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Kraken Review 2024

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3.8/5

✔Over 200 cryptocurrencies
✔24/7 support service

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Risk Warning

Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.

    Meet Claire, a derivatives expert with extensive experience in trading strategies across various asset classes. Now a full-time finance writer and trader, she shares her wealth of knowledge with flair. When she’s not immersed in the financial world, Claire enjoys nurturing nature. Follow her for mouth-watering financial insights.

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    Established in 2011, Kraken is a US-based cryptocurrency exchange that lists hundreds of digital tokens to explore. The exchange has witnessed immense growth throughout the years, and today, it prides itself on having over 10 million global clients. Plus, Kraken is available in 190+ global countries—an element proving that many crypto investors trust it. 

    Kraken has excellent features that draw traders’ and investors’ attention. We will discuss some of these elements here in this Kraken review. So, if you have been considering Kraken for your cryptocurrency investments, we hope this review will encourage you to commit. 

    In This Guide

    Why Kraken

    Before preparing this Kraken exchange review, we tested its platform and discovered numerous pros and a few cons. Understanding the exchange’s strengths and weaknesses is essential to making the best decisions. 

    That being said, here are Kraken pros and cons to note.

    Kraken

    ✔Over 200 cryptocurrencies
    ✔24/7 support service

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    Pros & Cons

    Pros

    • Lists over 200 cryptocurrencies and non-fungible tokens
    • Kraken has a user-friendly and intuitive design mobile app for seamless activity management
    • Reliable and responsive 24/7 support service via live chat, phone, and email
    • Allows its users to earn up to 10%+ APR in rewards annually by staking their assets
    • Excellent selection of learning and market analysis tools

    Cons

    • Accepts a few fiat currencies compared to its peers
    • Margin, futures, and opt-in rewards are subject to certain geographic limitations and eligibility criteria
    • Limited payment methods

    Cryptocurrencies Available

    Kraken Cryptocurrencies Available

    We noticed that Kraken lists over 200 cryptocurrencies for trading, buying, and selling. Below are some of the popular options we invested in at the exchange.

    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Litecoin (LTC)
    • Bitcoin Cash (BCH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
    • Polkadot (DOT)
    • Cardano (ADA)
    • Tether USD (USD₮)

    Besides cryptocurrencies, Kraken is also a home to hundreds of NFTs. The tokens come in various forms, including collectibles, art, gaming, utilities, and more. You can trade Kraken NTFs with zero gas fees.

    Security

    Kraken employs industry-leading security measures to secure your investments and personal data. It has one of the best teams with decades of experience in building security programs for global tier-one brands. 

    Kraken prides itself on working with external auditors to perform Proof of Reserves audits, which aim to develop greater trust and transparency in the assets held within the exchange and on-chain staking service. It also has its own cold and hot wallets to secure crypto tokens once purchased. 

    Additionally, the exchange employs SSL protocols to ensure your digital assets and information are free from unauthorized access. Other security features at Kraken include:

    1. Two-factor authentication to secure your trading or investment account
    2. No phone or SMS account recovery
    3. Customizable and granular API key permissions with range boundaries
    4. Email confirmations for withdrawals with self-serve account lock
    5. Constant monitoring to detect any suspicious activity
    6. Configurable trading/investment account timeout for an added layer of safety

    Fees

    Kraken Fees

    Based on our experience, Kraken is one of the most affordable cryptocurrency exchanges. We signed up for trading and investment accounts and incurred no registration fees. Plus, the exchange’s minimum deposit requirement is $10, which we believe is among the lowest in the financial investment industry.

    When it comes to instant buy and sell services, Kraken imposes spreads, which are included in an asset’s price. The spreads may vary, depending on the payment method and platform you use. For instance, the exchange applies a 3% fee for converting balances less than the minimum order size using the “Convert small balances” feature.

    For investors using the Kraken Pro platform, expect a maker-taker fee schedule. This comes with volume incentives based on investors’ activities in the past 30 days. On average, you will incur a 0.25% maker fee and a 0.40% taker fee for transactions between $0 and $10,000. Overall, Kraken Pro fees are charged on a per-trade basis.

    When it comes to transactions, Kraken supports a variety of deposit methods. Most deposits are free, but expect to incur withdrawal charges, depending on the payment method you transat with. You may also pay a currency conversion fee. This of course will depend on the fiat currency you are converting to.

    Payment Methods

    We explored Kraken’s payment method section and noticed that it supports limited options compared to some of its peers. You can make online deposits and withdrawals using Visa and Mastercard credit/debit cards, Google Pay, Apple Pay, and ACH online banking. 

