Kraken Review

4.0
  • Summary
  • Crypto
  • Fiat
  • Fees
  • Features
  • Safety
  • FAQs

Kraken is one of the most sought-after cryptocurrency exchanges currently on the market. Traders and institutional investors have access to 189 coins and 895 pairs. Including a 24 hour market volume of $548,439,714.

Overview
🏆 CI Exchange Rank 4.0 (#16) 📈 24H Volume $548,439,714 (#25)
📌 Headquartered United States 🧱 Founded 2011
💧 CI Liquidity Rank 0.045 (#12) 🚀 Beginner-friendly? No
💲 Supports Fiat? Yes 🎌 Languages Supported
💼 Business Accounts Yes ✖️ Margin Trading Yes
👛 External Wallet Yes 🔃 OTC Trading Yes
📱 Mobile App Yes 💰 Integrated Wallet Yes
🔮 Futures Trading Yes ⚪️ Spot Trading Yes
⭕️ Coins: 189 🔀 Pairs: 895

Kraken offers advanced order types like margin trading and is therefore better suited to experienced traders and institutional investors.

The exchange welcomes US citizens as well.

Jesse Powell is co-founder and CEO of Kraken. The exchange, which was founded in 2011, is currently headquartered in San Francisco.

Crypto on Kraken

Crypto Market Listings on Kraken

Kraken has a reported trading volume of $548,439,714 in the last 24 hours. Traders can expect an average bid-ask liquidity spread of 0.045. Kraken is ranked position #12 among exchanges for liquidity.

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
BTC/USDT $19909.02 0.02
USDC/USDT $1.002 0.02
ETH/USDT $1120.58 0.04
BTC/USDC $19911.67 0.06
ETH/USDC $1119.14 0.08
Dai
DAI/USDT $1.002 0.02
BTC/DAI $19910.91 0.18
DOT/USDT $6.71 0.08
ETH/DAI $1117.3 0.21
ADA/USDT $0.450678 0.03
DOGE/BTC $0.066635 0.3
ADA/ETH $0.450025 0.07
LINK/USDT $6.21 0.16
DOT/ETH $6.76 0.12
XRP
XRP/USDT $0.32247 0.07

Crypto Verification

For unlimited deposits and withdrawals of cryptocurrency, you will need intermediate level verification. Intermediate verification requires that you submit documentation.

Here’s what you’ll need:

  • Valid Government Issued ID Document
  • Proof of Residence Document
  • Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) (US clients only)
  • Face Photo (South African and US Clients)

 

 

What's Needed
🛂 Documents Driving Licence, Utility Bill, Bank Statement 🕖 Verification Duration 1-3 days

Crypto Deposits

Kraken does not charge a fee for crypto trading.

 

Buying In
Crypto/Coins Free

Crypto Withdrawals

There is a minimum requirement for each withdrawal, along with a flat fee to cover the transaction costs of moving the cryptocurrency out of your Kraken account. This withdrawal fee varies from coin to coin. 

 

Cashing Out
Crypto/Coins Varies from coin to coin

Fiat on Kraken

Fiat Market Listings on Kraken

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
USDT/USD $0.999 0.01
USDC/USD $0.9999 0.02
ETH/USD $1118.04 0.01
BTC/EUR $19859.58 0.01
BTC/USD $19865 0.01
USDT/EUR $0.998749 0.01
ETH/EUR $1118.77 0.01
USDC/EUR $0.999879 0.03
ETH/GBP $1116.04 0.05
SOL/USD $35.06 0.06
USDT/GBP $0.997672 0.02
ADA/USD $0.450597 0.01
BTC/GBP $19831.95 0.04
DOT/USD $6.75 0.05
PAXG/USD $1769.2 0.09

Fiat Verification

For unlimited deposits and withdrawals of fiat currency, you will need intermediate level verification. Intermediate verification requires that you submit documentation.

