Kraken is a fully functional crypto exchange with low fees and a good mix of coins. It's also one of the only U.S. crypto exchanges to provide advanced trading tools like margin. It says it aims to be the "best and most secure."
Advanced Crypto Trading and Low Fees
Kraken is a cryptocurrency exchange where you can buy and sell assets such as Bitcoin and Ethereum. Kraken is one of the oldest Bitcoin exchanges and supports more than 110 different coins to buy, sell, and trade with competitive exchange fees.
It’s notable for supporting both spot trading at current market rates and cryptocurrency futures. Kraken is a good choice for new and existing cryptocurrency investors and traders looking for low trading fees and access to a wide array of coins.
Before you can buy or trade cryptocurrencies on Kraken, you'll need to deposit funds into your Kraken account using one of the below supported currencies. Select the local currency you would like to use to view specific deposit options. The most common method is via a bank transfer, from your bank account to Kraken, using a unique reference number.
Kraken supports over 110 cryptocurrencies, including popular ones such as:
Kraken also supports a handful of stablecoins including Tether, USD Coin, and Dai. You can even convert US dollars into Canadian dollars, Japanese yen, and Swiss francs if you want. Note that not all currencies are available in every country.
Kraken offers two trading platforms to users, Kraken and Kraken Pro. Kraken Pro offers lower pricing and is available to anyone with a Kraken account.
Depending on your cryptocurrency and active market trading experience, you may prefer Kraken or Kraken Pro. In either case, there’s a platform suitable for anyone from beginners to experts.
Beginners are best off starting with the central Kraken platform. With a verified account, you can quickly buy cryptocurrency from a linked bank account, and it’s just as easy to sell or convert between currencies in your account.
Once your account is created and you’ve logged in, it only takes a few seconds to enter an order using a straightforward form.
The form used to buy, sell, and convert cryptocurrencies using Kraken.
Using this system, you’re able to buy crypto directly using your bank account balance. You don’t have to fund your account first.
In addition to buying and selling, you’re able to deposit your crypto for staking and earn up to 23% interest, depending on the currency.
With staking, you can earn interest on cryptocurrency balances held at Kraken.
To keep your account safe, be sure to enable two-factor authentication (2FA), which prevents anyone from logging into your account without your device and a randomly generated code in hand.
Kraken Pro is an active trading platform that works through your web browser or smartphone. While the interface may be intimidating to crypto and trading newbies, it could be worth learning. It includes more detailed asset information including active charts and a view into open orders.
The active trading screen at Kraken Pro, which includes charts and detailed crypto information.
Anyone with an active Kraken account can use Kraken Pro. Possibly more important than the advanced interface is lower fees. If you make the same trade with Kraken Pro instead of Kraken, you’ll pay less than using the main interface.
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Pricing and fees vary depending on the platform you’re using and the trade you’re entering. In either case, prices are also subject to spread fees. Here’s a glance at the most important fees to be aware of:
For instant purchases, the fee is 1.5% for most cryptocurrencies and 0.9% for stablecoins using U.S. dollars or another stablecoin.
Additional fees depend on how you fund the purchase. Prices range from 0.5% for funding with a bank account to over 3.75% + 25 Euro cents with a debit card, credit card, or digital wallet.
Kraken Pro offers much lower pricing than the main Kraken platform. Pricing is based on your total trading volume over the last 30 days. Most trades are subject to either a 0.26% taker fee or 0.16% maker fee.
Maker orders are trades that are not instantly matched against existing orders, which add liquidity to the platform. Taker fees are charged to orders that match against an outstanding order from another user on the market and require a slightly higher fee.
Your Kraken account should be safe from cybercriminals looking to drain your balances if you follow good online security practices. Once an account is funded, it’s extremely wise to add two-factor authentication. You can create different two-factor codes for sign-in, account withdrawals, and trades. There’s also a feature to lock your account from any changes if you’re concerned that your account was breached.
While most users have a positive experience, some users report hacked accounts where the owner lost everything with no options to recover lost assets. As cryptocurrency blockchain transactions can’t be reversed, crypto accounts are a common target for fraud. Beware of these risks when using Kraken or any other exchange.
The app is available in all regions except for Crimea, Donetsk, Luhansk, Cuba, Iran, Japan, North Korea and Syria.
Some countries are not yet able to use debit or credit cards. Please refer to our FAQ on debit and credit cards for the full list of accepted countries.
Creating a new Kraken account is a quick and easy process:
1. Earn up to 6% Yearly When You Stake Your LUNA
2. Earn up to 20% Yearly When You Stake Your MINA
3. Earn up to 9% Yearly When You Stake Your TRON
Looking for resources to learn about crypto? Find in-depth articles & videos designed to give you a better understanding of Bitcoin & cryptocurrency here.
Kraken support is available 24 hours a day via live chat, phone, and email. We had a minor issue changing an account setting (mostly due to user error) and sent in a support ticket. Kraken staff responded and resolved the problem in about 20 minutes.
While we had a great experience with customer service, not all users report the same outcomes. Some unhappy customers report trouble with funds due to hacking and trouble getting Kraken to release held funds.
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