Available Countries
  • Worldwide, UK, USA, Australia, Europe (Show More)
  • Deposit Methods
  • Bank Transfer, Cryptocurrency (Show More)
  • Supported Currencies
    Exchange Type
  • Centralized Exchange (CEX)
  • Supports
  • FIAT to Crypto, Crypto to FIAT, Crypto to Crypto
Margin Trading
  • Yes
  • Built In Wallet
  • Yes
  • Insured Funds
  • No
  • Regulated
  • No
  • Minimum Deposit
  • Varies, Varies coin to coin, for BTC - 0.0001BTC, for USDT - 1USDT
  • Deposit Fees
  • Free (Show More)
  • Withdrawal Fees
  • Varies, Varies coin to coin, for BTC - 0.0005BTC (Roughly €2.50), for FIAT bank transfer - €0.09 (Show More)
  • Trading Fees
  • Starting from Maker @ 0.16% & Taker @ 0.26% (Show More)
  • Limits
  • Deposit/withdrawel $25,000 (or €) Daily limit and $50,000 (or €) monthly (Show More)
  • Verification
  • KYC Verification (Show More)
  • Jump to page contentsdropdown-arrow

    Kraken Exchange Review

    Kraken, one of the world’s oldest Bitcoin exchange, has its headquarters located in San Francisco, U.S. It is the first cryptocurrency exchange to appear on the Bloomberg terminal. Even though Kraken exchange is not registered with any legislative board, still it is highly respected by regulated banks in the EU and the government of Japan.

    It accepts members from almost all the countries in the world. It offers extremely high security for its customer’s accounts so that it will be extremely difficult for hackers to steal the coins.

    This Kraken review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you accurate and relevant information which is updated on a regular basis, we strongly recommend for you to visit Kraken.com for any updates which might occur afterwards.

    Is Kraken Exchange Safe?

    Kraken Security

    Yes. When it comes to security, Kraken Exchange takes extensive measures to protect its customers’ funds. It offers multi-level protection for its customers’ accounts. Kraken offers 2FA (Two Factor Authentication) to protect its customers’ accounts from any unauthorised access. In case you lose access to your account, this exchange offers support to recover the account after verifying your identity. All the sensitive and personal information of its users is stored in an encrypted format. To further protect their data, users can make use of the GSL and Master Key features available on the exchange.

    Kraken Exchange

    Kraken Trading Interface

    Kraken is a digital asset trading platform which allows the users to buy, sell and margin trade cryptocurrencies. It is considered one of the world’s largest Bitcoin exchange due to its high liquidity and trading volume. It works on the maker/taker model and the fees vary based on the trading pair.

    Kraken Wallet

    Kraken Exchange doesn’t provide a personal wallet service for its users. It stores the coins of most of its customers on cold wallets until it is transferred to another wallet or exchange. Cold wallets are completely isolated from any online system to provide better protection for customers’ funds.

    Kraken Account

    To create a basic account on the Kraken Exchange, users don’t have to submit any documents and can start trading immediately after opening the account. It won’t take more than a couple of minutes to open your account on Kraken as it provides a simple and easy-to-use interface.

    If you forget your account’s password, Kraken helps you to recover it quite easily. It offers five different levels (also called Tiers) for your account. To move to the next Tier, users should provide additional documents for KYC verification purposes.

    How to Signup On Kraken

    Kraken Signup

    To create an account on Kraken, do the following:

    1. Navigate to their site, enter your email address, username and password on the form titled ‘CREATE AN ACCOUNT’. Click the ‘SIGN UP’ button after agreeing to the terms.
    2. Next, click the activation link on your email to activate your account. Alternatively, you can enter the activation key manually on the provided box.

    Congratulations! You have now successfully created your account on the Kraken exchange.

    How to Login On Kraken

    Kraken Login

    To log in to your Kraken account, follow the below steps:

    1. Navigate to their site and click the ‘LOG IN’ button located on the top right of the home page.
    2. Then, enter your email address, password and click the ‘LOG IN’ button. If the two-factor authentication is enabled, then you need to enter the authentication code every time you log in to your account.

    Verification Requirements

    Kraken offers five types of verification tiers from Tier 0 to Tier 4 for its users’ accounts. The information and documents required for the various tiers are given below:

    • Tier 0: Email address
    • Tier 1: Name, DOB, Country and Phone
    • Tier 2: Physical address
    • Tier 3: Documents to prove identity and address
    • Tier 4: Signed application form and KYC documents

    You need to provide additional documents only for Tier 3 and Tier 4 as the remaining tiers don’t require any kind of documentation.

