Kraken Exchange Summary
One of the original Cryptocurrency pioneers, Kraken has been expanding, Diversifying and inovating. Their Trading platform and overall user experience is our highest rated. Kraken has real time analytics and prices.
The charting and data analysis was easy to manage and provided valuable insights into trades and history.
The learning curve for the platform would be high for any beginner investor. Our message is that if you are not looking to be active in trading on at least a weekly basis, there are better alternatives for you.
With its strong security presence and payment options Kraken does facilitate good experiences for their customers.
However, should there be any tech issues or any urgent questions. the customer service is slower than the other companies being reviewed. It can be hard to anticipate a problem, though it may be worth sending an inquiry email to test the type of correspondence one might expect when using their services.
Product Rating Summary For Kraken
Kraken is an industry leading cryptocurrency exchange. It was founded in July 2011 and is based in San Francisco, CA. Kraken is competing as one of the largest and oldest exchanges.
They offer the option to exchange fiat currencies such as USD, Canadian Dollar, Euro, and GBP into cryptocurrency. You can also exchange from crypto to crypto. There are more than 60 cryptocurrencies available on Kraken for buying via fiat currency or exchanging.
Pros and Cons for Kraken Cryptocurrency
Fiat Funding Options
Kraken has different methods available for funding your account with fiat. It uses companies that provide a transfer of funds (similar to Plaid). Each has different maximums and fees for funding the account.
You can also buy crypto using a credit card. This method is the most expensive. There is a 3.75% + $0.25 fee. To use fiat currency, you’ll need to complete KYC (know your customer) validation. KYC requires verification of your identity. After your account is opened, you can’t withdraw funds for 72 hours thereafter.
Once the account is funded with fiat, you can select a currency for purchase. There are coins that allow you to go from fiat to crypto directly (only major coins) and there are alternative coins that you can only access through a major cryptocurrency. For example, if you want to invest fiat in MITH, you can’t buy it directly. You’d have to buy BTC (Bitcoin) first or some other major crypto and then subsequently trade for MITH.
One major attraction to Kraken is staking. This could let you earn rewards on the coins that are already available in your digital wallet. Not all coins can be staked, but you can simply exchange into one of the eligible staking coins. Rewards are paid out bi-weekly. Each coin has a different amount and is clearly listed. Make sure to create a strategy.
Account Section And Trading
In the account section, you’ll find your orders and position value. You can place trades here, including market and limit orders. This area includes the basic web-based interface and Kraken Pro, which is discussed further below.
To move money to your software wallet, you’ll withdraw from Kraken by providing your digital wallet code/address. You’ll be required to confirm your wallet via email for the first withdrawal. From then on, your wallet address will be available in the dashboard.
Kraken Pro is available after you have a wallet. Kraken Pro is more user friendly and refined than the basic web-based trading interface. It includes quality charting, market depth, open orders and positions, and the ability to place trades.
Like most other crypto exchanges, Kraken doesn’t prioritize customer support and communication. There is no phone or even email support. They offer a website chat or the option to submit a request ticket.
Is My Money Safe?
Kraken has never been hacked and is considered a reliable crypto exchange. However, it's probably still a safe idea to keep your funds in an offline wallet.
Note: In testing, we experienced issues with Kraken's two-factor system with both Yukikey and Authenticator apps. They will often lock users out of the account during the set up, which is a big issue. Hopefully Kraken resolves it, but be forewarned. The request ticket took 2 days from submission to resolution.
Is It Worth It?
It has one of the largest supported currencies list (inclusive with Dogecoin) you'll find today, it offers rewards when you stake coins, and even allows margin and futures trading. For serious and expert investors. The user interface may offer some extra leverage when performing trades. The lower fees making it a good option for bulk traders.
However, other cryptocurrency exchanges may offer higher interest rates/rewards on staked crypto assets or a less complicated fee structure. To compare your options, check out our Top 5 crypto investing sites.
Minimum Initial Deposit
Varies by currency
0.00% to 0.26%
Coins Available To Trade
1.5% to 40%
Card Deposit Fee
3.75% + $0.25
Minimum Card Transaction
Maximum Card Transaction
$4,000 within a time-based 7 day rolling period.
Crypto Withdrawal Fees
Varies by currency
Fiat Withdrawal Fees
FedWire of SWIFT: $4 to $40
Business ProSilvergate Exchange
Hold On First Deposit
2FA (Google Authenticator and Yubikey)
95% of all deposits are kept in cold storage
Customer Service Options
Chat or support requests only
Mobile App Availability
iOS and Android
Are There Any Fees?
Kraken has implemented a maker/taker fee structure. The rate for both decreases along a 30-day volume increase. Below are the 30-day volume-based rates for maker and taker fees:
Kraken Fee Structure
30-Day Volume (USD)
0 - 100,000
100,001 - 1,000,000
1,000,001 - 5,000,000
5,000,001 - 10,000,000
10,000,001 - 20,000,000
20,000,001 - 50,000,000
50,000,001 - 100,000,000
You’ll also run into different fees for depositing and withdrawing funds, depending on which method is being used.
Kraken is right for you if:
- You're an experienced trader who wants to use advanced features such as margin.
- You're a crypto investor who's ready to level up with more coins and more features.
- You prioritize security above usability and want to put your cash in the safest possible hands.