Kraken Review 2024: Opinions, Pros & Cons

Kraken is a popular crypto exchange that offers a plethora of functionalities, including low transaction fees and a diverse array of tokens.

Kraken aspires to be the ultimate destination for secure and unparalleled trading experiences. To evaluate the validity of this claim, and determine if it aligns with your trading needs, we recommend reading our comprehensive Kraken review.

👉 Click here to open an account on Kraken and get started in minutes with as little as $10.

Kraken Overview

Kraken, a San Francisco-based crypto exchange established in 2011, offers a global presence with operational offices spanning multiple regions.

Kraken, was founded in 2011 by Jesse Powell and Thanh Luu. Powell, was previously a consultant for Mt. Gox, and developed Kraken as a replacement for the struggling platform. In September 2013, the platform was launched, offering initial trading in Bitcoin, Litecoin, and the Euro, and later expanding to include additional currencies and margin trading.

The platform caters to both individual and institutional investors by providing competitively priced crypto trading services to customers in a vast majority of countries, including Europe, UK and the United States.

For novice traders, the "classic" Kraken platform offers an optimal starting point, while experienced and expert crypto enthusiasts may prefer the advanced features of Kraken Pro, such as margin and futures trading.

Additionally, both beginners and advanced traders can avail themselves of the interest rewards offered through coin staking.

The comprehensive portfolio of platforms and services offered by Kraken is likely to accommodate the diverse needs of any cryptocurrency trader.

Kraken Quick Review

If you're short on time to go through the entire review, check out this concise summary highlighting key aspects of the exchange. At the conclusion of the brief overview, a secure link is provided for opening an account on Kraken.

👉 Click here to open an account on Kraken and start trading crypto with just $10.

Setting up a Kraken Account

Creating an account on Kraken is a simple and straightforward process that will grant you access to the myriad of services offered by the platform.

To begin, ensure that you are visiting the official Kraken website at Kraken.

Here are the steps to open a Kraken account:

👉 Click here to open an account on Kraken and start trading crypto with just $10.

• Click on the "Create Account" button located in the upper-right corner of the homepage;
• Fill out the signup form by providing your email address, a unique username (in adherence to the specified guidelines), and a secure password (in accordance with the specified standards);
• Review and agree to the platform's Terms of Service and Privacy Policy;
• Click the "Create account" button to submit your registration;
• Check your email for an activation key and use it to activate your account on the activation form or by clicking the link in the email;
• Confirm your password, complete the captcha (if prompted), and click the "Activate Account" button;
• Verify the account by completing the KYC (Know Your Customer);
• Congratulations! You have successfully created an account on Kraken.

Kraken Funding Methods

Kraken has various ways for you to deposit money to your account, like using regular money from your bank, but also crypto directly from your non-custodial wallet.

For fiat deposits you can use US dollars, Euros, or Canadian dollars to add money to your account.

They charge very little fees for this. If you are a US client, you can add money to your account for free by connecting your bank account to Kraken, except in NY, WA and TX. Additionally, if you are adding money in Canadian dollars or Euros by using SEPA, it will be free.

It's also possible to deposit into your account with:

• Cryptocurrency (Bitcoin, Ripple, Ethereum, Litecoin, Monero and many more);
• Buy crypto instantly with a payment card;
• Corporate funding options;

Kraken Software

Kraken presents its clients with a choice between two distinct trading platforms - Kraken and Kraken Pro. The latter, designed for the more seasoned trader, offers very competitive fees and is accessible to all individuals who possess an account with Kraken.

Regardless of one's proficiency in the realm of cryptocurrency and active market trading, Kraken caters to a diverse range of traders, from novices to experts, by providing a tailored platform for each.

Kraken (Standard)

For those new in the world of crypto trading, the standard platform offered by Kraken serves as the ideal starting point.

Upon verification of one's account, buying cryptocurrency with a linked bank account is swiftly facilitated, as is the sale and conversion of various currencies in the account.

The process of executing an order is extremely easy and can be completed in a matter of seconds via the user-friendly user interface.

Also, the system allows for the direct purchase of cryptocurrency using one's bank account balance, without the need for prior funding of the account.

In addition to buying and selling, users have the opportunity to deposit their crypto for staking, earning interest of up to 21%, based on the currency.

To protect the account, it is recommended to enable 2FA (two-factor authentication), thereby ensuring that only authorized parties may access the account.

