Cryptocurrency trading demands a secure, reliable, and feature-rich platform—and Kraken has been a consistent name in the space since its launch in 2011. Known for its strong regulatory compliance, advanced trading tools, and robust security protocols, Kraken serves over 13 million users across 190+ countries. But is it the right exchange for you?
In this comprehensive Kraken review, we’ll explore its key features, fee structure, security measures, user experience, and whether it truly stands out in today’s competitive crypto landscape. Whether you're a beginner or an experienced trader, this guide will help you decide if Kraken aligns with your trading goals.
What Is Kraken?
Kraken is a U.S.-based cryptocurrency exchange founded in 2011 by Jesse Powell. Headquartered in San Francisco, California, it has built a reputation for prioritizing security, transparency, and regulatory adherence. The platform supports more than 300 cryptocurrencies, including major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as emerging tokens and meme coins such as TRUMP and DOGS.
Kraken enables users to trade using both digital and fiat currencies (USD, EUR, GBP) and offers multiple trading options: spot trading, margin trading, and futures trading with up to 50x leverage. With a quarterly trading volume exceeding $207 billion, Kraken ranks among the most trusted exchanges globally.
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Where Is Kraken Based?
Kraken operates from San Francisco, USA, and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business. It also maintains offices in Europe and Asia, reflecting its global footprint.
The exchange holds licenses in key jurisdictions:
- Regulated as an E-Money Institution by the Central Bank of Ireland.
- Licensed as a Virtual Asset Service Provider by the Bank of Spain.
- Operates through Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution (SPDI), ensuring institutional-grade custody services.
Is Kraken Available in the U.S.?
Yes—Kraken is available in 47 U.S. states, making it one of the few major exchanges fully compliant with American regulations. However, it does not serve residents of New York, Washington, or Maine due to state-specific crypto laws.
Additionally, U.S. users face certain restrictions:
- No access to flexible staking
- Limited fiat P2P services
- No derivatives trading for domestic accounts
These limitations exist to maintain full compliance with U.S. financial regulations.
Pros and Cons of Kraken
Before diving into features, let’s break down the strengths and weaknesses of the platform.
✅ Kraken Pros
- Unmatched Security: Kraken has never suffered a major hack. It uses two-factor authentication (2FA), cold storage for 95%+ of funds, and holds ISO/IEC 27001:2013 and SOC 2 Type 1 certifications.
- Extensive Cryptocurrency Selection: With over 300 supported coins, Kraken offers deep market access beyond just mainstream assets.
- Advanced Trading Tools: Includes margin trading (up to 5x), futures (up to 50x), staking, OTC desk, and API integration.
- 24/7 Customer Support: Offers live chat and responsive email support—rare among crypto platforms.
- U.S.-Friendly Platform: Operates legally in most U.S. states where competitors like Bybit or MEXC are banned.
❌ Kraken Cons
- Higher Trading Fees: Makers pay 0.25%, takers pay 0.40%—higher than Binance or Bybit.
- Limited Access in Certain States: Not available in NY, WA, or ME.
- Restricted Features for U.S. Users: No derivatives or flexible staking for Americans.
Key Features of Kraken
Kraken Pro: Advanced Trading for Professionals
Kraken Pro is the power-packed version of the standard platform, designed for active traders who demand speed, precision, and customization.
Key benefits:
- Unified interface for spot, margin, and futures trading
- Customizable dashboards with resizable modules
- Advanced order types: stop-loss, take-profit, IOC (Immediate or Cancel), and reduce-only orders
- Real-time order book monitoring
- Multi-chart layouts with technical indicators
- Supports API trading for algorithmic strategies
Kraken Pro also offers lower fees compared to the standard platform—making it ideal for high-volume traders.
Is Kraken Pro Free?
Yes—Kraken Pro is completely free to use. There are no subscription charges. You only pay trading fees based on your volume tier, which can go as low as 0% maker / 0.10% taker for top-tier users.
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Mobile App Experience
Kraken offers dedicated apps for iOS and Android, providing full functionality for on-the-go trading.
Features include:
- Buy/sell crypto via bank transfer or card
- Portfolio tracking with real-time price alerts
- Staking directly from the app
- Support for ACH deposits (U.S. users)
For advanced users, the Kraken Pro app delivers professional-grade tools on mobile, including margin trading and automated OTC execution for trades over $100,000.
There’s also the Kraken Wallet app, a non-custodial solution that supports multi-chain assets, NFTs, DeFi integrations via WalletConnect, and portfolio management across networks.
