Home Reviews Kraken Review in 2023: Pros, Cons, and Features

Kraken Review in 2023: Pros, Cons, and Features

Justin Murphy
Last Updated November 28, 2023 10:12 AM
Share on

Kraken is a popular cryptocurrency trading platform that allows you to trade various cryptocurrencies. The platform started its operations in 2011. Since then, it has become one of the industry’s most reliable exchanges.

In today’s Kraken review, you’ll discover its services, including margin trading, futures trading, and staking. The platform also boosts advanced security features, low fees, and a user-friendly interface. Read through this Kraken review for more information.

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions.

Affiliate disclaimer: This website may contain affiliate links, which means we may earn a commission if you click on a product link and make a purchase/register.

Key Takeaways

Advantages and Disadvantages

pros and cons kraken

Pros

  • Low withdrawal fees
  • Has sophisticated features such as margin trading
  • Excellent customer service options
  • Wide collection of educational materials
  • Simple user interface

Cons

  • Unavailable in some states
  • Accepts a few fiat currencies
  • Staking is not available in US-based clients
  • Limited alternatives for funding accounts
  • Slow account funding

Kraken’s Background Information

Jesse Powell, the company’s CEO, founded the company in 2011. He aimed to provide a secure and reliable way for people to buy and sell cryptocurrencies.

In 2014, experts chose Kraken and Coinbase as partners, to offer the market data of crypto trading to the Bloomberg terminal. This is the time when digital coins became famous. Kraken gained popularity by partnering with a premier market provider.

As a Bloomberg customer, you had access to useful resources such as digital currency rates, charts, social media posts, and news.

Then, Kraken collaborated with TradingView , a leading chart service provider. It continued to bring extra cryptos to its trading system. This enabled trading and funding in different fiat currencies such as JPY, GBP, and USD.

Kraken has grown to become one of the largest cryptocurrency exchanges in the world. It boasts a quarterly trading volume of over $207 billion.

This crypto exchange comes with advanced security features. The features include two-factor authentication, cold storage, and multi-signature wallets. No one has ever hacked the platform, which shows its commitment to security.

Kraken is one of the largest cryptocurrency exchanges when it comes to trading volume and user base. The platform has more than 10 million clients and supports over 200 coins. It is also known for its low fees.

Kraken’s Features and Services

Kraken offers a wide range of features and services. Here are some of the key features and services offered by Kraken:

Layout and ease of use

Kraken’s trading interface is intuitive and user-friendly. This makes it easy for beginners to navigate. Additionally, it offers a range of advanced trading tools and features such as margin trading, futures trading, and staking.

Number of available trading pairs

Kraken supports over 200 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform also offers a wide range of trading pairs. These include fiat-to-crypto and crypto-to-crypto pairs.

Unique or exclusive pairs

Kraken has a range of unique and exclusive trading pairs. For example, you can choose XBT/USD, ETH/USD, and LTC/USD.

Lending/borrowing features

Kraken offers several lending and borrowing features. These include margin trading and staking. You also have the option to stake and unstake with the Kraken Pro app  (available in the app store).

Supported wallets

Kraken supports many wallets, including hardware wallets like Ledger and Trezor.

Mobile app availability

Kraken offers a mobile app for iOS and Android devices, making it easy for you to trade on the go.

Reputation and Security

Kraken is known for its advanced security features and commitment to user safety. Here are some of the key security features offered by Kraken:

Two-factor authentication

The platform requires users to enable two-factor authentication to access their accounts. This adds an extra layer of security.

Cold storage

Kraken stores most user funds in cold storage. This is an offline storage, resistant to hacks.

Multi-signature wallets

Kraken uses multi-signature wallets to secure user funds requiring many signatures to access.

Regulatory framework

Kraken complies with all relevant regulations and requirements, including KYC/AML requirements. The platform holds a license and operates under regulation from various regulatory bodies.

History of security breaches

No one has hacked Kraken, a testament to its commitment to security.

Kraken is a safe and reliable cryptocurrency exchange. It offers users a wide range of features and services. The platform has something to offer whether you’re a beginner or an experienced trader.

Fees, Interest Rates, and Lending Opportunities

Here are comprehensive details of Kraken’s fee structure, interest rates, and lending opportunities. You need to understand these aspects. That way, you make informed decisions as you embark on your crypto journey.

