Cryptocurrency has changed how people invest nowadays, and many crypto investors now use exchanges to buy, sell, and trade digital coins. But as there are so many crypto trading platforms available, it can be hard to know which one is safe, easy to use, and worth your time. You need a platform that protects your funds, offers fair fees, and gives you the tools you need to trade.

This Kraken review will cover what it is and its trading features. You will also learn how Kraken works, how to open an account, how to deposit or withdraw money, and how trading is done. It will also explain Kraken’s safety, fees, and how it compares to other crypto exchanges.

Kraken At a Glance

Name	Kraken (Legal name: Payward, Inc.)
Founded	2011
Headquarters	San Francisco, CA, USA
Cryptocurrencies	402+
Products and Features	Staking, margin trading, futures trading, Kraken Pro, Kraken Wallet, Kraken+, and Education hub
Fiat Currencies	USD, EUR, CAD, and many others
Trading Fees (Instant Buy)	3% for instant conversion to crypto
Kraken Pro Fees	0.25% maker and 0.4% taker
Payment Methods	FedWire, SWIFT, SEPA, Etana Custody, SEN, Synapse, ACH transfers, and crypto deposits like Bitcoin or Ethereum.
Security Features	Cold storage (95%), 2FA, Global Settings Lock, SSL/TLS, biometric lock, PoR data, and more
Staking	Up to 17% APY on 25+ assets (flexible/bonded staking)
Margin Trading	Up to 5x leverage on 100+ pairs
Customer Support	24/7 via live chat, email, phone

What Is Kraken?

Kraken is one of the best crypto exchanges in the USA, founded in 2011 by Jesse Powell. It is headquartered in San Francisco, California, and operates as Payward, Inc. The platform is one of the oldest and most trusted in the crypto industry, serving over 15 million clients across 190 countries. You can buy, sell, and trade more than 402 cryptocurrencies using several fiat currencies like USD, EUR, and CAD.

The platform is user-friendly for beginners and advanced traders alike. You can start trading with as little as $10, and Kraken’s mobile apps for iOS and Android make it easy to manage your portfolio. Kraken Pro is designed for experienced traders who offer advanced tools like margin trading with up to 5x leverage, futures trading, and low-latency APIs for high-volume trades. You can also stake your assets to earn up to 17% annual rewards.

Kraken is available in most U.S. states, except Maine, New York, and Washington, and also has a strong presence in Europe with licenses in Ireland, Italy, and Spain. You can access 24/7 customer support via live chat or email, and Kraken’s Learn Center offers educational resources to help you understand crypto. Now, the exchange is expanding beyond crypto and launching commission-free trading for over 11,000 U.S. stocks and ETFs.

Pros 

• Highly secure, storing 95% of funds in offline cold wallets
• Supports over 380 cryptocurrencies and many fiat currencies for trading
• Stake assets to earn up to 17% annual rewards on supported coins
• Kraken Pro offers advanced tools like margin and futures trading for professionals
• The exchange provides 24/7 customer support via live chat and email
• Kraken is regulated, holding a Wyoming SPDI charter and European licenses

Cons

• Kraken is unavailable in New York and Washington due to regulatory restrictions
• Faced a $30 million SEC settlement in 2023 for compliance issues
• Leverage trading is not available for U.S. traders
• You may experience occasional delays in withdrawals during high market volatility

Kraken Exchange Key Features

Staking

Kraken supports staking for 25 digital assets, including popular cryptocurrencies like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). You can earn up to 17% annual percentage yield (APY) on certain assets, though reward rates vary and depend on the cryptocurrency and network conditions. 

Kraken provides two crypto staking options: flexible staking, where you can unstake anytime, and bonded staking, which locks assets for a set period but often yields higher rewards.

You can also activate the auto-earn feature to generate passive income from your idle assets. They remain flexible, meaning you can withdraw, trade, or use them as collateral anytime. The platform also offers slashing insurance for U.S. clients in eligible states, covering potential losses from validator errors.

Education

Kraken provides concise, in-depth articles and videos meant to simplify complex crypto concepts. You can learn about topics such as how Bitcoin works, blockchain, and trading.

The trading platform includes comprehensive subjects for advanced and beginner learners. You’ll find information regarding wallet security, market trends, and decentralized finances (DeFi). Kraken also breaks technical jargon down, like hashing or smart contracts, into comprehensible terms. The information on the site gets updated regularly in accordance with fresh crypto updates. Kraken’s Education section is home to over 100 tutorials and articles written.

