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Kraken is a cryptocurrency exchange where you can buy and sell assets such as Bitcoin and Ethereum. Kraken is one of the oldest Bitcoin exchanges and supports 185+ different coins to buy, sell, and trade with competitive exchange fees. It’s notable for supporting both spot trading at current market rates and cryptocurrency futures. Kraken is a good choice for new and existing cryptocurrency investors and traders looking for low trading fees and access to a wide array of coins.

On February 9, 2023, cryptocurrency exchange Kraken agreed to pay $30 million in penalties and shut down its staking business in a settlement with the U.S. Securities and Exchange Commission. As a result of this settlement, Kraken will end staking services to U.S. clients. Non-U.S. Kraken customers will be able to continue staking their crypto assets through a separate Kraken subsidiary.1

• PROS & CONS

• SPECIFICATIONS

Pros

• More than 185 coins supported

• Simple user interface

• High liquidity exchange

Cons

• Higher fees when not using Kraken Pro

• Some users report losses due to hacks

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Pros Explained

• More than 185 coins supported: Kraken supports popular currencies including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.

• Simple user interface: Kraken is relatively easy to use even if you don’t have crypto experience.

• High liquidity exchange: Kraken is an active exchange where it’s easy to buy and sell at market rates.

Cons Explained

• Higher fees when not using Kraken Pro: The main Kraken platform charges higher transaction fees than Kraken Pro.

• Some users report losses due to hacks: Some users report a history of costly hacks with little to no support from Kraken.

Introduction

Kraken is a major cryptocurrency exchange that makes it easy to buy, sell, and exchange a long list of dozens of different cryptocurrencies including market leaders Bitcoin and Ethereum. In addition to buying and selling crypto at spot rates, Kraken offers users margin accounts and futures trading, riskier products useful for advanced trading strategies.

The easiest place for new crypto investors to start in the Kraken ecosystem is the main Kraken platform. More experienced traders, even outside of cryptocurrency, may prefer the lower-cost active trading platform Kraken Pro.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

Company Overview

Kraken is a crypto exchange founded in 2011 in San Francisco with offices around the world. It supports customers in 190 countries. Kraken supports individual and institutional investors with competitively priced cryptocurrency trading.

Beginners will do best with the main Kraken platform, while advanced and expert crypto enthusiasts may prefer Kraken Pro and the advanced margin and futures features. The combination of platforms and services makes it likely that Kraken can handle your cryptocurrency needs.

Cryptocurrencies Available on Kraken

Kraken supports over 185 cryptocurrencies, including popular ones such as:

• Bitcoin (BTC)

• Ethereum (ETH)

• Cardano (ADA)

• Dogecoin (DOGE)

• Litecoin (LTC)

• Polkadot (DOT)

• Polygon (MATIC)

• Stellar Lumens (XLM)

• Solana (SOL)

• Sushi (SUSHI)

• Uniswap (UNI)

Kraken also supports a handful of stablecoins including Tether USD, USD Coin, and Dai. You can even convert U.S. dollars into Canadian dollars, Japanese yen, and Swiss francs if you want. Note that not all currencies are available in every country.

Trading Experience

Kraken offers two trading platforms to users, Kraken and Kraken Pro. Kraken Pro offers lower pricing and is available to anyone with a Kraken account.

Depending on your cryptocurrency and active market trading experience, you may prefer Kraken or Kraken Pro. In either case, there’s a platform suitable for anyone from beginners to experts.

Kraken

Beginners are best off starting with the central Kraken platform. With a verified account, you can quickly buy cryptocurrency from a linked bank account, and it’s just as easy to sell or convert between currencies in your account.

Once your account is created and you’ve logged in, it only takes a few seconds to enter an order using a straightforward form.

The form used to buy, sell, and convert cryptocurrencies using Kraken.

Using this system, you’re able to buy crypto directly using your bank account balance. You don’t have to fund your account first.

With staking, you can earn interest on cryptocurrency balances held at Kraken.

To keep your account safe, be sure to enable two-factor authentication (2FA), which prevents anyone from logging into your account without your device and a randomly generated code in hand.

Kraken Pro

Kraken Pro is an active trading platform that works through your web browser or smartphone. While the interface may be intimidating to crypto and trading newbies, it could be worth learning. It includes more detailed asset information including active charts and a view into open orders.

The active trading screen at Kraken Pro, which includes charts and detailed crypto information.

Anyone with an active Kraken account can use Kraken Pro. Possibly more important than the advanced interface is lower fees. If you make the same trade with Kraken Pro instead of Kraken, you’ll pay less than using the main interface.

Fees

Pricing and fees vary depending on the platform you’re using and the trade you’re entering. In either case, prices are also subject to spread fees. Here’s a glance at the most important fees to be aware of:

Kraken Pricing

For instant purchases, the fee is 1.5% for most cryptocurrencies and 0.9% for stablecoins using U.S. dollars or another stablecoin.