    Kraken exchange verifies the customer’s accounts much faster when compared with other exchanges. Tier 1 and 2 accounts will be verified within an hour whereas the Tier 3 and 4 accounts may take 1-5 business days for verification.

    How to Buy Digital Currency On Kraken

    Kraken allows its users to buy the digital currency using fiat or cryptocurrencies. Currently, it accepts the following fiat currencies: EUR, USD and CAD. Apart from fiat, Kraken Exchange allows users to buy one digital currency using another, provided that the currency pair is supported. To know all the supported currency pairs on Kraken, check the ‘Supported Cryptocurrency’ section below.

    Before being able to buy any digital currency, you need to deposit funds to your Kraken account. Only those users who are holding Tier 2 or higher accounts, can deposit fiat currencies. All other users can  deposit or withdraw in only digital currency. The trading fees vary based on the payment method and the digital currency which you would like to buy.

    How To Buy Bitcoin (BTC/XBT) On Kraken

    Buying BTC with Kraken

    1. Login to your Kraken account.
    2. Click the ‘Trade’ tab and select the currency pair (Eg. XBT/EUR) that you would like to buy from the drop-down menu located above the tab.
    3. Click ‘New order’ link from your account dashboard. It shows different ways to place an order like Simple, Intermediate and Advanced. In this example, let’s choose the Simple option as the intermediate/advanced options are intended for margin/leverage trading.
    4. Then, select the type of order: Market/Limit. If the option Market is selected, then the order will be processed immediately. In case of limit orders, the order will be processed only if the market price matches with the value set for the limit. Otherwise, you must wait till the price drops or cancel the order to create a new one. (In this example, we are using Market order).
    5. Enter the amount of XBT you would like to buy. (The estimated amount of EUR will be shown on the box labelled EUR).
    6. Next, click the button ‘Buy XBT with EUR’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
    7. Click the ‘Submit Order’ button.Buying BTC with Kraken

    Congratulations! You have placed your first order for Bitcoins. Once you receive the Bitcoins, you can transfer those to your personal wallet.

    How To Buy Ethereum (ETH) On Kraken

    Buying ETH with Kraken

    In the previous section, the procedure for buying Bitcoins using EUR was explained in detail. Now, in this section let’s see how to buy Ethereum using Bitcoins. (ETH/XBT)

    1. Login to your Kraken account.
    2. Click the ‘Trade’ tab and select the currency pair ETH/XBT from the drop-down menu located above the tab.
    3. Follows Step 3 & 4 from the previous section.
    4. Enter the amount of ETH you would like to buy. (The estimated amount of XBT will be shown on the box labelled XBT).
    5. Next, click the button ‘Buy ETH with XBT’. You will see your order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
    6. Click the ‘Submit Order’ button.

    Your order will be added to the order book. Once you receive the Ethereum, you can transfer those to your personal wallet.

    How To Buy Ethereum Classic (ETC) On Kraken

    Buying ETC with Kraken

    For this example let’s consider buying Ethereum Classic with Ethereum. You can also buy Ethereum Classic with Bitcoin, but in that case you need to select the ETC/XBT pair.

    1. Login to your Kraken account.
    2. Click the ‘Trade’ tab and select the currency pair ETC/ETH from the drop-down menu located above the tab.
    3. Follows Step 3 from the previous section.
    4. Enter the amount of ETC you would like to buy. (The estimated amount of ETH will be shown on the box labelled ETH).
    5. Follow steps 5 and 6 from the previous section.

    Your order will be added to the order book. Once you receive the ETC coins, you can transfer those to your personal wallet.

    How To Buy Litecoin (LTC) On Kraken

    Buying LTC with Kraken

    For this example, let’s consider buying Litecoin with Bitcoin.

    1. Login to your Kraken account.
    2. Click the ‘Trade’ tab and select the currency pair LTC/XBT from the drop-down menu located above the tab.
    3. Follows Step 3 from the previous section.
    4. Enter the amount of LTC you would like to buy. (The estimated amount of XBTwill be shown on the box labelled XBT).
    5. Next, click the button ‘Buy LTC with XBT’.
    6. Click the ‘Submit Order’ button.