Kraken App

Kraken offers two apps: Kraken and Kraken Pro. They are both available on iOS and Android and downloadable from the Apple App Store or Google Play. You can sign up, verify your account, and fund it directly in the apps using fiat currencies like USD, EUR, or CAD via bank transfers, credit cards, or Apple Pay.

The Kraken app is best for new users because it has a highly user-friendly interface. You can monitor your portfolio, observe price charts, and schedule recurring purchases for dollar-cost averaging. Kraken Pro is usually designed for experienced traders. It offers features such as margin trading, limit orders, and staking. The Kraken mobile app also allows you to stake your crypto assets in 37 U.S. states.

Kraken’s apps have never been compromised, and the exchange has had a robust security record since 2011. Still, some users experience occasional transfer delays, and customer support is slow. The apps also offer access to Kraken’s Education hub, which includes free guides and videos on crypto fundamentals.

Kraken Pro

Kraken Pro is the advanced trading platform version of Kraken, and it is designed mainly for experienced traders seeking sophisticated tools. The platform is accessible via the web, and a dedicated mobile app for iOS and Android that offers low fees, real-time market data, and a customizable interface.

Kraken Pro provides margin trading with up to 5x leverage and supports advanced order types like stop-loss, take-profit, and limit orders. The platform features detailed charting, technical indicators, and live order books for precise market analysis. Kraken Pro also supports API integration for automated trading strategies.

Kraken Margin Trading

Kraken is one of the best crypto margin trading exchanges. Kraken offers margin trading that allows you to trade with borrowed funds and enables eligible clients to leverage up to 5x. It supports margin trading for over 100 pairs, including crypto-to-crypto (e.g., BTC/ETH) and fiat-to-crypto (e.g., BTC/USD). You must hold collateral currencies (e.g., USD, BTC) in your Kraken account, with margin pools available in different cryptocurrencies and fiat currencies.

The platform provides risk management tools like margin call warnings (at 80% margin level) and liquidations (at 40%) to prevent negative balances. If your position’s value drops significantly, Kraken may liquidate it to recover funds, prioritizing first-in, first-out (FIFO) orders. You can manage positions via Kraken Pro’s advanced order types (e.g., stop-loss, limit) and real-time charting.

Kraken Futures Trading

Kraken has a futures trading portal to trade crypto contracts with up to 50x leverage. You can go long (bet on price increases) or short (bet on price decreases), settling contracts in USDT or crypto. Kraken also offers advanced trading order types to manage risks:

• TP/SL (Take Profit/Stop Loss): Kraken Pro’s TP/SL orders let you set profit targets and loss limits simultaneously when opening a futures position.
• Iceberg: Iceberg orders break large trades into smaller, hidden limit orders to minimize market impact. You specify the total volume and visible portion, with Kraken executing discreetly to avoid price slippage.
• Trailing Stop: Trailing stop orders dynamically adjust the stop price as the asset’s price moves favorably, locking in profits. You set a trailing offset (percentage or amount), and the order triggers a market or limit sell when the price retraces by that offset.

Kraken+ Subscription

Kraken offers Kraken+ for $4.99 per month or $49.99 annually, with the first month free for new subscribers. You can access Kraken+ through the Kraken app or website, but it’s only available for the standard Kraken platform, not Kraken Pro. 

The subscription provides zero trading fees on up to $10,000 in monthly trades, covering buy, sell, convert, and recurring purchase transactions using account balance, card, Apple Pay, Google Pay, or online banking. However, spread and card processing fees still apply. Kraken+ also boosts rewards for holding USDG (Global Dollar), offering up to 4% APR compared to the standard 2% APR, with no staking or lockups required.

Kraken Wallet

Kraken Wallet is a self-custodial, open-source DeFi wallet for managing digital assets. The wallet is available on iOS and Android and supports over 1,000 cryptocurrencies and NFTs across different blockchains, including Bitcoin, Ethereum, Solana, and Polygon.

The wallet integrates with DeFi protocols via WalletConnect, enables cross-chain token swaps, and offers portfolio tracking for tokens, NFTs, and DeFi positions. Kraken Wallet’s code is audited by Trail of Bits, and it is now publicly available on GitHub, enhancing transparency. 