Staking Rewards
Kraken allows users to earn passive income through staking. Supported assets include:
- Ethereum (ETH): 1–3% APR
- Solana (SOL): 5–8% APR
- Polkadot (DOT): 6–11% APR
Users can choose between:
- Flexible staking: Withdraw anytime
- Bonded staking: Locked for a fixed period (higher rewards)
Kraken takes a commission of up to 20% on staking rewards, but there are no separate transaction fees for staking or unstaking.
Understanding Kraken’s Fee Structure
Transparent pricing is crucial—and Kraken uses a maker-taker model on its Pro platform.
| Fee Type | Standard Rate |
|---|---|
| Maker Fee | Starts at 0.25% |
| Taker Fee | Starts at 0.40% |
Fees decrease with higher 30-day trading volumes:
- At $10,000 volume: 0.20% / 0.35%
- Top tiers: As low as 0% / 0.10%
Other cost considerations:
- Deposit Fees: Mostly free (e.g., SEPA, PayPal). SWIFT deposits incur a €3 fee.
Withdrawal Fees: No platform fees—only network (gas) fees apply.
- BTC withdrawal: ~0.00001 BTC
- ETH withdrawal: ~0.00013 ETH
- Fiat withdrawals: €1 (SEPA), $5 (SWIFT)
What Are Kraken’s Withdrawal Limits?
Limits depend on your verification level:
Intermediate KYC:
- Crypto: $500,000/day
- Fiat: $100,000/day
Pro KYC:
- Crypto: Up to $10M+/day
- Fiat: Often unlimited
Higher limits require additional documentation but enable institutional-level operations.
How to Open a Kraken Account
Creating an account is straightforward:
Step 1: Sign Up & Complete KYC
- Visit Kraken’s website and click “Sign Up.”
- Enter your email, create a password, and confirm your country.
- Verify your email via activation link.
Complete identity verification by uploading:
- Government-issued ID
- Proof of address (utility bill or bank statement)
- Selfie photo (if prompted)
Processing time varies but typically takes minutes to hours.
Step 2: Deposit Funds
Choose between:
- Fiat deposit: Bank transfer (SEPA, SWIFT), PayPal
- Crypto deposit: Generate wallet address and send from external wallet
ACH deposits available for U.S. users.
Step 3: Start Trading
Navigate to the “Trade” section:
- Select your trading pair (e.g., BTC/USD)
- Choose order type: market, limit, stop-loss
- Confirm amount and execute
Your purchased crypto appears instantly in your wallet.
Is Kraken Safe and Legit?
Absolutely.
Kraken is one of the most secure exchanges in the industry because:
- Zero history of successful hacks
- Cold storage for majority of assets
- Regular third-party audits
- Full regulatory licensing in the U.S. and EU
- SOC 2 and ISO/IEC 27001 certified
These measures make Kraken a top choice for risk-conscious investors.
Who Are Kraken’s Main Competitors?
Here’s how Kraken stacks up against top rivals:
| Feature | Kraken | Coinbase | Crypto.com | Bybit |
|---|---|---|---|---|
| Supported Coins | 300+ | 240+ | 350+ | 1600+ |
| Trading Fees | 0.25%/0.40% | 0.4%/0.6% | 0.25%/0.5% | 0.1%/0.1% |
| Max Leverage | 50x | 10x | 50x | 100x |
| U.S. Availability | Yes (47 states) | Yes | Yes | No |
| Best For | Security & Compliance | Beginners | Mobile Experience | Derivatives |
While exchanges like Bybit offer lower fees and higher leverage, they lack U.S. accessibility. Coinbase is user-friendly but more expensive. Kraken strikes a balance between security, features, and compliance.
Frequently Asked Questions (FAQ)
Q: Is Kraken safe for storing crypto?
Yes—Kraken stores over 95% of customer funds in offline cold wallets and uses enterprise-grade encryption and multi-sig technology to prevent unauthorized access.
Q: Can I trade futures on Kraken?
Yes—Kraken offers futures trading with up to 50x leverage, though this feature is currently unavailable to U.S. residents due to regulatory restrictions.
Q: Does Kraken charge withdrawal fees?
Kraken doesn’t charge withdrawal fees—only blockchain network fees apply (e.g., gas fees for Ethereum).
Q: How long does Kraken verification take?
Most accounts are verified within minutes. Complex cases may take up to 24 hours depending on document quality.
Q: Is there a mobile app for Kraken?
Yes—Kraken offers fully functional iOS and Android apps with support for trading, staking, deposits, withdrawals, and portfolio tracking.
Q: Why are Kraken’s fees higher than other exchanges?
Kraken’s fees reflect its commitment to regulatory compliance, security infrastructure, and customer support—factors that justify the premium over unregulated platforms.
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