Kraken Reviews 2025: Fees, Features, Safety, Pros & Cons

Kraken is a popular US-based global cryptocurrency exchange that allows you to buy, sell, and trade various digital assets. The exchange is known for its low fees, advanced trading features, and high-security standards. It’s ranked third on CoinMarketCap’s best exchanges list.

Beginners can easily trade on the Kraken platform, while advanced traders can use Kraken Pro for more extensive features and cheaper fees.

In this Kraken review, we’ll look at the features that make this cryptocurrency exchange stand out and some of the things you should keep in mind before using it.

Pros & Cons of Kraken 

Pros:

• Low fees on the Pro platform.
• Top-notch security
• High liquidity
• Good customer support
• Pro platform offers margin and futures trading

Cons:

• High instant buy fees.
• Not available to NY and VA residents.
• Issues with regulators.
• Margin and futures trading services are only available to intermediate and Pro level verified clients based outside the US (with exceptions). 

Kraken Fees

Like many exchanges, Kraken charges different trading fees for instant buys on the main platform and maker and taker orders on the Pro platform.

Instant buy fees are quite expensive. Stablecoin-to-stablecoin pairs like USDT/USDC and stablecoin-fiat pairs like USDT/USD cost a 0.9% fee. 

When you use the instant buy feature, you’ll also be charged a payment service fee, depending on your payment method. Apple Pay, Google Pay, debit, and credit card purchases cost a 3.75% + 0.25$ fee. Online banking and ACH transfers cost 0.5% for instant buys.

Other crypto-to-crypto (BTC/ETH) and crypto-to-fiat (USD/BTC) pairs cost a 1.5% fee.

Kraken Pro fees start at 0.16% for maker orders and 0.26% for taker orders. You can receive discounts based on your monthly trading volume.

You can check out the margin, futures, and NFT trading fees on the Kraken fee schedule page.

Crypto Coins Available on Kraken

Kraken offers around 120 cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Monero, Tron, Kava, Solana, Cardano, Shiba Inu, and Dash. In addition to these popular cryptocurrencies, the platform also supports several lesser-known altcoins. 

Main Features of Kraken

Kraken offers many features that make it a popular choice among users. 

High Liquidity

Kraken is one of the most liquid exchanges in the world. There are always buyers and sellers available to match your trade. This makes it easy to buy or sell crypto assets at the price you want. 

Support for Multiple Fiat Currencies

The crypto exchange allows you to deposit, withdraw and trade with a variety of currencies, including US dollars, Euros, Canadian dollars, British pounds, and Japanese yen.

Margin Trading

Margin Trading allows you to trade with more funds than you have in your Kraken account. For example, if you have $1,000 in your account, you can still make a trade worth $2,000 with margin trading. 

Kraken allows you to margin trade over 40 crypto assets with up to 5x leverage. You can place market or limit orders.

Margin trading allows you to execute more complex trading strategies. However, it can be risky as it is profitable. It amplifies profits and losses, and less experienced traders should learn their way around margin trading before executing strategies. 

You need Intermediate or Pro level verification to be eligible for margin trading on Kraken. Eligibility criteria vary depending on your location. Some Intermediate and Pro level US-based customers can be eligible for margin trading, but you have to contact Kraken support for more details.

Futures Trading

Kraken Futures is a Singapore-based, unregulated trading market. You can trade regulated futures and unregulated derivatives products with up to 50x leverage on Kraken Futures.

US-based customers are barred from futures trading on the platform. Only Intermediate or Pro verified users from eligible locations can trade on Kraken futures.

The Kraken Blog 

The Kraken website and blog offer regular updates about the latest happenings in the world of cryptocurrency. This is a great resource for those who want to stay up-to-date on all the latest news and developments in the space. There are various FAQ articles and educational resources.

Fiat Currencies Supported on Kraken

Kraken supports 8 fiat currencies, including the US dollar (USD), Euro (EUR), British pound (GBP), Australian Dollar (AUD), United Arab Emirates Dirham (AED), Canadian Dollar (CAD), Swiss Frank (CHF) and Japanese Yen (JPY).

The platform offers many fiat payment options, including instant wire transfers, Etana custody transfers, bank transfers, and SEPA/SWIFT. 

Payment options and cash deposit fees vary depending on the currency.

Remember that you can’t withdraw your assets for 72 hours after your first cash deposit, including credit/debit card, digital wallet, or ACH purchases on the platform. It’s a security measure and only applies to first-time purchases.

You can withdraw USD via Fedwire, ACH (free), SWIFT, and Etana. Withdrawal fees vary depending on the currency and the payment method. Minimum withdrawal limits apply. 