The wallet collects no personal data, prioritizing privacy, and requires no Kraken account, making it accessible to all. You can also easily transfer assets seamlessly between the wallet and Kraken’s exchange using the Kraken Connect feature.

Kraken Fees

Kraken charges trading fees for buying, selling, or converting cryptocurrencies. The standard platform’s Instant Buy feature has a 3% fee for most cryptocurrencies and a lower fee for stablecoins like USDT or USDC when purchased with USD. If you use a credit card or digital wallet, an additional 3.75% + $ 0.25 applies. Bank account purchases also incur a 0.5% fee.

• Deposit Fees: Deposit fees vary by method and currency. Kraken charges no fees for most crypto deposits, but fiat deposits like USD via ACH cost $0.50-$5, depending on the provider. EUR SEPA deposits are free for Intermediate/Pro accounts, but other methods, like SWIFT, cost $4-$35.
• Withdrawal Fees: Withdrawal fees depend on the asset. Crypto withdrawals have fixed fees, such as 0.00002 BTC for Bitcoin or 0.0005 ETH for Ethereum. Fiat withdrawal fee depends on the withdrawal method.

Kraken Pro Pricing

Kraken Pro uses a maker-taker model based on your 30-day trading volume. Maker fees, for orders adding liquidity, range from 0.25% (up to $10,000) to 0.00% (over $10 million). Taker fees, for orders removing liquidity, range from 0.40% (up to $10,000) to 0.10% (over $10 million). Stablecoin and forex pairs have a flat 0.20% maker and taker fee.

30-Day Trading Volume (USD)	Maker Fee	Taker Fee
$0 and above	0.25%	0.40%
$10,000 and above	0.20%	0.35%
$50,000 and above	0.14%	0.24%
$100,000 and above	0.12%	0.22%
$250,000 and above	0.10%	0.20%
$500,000 and above	0.08%	0.18%

• Margin Trading Fees: Margin trading fees apply to leveraged positions. Kraken charges 0.02% to open a margin trade and 0.02% every four hours as a rollover fee. For example, a $10,000 BTC/USD position incurs a $2 opening fee and $12 daily if held for 24 hours.
• Futures Trading Fees: Single-collateral futures charge 0.02% (maker) and 0.05% (taker), while multi-collateral futures charge 0.015% (maker) and 0.04% (taker). A 0.0003% hourly funding rate applies to perpetual futures, and non-USD collateral conversions incur fees.

Kraken’s fees are transparent, with no hidden charges for account creation or maintenance. You can lower costs by using Kraken Pro, trading higher volumes, or choosing cost-effective funding methods.

Kraken Security: Is It Really Safe to Use?

Yes, Kraken is safe to use with advanced security measures such as cold storage, two-factor authentication, Global Settings Lock, Master Key, encrypted data transmission, biometric authentication, 24/7 security monitoring, and proof of reserves audits.

Cold Storage for Assets:

It stores 95% of Kraken user funds in offline cold storage, disconnected from the internet to prevent hacking. These funds are held in geographically distributed, secure vaults with 24/7 monitoring. You benefit from this because even if Kraken’s online systems are targeted, most assets remain safe. The exchange also uses air-gapped devices, as this ensures no network exposure.

Two-Factor Authentication (2FA):

Kraken requires 2FA for account access, withdrawals, and sensitive actions. You set up 2FA using apps like Google Authenticator or YubiKey, generating unique codes for each login.

Global Settings Lock (GSL):

The Global Settings Lock freezes critical account settings, such as password changes or withdrawal addresses, for a set period. You activate GSL to block hackers from altering your account, even if they gain access. It requires a waiting period to unlock, giving you time to detect suspicious activity.

Master Key for Recovery:

Kraken offers a Master Key, a unique code separate from your password, to regain account access if you lose 2FA or login credentials. You store this key offline to ensure only you can use it. This measure prevents permanent lockouts while keeping security tight.

Encrypted Data Transmission:

Kraken uses SSL/TLS encryption to secure all data transmitted between your device and their servers.

Biometric Authentication for Apps:

Kraken’s mobile apps (Kraken and Kraken Pro) support biometric login, such as fingerprint or face recognition.

24/7 Security Monitoring:

Kraken employs a dedicated security team that monitors systems around the clock for suspicious activity. They use advanced tools to detect and block threats like phishing or DDoS attacks in real time.

Proof of Reserves Audits:

Kraken conducts regular proof of reserves audits to verify that client funds are fully backed and not misused. Independent auditors confirm that Kraken holds 100% of customer assets.

