Kraken Review 2024

Kraken

Kraken is a leading cryptocurrency exchange and trading platform. They support 222 coins across 700 markets.

Kraken

In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.

Summary

Pros

  • Wide range of cryptocurrencies available for trading
  • Low trading fees, especially on Kraken Pro
  • Advanced trading features including margin and futures trading
  • Strong security measures including 2FA and cold storage
  • High liquidity ensuring quick and easy trades
  • User-friendly interface and mobile app
  • Regulated and compliant with multiple jurisdictions
  • 24/7 customer support
  • Detailed educational resources and market insights
  • Integration with TradingView for advanced charting

Cons

  • Complexity may be overwhelming for beginners
  • KYC requirements for higher withdrawal limits
  • Customer service can be slow at times
  • Limited funding options for U.S. customers
  • High fees for Instant Buy transactions
  • Geographical restrictions (not available in NY and WA)
  • Occasional server downtime during peak trading periods
  • Withdrawal fees can be relatively high for certain cryptocurrencies
  • Potential for high volatility in listed assets
  • Not available in all countries

Features

Spot Trading

Kraken allows you to trade, buy, and sell, crypto on spot markets. Meaning you're trading the real thing. You can deposit and withdraw this crypto.

Staking

Kraken allows you to stake your crypto and earn passive income.

Margin Trading

Kraken supports trading on margin. Leveraged trading where you must put up collateral.

Money

Fees

Like all centralized exchanges, Kraken charges fees. This is how they generate revenue, and keep their operation running.

  • Deposit fees. Fortunately, most centralized exchanges don't charge deposit fees when you deposit with crypto. Though, they charge for fiat deposits, which vary dependant on the payment processor and fiat option that you're using.
  • Withdrawal fees. Kraken charges withdrawal fees. They vary based on what you are withdrawing and the payment method that you're using. Crypto withdrawals will also incur network transaction fees, they are not paid for by Kraken.
  • Kraken's maker fees: 0.16%*
  • Kraken's Taker fees: 0.26%*

Maker/taker fees are tiered. As you trade more and generate volume, they often fall.

Payment Methods

Kraken supports 4 payment method(s). You can use the following the deposit/withdraw to/from the exchange.

  • Credit/Debit Card
  • Crypto
  • Apple Pay
  • Google Pay

Be aware that they may be withdrawal/deposit limits imposed, and the payment methods may also vary based on your location.

Kraken supports 3 fiat currencies.

Security

Keeping your funds safe

Kraken offers 2 additional layer(s) of security. Aside from the obvious -- email and password.

  • 2FA
  • Yubi Key

KYC

Kraken requires KYC to use their services. KYC usually involves sharing your personal details, some form of ID, a mobile phone number, and in some cases, proof of address.