Kraken Pro

Kraken Pro is a sophisticated trading platform that can be accessed through a web browser or mobile device.

Though it may appear intimidating to those not familiar with cryptocurrencies trading, the platform's advanced features and detailed asset information, including real-time charts and open order visibility, make it a vital tool for active traders.

Access to Kraken Pro is available to all individuals with a valid Kraken account and offers a notable benefit in the form of reduced transaction fees.

Kraken Fees

The cost and tariffs associated with trading vary depending on the platform and type of trade being executed.

Additionally, it is important to note that prices may be subject to spread charges.

To help you understand this complex section, down here you can find a quick overview of the most important fees to consider.

Kraken (Standard) trading Fees

For immediate transactions, the commission typically stands at 1.5% for the majority of cryptocurrencies, and 0.9% for stablecoins denominated in U.S. dollars or other stablecoins.

Additional charges may apply depending on the method of funding employed for the purchase.

These can range from a modest 0.5% for transactions financed through a bank account, to a substantial 3.75% plus a fixed fee of 25 Euro cents for those funded through a debit card, credit card, or digital wallet.

Kraken Pro Fees

Kraken Pro offers a significantly more affordable pricing structure in comparison to the standard Kraken platform. The cost of transactions is determined based on one's cumulative trading volume over the preceding 30 days. The majority of trades are subject to either a 0.26% taker fee or a more favorable 0.16% maker fee.

Maker orders, which represent liquidity to the exchange, are transactions that are not immediately matched against existent orders. In contrast, Taker fees, which are slightly higher, are imposed upon orders that are executed against pre-existing orders placed by other users on the marketplace.

Is Kraken Safe?

By adhering to sound online security protocols, your Kraken account should be safeguarded against nefarious actors seeking to deplete your funds.

Once an account is financed, it is highly advisable to implement two-factor authentication, which can be customized for sign-in, account withdrawals, and trades. Additionally, there is an option to lock your account to prevent any unauthorized modifications, should you suspect that your account has been compromised.

With respect to security, the utilization of Kraken enables one to quickly comprehend the paramount importance of security measures. The login process involves the utilization of a confidential username, as opposed to utilizing an email address. Additionally, there is no implementation of SMS recovery, as SMS represents a system that is susceptible to hacking.

It is worth noting that while the majority of users have a positive experience, there have been instances where some users have reported hacked accounts resulting in the loss of all assets with no means of recovery.

Given that cryptocurrency transactions on the blockchain are irreversible, crypto accounts are a prime target for fraud. Therefore, it is imperative to exercise caution when using Kraken or any other exchange, and be aware of these potential risks.

What can you buy on Kraken?

Kraken, the digital asset exchange, offers support for a wide portfolio of coins, numbering over 110 in total. These include popular options such as:

• Bitcoin (BTC);
• Ethereum (ETH);
• Ripple (XRP);
• Litecoin (LTC);
• Stellar Lumens (XLM);
• Solana (SOL);
• Sushi (SUSHI);
• Uniswap (UNI);
• Polkadot (DOT);
• Polygon (MATIC);
• Cardano (ADA);
• Dogecoin (DOGE);
• Tether (USDT);
• USD Coin (USDC);
• Dai (DAI)

Additionally, Kraken also supports a selection of stablecoins, including Tether, USD Coin, and Dai. In addition, the platform also allows for the conversion of US dollars into other fiat currencies, such as Canadian dollar, Swiss franc and Japanese yen. However, it is worth noting that availability of currencies may vary depending on the country.

Kraken Features

Kraken is a crypto exchange that offers advanced trading functions. Let's have a look at the most important ones.

Advanced trading functions

Kraken, stands out as one of the few platforms that offers advanced trading features such as margin, stop orders, and short selling of cryptocurrencies.

Additionally, it also boasts a unique feature known as a "dark pool" where high-volume investors can partake in anonymous trading. Kraken enables traders to leverage currency pairs by up to 5x, and eligible professional clients have the opportunity to access up to $500,000 in margin.

However, it is important to exercise caution as margin trading can be a high-risk task. By borrowing funds to invest, the potential gains are amplified, but so too are the potential losses. Given that cryptocurrencies are already considered a volatile investment, utilizing margin trading can amplify that risk significantly.

Staking

Kraken is an exchange that offers staking services to its users.