Here’s what you’ll need:

  • Valid Government Issued ID Document
  • Proof of Residence Document
  • Valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) (US clients only)
  • Face Photo (South African and US Clients)
What's Needed
🛂 Documents Driving Licence, Utility Bill, Bank Statement 🕖 Verification Duration 1 day

Fiat Deposits

The minimum deposit required is 1 USD  and maximum 100 USD for deposits.  This fee depends on the withdrawal method.

Buying In
Debit Card $1-$100 Credit Card $1-$100
Bank Transfer $20-$100

Fiat Withdrawals

The minimum withdrawal fee on kraken is 4.0 USD.

Cashing Out
Debit Card $4 Credit Card $4

Kraken Fees

Kraken matches orders from traders who want to buy cryptocurrencies with orders from traders who want to sell cryptocurrency or vice versa.

This means that once an order is executed on the exchange (matched with another traders order). The fee ranges from 0% to 0.26% of the total cost (value) of your order and depends on the following:

  • The currency pair that is being traded
  • Your 30-day trading volume (in USD)
  • Whether your order is maker or taker

Orders that are cancelled before being executed (also known as “untouched” orders) do not incur any fees.

Kraken Features

Spot Trading

Spot trading allows you to make spot purchases and sales of cryptocurrencies, on the Kraken exchange, using funds that may exceed the balance of your account.

Margin Trading

Kraken offers margin trading, where you can use leverage to go long or short on a variety of cryptocurrencies by up to 5x. This means you’ll have five times the earning potential compared to a regular spot trade.

 

Futures Trading

You have access to Ethereum, Bitcoin Cash, Ripple and Bitcoin futures on Kraken. The prices for Kraken’s futures are based on aggregated indices that represent the demand for each cryptocurrency from a variety of exchanges.

 

 

OTC Trading

In addition to OTC bitcoin trading, the Kraken OTC desk can support all fiat currencies and digital assets currencies listed on the Kraken Exchange.

Business Accounts

Registering a business account on Kraken comes with added perks, such as:

  • Personalized deposit & withdrawal limits
  • Access to Kraken’s Over-The-Counter (OTC) Trading Desk
  • Higher margin allowance limits, if you are eligible to trade margin
  • Higher API limits

In order to apply for a business account, you will need to provide valid business documents and personal documents.

Integrated Wallet

Kraken provides traders with personalized and corporate wallets.

Affiliate Program

The Kraken affiliate program offers you 20% of the trading fees collected from your referrals for a lifetime. However, if the client deregisters this privilege will be revoked.

 

 

 

 

 

 

Mobile App

The Kraken mobile is available on Android and IOS. On the mobile app, you will be able to:

  • View your trading and staking portfolio balances
  • Trade with market, limit, stop loss and take profit order types
  • Margin trade, if eligible
  • View candlestick price charts

Customer Support

Kraken has a dedicated customer support department. You can reach them via:

  • Email
  • Phone
  • Prioritized Support Ticketing
  • Text and Messaging Apps of Your Choice

Kraken Safety

Cold Storage

Kraken keeps 95% of all deposits in a offline, air-gapped, geographical distribute cold storage.

CER Cyber Security Score (CSS)

9.86/10

CSS is an industry benchmark assessment of the cybersecurity characteristics of a given exchange. It consists of three weighted components: application-level security, SSL/TLS connection, and domain security. CSS uses over 18 indicators, based on the best practices of cybersecurity protection.

Two-Factor Authentication

Two-factor authentication  is an extra layer of security available on your Kraken account that can be utilized to ensure that:

  • You are the only person who can sign in to your account.
  • Once signed in, you are the only person who can perform certain actions such as depositing, withdrawing, or trading.

IP Whitelisting

In an effort to offer more visibility and control over your account Kraken makes use of IP Whitelisting as an added layer of security.

 

 

Kraken FAQs

Is Kraken regulated?

Kraken is not regulated.

Does Kraken offer Fiat Currencies?

Yes. Kraken refers to fiat as cash, you can find it under the cash section on the website.

Can I short on Kraken?

Yes. You can go long or short on the Kraken exchange.

Is Kraken available to US Traders?

Yes. US traders are welcome to trade on Kraken.