FedWire withdrawal - $4-$35 Crypto - Fees vary depending on coin or token |
Kraken uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 0.00-0.16% |
| Taker | 0.10-0.26% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Kraken deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- Apple Pay
- Google Pay
- SWIFT
- ACH online banking
How to sign up on Kraken exchange
Before you can even get started trading on Kraken, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Kraken's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Kraken account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Kraken.
Using the Kraken app
Kraken's mobile app is informative and can track the market cap of coins and tokens as well as their 15-minute price changes. The app can be used as a complement to the website, allowing you to trade on the go, and it can even be a suitable choice for traders who only use a phone or tablet.
It's available for iOS and Android and aims to offer a complete mobile trading experience on both the Kraken spot and futures markets.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | stars | 0m reviews with 0 downloads |
| Apple Store | 4.7 stars | 3.2k reviews |
Is Kraken safe?
Past hacks. In its decade-long history, Kraken has never been hacked. The majority of assets managed by Kraken are stored offline, which protects them from most of the vulnerabilities associated with cryptocurrency theft.
Security. Kraken accounts come with standard modern security features such as SMS codes to confirm withdrawals, email confirmation, and 2-factor authentication (2FA).
Independent audits. Kraken has been audited by independent accounting firms.
Proof-of-reserves. Following the collapse of Celsius and FTX, Kraken implemented a proof-of-reserves system. This allows users to verify their account balances using on-chain data and a type of cryptographic proof called a Merkle Tree.
Insurance. Cryptocurrencies do not qualify for federal deposit insurance in the US, CDIC coverage in Canada or the Financial Claims Scheme (FCS) guarantee in Australia. Kraken does not disclose an independent insurance policy.
Keeping your crypto secure
All centralised exchanges, including Kraken, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Kraken customer support
Kraken offers multilingual customer service available 24/7 every day of the year, including on major holidays. Kraken's 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. However, among the positive feedback, there are also many user reviews where people complain of Kraken customer service representatives being readily available but unable to address their issue.
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.
How to reach Kraken customer support
- Contact form
- Live chat
- Phone
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Alternatives to Kraken
Your reviews
Frank Finder
Writer
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Jhezelyn Finder
November 15, 2018
Hi John,
Thank you for your comment.
Upon checking, there has been no official statement as to having EPC in Kraken. You may continue to check back on updates.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
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Trading nomad
February 10, 2018
I have been waiting to deposit money to start trading but it will not allow me to do so until I have been verified. I have been waiting for almost a month so please let me get in so I can start trading, I see the coin going up to all time highs and lows and want to be apart of it. How long will it take to be verified? Please.
Sincerely,
Troubled man.
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Ron Finder
February 13, 2018
Hello,
Good day! Appreciate you contacting finder for your inquiry today.
Please note that you have reached finder and we do not represent Kraken. An email was sent separately about an article from the Kraken website which you can refer to on how long it takes for an account to get verified. You may find it useful in regards to your situation.
It seems that they have no phone support at the moment which you can call to directly follow up on the status of your account verification. As adviced on the support page sent to you, closely monitor the email associated on the account setup as Kraken will communicate with you through it for any additional details they may need for verification.
Hope this helps!
All the best,
Ron
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Paul Tucker
January 25, 2018
I signed up this AM, but am unsure if I fully completed my sign on.
I then tried to sign on again with another ID, but you sent me a message that I was already signed on. Please tell me if there is anything else I need to do .
joelmarcelo
January 26, 2018
Hi Paul,
Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page. I have sent the contact details for Kraken to your email so you can directly follow up with them. If you need anything else, please send me a message.
Cheers,
Joel
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John
November 14, 2018
Is it true that EPC, the European Property Coin, will be launched at Kraken on 23rd November? What is the registration fee for my holding of EPC?