Kraken Overview
Kraken is one of the oldest crypto exchanges and was launched by Jesse Powell in 2011. The platform quickly became one of the largest global players, with strong regulatory standings, including the United States. Kraken is known as a robust and reliable crypto exchange.
In this Kraken review, we will show you everything you need to know, like features, trading options, supported assets, fees, security, customer support, and more.
Kraken Pros & Cons
| ✅ Kraken Pros | ❌ Kraken Cons |
|---|---|
| Low futures fees | High spot trading fees |
| Available in the US | Poor liquidity |
| Fully regulated | Only 250 coins supported |
| 50x leverage | |
| PayPal deposit option |
Kraken Products & Services
Kraken is one of the oldest crypto exchanges with tons of products and features. Traders can access spot and futures trading for over 240 assets. For experienced crypto futures traders, Kraken offers their “Kraken Pro” service with up to 125x leverage.
What makes Kraken stand out most is its regulatory certainty. Kraken is regulated in the United States and operates in over 150 different countries.
If you don’t own cryptos yet, you can easily deposit funds on Kraken using your credit/debit card or bank transfer. Over 40 fiat currencies are supported for instant purchases. For selected currencies such as Euros, users can even deposit fiat using SEPA transfer.
For mobile users, Kraken offers an app. The app is available for Android and iOS phones with a 4.2/5 star rating. After testing over 50 crypto exchange apps, we consider the Kraken app to be a below-average option for traders looking to trade on the go. It has many options, but there are better apps available.
Kraken Trading Features
Spot Trading
Kraken offers spot trading for over 250 different coins. The interface is very user-friendly, making Kraken a great choice for beginners who want to get their foot in the crypt market.
Futures Trading (Kraken Pro)
For experienced traders, Kraken offers a high-performance derivatives trading platform with futures contracts trading for over 50 different cryptos. The maximum leverage is 50x on selected assets such as Bitcoin, Ripple, or Ethereum. While the Kraken futures market has all the basic features you require, experienced traders may lack advanced order types and sufficient liquidity.
Kraken Fees & Costs
Spot Trading Fees
Kraken charges 0.16% maker and 0.26% taker fees on the spot market, making it a rather expensive option. However, based on your 30-day trading volume, you can reduce your fees to as low as 0% maker and 0.1% taker.
Futures Trading Fees
Kraken Pro (futures) fees start at 0.02% maker and 0.05% taker fees, making Kraken a relatively cheap option for experienced traders. With generous fee discounts based on the 30-day trading volume, Kraken offers futures fees as low as 0% maker and 0.01% taker.
Kraken Deposits & Withdrawals
Deposits
Kraken supports multiple networks for crypto deposits without fees.
For fiat deposits, Kraken supports multiple fiat currencies, including USD, EUR, GBP RUB, and more, through multiple payment methods:
- Credit/Debit card
- PayPal
- Bank transfer
Fiat deposit fees range from 1% to 3% based on your fiat currency and payment method.
Withdrawals
The Kraken crypto withdrawal fees are dynamic and are based on the respective network capacity. Some cheap options are TRC20 and BEP20, which cost around $1 per transaction.
Kraken supports multiple networks for crypto withdrawals, including:
- TRC20
- BEP20
- ERC20
- TIA
- SOL
- DYM
For fiat withdrawals, Kraken supports withdrawals via Bank transfer.
Kraken Customer Support
Kraken offers 24/7 live customer support via live chat. The average response time is 5 minutes. Overall, the Kraken staff seems to be knowledgeable and helpful.
Kraken Security
Kraken stores customer funds in multisig cold storage wallets. While we consider Kraken to be a secure crypto exchange, we advise you to store your cryptos in a personal wallet.
You can also add additional security features to safeguard your account:
- Two-factor authentication
- Master Key
- Funding password
- Trading password
- Email and phone verification
Kraken Signup & KYC
Kraken requires KYC verification. Without KYC verification, you can not use Kraken. In order to verify your identity, you must submit personal details:
- Personal Details
- Government-issued ID
- Selfie
- Proof of address
Kraken Review Summary
Kraken is one of the oldest and most reliable crypto platforms. The exchange offers over 250 different cryptocurrencies. Additionally, Kraken Pro offers futures trading with low fees and leverage of up to 50x with a user-friendly interface.
The 24/7 live chat support is reliable and quickly assists when encountering an issue. Overall, we consider Kraken to be a top choice for beginners and passive investors who don’t want to day trade.
FAQ
Is Kraken legit?
Yes, Kraken is a legitimate crypto exchange with over 30 million users.
Does Kraken require KYC?
Yes, Kraken requires KYC verification. Without identification, you can not use Kraken.
Is Kraken available in the US?
Yes, Kraken is available in the United States.
What are Kraken fees?
Kraken spot fees are 0.16% for makers and 0.26% for takers. Kraken Pro futures fees are 0.02% maker and 0.05% taker.