You can’t withdraw via Google Pay, Apple Pay, or credit/debit cards.

How Easy Is It to Open a Kraken Account?

Opening a Kraken account is quick and easy. On the signup page, enter your name, address, and phone number, with your email and password. 

Identity verification allows you access to more Kraken features. Once you sign up, you can increase your verification level by uploading a photo ID. You may need to provide the last four digits of your valid SSN/ITIN (Social Security number for US-based customers) for KYC purposes.

How Does It Compare to Other Crypto Exchange Alternatives?

Kraken is a popular choice among investors thanks to its security, high liquidity, and low fees. The platform offers a wide range of features and is considered one of the most user-friendly exchanges. But how does it compare to other options?

Kraken’s top competitors are Binance and Coinbase, ranking first and second on Coinmarketcap’s best exchanges list.

Fees

When it comes to fees, Binance is a step ahead of Kraken, with 0.10% maker and taker fees. Kraken Pro charges 0.26% for takers and 0.16% for makers. 

Coinbase, on the other hand, charges 0.40% and 0.60% for maker and taker fees, respectively.

Digital Assets

Binance offers around 350 digital assets, while Coinbase and Kraken offer around 120-150 different cryptocurrencies. However, that’s only true for Binance Global. If you’re based in the US, you can only access around 120 crypto coins. 

Conversely, Coinbase offers few digital assets to customers based outside the US.

Customer Service

Binance, Coinbase, and Kraken all offer live chat, but it can be hard to reach a customer service employee directly on Binance and Coinbase. Only Kraken offers phone support among the big three.

Security

While all three exchanges employ industry-wide security practices, including 2FA and cold storage for digital assets in their custody, Kraken takes the win as the most secure exchange.

Kraken employs serious security measures to protect user funds and is widely regarded as one of the most secure exchanges, especially among the major crypto trading platforms.

Coinbase and Binance have been hacked several times, whereas Kraken hasn’t been hacked since its launch in 2013.

How Secure Is Kraken?

Kraken employs a number of security measures to protect user accounts. First, all user passwords are encrypted and stored in a secure database. Kraken also uses two-factor authentication for all account login attempts.

In addition to these account security measures, Kraken also employs a number of security measures to protect the exchange itself from cyberattacks. The crypto exchange employs a distributed denial of service (DDoS) protection system that blocks any attempts to overload the server with requests.

The exchange is also constantly monitored for suspicious activity, and all user activity is logged.

Kraken holds all user funds in cold storage, meaning the funds are not held on the exchange’s servers. Additionally, all withdrawals are manually reviewed and processed by Kraken staff.

Overall, Kraken is a very secure cryptocurrency exchange. 

Has Kraken Ever Been Hacked?

No, Kraken has never been hacked. In fact, they have a very good reputation as a secure crypto exchange. They were one of the first exchanges to implement 2FA and have never had any major security breaches.

Is Kraken a Regulated Exchange?

Kraken is not a regulated exchange but is registered as a Money Services Business (MSB) with FinCEN.

The lack of regulation may be a concern for investors. However, Kraken has implemented a number of measures to protect user funds. The platform regularly undergoes Proof-of-Reserves audits by independent third-party auditors to confirm the assets in their custody are backed by real assets.

Kraken is one of the very few exchanges to offer Proof-of-Reserves audits. In light of FTX Global’s collapse, more exchanges have promised to provide PoR audits to verify 1:1 asset backup.

However, it’s important to underline that Kraken has had several issues with US authorities and regulators. Kraken is under federal investigation by US authorities for violating US sanctions against Iran.

Compliance with legal and regulatory requirements is very important for crypto exchanges, and regulation violations can lead to fines or service restrictions.

Does Kraken Have an App?

Kraken also offers great mobile apps for the Kraken and Kraken Pro platforms, making it easy to trade on the go. You can download the apps for iOS and Android devices. Make sure you download the official apps, as there are a number of fake/scam apps that will steal your information and funds.

You can also access the Kraken website from your mobile device by going to the website and logging in. The mobile website has all the same features as the desktop website, so you will get all the benefits by trading on your phone.

Final Thoughts: Kraken Review 2023 

Kraken is one of the most popular cryptocurrency exchanges. It offers a user-friendly platform, fiat currency support, advanced crypto trading, expert market insights, and 24/7 customer support.

The trading platform is acknowledged as one of the most secure exchanges in operation. The exchange regularly undergoes Proof-of-Reserves audits to prove 1:1 asset backup for on-chain assets.

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