Trading Fees
There are different fees for using Kraken’s Instant Buy option, which may appeal to beginners less experienced with maker/taker models.
Instant Buy allows you to buy crypto quickly, but fees are much higher than if you used the Kraken Pro trading platform. Users would be better served learning how to use the trading platform to minimize costs.
With Instant Buy, the company charges a fee of 0.9% for stablecoins and 1.5% for other cryptos. Users also get saddled with a 0.5% processing fee if they use an online bank account to purchase their crypto. If you use a credit or debit card, other fees apply.
For users who opt for Kraken Pro, fees are considerably lower. It charges a 0.16% maker fee and a 0.26% taker fees for trades of $50,000 or less based on activity within the last 30 days.
The table below shows the pricing tiers for Kraken Pro:
| 30-Day Volume (USD) | Maker Fee | Taker Fee |
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$5,000,001 to $10,000,000 | | |
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Security
Over the years, cryptocurrencies have proven particularly vulnerable to hacks resulting in millions of dollars in lost coins. While most hacked exchanges have reimbursed their clients for any lost value, you don’t want to wind up at a crypto exchange with low cybersecurity that might leave your coins ripe for the picking.
Kraken takes its commitment to security seriously, ranking second on the crypto exchange security review site CER. Notably, Kraken has not had any major hacking events. That said, there are user complaints about Kraken on online forums about hacked individual accounts.
Not only does Kraken offer safe coin storage, with 95% of deposits held offline in cold storage units spread across the world, but it also promises platform security. Its servers are kept in secure cages under 24/7 surveillance by armed guards and video monitors.
In addition to physical security measures, Kraken encrypts all of your sensitive contact information at the system and data level and regularly engages in vulnerability testing of its own system. Recently, Kraken received the CSO50 Award for its security initiatives.
Opening a Kraken Account
The Instant Buy platform can make Kraken a pricey way to get into crypto, but there are no barriers to entry if you’re just getting started. You will be verified within minutes.
Getting authorized to use Kraken Pro can take several days, as it requires certain documents to be reviewed manually.
Once you’re verified, you can fund your account with fiat currency, such as U.S. dollars, and start purchasing cryptocurrencies. The platform accepts credit card and debit accounts to fund your account.
New investors may also feel a little overwhelmed by Kraken’s assumption of customer knowledge, although the platform does offer decent educational information—you’re mostly on your own with the actual investing.
While Kraken does operate in the U.S., it has some geographic restrictions. The platform is not available to users in New York and Washington.
Cryptocurrencies Available on Kraken
Kraken offers more than 200 cryptos in the U.S. Here is a list of some of the major cryptocurrencies traded on Kraken:
Top 30 coins available on Kraken
For a full list of the cryptocurrencies available on Kraken, see the company’s Prices page.
FAQs
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.
As one of the world's largest and oldest crypto exchanges, Kraken is one of the most secure and beginner-friendly places to buy, sell, and trade crypto.
Has Kraken ever been hacked? ›
Notably, Kraken has not had any major hacking events.
What is better than Kraken? ›
Other important factors to consider when researching alternatives to Kraken include security. The best overall Kraken alternative is Binance. Other similar apps like Kraken are Coinbase Exchange, UPHOLD, Kucoin, and CEX.IO.
What is the Kraken controversy? ›
After the collapse of FTX in November 2022, Kraken became one of the first recipients of a new wave of SEC enforcement actions. In February 2023, the company settled with the agency for $30 million over a staking feature offered to customers that, according to the SEC, constituted offering unregistered securities.
What is safer Coinbase or Kraken? ›
How secure are my funds on Coinbase and Kraken? Both platforms take extensive measures to ensure the security of their users' funds. Coinbase holds 98% of its customer's digital assets in offline storage, while Kraken offers multi-factor authentication and cold storage for user funds.
Is my money safe with Kraken? ›
Crypto Security
We use advanced cold storage and hot wallet solutions to secure your funds. Our crypto infrastructure resides in secure cages under 24/7 surveillance by armed guards, alarm systems and CCTV monitoring. Kraken was one of the first exchanges to receive a Proof of Reserves audit.
Is Kraken allowed in the USA? ›
Where can I use Kraken? We welcome clients from all over the world, with a few specific exceptions due to international and local financial & cryptocurrency regulations. Depending on your verified residency, you may have certain restrictions on your account.
Is Kraken exchange in trouble? ›
Nov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator.
Can you get scammed on Kraken? ›
Impostor scams | Kraken. Due to increased demand, account verification may be delayed. Please avoid submitting multiple requests, and for best results, review our document requirements beforehand. Impostors get victims to set up cryptocurrency exchange accounts.
Based in San Francisco, Kraken is the world's largest global bitcoin exchange in euro volume and liquidity. Kraken's clients also trade USD, CAD, ETH, XRP, LTC, and other digital currencies, on a platform consistently rated the best and most secure bitcoin exchange by independent news media.
Is Kraken good or bad? ›
Kraken is a fully functional crypto exchange with low fees and a good mix of coins. Sadly, U.S. investors can't benefit from all of its features, such as earning rewards and advanced trading. Even so, Kraken's reputation as a secure platform and important player in the crypto industry make it a solid choice.
What is the disadvantage of Kraken? ›
Cons: Limited Availability in the US: Not accessible in all states. Fiat Currency Restrictions: Fewer fiat funding/withdrawal options compared to competitors like Binance. Higher Fees without Kraken Pro: Standard platform fees are higher than those on Kraken Pro.
Is Kraken legit and safe? ›
Kraken remains one of the very few leading regulated exchanges that has never been breached. Nevertheless, it's recommended that users never hold all their funds on any single crypto exchange. With DeFi protocols, a user's assets are held in smart contracts written and deployed by a protocol's development team.
Is the Kraken fake? ›
The kraken (/ˈkrɑːkən/) is a legendary sea monster of enormous size, etymologically akin to a squid or octopus, said to appear in the sea between Norway and Iceland. It is believed the legend of the Kraken may have originated from sightings of giant squid, which may grow to 12–15 m (40–50 feet) in length.
What are the Kraken's weaknesses? ›
Weaknesses. Water Deprivation: Like other aquatic animals, it can't stay alive on land for long.
Why is the Kraken feared? ›
Legends say that the Kraken could devour a ship's entire crew at once. But despite its fearsome reputation, the monster could also bring benefits: it swam accompanied by huge schools of fish that cascaded down its back when it emerged from the water.
