Fri. Jun 5th, 2020

Kraken Review

Kraken

7.7

SECURITY

10.0/10

REGULATED

10.0/10

REPUTABLE (TRIED AND TESTED, REPUTABLE BACKERS)

10.0/10

COST

9.0/10

COIN AVAILABILITY

8.0/10

CUSTOMER SUPPORT

7.0/10

INTUITIVE USER EXPERIENCE

6.5/10

INSURANCE

1.0/10

Strengths

  • Transparent: conducts reserve audits and publishes compliance reports
  • Security: never been hacked, 2FA and numerous other security features.
  • Top notch trading tools and wide range of services: staking, margin trading, shorting, etc..
  • 24/7 Live Customer Support
  • Good liquidity
  • Regulated
  • Decent fees/charges for the level of security and services offered

Weaknesses

  • Not very beginner friendly
  • No FDIC insurance, SAFU or compensation scheme in case the exchange is ever hacked
  • Limited range of cryptocurrencies available compared to certain exchanges (although digital asset selection is expanding)
  • Low scores by TrustPilot and the Better Business Bureau, although bulk of the complaints are not recent. Over time the exchange has shown good progress and development.

Updated: June 2020

Year EstablishedJuly 2011
Founder(s)Jesse Powell
Reputable InvestorsYes, Click here
HeadquartersUnited States
Available CountriesWorldwide (except Afghanistan, Cuba, Guinea-Bissau, Iran, Iraq, Japan, North Korea and Tajikistan. In the USA, residents of Washington and New York are currently banned)
RegulatedYes, FinCEN (USA), FINTRAC (Canada) and Kraken Futures by the FCA (UK)
VerificationKYC Verification
Compensation SchemeNo
Margin Available; up to 5x leverage on Bitcoin
Built-In WalletAvailable
SupportsFiat to Crypto, Crypto to Fiat, Crypto to Crypto
Deposit MethodsWire Transfer, Bank Transfer, Crypto
Deposit FeesMost crypto-to-crypto deposits are free (although there are a few exceptions)
Minimum DepositVaries from coin to coin
Trading FeesStarts from Maker @ 0.16% & Taker @ 0.26%
Withdrawal FeesVaries

Disclaimer: All of the content written on CoinMarketExpert is unbiased and based on objective analysis. The information provided on this page should not be construed as an endorsement of cryptocurrency, a service provider or offering and should neither be considered a solicitation to buy or trade cryptocurrency. Cryptocurrencies carry substantial risk and are not suitable for everyone. Although CoinMarketExpert does its best to provide you with accurate and relevant information which is updated regularly, we also recommend you to visit Kraken.com for any updates that may have occurred afterwards. See further disclaimer located at the bottom of the page.

Headquartered in San Francisco, California, Kraken is one of the oldest crypto exchanges that claims to be the largest Bitcoin exchange in terms of euro volume and liquidity.

But Kraken is also renown for being one of the most secure crypto exchanges too. On its website, Kraken claims to be “consistently rated the best and most secure cryptocurrency exchange.”

Its founder Jesse Powell was motivated to start working on Kraken following a visit to Mt. Gox. Motivated by what he had observed at Mt. Gox, Jesse set off to build a superior crypto exchange that focuses on security and operational efficiency as he understood that getting customers to trust cryptocurrencies – and their exchanges – is a critical success factor. Jesse founded Kraken in 2011 and, after two years of extensive testing and development, confidently launched Kraken in 2013.

Mt. Gox eventually declared bankruptcy in 2014 whilst Kraken grew into one of the biggest crypto exchanges. To date, Kraken has never been hacked.

The overall view by many is that Kraken’s main strengths reside in its strong security, advanced features and low fees. While Kraken certainly has many strengths, it has its share of criticism too, receiving low grades from both TrustPilot and the Better Business Bureau.

CoinMarketExpert will be reviewing Kraken across several aspects to understand whether the crypto exchange lives up to its promise of being “the best and most secure exchange“.

In this review, we break everything down so by the end you will have a better understanding of whether Kraken is the right exchange for you.

Table of contents

Fiat and cryptocurrencies supported by Kraken
How much does Kraken charge?
Is Kraken safe to use?
Kraken Platform and Tools
Kraken Customer Support
Countries Supported by Kraken
How to Buy Bitcoin on Kraken
Our Verdict on Kraken

Fiat and cryptocurrencies supported by Kraken

Kraken allows users from almost all countries over the world to convert fiat currencies into various cryptocurrencies. The fiat currencies that are currently supported by Kraken are:

  • US Dollars (USD)
  • Japanese Yen (JPY)
  • Canadian Dollars (CAD)
  • British Pounds (GBP)
  • Euros (EUR)
  • Swiss Franc (CHF)

Since Kraken supports fiat currencies, you do not need to visit third party crypto exchange or wallet to convert your fiat currency into crypto. You can simply go straight to Kraken and start trading. And on Kraken you may also convert your fiat currency to another.

Whilst Kraken supports JPY fiat currency, it is important to note the crypto exchange withdrew from Japan in April 2018 due to rising regulatory costs. At the time Kraken had indicated that it may return to Japan in the future and claimed the suspension of activity in Japan would only affect Japanese residents, not Japanese customers outside of the country (hence the reason why they continue to support JPY).

