Kraken is a leading cryptocurrency exchange known for its robust security, diverse asset support, and advanced trading tools. Established in 2011, it serves over 13 million users across 190+ countries with a quarterly trading volume exceeding $207 billion. This review explores Kraken’s features, fees, security, and alternatives to help you decide if it’s the right platform for your crypto needs.
What Is Kraken Exchange?
Kraken is a U.S.-based crypto exchange offering spot trading, margin trading (up to 5x leverage), and futures trading (50x leverage). It supports 300+ cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), alongside fiat pairs like USD, EUR, and GBP.
Key Highlights
- Regulated: Licensed in the U.S. (FinCEN) and Europe (Bank of Spain).
- Security: No major breaches since 2011; uses 2FA, cold storage, and holds ISO/IEC 27001:2013 certification.
- Global Reach: Available in 47 U.S. states (excludes WA, NY, ME) and 190+ countries.
👉 Discover how Kraken compares to top crypto exchanges
Kraken Features Breakdown
1. Kraken Pro: Advanced Trading
- Lower Fees: 0–0.4% maker/taker fees vs. up to 3.75% on the standard platform.
- Tools: Customizable charts, 11+ order types (stop-loss, take-profit), and OTC desk for $100k+ trades.
| Feature | Kraken (Basic) | Kraken Pro |
|---|---|---|
| Fees | Higher | 0–0.4% |
| Leverage | None | Up to 50x |
| Best For | Beginners | Professionals |
2. Staking & Rewards
- Flexible/Bonded Options: Earn 1–17% APR on assets like ETH, SOL, and DOT.
- Commission: Kraken takes up to 20% of rewards.
3. Mobile App
- Functionality: Buy/sell crypto, track portfolios, and access Kraken Pro tools.
- Compatibility: Android 8.0+, iOS 13+.
Kraken Fees Explained
Trading Fees
- Maker: 0.25% (drops to 0% for high-volume traders).
- Taker: 0.40%.
Deposit/Withdrawal Fees
| Method | Fee | Processing Time |
|---|---|---|
| SEPA (EUR) | Free | 0–3 days |
| SWIFT (USD) | $10–$35 | 1–5 days |
| Crypto Withdraw | Network fees | Instant |
Why Fees Are Higher? Kraken prioritizes compliance and security, unlike unregulated rivals like Bybit.
👉 Explore low-fee alternatives
How to Open a Kraken Account
- Sign Up: Provide email, password, and country.
- Verify Identity: Submit ID + proof of address (Intermediate/Pro tiers).
- Deposit Funds: Use bank transfer, card, or crypto.
- Start Trading: Buy/sell via spot or margin markets.
Note: U.S. users can’t access derivatives or flexible staking.
Pros and Cons
Pros
✅ 300+ cryptocurrencies.
✅ Industry-leading security.
✅ 24/7 customer support.
Cons
❌ Higher fees than Binance/Kucoin.
❌ Limited U.S. features (no P2P/derivatives).
Kraken Competitors Comparison
| Exchange | Fees | Leverage | U.S. Access | Best For |
|---|---|---|---|---|
| Kraken | 0.25%/0.40% | 50x | Yes* | Security |
| Coinbase | 0.4%/0.6% | 10x | Yes | Beginners |
| Bybit | 0.1% | 100x | No | Derivatives |
*Excludes WA, NY, ME.
FAQs
1. Is Kraken safe?
Yes. It uses cold storage, 2FA, and holds multiple regulatory licenses.
2. Can U.S. users stake on Kraken?
Only bonded staking (locked assets) is available; flexible staking is restricted.
3. What’s Kraken’s withdrawal limit?
- Intermediate: $500K daily.
- Pro: $10M+ daily.
4. Does Kraken support NFTs?
Yes, via the Kraken Wallet app.
5. How do I reduce Kraken fees?
Use Kraken Pro and increase trading volume for fee discounts.
Final Verdict
Kraken excels in security and compliance but trades off higher fees and limited U.S. features. Ideal for:
– Traders prioritizing safety.
– Users needing fiat on/off ramps.
For lower fees, consider alternatives like Bybit (non-U.S.) or Coinbase (beginners).