Kraken is one of the oldest cryptocurrency platforms in the crypto market, catering to both new and expert cryptocurrency traders. By supporting over 240 cryptocurrencies, including altcoins and meme coins, Kraken gives investors more choices along with deep liquidity. The platform ranks No. 1 in Europe in large order executions with over 35% market share. In February, the platform launched an institutional offering to provide solutions like spot and over-the-counter (OTC) trading, custody and staking.
- Provides access to a broad range of major cryptocurrencies and altcoins
- Customizable order types, charts and leveraged futures trading
- Strong commitment to security and regulatory compliance
- Trusted by over 9 million clients in 190 countries
- Not available in all U.S. states — no services to New York and Washington residents
- You pay higher fees if you are not on Kraken Pro
- Multiple apps may be confusing to beginners
- Staking and rewards not available in the U.S.
Kraken Ratings at a Glance
Kraken Quick Summary
Tradable assets | 240–plus cryptocurrencies, including non-fungible tokens (NFTs), margin trading, futures trading, OTC trading, staking and more |
Platform | Fully supports buying, selling and converting crypto using an intuitive interface |
Mobile app | Kraken app to easily buy, sell and convert crypto and Kraken Pro for a professional trading experience |
Account minimum | Varies depending on funding currency and crypto |
Available account types | Taxable business or individual |
Kraken Product Offerings
- Staking: Staking provides a yield to secure certain crypto networks. Access staking on the Kraken Pro interface by selecting specific assets and the type of staking you prefer. You could earn up to 28% yearly on your cash and crypto and be paid twice weekly. Staking is unavailable to U.S. clients.
- Rewards: Although unavailable to U.S. clients, Kraken offers rewards through staking on eligible assets like Algorand, Cardano, Cosmos, Ethereum, Polygon and more. Receive earnings weekly, and keep access to your assets. You just have to turn it on and Kraken will manage the process for you. This is essentially a simple form of staking, accessible to users who don’t have Kraken Pro.
- Flexible buying options: Whether you want to build a portfolio over time with recurring buys or create custom orders to automatically execute trades at your target price, the high-liquidity exchange offers maximum flexibility to support your trading strategy.
- Institutional offering: Kraken recently launched an institutional product that will help institutions like asset managers and trading firms trade and stake assets. Institutions can access Kraken’s highly liquid order books and speedy, low-latency digital asset trading.
- Futures trading: Trade futures with low fees and leverage, which gives you capital efficiency. Manage your risk flexibly with different margining choices and express views using over 95 perpetual futures.
- NFT marketplace: Kraken’s NFT marketplace is a platform to explore and securely trade NFTs with zero gas fees and 200+ funding options.
Kraken does not charge fees for transferring funds to and from a futures wallet, storing funds or account inactivity. However, the platform's fee structure is broken down into three main categories: funding fees, trading fees and instant-buy fees.
- Funding fees: These are fees charged when you fund or withdraw from your account with cryptocurrency, cash or card. The charges vary depending on the mode of payment and the payment merchant.
For example, though crypto withdrawals and deposits are free in most cases, a few cryptocurrencies like Mina, Terra Classic and Terra (USD) Classic, are charged an address setup fee or deposit fee.
- Trading fees: These are fees charged when your order is executed (matched with another client's order). Fees typically range from 0% to 0.4% of the total cost (value) of your order and depending on your 30-day trading volume (in USD), the currency pair being traded and whether your order is maker, which provides liquidity, or taker, which takes liquidity.
- Instant-buy fees: These are charges that you pay in the form of spreads when buying, selling or converting your assets. Spreads are the difference between the price you can buy and sell at. Spread fees may be determined based on a combination of factors, including market conditions, assets, order size, type of trade, participation in Kraken's VIP program and custodial activity. Also, depending on your payment method, you may pay additional fees.
Regardless of the platform's fee structure, if you want to enjoy lower fees, you should sign up for Kraken Pro.
Kraken currently supports over 50 unique coins, providing investors with a diverse range of digital assets to explore. Kraken’s cryptocurrency offerings vary from major crypto projects (like Bitcoin and Ethereum) to smaller, more volatile assets (like Dogecoin and The Graph).
