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Kraken Review 2023: Pros & Cons, Features, & Fees

By Eric Rosenberg • January 9, 2023

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Kraken review

Kraken is a popular cryptocurrency exchange offering competitive pricing and a wide range of cryptocurrency products for casual crypto investors and active traders alike. 

It supports more than 50 currencies for spot trading, with a limited set available for staking and futures trading.

Here’s a more comprehensive look at Kraken so you can decide if it’s the right choice for your crypto investing and trading goals.


Kraken logo

Quick Summary

  • Cryptocurrency exchange with two trading platforms: Basic and Pro
  • Crypto investors can earn rewards on their holdings through staking
  • Active traders can reduce their fees by using the Kraken Pro platform
OPEN AN ACCOUNT

Kraken Details

Product Name

Kraken

Product Type

Crypto Exchange And Staking Platform

Minimum Deposit

Varies By Token

Trade Fees

Up to 1.5%

Promotions

None

Pros And Cons

Pros

  • Low fees for crypto trading: Pay 0.26% or less when trading on Kraken Pro, or 1.5% for most trades on the central Kraken platform.
  • Several platforms for various experience levels: Trade with the primary Kraken website, Kraken Pro, or use either on mobile.
  • Advanced trading products: Margin trading and futures bring more trading flexibility, with added risks.
  • Cryptocurrency staking: Stake your cryptocurrency through a Kraken account to earn up to 20% interest.

Cons

  • Missing some popular currencies: While Kraken has most popular currencies covered, many desired coins are missing from the exchange.
  • Poor customer service reviews: Many online reviews focus on poor and slow customer service.
  • Some history of hacked accounts: Some past users report hacked accounts. Make sure to use strong passwords and multifactor authentication to keep bad guys out of your account.

Table of Contents
Pros And Cons
What Is Kraken?
Main Kraken Features
Kraken Trading Platforms
Kraken Pricing And Fees

How Does Kraken Compare?
Security And Customer Service
Is Kraken Right For You?
Kraken Features

What Is Kraken?

Kraken is a cryptocurrency exchange and financial product provider. It offers features similar to an online stockbroker but for cryptocurrencies instead of stocks. Kraken enables users to buy and trade currencies like Bitcoin, Ethereum, and dozens of others.

Kraken review trade screen

The basic cryptocurrency purchase form at Kraken

The mix of features and tools makes Kraken a good choice for beginner to advanced crypto investors and traders. Some very advanced users may find certain currencies missing from the trading list. But overall, it’s a good choice for the crypto curious and crypto enthusiasts alike.

Main Kraken Features

Kraken uses fun branding, such as the message preparing to “release the Kraken” while loading. Here are the main features at Kraken:

Cryptocurrency Spot Trading

Buy and sell more than 50 currencies with an account funded in US dollars, or convert between many more cryptocurrency pairs.

Staking

Staking your cryptocurrency is similar to depositing in a savings account. There are ten currencies on the staking list:

  • Polkadot
  • Kusama
  • Kava
  • Cosmos
  • Tezos
  • Flow
  • Ethereum
  • Cardano
  • Solana
  • Algorand

Rewards rates range from 4% to 20%, depending on the currency.

Crypto Futures

Futures are a trading tool that allows you to bet on the future price of a currency.

Kraken currently supports futures trading for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. Futures rates start at 0.2% for makers and 0.05% for takers with lower fees at higher trading volumes.

Cryptocurrency exchanges do not widely support futures. So this feature may be a draw for advanced crypto investors. However, futures are an advanced trading tool and are not suitable for most crypto investors.

Margin Trading

This advanced trading feature gives users up to 5x leverage when buying or selling currencies. As with futures trading, margin trading is a high-risk trading strategy and is not suitable for most traders. 

Margin fees are charged every four hours, and there’s a higher risk for losses. So only use this feature if you're very sure that you know what you’re doing.

Institutional Investing

Family offices, hedge funds, and other institutional investors can use Kraken for large trades or assistance from an OTC trading desk.

Kraken supported currencies

The list of currencies available for staking and their rewards rates (as of 11/11/2021)

Kraken Trading Platforms

In addition to a simple purchase form, you can trade using Kraken’s basic order forms, save money on fees trading with Kraken Pro, or use either to trade on mobile.

Basic Kraken Trading Platform

When logged in at Kraken.com, you can trade through an advanced or straightforward entry form. The basic form supports market and limit orders to buy or sell any supported currency. This is the easiest way to buy or sell crypto for beginners and newer investors.

Kraken basic trading platform

The simple cryptocurrency purchase form on Kraken

The advanced form opens up additional advanced order types, conditional close rules, leverage, order time, and order expiration.

