Kraken Review 2023
Kraken is a leading cryptocurrency exchange and trading platform. They support 222 coins across 700 markets.
In this review, we'll cover everything you need to know before signing up. All the main features, pros and cons, included.
Kraken was built by Jesse Powell in 2013, and has been in operation since.
The exchange is based in USA, and serves many customers all over the world. Provided you're in one of the supported countries, you're free to trade.
- 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.
Kraken Payment Methods
Kraken supports 4 payment method(s). You can use the following the deposit/withdraw to/from the exchange.
- Credit/Debit Card
- 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 over 3 fiat currencies: EUR, GBP, USD.
Kraken offers 2 layer(s) of security. Aside from the obvious, email and password.
- Yubi Key
Kraken requires KYC to use their services. KYC usually involves sharing your full details, some form of ID, and a mobile phone number.
Like other 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.