In addition to cryptocurrency market access, Kraken also offers futures trading on 5 major cryptocurrency and fiat pairs. Investors can access up to 50x leverage when trading crypto futures with Kraken.
Kraken offers a beginner-friendly platform and Kraken Pro for advanced users to support trading cryptocurrencies. The process of signing up is pretty simple, and educational resources are available to support getting to know the platform.
The multiple platforms may be slightly confusing. On the web, in addition the Kraken app and Kraken Pro, you can access the NFT marketplace and Kraken Classic.
Kraken supports a handful of digital and fiat funding options through options like bank transfers or payment cards. Whether you're executing a spot trade, setting up a custom order or scheduling a recurring buy, the platform makes it easy to buy and sell crypto from anywhere in the world.
The Kraken app is convenient for simple conversions or buys and sells, while the Kraken Pro app has a fully featured order form system. It may look more complicated and cluttered, but has complete functionality for advanced traders.
Kraken prioritizes and invests heavily in security. The platform also has a web page dedicated to advising its users on how to secure their accounts. You can secure your account through a two-factor authenticator (2FA). This can be combined with multiple passkeys for extra security. You can also set up a master key to add an extra layer of protection from password resets.
Kraken uses an external auditor to perform a proof-of-reserves audit, which boosts confidence that it actually holds the assets it claims for clients. The infrastructure it uses conforms to high international security standards.
Kraken runs a 24-hour, 7-day-per-week customer service. Users can contact customer service agents via different options, such as live chat, phone and email. There is also a support library that provides answers to common user questions. The customer support team is spread across different countries globally and fluent in a wide range of languages.
Kraken offers advanced traders personalized customer support through its next-level account management program. If you use Kraken consistently, you'll get assigned an account manager who can oversee your requests and issues so that you focus on trading.
Kraken vs. Competitors
Kraken has similar competitors, such as Coinbase, Binance and eToro, which are among the largest crypto exchanges. These platforms all offer crypto trading services. They also provide advanced trading options like spot trading, margin trading and staking.
There are differences in terms of fees, number of cryptocurrencies, features and geographical spread. Here's how Kraken stacks up against its competitors:
Kraken earns a solid rating of 4 because of the range of features available on the platform, a strong commitment to security and an extensive selection of supported cryptocurrencies. The exchange has also taken preemptive steps to provide separate spaces for beginners and advanced traders through Kraken and Kraken Pro.
Kraken faces regulatory uncertainty from a Securities and Exchange (SEC) lawsuit and has withdrawn its staking and rewards offering for U.S. investors. It also can’t operate in all U.S. states, but it has developed a strong OTC trading presence in Europe.
Frequently Asked Questions
Can Kraken be trusted?
Industry experts acknowledge Kraken as a safe platform for trading cryptocurrencies. This does not mean that the platform is foolproof. The best way to secure your crypto is to transfer it out of the exchange and store it in a hard wallet.
How reputable is Kraken?
Kraken has built a solid reputation among retail crypto investors. The bank has also been at the forefront of transparency, as shown through its periodic proof-of-stake audit.
Is Kraken Bank safe?
Kraken Bank can be safe because the platform holds 95% of deposits in cold storage units around the world.
User Reviews
Andrew Romine
Wouldnt know my first crypto transefer lost by kraken i lost 40$ worth of bitcoin on a test deposit from another account,no answer from customer service and waited over an hour to talk to someone with no answer
A Adanta
Kraken very unprofessional bunch of cowboys
Ken Smith
Lately kraken has been a 2 star rating because of their down time and SLOW SUPPORT TEAM. they have to speed their finance support team. I started with them going on 1 year now, and you would think my deposits would brle in my account in 3 days Max. But no
Henry Morgan
Kraken is bs. There reply r generated. The 24/7 is a lie. I would not suggest to anyone this company. They had my money with a hold on it and will not tell me why. No o e available. If I was in Cali I would visit their office. And get my money
Shanna T Gray
Kraken.com is a fraud and crook. they stole over 1billion usd from over 10,000 traders on 2/21/2021
Submit Your One Minute Opinion
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE
About Anna Yen
Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about alternative investment topics ranging from derivatives to cryptocurrencies. Her work has been published on sites like the crypto exchange Bybit. After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.