Trading fees

30- Day Volume (USD) Maker Fees Taker Fees
$0 – $50,000 0.16% 0.26%
$50,001 – $100,000 0.14% 0.24%
$100,001 – $250,000 0.12% 0.22%
$250,001 – $500,000 0.10% 0.20%
$500,001 – $1,000,000 0.08% 0.18%
$1,000,001 – $2,500,000 0.06% 0.16%
$2,500,001 – $5,000,000 0.04% 0.14%
$5,000,001 – $10,000,000 0.02% 0.12%
$10,000,000 – $100,000,000 0.00% 0.10%
$100,000,000 – $250,000,000 0.00% 0.08%
$250,000,000 – $500,000,000 0.00% 0.06%
$500,000,000+ 0.00% 0.04%

Kraken fees

Understanding the fee structure of a crypto exchange is important so you’ll know your expenses. Kraken employs a maker-taker fee system. But what does that mean?

Maker fee

If you place an order that adds liquidity to the market by not filling an existing order, you’re a maker. And the good news is, makers pay lower fees. This is an incentive for providing liquidity to the market.

Taker fee

On the flip side, you’re a taker if you place an order that matches an existing order. Takers generally pay higher fees.

The fee rates at Kraken Pro vs. Kraken can vary depending on your trading volume. You might qualify for reduced fees as you trade more, so keep an eye on your progress.

Withdrawal fees

Kraken charges withdrawal fees when you’re ready to withdraw your crypto winnings. These fees vary depending on the cryptocurrency you’re withdrawing. It’s a good idea to read various Kraken exchange reviews. You also need to check the current fee schedule on Kraken’s website to avoid surprises.

Interest rates and lending

Lending opportunities

Crypto lending can be a fantastic way to make your crypto assets work for you. Kraken offers lending opportunities that allow you to earn interest on your holdings. You can lend your crypto to other users in Kraken exchange for interest payments.

Interest Rates

The lending Interest rates on Kraken can fluctuate depending on supply and demand. Different cryptocurrencies may offer different rates. Therefore, it’s essential to keep an eye on the current rates before you decide to lend. Kraken provides a transparent platform for you to monitor interest rates and make informed decisions.

User Experience

When it comes to user experience, the platform makes it easy for newbies to make their starting trades. They’ve achieved this via the instant buy feature. Still, Kraken has some learning curve.

Newbies may find it confusing if they instantly want to jump in and do complex trading operations. However, they offer a lot of educational materials to help you understand how it works.

Smooth sailing for beginners

Are you worried about getting lost in the complex world of crypto trading? Don’t be! The Kraken crypto exchange focuses on user experience, ensuring that even beginners can navigate its platform. Once you start using it, you’ll immediately notice how intuitive everything feels.

Responsive and user-friendly

The Kraken website is also highly responsive. Pages load quickly, buttons are easy to find, and the site adapts seamlessly to different devices. The experience is smooth, regardless of the device you use. Kraken is among the best places to buy crypto.

Quick access to essential information

Kraken provides straightforward access to essential information. The info includes real-time market data, available betting options, and account balances. You won’t have to hunt around the site to find what you need; it’s all right in front of you.

Functionality: Benefits you should know

Kraken is a well-established platform known for its comprehensive set of benefits and features for investors and traders.

Security you can trust

Security is paramount in the crypto world, and the Kraken understands this. The exchange employs cutting-edge security measures to protect your funds and personal information. You’ll store your crypto assets in secure wallets, and transactions are encrypted to prevent unauthorized access.

A wealth of crypto options

Crypto investment isn’t limited to Bitcoin; there’s a world of cryptocurrencies to explore. Kraken offers a wide range of crypto options trading.

Kraken delivers reliability and security. It ensures your crypto adventure is thrilling but secure. The platform offers many benefits and features that make it one of the best crypto exchange platforms.

However, each user’s experience might vary depending on their individual preferences and needs. So, it’s good to check various Kraken reviews for updated info on their fees, features, and supported cryptos.

Design: Exploring the aesthetics of Kraken

Kraken comes with a clean design that is easy on the eye and has a minimalistic feel. It’s way ahead of most interfaces you can find on various exchanges. It should take a newbie just a few minutes to navigate the sections to know how the website works.