Kraken Pro Active Trading Platform

We recommend Kraken Pro if you’re going to use Kraken for active trading, as it comes with the lowest fees and best features.

Kraken Pro includes active charting tools (not the most advanced around, but pretty good among online crypto trading platforms), watchlists, order books, and advanced trading entry forms.

Kraken Pro Trading Platform

The default view for Bitcoin on Kraken Pro’s browser-based platform

Charts include basic analysis tools, multiple chart types, chart drawings, and other flexible features.

Kraken Mobile

When on the go, you can use either the Kraken app or Kraken Pro app to monitor your account and enter trades. Most users will want both apps available so you can handle any trading or staking need with a few taps on the screen.

You can find and download the mobile apps through links in your Kraken account or through your phone or tablet’s app store.

  • Security tip: Be aware of unofficial apps, which may attempt to steal your login information and account funds. Only use the official app or wallet from your exchange or wallet provider to ensure maximum crypto security.

Kraken Pricing And Fees

Fees vary based on the platform you use and how you fund your cryptocurrency purchase.

Main Kraken Platform Pricing

Fees are 1.5% for most cryptocurrencies and foreign currencies, with a lower 0.9% rate for buying and selling stablecoins.

When buying crypto from a connected bank account, you’ll pay 0.5%. When using a card or digital crypto wallet, you’ll pay a little more than 3.75%.

Kraken Pro Pricing

Using Kraken Pro, most traders will pay either a 0.16% maker fee or 0.26% taker fee. If your total trading volume for the month is more than $50,000, costs steadily decline to as low as zero for those trading $10,000,000 or more.

How Does Kraken Compare?

Regardless of whether you're more focused on features or fees, Kraken's basic platform doesn't offer too much to get excited about. But Kraken Pro includes a ton of advanced trading features and its trade fees are competitive.

If you're a new cryptocurrency investor, you might want to go with a platform that's known for being beginner-friendly like Coinbase or Gemini. Experienced traders, meanwhile, should compare Kraken Pro with other trader-focused platforms like Binance.

Check out this quick comparison table:

Header
Kraken comparison
Kraken comparison: coinbase
Kraken comparison: binance

Trade Fees

Up to 1.50%

Up to 1.49%

0.10%

Fee For Card Payments

3.75% + €0.25

3.99%

4.5%

Supported Currencies

50+

90+

50+

Wallet

No

Yes

 Trust Wallet is the platform's official wallet

Mobile App

Cell
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Security And Customer Service

In my one interaction with Kraken customer service, I received speedy and polite responses. That said, online reviews from past and current users share some frustration with customer support, including slow responses and held deposits. Some have even experienced hacked accounts, where cybercriminals stole their entire balance.

Customer service is notoriously bad among most cryptocurrency exchanges. Most only offer self-service options. But Kraken is one of the few exchanges that actually does publish a phone number. Account holders can call 1-888-871-2573, Monday through Friday 4 AM - 8 PM (EST), to speak with a customer support representative.

When using Kraken or any other financial account, follow best practices for online security. That includes using a unique password not used for any other online account and multifactor authentication, ideally using an app like Authy, Google Authenticator, or Microsoft Authenticator.

Is Kraken Right For You?

Kraken does an excellent job of providing an assortment of features and low fees for cryptocurrency investors and traders. While it could do a little better with its list of supported currencies for trading and staking, it includes many of the most in-demand currencies on its trading platform.

Kraken is a good choice for many crypto traders to house their entire cryptocurrency portfolio or could be used as an additional trading account for lower fees on the most popular coins. You can sign up for an account for free to look behind the curtains and give it a try.

Get started with Kraken here >>

Kraken Features

Product Type

Crypto exchange and staking platform

Min Deposit

Varies by coin

Supported Currencies

50+

Supported Coins For Staking

10

Supported Countries

176

Crypto Lending/Borrowing

No

Margin Trading

Yes

Futures Trading

Yes

Maintenance Fees

No

Trade Fees

Basic platform: Up to 1.50%

Pro: Up to 0.26%

Card Payment Fees

3.75% + €0.25

Deposit Fees

Mostly free, but minimums do apply

Withdrawal Fees

Varies by coin

Supported Payment Types

Debit Card
Credit Card
Bank Transfer

Insurance

None

Security

Aside from your password, account security enhancements include:

- 2-Factor Authentication
- 95% of coins are held in cold storage
- Customizable API permissions
- SSL encryption

Mobile App Availability

Android and iOS

Web/Desktop Account Access

Yes

Customer Support Options

Phone, live chat, contact form, and helpdesk FAQ

Promotions

None

Eric Rosenberg
Eric Rosenberg

Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.

Kraken Review 2023: Pros & Cons, Features, & Fees

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

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