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Kraken is a robust crypto exchange offering sophisticated trading features, including margin trading, top-notch security measures, and 24/7 customer support. It has a self-custody hardware wallet (aka cold storage) and an NFT marketplace with zero gas fees.
$10
1/5%; 0% - 0.40% maker/taker fees
- Can exchange 200+ crypto assets
- Margin trading available
- Variety of educational resources and tutorials on cryptocurrencies
- Over-the-counter (OTC) trading and account management support available
- Kraken's futures and staking isn't currently available in the US
- Not available to residents of New York and Washington
- Features: More than 100 cryptocurrencies, margin and futures trading, OTC trading, account management for HNW individuals and institutional clients, multiple trading platforms, and educational resources.
- App store rating: 4.7 iOS/ 4.2 Android
Introduction to Kraken
Kraken is one of the oldest and best cryptocurrency exchanges. The global exchange allows users to buy, sell, store, and manage hundreds of cryptocurrencies and NFTs in one place. For as low as $10, you can easily diversify your crypto portfolio and learn the ins and outs of the decentralized trading industry.
Novice cryptocurrency traders and experienced investors can benefit from Kraken's easy-to-use interfaces, generally low trading fees, educational resources, and Pro trading platform. Technically, Kraken offers futures trading, but it's unavailable in the U.S. Staking is also unavailable.
Additional trading and asset management services are available for institutions and high-net-worth individuals. These include account management, one-on-one consultation services, over-the-counter (OTC) trading, and expert market insights.
Kraken: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees 20 | 3.00 |
| Investment selection 20 | 4.00 |
| Access 15 | 4.50 |
| Ethics 15 | 2.00 |
| Customer service 15 | 3.50 |
| Overall score | 3.41 |
How Kraken Works
Kraken Investing Account
Beginners and intermediate crypto traders can open a regular Kraken personal account to access hundreds of cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Cardano. You can track, trade, and manage your account on web or mobile.
Kraken's Buy Crypto tool allows investors to buy, sell, or convert certain crypto and cash combinations. The "convert" function can be especially handy for investors who want to convert one type of coin to another directly. Certain geographic restrictions may apply, and cash-to-cash pairs are unavailable in the U.S.
One of Kraken's strongest features is its comprehensive library of educational content. It includes many helpful webinars, blog posts, and the Crypto 101 video series. However, most of Kraken's educational content is available on its website without an account.
In addition, a regular Kraken account gets you a free offline, self-custody wallet for securely storing and managing digital coins and NFTs. The wallet supports multi-chains (including Bitcoin, Ethereum, Dogecoin, Solana, and Polygon), DeFi Deposits, push notifications, and more.
While suitable for basic crypto trading and learning, a regular Kraken account has limited trading tools and features. Plus, trading fees are higher compared to Kraken Pro pricing. It's generally advised that beginners upgrade their verification level to Kraken Pro soon after opening an account to capitalize on lower trading fees and more features.
Kraken Pro
Kraken Pro, the crypto exchange's advanced trading platform, offers expert trading tools, additional order types (e.g., market, limit, stop-loss, and take-profit orders), margin trading, and more.
With Kraken's margin trading options, you can leverage or borrow up to five times your account balance to place more trades on up to 30+ assets. Kraken margin services include access to advanced order options and an intuitive trading platform.
Kraken Pro is the highest verification level on the platform. To upgrade your personal Kraken account to a Kraken Pro account, you must first be verified for Intermediate limits, add two-factor authentication, and then click the "Get Verified" tab on the Settings page under the Verification tab. Under account details, select "Get higher limits." It can take up to two days to get a response.
Kraken Institutional
Kraken says its OTC trading services are best for institutions and high-net-worth individuals (investors with at least $1 million) who need to place larger orders that might be too disruptive for the open market/Kraken exchange.
