Kraken Exchange Review

Important note: On February 9, 2023 Kraken announced a major settlement with the SEC that included shutting down its staking services for US customers and paying $30 million. Non-US clients can still continue to stake their crypto assets through an alternative platform within the company.

Introducing Kraken Crypto Exchange

• Company Name: Kraken
• Year Founded: 2011
• Launched: 2013
• Official Website Kraken.com
• Cryptocurrencies Available 185+
• Customer Support Help page, email ticket, chat, and phone
• Owner & Founder: Jesse Powell

Minimum trade

0.0001 BTC.

Trading and transaction fees

Up to 2%, though fees on KrakenPro are lower.

Number of cryptocurrencies

More than 150.

Crypto-to-crypto trading pairs

130.

Staking and rewards

Kraken no longer offers staking or rewards.

Mobile app

Kraken’s apps for iOS and Android have an average rating just above 4 stars.

Customer service

Kraken has 24-hour live phone and chat support.

Storage offering

Kraken doesn’t insure customers’ crypto, but it has a solid track record for digital security.

Pros Explained

Kraken supports over 185 different cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana and Dogecoin.

Its user interface is straightforward and easy to use for people without crypto experience. However, have in mind…competitors seem to be better in this area. 

Liquidity is high on the platform which allows users to buy and sell quickly.

Cons Explained

Kraken charges higher transaction fees through its main platform than Kraken Pro.

Users have reported losses due to hacks with limited support from Kraken.

Kraken also supports a handful of stablecoins including Tether USD, USD Coin, and Dai. You can convert US dollars into Canadian dollars, Japanese yen, and Swiss francs if you want. 

Note: not all currencies are available in every country.

Where is Kraken Located?

The company is based in San Francisco, California.

Kraken Restricted Countries

Kraken is available to all U.S. residents, except in New York and Washington.

Other Restricted Countries

Company has restrictions for customers from: Afghanistan, Central African Republic, Congo-Brazzaville, Eritrea, Congo-Kinshasa, Guinea-Bissau, Cuba, Lebanon, Iran, Mali, Iraq, Namibia, Libya, Somalia, North Korea, South Sudan, Syria.

What Could be Improved at Kraken

Not Very Friendly for Beginners

Kraken does have some good educational resources for investors who are new to cryptocurrency trading. This includes individual currency guides and a series of explainer videos. 

However, with all of its advanced features, the site is designed for more experienced traders. With so many coins and so much functionality, beginning investors will find it difficult to adjust. 

When I first logged on, I found it difficult to find my way around the site as it isn’t as intuitive as other platforms.

The starter account on Kraken only allows very limited access and you have to submit a photo ID and other documents to get any other account level. 

The intermediate and pro accounts offer more features but even the starter account should be easy enough to use for most people.

It may be frustrating that you can’t deposit money right away. But that’s part of what makes Kraken secure. You can only deposit money once you’ve provided an ID and verified your account. If you live in the U.S., you can’t use a credit or debit card to deposit money. 

And it can take one to five business days to process your deposit. However, you only need a starter account to deposit coins, and it will take about five minutes. Kraken has resources available to help you transfer funds from other exchanges.

How to Register

• You need to go to the official Kraken site at https://www.kraken.com, then click on the “Create Account” button in the upper right-hand corner of the screen. 
• After that, you will enter your email address and choose a username and password.
• Once you have read and agreed to the Terms of Service and Privacy Policy, click on the “Create account” button again. If you get an error message, follow the instructions in the guide. 
• You will receive an email with an activation key that you need to enter on the account activation form.
• Confirm your password, complete the captcha if asked and click the Activate Account button.
• Congratulations! You have successfully created your Kraken account and you’re ready to get started.

How to Login

Go to https://www.kraken.com/sign-in and use your username and password to sign in.

How Kraken Works

Kraken is a website where you can buy and sell different types of cryptocurrency. You can also leave your cryptocurrency on the website, but Kraken encourages users to move their assets to an external crypto wallet for safety.

Even though Kraken is an exchange, I sometimes still use its custodial wallet because it offers decent staking rates. This means that I can earn interest on my cryptocurrencies if I leave them untouched in my account.

To set up a basic account, you’ll need to provide information, such as your name, date of birth, and address. You need to be over 18 and live in a supported area (anywhere in the U.S. apart from Washington and New York).

It has three levels of verification:

Starter Account

This basic account lets you deposit, exchange, and withdraw cryptocurrencies. You can’t withdraw or deposit fiat currencies with this account type, so you’ll need to upgrade if you want to move dollars into crypto.

Intermediate Account

To upgrade to an Intermediate account, you’ll need to provide a valid photo ID (such as a passport or driver’s licence), proof of residence (such as a utility bill), and your Social Security number or ITIN. Once you’ve upgraded, you’ll be able to deposit fiat and trade on Kraken futures.

Pro Account

The Pro level unlocks higher account limits and also gives access to the anonymous “dark” trading pool and over-the-counter desk. The desk facilitates large orders without causing price disruption on the public exchange.

To fund your Kraken account, you’ll need to make a transfer. You cannot use your debit or credit card to buy cryptocurrencies with Kraken in the U.S. Funding can take up to 5 days to process.

Trading with Kraken

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.

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.

Kraken Pro

Kraken Pro is an online trading platform that you can use on your web browser or smartphone. It may look complicated at first, but it could be worth learning how to use it. It includes more detailed asset information than some other platforms, like active charts and a view into open orders.

Fees

The fees you have to pay when you buy or sell cryptocurrencies depend on the platform you’re using and the trade you’re entering.