Intuitive layouts

Design isn’t just about aesthetics; it’s also about practicality. Kraken crypto site features a layout that is intuitive and user-friendly. To get started, you won’t have to decipher a complex maze of buttons and menus.

Themes to suit your taste

Kraken often allows you to choose from various themes to suit your taste. Whether you prefer a classic, sleek look or a more playful and colorful atmosphere, there’s a theme you can select.

Design plays a crucial role in enhancing your overall crypto experience. This exchange ensures that you’re well-equipped and sailing in style.

Registration process

Ready to embark on your crypto journey? From our Kraken crypto review, we found the registration process to be smooth. You’ll be guided through each step. The best part is that you don’t need technical skills in cryptocurrency to get started.

KYC: Know your customer

While testing the registration, we noticed that Kraken requires Know Your Customer (KYC) verification. The purpose of this process is to maintain a secure and compliant environment. It’s a straightforward process where you provide some personal information and documents.

Quick access to adventure

Once registered, you’ll gain quick access to the exciting world of buying and selling digital coins. Deposits are fast, and you’ll find various payment options to suit your preferences.

Educational resources

Kraken provides a wealth of educational resources to help you understand the ins and outs of crypto and trading. Additionally, Kraken doesn’t penalize gambling, so you may find some gambling information as well.

  • Market Insights

In the ever-changing world of cryptocurrencies, staying informed is crucial. Kraken provides market insights and analysis from experts. You’ll gain valuable insights into crypto trends and make more informed decisions.

  • Community Support

Joining a community of like-minded crypto enthusiasts can be rewarding. Kraken has active forums and chat groups where you can connect with others, ask questions, and share experiences.

Deposit and Withdrawal Options at Kraken

By now, you’re familiar with the basic features of Kraken and why you should consider this exchange for crypto investment. But let’s dive deeper and explore the crucial aspects of deposits and withdrawals. We’ll cover everything from accepted currencies to fees and limitations.

Accepted currencies

Kraken provides clients with low fees and a range of online and fiat financing options. The platform offers fiat currency funding with euros, US dollars, and Canadian dollars, all with minimal charges.

Diverse Crypto Selection

One of the remarkable features of Kraken is its support for a wide range of cryptocurrencies. While Bitcoin is the star of the show, you’ll also find other valuable gems like Ethereum, Litecoin, Ripple, and more. This diversity lets you choose the currency that best suits your preferences and trading goals.

Deposit and Withdrawal Methods

withdrawal deposit kraken review

The platform wants to accommodate the needs and preferences of all its clients. That is why it offers different deposit and withdrawal options.

However, the availability of these options might change with time due to the exchange’s policy and regulatory requirements. So, it’s important to read the Kraken exchange review periodically for updates on the fees and payment options.

Depositing funds into your Kraken account is a breeze. You can choose from various methods, including:

Crypto transfers

The most common method involves sending cryptocurrency directly to your account’s wallet address. It’s secure, fast, and straightforward.

Bank transfers

Kraken allows you to deposit funds from your bank account. This method is ideal if you’re new to cryptocurrencies and want to start with fiat.

Credit/debit cards

Sometimes, you can use your credit cards and debit cards to fund your account. It offers convenience but might involve additional fees.

E-Wallets

E-wallets like PayPal and Skrill are also accepted on Kraken. They provide an extra layer of security for your transactions.

Withdrawals

Withdrawing your winnings or assets is just as straightforward as depositing them. You can often use the same methods mentioned above for withdrawals. The experts designed the process to be smooth, allowing you to access your funds.

Covering fees: What you Need to Know

Like all crypto exchanges, Kraken charges fees for different kinds of services and transactions. The fees include trading charges, deposit and withdrawal charges, and all other service-related fees.

While fees can vary depending on the platform and payment method, you’ll typically encounter:

Transaction fees

These are fees charged for processing your deposits and withdrawals. They can vary based on the blockchain network’s current congestion and your chosen cryptocurrency.

Exchange Fees

You may encounter exchange fees when converting cryptocurrency to another on the platform. These fees are lower than those of traditional exchanges.

Withdrawal Fees

Kraken also charges a fee when you withdraw your funds to an external wallet. This fee helps cover network costs.

