Kraken review: Pros, cons, fees & more

  • June 22, 2021
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  • Jessica William
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Kraken review: Pros, cons, fees & more

By June 22, 2021June 20th, 2024Forex Trading

kraken trading review

It’s hard to tell what types of assets Kraken offers, as it jumbles them all together in the same list. A quick survey revealed popular choices like Bitcoin and Ethereum, along with stablecoins such as Tether, plus many lesser-known picks in the bottom half of the menu. Kraken trades just over 200 crypto assets, a far cry from some of its competitors — KuCoin, for example, trades about 700, as you can see in our KuCoin review.

Ethereum price today: ETH is trading at $3,514.39

Kraken's competitive trading fee structure, including low maker-taker fees and a wide range of cryptocurrencies, positions Kraken as a strong contender in the crypto exchange market. Users can navigate through an intuitive interface, access advanced trading features, and benefit from a robust security framework. More than 55 cryptocurrency coins and tokens are supported on the platform, together with seven fiat currencies for deposits and withdrawals to and from bank accounts. The seven base currencies are USD, EUR, CAD, GBP, CHF, JPY, and AUD. The platform’s user-friendly design and competitive fees make it an attractive option for both beginners and experienced traders.

kraken trading review

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kraken trading review

While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Now we will cover the main features of the Kraken trading exchange. Kraken is available as a web platform and mobile app for IOS and Android. Kraken also offers Kraken Pro included on the site, an advanced platform for advanced traders. We will cover the exchange itself later in the platform design and usability section; for this next part, we will look at the key features aside from the exchange. The platform has much lower fees than those charged by other crypto exchanges, whose charges range from 0.25% to even as high as 5%.

Opening a Kraken Account

With a wide selection of over 200 coins to choose from, including some of the more obscure alt-coins, Kraken is a popular choice for investors and traders. Additionally, the platform’s emphasis on security is reassuring for those looking to protect their assets. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.

Aanbod Cryptomunten

Decentralized exchanges follow in the spirit of Bitcoin by operating with no central point of control. Servers for this type of exchange are spread throughout computers located across the world, which means if one computer is attacked, the network keeps running. You’re better off transferring cash into your account and waiting a few days for it to clear.

kraken trading review

Pros, Cons, and Features

Costs for active traders decline from there and can even be eliminated entirely if you’re trading really large amounts based on your average 30-day trading volume. Though, to play devil's advocate, they use simplicity to their advantage. Many crypto users shy away from exchanges like Binance and KuCoin as there is too much "noise", and I get that point as well, so they may see this lack of feature support as a strength, not a weakness. It would also be nice to see them provide users with a more fee-friendly way to purchase crypto with a card. There are a lot of negative reviews about Kraken denying users access to funds on Trustpilot and a few scattered around Reddit.

How We Make Money

Potential clients need to understand that Kraken only accepts a handful of fiat currencies. This means there may be additional conversion fees for residents of certain countries. However, since Canadian dollars are accepted, users based in Canada have no cause to worry on that front. Canadians can fund their Kraken account with a credit card, debit card, wire transfers, Interac e-Transfers, or in person at a Canada Post branch. Launched just two years after Bitcoin (BTC), Kraken is one of the most established crypto exchanges on the market.

While the oldest isn’t always synonymous with the best, Kraken offers a platform with top-notch security with more than 200 coins to choose from in the U.S. Kraken is one of several crypto exchanges that has found itself in hot water with the SEC. In February 2023, Kraken paid $30 million to settle a separate SEC case.

Those brokers only offer the most popular cryptocurrencies, but you’ll be able to trade other assets as well. The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Crypto can be purchased directly with a debit card using the “Buy Crypto Widget,” but as outlined in the fees section, this isn’t the most cost-friendly way to go about that.

  1. These include wire transfers, SWIFT deposits, credit/debit card payments, local bank transfers, and even in-person deposits (in Canada).
  2. Many popular crypto exchanges employ a declining fee schedule where the greater your order volume, the less you have to pay for the transaction.
  3. While Kraken does operate in the U.S., it has some geographic restrictions.
  4. Kraken also supports popular stablecoins, such as Tether (USDT) and USD Coin (USDC).

Kraken should meet the needs of most crypto traders, whether they’re new or more experienced. Binance is better for users looking to access more earn features, launchpads, use crypto cards, and access an insane amount of features. Binance is like the Swiss army knife of digital assets, where users can do almost everything. Check out our Binance review to learn more about the feature-packed exchange. The Kraken cryptocurrency exchange has a decent number of financial products and cryptocurrencies listed, with over 180 available, which is fewer than many of its competitors. also employs various security measures such as multi-factor identification, offline cold storage and a regulated custodian bank account for traditional currency. Kraken’s cryptocurrency exchange has something to offer both new and experienced traders. Its trading fees are among the lowest in the industry and they kraken trading review decline at higher levels of trading activity. You’ll also get 24/7 customer support, which is rare in the crypto world, along with a wide offering of educational resources that can help those new to crypto get up to speed. There are also topics for more experienced traders such as security or different trading strategies.

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