Staking usually involves tying up one's coins to contribute to the overall security of that particular blockchain.

Through staking, users can earn a return on their crypto investments, with annual percentage yields ranging from 0.25% to 20%.

Kraken currently supports staking for over 15 different cryptocurrencies. It can be a great way for users to earn passive income on their crypto holdings.

Futures

Crypto futures are a type of financial contract that entails a binding agreement between two parties, in which one commits to purchasing a set quantity of a specified underlying cryptocurrency at a predetermined price, at a designated future date and time.

These instruments provide an opportunity to acquire exposure to an extensive array of digital currencies, without the need for actual ownership. Additionally, individuals and entities who possess cryptocurrencies may utilize futures as a means of hedging their exposure to fluctuations in the market.

Kraken Opinions

Kraken has received a low rating of 2.2 stars on Trustpilot, which suggests that many users have faced significant issues.

The most frequent grievances center around prolonged wait times for customer service responses and the retention of funds beyond the initial security period. These criticisms are cause for concern, but it is crucial to consider both positive and negative reviews when selecting a cryptocurrency exchange.

Kraken Alternatives

Suitable alternatives for Kraken include well-established brokers with a long-standing history. These brokers operate on a KYC (Know Your Customer) basis and are regulated in multiple countries.

Coinbase: Recognized as the largest cryptocurrency exchange in the United States based on trading volume, the company was established in 2012 by Brian Armstrong and Fred Ehrsam. It is listed on the American stock exchange, acknowledged for its rigorous regulation and financial stability. For additional details, explore our comprehensive Coinbase Review.

Bitstamp: An established broker with a lengthy track record, has earned a reputation for its high resilience in the market. It distinguishes itself by offering lower fees compared to Coinbase. Explore further insights in our detailed Bitstamp Review by clicking here.

Kraken Pro & Cons

Here is a summary of the key features and potential drawbacks of a cryptocurrency exchange:

Is Kraken Right For You?

Except for residents in restricted countries like Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, and Syria, Kraken is accessible and can serve as an excellent solution for you. KYC requirements apply to all users, meaning you should be aware that the government may become aware of any Bitcoin or other cryptocurrency withdrawals/deposits, necessitating tax payment preparation.

Kraken offers low withdrawal commissions, making it cost-effective for those who plan to frequently transfer crypto to cold storage. With its excellent reputation, Kraken stands out as one of the few centralized KYC exchanges currently open for registration.

Bottom line

Kraken is as an attractive option for both novice and seasoned cryptocurrency traders and investors in search of a new exchange platform.

Its competitive pricing and comprehensive features, such as the low fees on its Kraken Pro platform, the attractive returns on staking, and the availability of futures markets, are all notable selling points.

However, some users have reported significant issues with account security, and the platform's navigation may prove to be less intuitive in comparison to other available options.

In summary, Kraken may prove to be a viable choice for cryptocurrency trading and investment, provided that one takes the time to fully comprehend the associated costs and risks, and takes the necessary precautions to ensure the security of their account through measures such as two-factor authentication.

With due diligence, one may anticipate a favorable experience when buying and selling cryptocurrency on Kraken.

Kraken Evaluation

Kraken earns a commendable 4-star rating, backed by a blockdyor Score of 62 out of 100, placing it among the elite centralized exchanges. Despite imposing KYC requirements, Kraken maintains a stellar reputation in the crypto space, standing out as one of the few longstanding exchanges with a solid track record.

Reputation: Despite encountering legal disputes with the SEC, Kraken enjoys a positive standing, being recognized as one of the enduring exchanges in the industry that can be counted on.

Technology: Distinguishing itself, Kraken is among the rare centralized exchanges supporting lightning withdrawals, a feature appreciated by many users. Its robust security measures have successfully fended off hacking attempts, bolstering confidence in the platform.

Customer Service: Kraken boasts a responsive and supportive customer service team accessible through phone, email, or tickets, contributing to an overall positive user experience.

Fees: While Kraken's trading fees are slightly higher, especially in comparison to other exchanges, its withdrawal fees for assets like BTC are notably lower, providing a cost advantage to users.

Ease of Use: The decision to offer both Kraken and Kraken Pro platforms proves beneficial for beginners, as the standard interface is more user-friendly, facilitating ease of understanding.

👉 Click here to open an account on Kraken and start trading crypto with just $10.

Frequently asked questions (FAQ)