This account option includes expert market insights, full support for all Kraken exchange-listed crypto assets and fiat currencies, one-on-one expert consultation services, and 24/7 global support. Kraken offers another option for advanced traders: An account management program with one-on-one support from a Kraken account manager.
Finally, the exchange's offerings include a WebSockets API that provides real-time market alerts, public key support, and offline cold storage for your crypto assets.
Kraken Fees
When trading using Kraken's regular platform, you'll be charged a flat 1.5% fee on cryptocurrencies. Depending on the funding method, additional fees may apply.
Kraken Pro uses a cryptocurrency maker/taker fee structure based on a 30-day trading volume. The more you trade, the lower the fees. Maker fees range from 0.00% to 0.25%, and taker fees range from 0.10% to 0.40%.
Stablecoins, pegged tokens, and FX pairs have maker/taker fees ranging from 0.00% to 0.20%. Margin fees typically include 0.02% for opening and a rollover fee of 0.02% per four hours.
Pros and Cons of Kraken
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Kraken Trustworthiness
Kraken has an F rating with the Better Business Bureau. The BBB evaluates companies with a grade range of A+ to F, indicating that Kraken has underperformed in some aspects of its customer support services.
The SEC filed a lawsuit against Kraken, claiming it did not register its crypto staking-as-a-service program and sold unregistered securities. In February 2023, Kraken paid a $30 million fee to settle the lawsuit.
On November 20, 2023, the SEC filed another lawsuit against Kraken for allegedly operating as an unregistered securities exchange and commingling customer crypto assets and cash with the company's own to pay company expenses. Kraken denied these allegations. This lawsuit is still under investigation.
Kraken vs. Other Cryptocurrency Exchanges
Kraken vs. Coinbase
Kraken and Coinbase are neck and neck regarding available cryptocurrencies, with Coinbase offering 250+ coins and tokens. Both platforms offer a basic version and a Pro version. But they offer different fees and services.
Kraken offers an intuitive interface with straightforward trading solutions, making it the better option for beginners. Kraken also has more comprehensive customer support, with 24/7 available customer service through email, online chat, or phone call. However, beginners will pay higher fees on trades.
Advanced traders will prefer Coinbase's robust selection of trading products and features. There are multiple advanced trading platforms on Coinbase: Coinbase Advanced and Coinbase One. Coinbase is also better for private clients looking for dedicated support, enhanced security, and curated services.
Kraken and Coinbase are both under investigation by the SEC.
Kraken vs. Binance
Kraken and Binance.US both provide access to features like over-the-counter (OTC) trading. But you'll take advantage of a wider selection of trading platforms at Kraken. However, futures are not available in the US or US territories.
Binance.US only supports 130+ cryptocurrencies, significantly less than Kraken's selection. Binance.US also has a more limited selection of resources for beginners. So, if you're a new or intermediate trader, Kraken is a better option.
Binance.US, however, may be better suited for advanced traders and users interested in peer-to-peer trading. But keep in mind that Binance.US doesn't offer future or margin trading.
Kraken FAQs
Kraken is a generally safe cryptocurrency exchange with industry-leading security protocols to protect user information, funds, and digital assets. Data encryption, real-time monitoring, PGP signatures, and encrypted emails are used to ensure security. Kraken wallet is an offline, self-custody cold wallet that can't be hacked.
Kraken charges spread fees per transaction. Kraken Pro trades use a 30-day volume-based maker/taker fee structure. The larger your trading volume, the lower your fees. You may be charged additional transaction fees depending on how you fund your account.
Kraken offers margin trading through its Kraken Pro trading platform. You can trade up to five times the leverage for eligible users and cryptocurrencies.
Why You Should Trust Us: How We Reviewed Kraken
We examined Kraken using Business Insider's rating methodology for investing platforms to compare pricing, account flexibility, ethics, security, and overall customer experience when reviewing investing platforms. Exchanges are given a rating between 0 and 5.
Crypto exchanges offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Kraken was evaluated with a focus on how it performed in each category.