    Your order will be added to the order book. Once you receive the Litecoins, you can transfer those to your personal wallet.

    How To Buy Bitcoin Cash (BCH) On Kraken

    Buying BCH with Kraken

    Let’s consider buying BCH using EUR

    1. Login to your Kraken account and be sure you have a Tier 2 or higher account. If not, submit the required documentation.
    2. Click the ‘Trade’ tab and select the currency pair BCH/EUR from the drop-down menu located above the tab.
    3. Follows Step 3 from the previous section.
    4. Enter the amount of BCH you would like to buy. (The estimated amount of EUR will be shown on the box labelled EUR).
    5. Next, click the button ‘Buy BCH with EUR’. You will see your Order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
    6. Click the ‘Submit Order’ button.

    Your order will be added to the order book. Once you receive the Litecoins, you can transfer those to your personal wallet.

    How To Cash Out On Kraken

    Follow the below steps to sell/cashout Bitcoin or other digital currencies on Kraken.

    1. Login to your Kraken account.
    2. Click the ‘Trade’ tab and select the desired currency pair (Eg. XBT/EUR) from the drop-down menu located above the tab.
    3. Next, click ‘New order’ link from your account dashboard. Select the option ‘Simple’ for the type of order.
    4. Then, click ‘Sell’ tab and enter the amount of XBT you would like to sell. The estimated amount of EUR that you will receive will be shown on the box labelled EUR.
    5. Next, click the button ‘Sell XBT with EUR’. You will see your Order details on your screen with two buttons ‘Back’ and ‘Submit Order’.
    6. Click the ‘Submit Order’ button.

    Congratulations! You have successfully sold your Bitcoins on the Kraken exchange. Once you receive the funds, you can withdraw that to your bank account.

    Supported Cryptocurrencies

    Kraken Exchange allows users to buy, sell or trade any of the following cryptocurrencies:

    Augur (REP), Bitcoin (XBT aka. BTC), Bitcoin Cash (BCH), Cardano (ADA), Dash (DASH), Dogecoin (XDG), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Gnosis (GNO), Iconomi (ICN), Litecoin (LTC), Melon (MLN), Monero (XMR), Quantum (QTUM), Ripple (XRP), Stellar/Lumens (XLM), Tether (USDT) and Zcash (ZEC).

    Supported Countries

    Except for a few countries, Kraken exchange accepts users from almost all over the world.

    Supported

    If you don’t live in any of the countries listed in the ‘Excluded’ section below, then you can go ahead to create your account on Kraken exchange to start buying/selling/trading cryptocurrencies.

    Excluded

    Even though Kraken welcomes members from all over the world, it doesn’t accept users who are residing in the following country due to their local regulations.

    • Afghanistan
    • Cuba
    • Iran
    • Iraq
    • Japan
    • North Korea
    • Tajikistan

    Exchange Fees & Limits

    Every cryptocurrency exchange has its own fee structure and spending limit.

    Fees

    Kraken will deduct a fee for every trade made on your account and their fee structure is given below:

    Trading Fees

    Kraken Exchange works on the maker/taker model and charges a fee for every trade. The maker and taker fee depends on a number of factors like trading volume and the cryptocurrency. Generally, the maker fee will vary between 0% to 0.16% and the taker fee varies between 0.10% to 0.26%. To know the exact maker/taker fees for the various digital assets, simply visit their site and scroll to the bottom:

    Fee Schedule

    Additionally, Kraken will charge Opening and Rollover, if you do margin trading.

    Deposit/Withdrawal Fees:

    Fiat Currency:

    The deposit/withdrawal deducted by the Kraken exchange vary based on the payment method and the fiat currency.

    Euro (EUR) – SEPA bank transfer – Free (Deposit), €0.09 (Withdrawal)

    Euro (EUR) – International wire transfer – €5 (Deposit)

    US Dollar (USD) – US domestic wire transfer -$5 (Deposit/Withdrawal)

    Canadian Dollar (CAD) – Canadian domestic wire transfer – Free (Deposit)

    Canadian Dollar (CAD) – Electronic Funds Transfer (EFT) – C$10 (Withdrawal)

    Japanese Yen (JPY) – Japanese domestic bank transfer – ¥300 (Withdrawal)

    Cryptocurrency:

    Except for a few digital assets, Kraken exchange does not charge any to deposit cryptocurrencies.