Fees can be a concern when you want to invest in crypto. That is why Kraken prioritizes transparency.

Limitations

The platform has withdrawal limits that restrict the amount of funds you can withdraw within a set timeframe. Kraken implements such limitations for risk management and security purposes.

Withdrawal Limits

Kraken may impose withdrawal limits, especially for new accounts. These limits can be gradually increased as you continue to use the platform. Keep in mind that these limits are often higher for verified accounts.

Verification Requirements

This exchange will require you to complete a verification process. The purpose of the process is to ensure the safety and legality of using crypto. It involves providing identification documents, proof of address, and other relevant information.

Customer Service

As you get deeper into crypto, you’ll realize the importance of a reliable and responsive customer support team. Here is what you need to know!

Around-the-clock assistance

Kraken understands that crypto never sleeps, and neither should customer support. You can expect to find customer support available 24/7. Whenever you encounter an issue, the customer support team is ready to help. Just reach out via the contact information available on the website.

Multiple Channels of Communication

While compiling this Kraken exchange review, we were pleased to find several customer support options. Better yet, the support agents are available around the clock via live chat and telephone. Below are some of the available communication channels.

  • Live chat: A real-time chat interface where you can get immediate assistance.
  • Email support: Send detailed queries and receive responses within a reasonable timeframe.
  • Ticket systems: Submit a support ticket with your issue, and customer support will reply.
  • Phone support: Some platforms also offer phone support for more urgent matters.

User Experiences

User experiences with customer support on Kraken exchange have been positive. Many users claim that they’ve been having the best user experience. That’s because they always get quick response times and helpful assistance. Furthermore, the team is willing to go the extra mile to resolve issues.

A Few Common Complaints

Based on Kraken crypto reviews left by users, the majority of customers have positive experiences. Nevertheless, there are a few common complaints that surface once in a while. Let’s explore the overall feedback.

Positive feedback

  • Quick responses: Many users will appreciate the swift response times of customer support. Live support is the fastest way to contact support.
  • Helpful guidance: Customers often commend the support team for providing clear and helpful guidance. This can be related to technical issues, account verification, or general inquiries.
  • Availability: The 24/7 availability of customer support is a significant advantage. It allows users from different time zones to get assistance when needed.

Negative feedback

  • Response delays: Some users have expressed frustration over delayed responses to their queries or concerns.
  • Language barriers: Non-English speakers may encounter difficulties communicating with support teams using English.
  • Verification hiccups: Verification-related problems like extended processing times can cause inconvenience for various users.

Conclusion: Why Go With Kraken?

When it comes to finding the right crypto exchange, there are some things to consider. This includes your trading preferences, needs, and location. Kraken is a professional and reputable and trusted exchange.

The platform is ideal if you are looking for a broad range of cryptos and advanced trading features. Due to the high liquidity, you are sure to find reasonable buying and selling rates. Luckily, the exchange and transaction fees are also considerable which means you get the value for your investment.

Frequently Asked Questions

Is Kraken safe for cryptocurrency exchange?

Yes, Kraken is safe if you are considering buying or selling crypto on the exchange. When it comes to crypto investment, safety is of the utmost importance. There are a few key things we evaluated to determine if this exchange is safe. For instance, Kraken is licensed by FinCEN which is a recognized regulator in the USA. The site also uses advanced SSL encryption to ensure that all your data is protected.

How does Kraken compare to other exchanges?

Kraken is one of the renowned crypto exchanges alongside Coinbase and Binance. Similar to these exchanges, Kraken has a strong reputation among crypto investors. This is mainly because of its diverse crypto variety and its stringent security measures. For crypto investors who also take part in crypto gambling, Kraken is a top recommendation.

How fast are Kraken's trades?

Kraken is one of the most popular cryptocurrency exchanges and is known for its fast and reliable trading services. The speed of Kraken’s trades depends on several factors. These include the type of order, the amount of liquidity available, and the size of the order. For market orders, your trades are almost instantaneous.

Where can I find Kraken customer reviews?

The best place to find Kraken customer reviews is on independent review sites. These sites are designed to provide unbiased feedback from customers who have used the exchange. Sites like Trustpilot, G2 Crowd, and Capterra are great resources for finding Kraken crypto reviews. You can also find customer reviews on Reddit.

Kraken review