Kraken Regulatory Issues with the SEC

Kraken has faced several regulatory issues with the U.S. Securities and Exchange Commission (SEC). The platform has been targeted for operating without proper registrations and other compliance concerns.

Case 1. Staking Program Settlement

The SEC charged Kraken’s subsidiaries, Payward Ventures, Inc., and Payward Trading Ltd., for failing to register their crypto staking-as-a-service program. The SEC claimed that since 2019, Kraken offered staking services to U.S. clients, promising up to 21% annual returns without proper securities registration. Kraken settled the charges, agreeing to:

• Pay $30 million in disgorgement, prejudgment interest, and civil penalties.
• Immediately stop offering staking services to U.S. clients.
• Automatically unstake all U.S. client assets, except Ethereum (ETH), which was unstaked after the Shanghai upgrade. This settlement ended Kraken’s U.S. staking program temporarily, but the platform continued staking for non-U.S. clients.

Case 2. Unregistered Securities Exchange Lawsuit

The SEC sued Kraken, alleging it operated as an unregistered securities exchange, broker, dealer, and clearing agency since 2018. The SEC claimed Kraken earned hundreds of millions of dollars by facilitating trades of 11 crypto assets deemed securities, such as Algorand (ALGO) and Polygon (MATIC).

However, the SEC agreed to dismiss its lawsuit against Kraken in March 2025, with no penalties or admission of wrongdoing by Kraken. The dismissal was “with prejudice,” meaning the SEC cannot refile the case.

Cryptocurrencies Available on Kraken

Supporting 402 spot trading pairs, allowing you to buy, sell, or trade cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others against fiat currencies (USD, EUR) or other cryptos. Kraken also provides over 300 futures contracts.

Kraken Exchange Platform Design and Usability

This well-designed platform balances simplicity and advanced functionality. The platform offers two interfaces: Kraken for beginners and Kraken Pro for experienced traders.

Kraken’s standard interface is clean and intuitive, letting you buy, sell, or convert over 402 cryptocurrencies with a few clicks, ideal for new users. Kraken Pro provides advanced charting, eight order types like limit and iceberg, and real-time market data, catering to professionals.

Both platforms are accessible via web and mobile apps (iOS and Android), featuring seamless navigation and customizable layouts. You can track portfolios, set price alerts, and trade on the go, with apps praised for their sleek design.

Kraken’s desktop app also supports technical analysis with robust tools, while mobile apps ensure fast performance. Many online Kraken reviews call it “fantastic” for usability. Kraken’s App Switcher lets you toggle between interfaces effortlessly, enhancing the user experience.

Kraken Customer Support

Kraken is also best for its exceptional customer support, as it offers 24/7/365 assistance through live chat, email, and phone support. Kraken’s Support Center hosts hundreds of articles covering account setup, trading, and troubleshooting, empowering you to resolve issues independently.

For personalized help, Kraken’s team, based in the US, UK, and Europe, responds quickly, often within 24 hours. You can easily trust Kraken’s support to handle funding, trading, or security concerns efficiently, backed by a proven track record since 2011.

How to Open a Kraken Account?

Step 1: Go to the Kraken Website and Sign Up

Visit kraken.com. You will notice a “Sign Up” button on the top right side. Click on it. Now you will have to provide your email address, select a username, and make a secure password. Once you enter the information, click “Create Account”. Kraken will send you an email to confirm. Open the email and click the link or paste the code to activate your account.

Step 2: Get Verified (KYC)

Once you log in, you will be asked to verify your identity. This is necessary before you can deposit or trade. Under your account, go to the verification section. Select a verification level such as Starter, Intermediate, or Pro. Each of these has varying trading limits. 

For the majority of individuals, Intermediate is sufficient. You will be required to upload a photo ID, address proof, and possibly a selfie. Send the documents and wait for the approval, which may take between a few minutes to hours.

Step 3: Add Funds to Your Kraken Account

After confirming, you can fund. Click on the “Deposit” button. Select the currency you wish to fund, such as USD or EUR. Select the funding method, e.g., bank transfer or crypto transfer. Kraken will provide you with steps for the method you have selected. Read them very carefully. Once you send the money, it will take a while to reflect in your Kraken account. You can also deposit crypto from your external wallet to the Kraken exchange wallet.