    The best element about transacting with Kraken’s supported payment methods is that you get to choose your preferred fiat currency for deposits and withdrawals. Note that the number of currencies is limited compared to its peers, and they include: 

    • USD (US Dollar)
    • EUR (Euro)
    • CAD (Canadian Dollar)
    • AUD (Australian Dollar)
    • GBP (Pound Sterling)
    • CHF (Swiss Franc)
    • JPY (Japanese Yen)

    Remember, Kraken charges currency conversion fees for clients whose regional currencies are not supported. 

    Customer Service

    One thing we like about Kraken is its support service. It prides itself on being responsive and reliable 24/7 via email, live chat, and phone. To clear any doubts, we contacted the team, and the response was prompt. Plus, we got relevant solutions to all our concerns, leaving us to conclude that the exchange has the right professionals at your beck and call. 

    Besides having an excellent support service team, Kraken has a comprehensive FAQ page. The page provides answers to some of the commonly asked questions by traders and investors. You do not have to contact the team unless you do not find a solution on the FAQ page. Plus, Kraken can be reached via social or community platforms. These include LinkedIn, Instagram, X, and Facebook. 

    How to Open a Kraken Account

    From our analysis and experience, Kraken has a user-friendly and modern design trading and investment platform. We signed up for trading accounts with the exchange and must admit that the process was simple and took minutes to complete. Ensure you share accurate information if you want to quickly set up an account and start exploring the featured digital tokens.

    That being said, here is how to open an account at Kraken exchange.

    Step 1: Visit the Exchange Website
    Step 2: Register a Trading/Investment Account
    Step 3: Verify Your Email and Identity
    Step 4: Deposit Funds
    Step 5: Invest

    You first need to visit Kraken’s official website to fully understand how it works. You must also understand its terms and conditions to avoid future inconveniences. Since the exchange has Android and iOS trading apps, install them on your mobile devices to easily track your activities on the go.

    Whether you plan to trade, buy, or sell cryptocurrencies with Kraken, you will need an account with the exchange. Click “Sign Up” on the exchange’s website to begin the registration procedure. Choose whether you are creating a personal or business account and share your email address and password. You will also be required to select your resident area and accept the terms of service.

    Kraken will send a code to your email that you must share to activate your trading or investment account. Plus, you will be required to answer a few questions to gauge your skill level. On top of that, the broker will require you to verify your identity by sharing a copy of your ID and taking a selfie.

    That’s it! You are now ready to trade and invest. All you have to do is choose between a Kraken standard and a Kraken Pro account to get started. Then, deposit funds starting from $10, as this is Kraken’s minimum deposit requirement. The best element about Kraken is that you have multiple payment methods and fiat currencies from which to choose. Simply identify the most convenient ones for an exciting experience.

    Once Kraken confirms your deposit, you can choose whether to buy, sell, trade, or convert crypto tokens. Explore the over 200 cryptocurrencies and select the ones you are familiar with and have conducted thorough research on.

    Note that the cryptocurrency landscape is highly volatile, and prices tend to change rapidly. Therefore, only invest with funds you are comfortable losing in case a trade works against you. You should also consider diversifying your portfolio across various digital tokens to avoid risking all your money on a single asset.

    Lastly, Kraken has a digital wallet that we encourage you to use to store your cryptos once purchased. Wallets are more secure than leaving your tokens at the exchange. So, depending on your preference, choose between a cold and hot wallet.

    Final Thoughts

    After thorough tests and analysis, we find Kraken user-friendly and suitable for all types of traders and investors in the cryptocurrency space. Unfortunately, there is no simulated trading or demo account with Kraken. However, this shouldn’t be a determining factor in whether to commit to Kraken. The exchange is affordable to even low-budget traders and investors. 

    We also like Kraken because of its built-in self-custody digital wallet. The wallet makes it easier for you to secure your token without seeking external options. And besides cryptos, Kraken lists NTFs, futures and indices trading options on its OTC marketplace, which can help you build a solid portfolio. Feel free to explore Kraken, and remember to secure your account with strong passwords and 2-factor authentication. 

    author image
    Claire Maumo

    Claire Maumo wears multiple hats. She is a leading crypto and blockchain analyst, a market dynamics expert, and a seasoned financial planner. Her blend provides a unique combination that she leverages to offer expert analysis of economic and market dynamics. Her pieces deliver a holistic approach to the game, building your confidence and securing your financial future. Follow her for a comprehensive approach to mastering your trading journey.

    Finance Raters Rating:

    ✔Over 200 cryptocurrencies
    ✔24/7 support service

    Visit site
    Risk Warning

    Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.

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