Additional fees depend on how you fund the purchase. Prices range from 0.5% for funding with a bank account to over 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet.

Kraken Pro Pricing

Kraken Pro offers much lower pricing than the main Kraken platform. Pricing is based on your total trading volume over the last 30 days. Most trades are subject to either a 0.26% taker fee or 0.16% maker fee.2

30-Day Volume (USD)	Maker	Taker
$0–$50,000	0.16%	0.26%
$50,001–$100,000	0.14%	0.24%
$100,001–$250,000	0.12%	0.22%
$250,001–$500,000	0.10%	0.20%
$500,001–$1,000,000	0.08%	0.18%
$1,000,001–$2,500,000	0.06%	0.16%
$2,500,001–$5,000,000	0.04%	0.14%
$5,000,001–$10,000,000	0.02%	0.12%
$10,000,000+	0.00%	0.10%

Maker orders are trades that are not instantly matched against existing orders, which add liquidity to the platform. Taker fees are charged to orders that match against an outstanding order from another user on the market and require a slightly higher fee.

Security

Your Kraken account should be safe from cybercriminals looking to drain your balances if you follow good online security practices. Once an account is funded, it’s extremely wise to add two-factor authentication. You can create different two-factor codes for sign-in, account withdrawals, and trades. There’s also a feature to lock your account from any changes if you’re concerned that your account was breached.

While most users have a positive experience, some users report hacked accounts where the owner lost everything with no options to recover lost assets. As cryptocurrency blockchain transactions can’t be reversed, crypto accounts are a common target for fraud. Beware of these risks when using Kraken or any other exchange.

Cryptocurrency transactions can’t be reversed. Make sure to keep your account information secure and double-check addresses before sending funds to another cryptocurrency wallet.

Opening a Kraken Account

Creating a new Kraken account is a quick and easy process.

Signing up with Kraken is similar to signing up for a stock brokerage or another cryptocurrency exchange. If you have all of your information handy, it takes only a few minutes to get your account up and running.

When signing up, you’ll need to provide contact information including your name, address, phone number, and Social Security number. This information is part of what’s known as know your customer (KYC) requirements in the financial industry.

To verify your account and access all trading features, you’ll need to provide additional information, including uploading a copy of a government photo ID and a picture of you holding that ID. Without adding this information, you’re stuck with limited account functionality.

Customer Service

Kraken support is available 24 hours a day via live chat, phone, and email. We had a minor issue changing an account setting (mostly due to user error) and sent in a support ticket. Kraken staff responded and resolved the problem in about 20 minutes.

While we had a great experience with customer service, not all users report the same outcomes. Some unhappy customers report trouble with funds due to phishing attacks and trouble getting Kraken to release held funds.

Customer Satisfaction

Kraken earns just 2.2 out of 5 stars on Trustpilot, indicating many users have experienced significant problems. The most common complaints focused on long waits for customer support responses and holding funds beyond the initial security period.

These customer service complaints are concerning, but it’s important to take both positive and negative reviews into account when choosing a cryptocurrency exchange.

Account Management

Account management is mostly self-service and handled through the Kraken website and mobile apps. If you have a laptop or desktop computer, you may find the large screen makes managing your account easier.

In the Kraken dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account.

The Global Settings Lock feature lets you quickly hide sensitive account information and prevents changes to account settings, including withdrawal addresses.

How Kraken Compares to Other Cryptocurrency Companies

Kraken offers features beyond the typical industry competitor and slightly lower pricing than its most prominent rivals. Consider these differences between Kraken and Coinbase, another popular crypto exchange:

Kraken vs. Coinbase

Coinbase and Kraken both operate their centralized exchanges where users buy and sell from each other. Kraken supports over 185 cryptocurrencies for spot trading. Coinbase supports more than 240 currencies.

Only Coinbase features the ability to earn through staking your cryptocurrency at varying interest rates, Coinbase supports spot currency markets only, while Kraken also supports cryptocurrency futures.

Kraken trading fees are generally lower than Coinbase trading fees for most cryptocurrency trades. Both earn additional fees through a spread between buying and selling prices.

Read our full Coinbase review.

Final Verdict

Kraken’s pricing and features make it a good choice for beginner to expert cryptocurrency traders and investors looking for a new cryptocurrency exchange. Its low fees on Kraken Pro and futures markets are all a draw. However, it’s not the easiest platform to navigate compared to competitors.

Overall, Kraken is an excellent choice for cryptocurrency trading and investing. Make sure you understand all costs and risks involved and take steps to secure your account with two-factor authentication. If you do, you should have a positive experience buying and selling cryptocurrency through Kraken.

OPEN ACCOUNT

Methodology

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.

Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.

Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.

Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.