Step 4: Visit the Trade Section

Once funds are available, go to the “Trade” tab at the top. There will be straightforward trading options. Select the coin you wish to purchase and the currency you prefer. For instance, if you wish to purchase Bitcoin using USD, choose the BTC/USD pair. Insert the amount you wish to purchase. Select “Market” order if you prefer to purchase right away. Press “Buy” to finalize the trade.

You can use Kraken Pro if you prefer more tools, charts, and order types. Open pro.kraken.com and log in using your Kraken account. The Pro layout provides more control but may seem overwhelming. You may use it if you are familiar with advanced options.

Deposits and Withdrawals at Kraken

Kraken supports many popular deposit and withdrawal methods. Some common options include SWIFT, FedWire, SEPA, Etana Custody, Silvergate Exchange Network (SEN), Synapse, Plaid, domestic wire transfer, ACH transfer, and crypto transfers. These methods depend on your location and account verification level. 

How to Deposit into Your Kraken Account?

1. Log in to Kraken: Visit kraken.com and log in to your account. On the dashboard, click on the “Deposit” button at the top of the page. Alternatively, you can access the deposit page by clicking on the “Transfer” tab on the left-hand menu.
2. Search and Select Currency: In the deposit area, you will find a search bar. Enter the name or code of the currency that you would like to deposit, for example, USD. Click on the currency when it appears in the list.
3. Enter the Amount and Select the Provider: Once you have chosen the currency, enter the amount you wish to deposit. Next, select your desired payment provider from the dropdown list. If there is only one choice available, it will be automatically selected, and you can proceed.
4. Make a Payment from Your Bank: Open your mobile banking app or web portal. Use the bank details furnished by Kraken to make the deposit. Copy the bank account number, bank name, and reference code as displayed. This will deposit your money into your Kraken account in the right manner.
5. Review Fees and Processing Time: It’s essential to check the deposit options for fees, the minimum deposit amounts, and the estimated processing time before sending the payment. All this information is found on the same deposit page. It assists in planning the transfer and informs you when the money will appear in your Kraken account.

Final Thoughts On Kraken Exchange Review

To sum up the Kraken review, it is a trusted and reliable cryptocurrency exchange that offers a secure and user-friendly platform for trading, staking, and managing digital assets. The platform supports over 402 spot trading pairs and 300+ futures contracts, and you benefit from low fees with Kraken Pro. 

Kraken’s robust security measures, like cold storage, two-factor authentication, and 24/7 monitoring, ensure your funds are safe, with no hacks reported since 2011. The exchange provides intuitive interfaces, mobile apps, and a comprehensive Education hub to help you learn about crypto.

FAQs

Can Kraken be trusted?

Yes, you can trust Kraken as a reliable cryptocurrency exchange. The company started in 2011 and has built a strong name for being safe and secure. Kraken keeps most user funds in offline cold storage and uses two-factor authentication to protect accounts. 

They also perform regular audits to stay transparent. Although Kraken settled with the SEC in 2023 over staking services, the platform remains committed to following regulations. These steps help make Kraken a secure place for trading and holding digital assets.

Is Kraken better than Binance?

Kraken focuses on safety and clear regulations, which suits users who want a trusted platform. It offers strong security tools and a simple interface. 

Binance has more coins and advanced features like trading bots, options trading, launchpad, and more for experienced users, but it has faced many regulatory issues in different countries. If you want more features and coins, you might prefer Binance. If you care more about compliance and safety, then Kraken could be a better option for you.

For more details, read our in-depth Binance vs Kraken comparison.

Is Kraken better than Coinbase?

Kraken and Coinbase both provide good services, but one may suit you more based on your goals. Kraken charges lower trading fees and offers more cryptocurrencies, which helps active traders. It also gives you more advanced tools for trading. Coinbase works better for beginners who want an easy way to buy and sell crypto. It has a very clean and simple layout, but its fees are higher than Kraken’s.

Does Kraken report to the IRS?

Yes, Kraken may report certain user activity to the IRS. As a company based in the United States, Kraken follows tax laws. It may share details about trades and transactions with the IRS, and also send tax forms to users when needed. If you use Kraken and live in the US, you should keep records of your crypto activity.

Which countries use Kraken?

People in 190+ countries use Kraken for crypto trading. Kraken operates in the US, Canada, the UK, Australia, France, and Germany. It also holds licenses in countries like Ireland, Italy, and Spain. These licenses help Kraken offer more services across Europe.

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