The most important fees to be aware of are:

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, which can be with a bank account, debit card, credit card, or digital wallet. They can go from 0.5% to over 3.75% + 25 euro cents.

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Kraken Pro Pricing

Kraken Pro charges lower prices than the main Kraken platform. Prices are based on how much you have traded in the last 30 days. Most trades have either a 0.26% taker fee or a 0.16% maker fee.

How to Get started

To start, follow these steps:

• Create an account
• Get verified
• Fund your account

Once this is done, you can:

• Buy or sell cryptocurrencies.
• Trade cryptocurrency.
• Trade Futures on Kraken Futures
• Download official mobile apps

Security Features

Kraken’s comprehensive approach to cybersecurity and information security management systems has earned us the ISO/IEC 27001:2013 certification. This demonstrates our ability to meet the highest international security standards, as well as our commitment to keeping your funds and information safe.

• Proof of Reserves
• Custody Security
• Information Security
• Security Testing

All Security Features Offered at Kraken:

• 2FA (Google Authenticator and Yubikey) to keep your account secure
• Email confirmations for withdrawals with self-serve account lock
• Configurable account timeout
• Customizable, granular API key permissions with range boundaries
• Global settings time lock 
• PGP signed and encrypted email for secure communication
• SSL encryption 
• Constant, real-time monitoring for suspicious activity
• Zero settlement risk, no chargeback fraud when trading crypto
• Sensitive data is fully encrypted at rest and in transit
• High priority 24/7 live chat and email support for urgent concerns

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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)

Account Management

You can manage your account by yourself using the Kraken website or mobile apps. If you have a laptop or desktop computer, it might be easier to manage your account on a larger screen. In the Kraken dashboard, you can update settings, manage your approval level, add 2FA, manage API keys, and lock down your account.

Customer Service

• Open chat
• Phone support
• Submit a ticket

Important Note: Support will never ask for your username, password or 2FA code.

User Experience

Kraken’s trading platform and mobile app effectively cover the fundamentals, but users seeking more sophisticated functionalities may find them lacking. The platform and app enable users to monitor prices across a variety of cryptocurrencies, create watchlists, and set alerts. However, traders with more expertise may desire more advanced charting tools or research options.

What Reddit Users Say about Kraken Exchanger

According to Reddit users, they have mixed feelings about Kraken. 

Most of them prefer using it just as an Exchanager and they are happy with that service, but they don’t like their wallet and they choose other services for that.

One user apparently had the issue of Kraken randomly closing accounts for no reason.

See more on their Kraken Reddit account.

Kraken vs Coinbase

Kraken has more features than other crypto exchanges and slightly lower prices. Here are some different product offers that separate Kraken from Coinbase:

1. Both Coinbase and Kraken let users buy and sell from each other on their centralised exchanges.
2. Kraken supports over 185 cryptocurrencies for spot trading while Coinbase supports more than 240 currencies.
3. Coinbase offers the ability to earn interest by staking your cryptocurrency at different rates.
4. Coinbase supports spot currency markets while Kraken also supports cryptocurrency futures.
5. Kraken and Coinbase both support spot trading for a variety of cryptocurrencies.
6. Coinbase allows users to earn additional income by staking their cryptocurrency, while Kraken supports cryptocurrency futures trading in addition to spot currency markets.
7. Kraken generally charges lower fees than Coinbase.
8. Both platforms make money through spreads between the prices that users buy and sell cryptocurrencies.

Kraken App Download

To download the Kraken app from either the Android or iOS app stores, scan the QR code provided below.

Alternatively, you can click on the link below and then click on “Install.”

Download Kraken for Android 8.0 and up (Android 9.0 and up is recommended for optimal experience) (Google Play)

Download Kraken for iOS 13 and up (Apple App Store)

You have the option to sign in using your existing Kraken account username and password, or you can create and verify a new account directly within the app.

Mobile app: 4 out of 5 stars

Kraken offers multiple apps for Android and iOS. Both its basic app and the KrakenPro app – still free, but with more advanced features – both have solid customer ratings of 4 stars.

Wallet

Kraken’s official app is an ideal platform for both new crypto enthusiasts and experienced traders who want to buy or sell digital assets quickly and easily while on the move. With the Kraken app, you can instantly purchase cryptocurrencies with your credit or debit card, set up recurring buys, track your favourite projects, and browse the most popular or top gainers of the day.

Please note that the app is currently only available in specific countries.

Google store

Kraken Pro provides all the security and features that you appreciate about the Kraken Exchange, with an elegant mobile-first design that enables advanced crypto trading and staking while you’re on the move.

Trading App

Kraken Pro provides all the security and features that you appreciate about the Kraken Exchange, with an elegant mobile-first design that enables advanced crypto trading and staking while you’re on the move.

Is Kraken right for you?

Kraken has resources for people who want to start investing in cryptocurrency, as well as products and tools for more experienced investors. If you’re okay with a more complex interface and you’re looking for a wider range of investment options, Kraken is a good choice.

Kraken is right for you if:

You are an experienced trader who would like to use more advanced features, such as margin. You are a cryptocurrency investor who is ready to move on to bigger and better things. You believe that security is more important than convenience, and you want to make sure your money is in good hands.

How do we review cryptocurrency platforms?

We evaluate and rank platforms and companies that allow customers to buy and/or sell cryptocurrency. Our goal is to provide an independent assessment of providers to help you make informed decisions on which ones will best meet your needs. We follow strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors.

The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

Final Verdict

Expert opinion: Kraken offers advanced tools and products for experienced crypto investors. 

Fees associated with Kraken’s services are comparatively low.

Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare.

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