    Gnosis (GNO) – Ğ0.004 address setup fee

    Iconomi (ICN) – 0.5 ICN address setup fee

    Melon (MLN) – M0.01 address setup fee

    Tezos (XTZ) – ꜩ0.05 address setup fee + ꜩ0.05 deposit fee

    Ether (ETH) and Ether Classic (ETC) – A Small fee to move ETH into the wallet.

    Withdrawal of digital assets is not free and the fee varies based on the cryptocurrency.

    Bitcoin (XBT) – ฿0.0005

    Bitcoin Cash (BCH) – ฿0.0001

    To know the fees of other cryptocurrencies, simply scroll down the main page, click on the ‘Support’ link, and look for the ‘Trading Fees’ section which can be found further below.

    Limits

    Kraken exchange has set daily and monthly deposit/withdrawal limits for every fiat currency used on your account. To find out your daily/monthly limits, log in to your account and navigate to Funding-Withdraw/Deposit [Currency]. It will show the deposit/withdrawal limit for a day/month. The U.S. dollar limits start at $25,000 Daily and $50,000 Monthly. Additionally, the exchange has also set a margin borrow limit based on your verification tier.

    Supported Payment Methods

    Kraken Exchange allows the customers to use any of the payment methods listed below based on their location.

    • Wire Transfer
    • Bank Transfer (SEPA)
    • Electronic Fund Transfer (EFT)
    • Cryptocurrency

    Kraken Security

    Kraken exchange aims to provide maximum protection to its customer’s accounts by enforcing several security factors like two-factor authentication, master key, global settings lock and strong passwords. 2FA can be configured using Authenticator app, Yubikey or a static password. Master Key is a security feature that can be used to recover your account if you lose your login credentials.

    Global Settings Lock (GSL) will safeguard the settings on your account. Kraken recommends that GSL is turned on when storing cryptocurrency for an extended period of time. In doing so, you set a lock, which must be unlocked to perform any changes such as changing your personal Bitcoin wallet address. This lock can only be opened after a pre-set day limit. So, if someone had to hack a customer’s account, they wouldn’t be able to immediately steal their coins, because they would have to wait the 6 days to pass, by which time the customer would be able to contact the Kraken customer support to recover your account. In addition to the GSL, Kraken recommends its users to create a strong password made up of characters which are difficult for potential hackers to crack.

    Kraken Customer Support

    In case you experience any issues with your account, you can contact the Kraken Support by creating tickets or via their live chat feature. In general, one would have to wait 1 day to a week to get a response. However, when they get back, they are very helpful.

    To contact Kraken via a ticket, simply scroll down to the bottom of the site’s front page, click on ‘Support’ and select your issue from the drop-down menu. Then, fill in all the required information and click the ‘Submit’ button to submit your query.

    Kraken exchange doesn’t provide support via phone or email.

    Kraken App

    This feature is not available yet. (In the past, there was an iOS app for the exchange. But Kraken has withdrawn the support).

    Kraken’s ‘Coming Soon’ Features

    Recently, Kraken exchange has added the new coin Tezos (XTZ) for its customers.

    Kraken is developing new trading tools for its users and the beta version is already live on their website.  You can also visit their official blog to read the latest stories.

    Kraken Review Conclusion

    Kraken Exchange is not only a good option for the novice traders but also for the serious traders as it allows its users to trade more than 50+ currency pairs on its exchange. Kraken Exchange provides much better security using its advanced security features when compared with other cryptocurrency exchanges. The only thing missing on Kraken is Mobile app.

    Rating Score

    Pros

    • Trusted by the crypto community
    • Several Security Features (2FA, Masterkey, GSL, Mail encryption)
    • Supports cryptocurrency & fiat based payments
    • Fast verification of accounts
    • 50+ trading pairs

    Cons

    • Doesn’t provide personal wallets for storage
    • No mobile app
    • No phone support

    Similar Cryptocurrency Exchanges Reviews

    binance.com

    Rated by CMC as the world's largest crypto asset exchange and top-rated for its altcoins support, Binance has gained massive trading volumes and excellent liquidity. If you're looking to day trade, this one's for you.

    Rating 4.5/5
    Full Review
    bitfinex.com

    As the world's largest and highly advanced cryptocurrency exchange, Bitfinex, is headquartered in Hong Kong. The advantages that come with this exchange weigh out the shortcomings.

    Rating 4/5
    Full Review
    cex-promotion exmo-promotion