Meanwhile, Kraken currently supports 31 cryptocurrencies:

1. Augur (REP)
2. Basic Attention Token (BAT)
3. Bitcoin (XBT)
4. Bitcoin Cash (BCH)
5. Cardano (ADA)
6. Chainlink (LINK)
7. Cosmos (ATOM)
8. Dash (DASH)
9. Dai (DAI)
10. Dogecoin (XDG)
11. EOS (EOS)
12. Ether (ETH)
13. Ether Classic (ETC)
14. Gnosis (GNO)
15. ICON (ICX)
16. Lisk (LSK)
17. Litecoin (LTC)
18. Monero (XMR)
19. Nano (NANO)
20. OmiseGo (OMG)
21. PAX Gold (PAXG)
22. Qtum (QTUM)
23. Ripple (XRP)
24. Siacoin (SC)
25. Stellar Lumens (XLM)
26. Tether USD (USDT)
27. Tezos (XTZ)
28. USD Coin (USDC)
29. Watermelon (MLN)
30. Waves (WAVES)
31. Zcash (ZEC)

Kraken is actively increasing the number of digital assets that are available for trading. To check the cryptocurrencies Kraken currently supports together with their fiat trading pairs, click here.

How much does Kraken charge?

There are numerous charges you should be aware of such as buying and selling fees, setup charges as well as deposit on withdrawal fees.

Kraken buying and selling fees

Kraken operates a maker/take fee structure whereby the exchange charges a percentage of each trade you make (to buy) and take (to sell), with charges varying according to the volumes and the types of digital assets that you trade.

The exchange generates income through the spread, which si the difference Kraken charges makers (buyers) and takers (sellers).

The standard charge for the maker (buyer) is 0.16% and 0.26% for the taker (seller) for transactions worth between $0 – $50,000 and executed over a running 30-day period. If you trade more, the fees become progressively cheaper:

Trading Fees (30-day volume)Maker FeeTaker Fee
$0-$50,0000.16%0.26%
$50,001-$100,0000.14%0.24%
$100,001-$250,0000.12%0.22%
$250,001-$500,0000.10%0.20%
$500,001-$1,000,0000.08%0..18%
$1,000,001-$2,500,0000.06%0.16%
$2,500,001-$5,000,0000.04%0.14%
$5,000,001-$10,000,0000.02%0.12%
$10,000,000+0.00%0.10%

In essence, the fee schedule is purposely built to encourage traders to engage with the market and to drive maximum liquidity on the exchange.

Separate fees are available for stablecoin trades, dark pool trades, and margin trading. Margin charges range from 0.01% to 0.02% as an opening fee, with a rollover fee of 0.01% to 0.02% charged every 4 hours.

To know the precise maker/taker fees for the various digital assets, simply click here. On this page, you will also find Kraken’s charges for trading stablecoins, dark pools as well as the fees for margin trading.

Kraken address setup fees

It is important to note Kraken currently charges a one-time address setup fee on 10 cryptocurrencies. The setup fee is levied on first-time deposits for creating a new deposit address. Notwithstanding, there are many cryptocurrencies that do not incur any charge whatsoever.

The list below shows only the list of digital assets that carry an address setup fee:

CryptocurrenciesAddress Setup Fee
Augur0.1 REP
Basic Attention Token6 BAT
Chainlink0.6 LINK
Dai0.5 DAI
Gnosis0.07 GNO
OmiseGo0.8 OMG
PAX Gold0.0005 PAXG
Tezos0.05 XTZ
USD Coin0.5 USDC
Waltermelon0.25 MLN

A full list of the address setup fees may be found on Kraken’s website, here.

Kraken deposit methods and fees

Fiat currency deposit methods and charges

Since the crypto exchange supports fiat currencies, as mentioned earlier, it is possible to deposit fiat currencies directly to Kraken via bank or wire transfer.

The deposit fee deducted by the Kraken exchange varies according to the method of transfer and the fiat currency. For example:

Fiat CurrencyMethodCharges
Euro (EUR)SEPA (Fidor) bank transferFREE
British Pound (GBP)BACS bank transfer £1.95
US Dollar (USD)Normal Fedwire transfer$5
Canadian Dollar (CAD)Domestic wire transferFREE
Swiss Franc (CHF)Bank Frick transferCHF 0.15
Japanese Yen (JPY) SWIFT transferUS$35 charge in JPY

In addition to the above, Kraken’s supports other types of bank/wire transfers. A comprehensive list may be found here.

Does Kraken accept cash, card and Paypal deposits?

No, although Canadian residents are the exception. Kraken supports cash and debit card deposits (in-person) for Canadian Dollars (CAD) via their Canada Post partnership. However, for all other fiat currencies (USD, EUR, GBP, JPY), Kraken does not currently accept cash, debit cards, credit cards, PayPal, or similar services.

Crypto-to-crypto deposit charges

It is much cheaper to deposit using cryptocurrencies, as the majority do not incur any deposit fees. There are nonetheless a few exceptions were a deposit fee is applicable on crypto-to-crypto deposits. These are:

CryptocurrenciesDeposit Fees
Basic Attention Token4 BAT
Chainlink0.6 LINK
Cosmos0.1 ATOM
Dai0.5 DAI
EtherSmall fee to move into Kraken's wallet
Ether ClassicSmall fee to move into Kraken's wallet
ICON0.02 ICX
Lisk0.1 LSK
OmiseGo0.7 OMG
PAX Gold0.001 PAXG + 0.02% to Paxos
Tezos0.05 XTZ
USD Coin0.5 USDC
WAVES0.003 WAVES

Kraken may change the fees from time to time. To check these fees, visit Kraken’s website, here.

Kraken minimum deposit requirements

Fiat minimum deposits

It is possible to transfer fiat currency to Kraken exchange via bank transfer, and the minimum amounts that may currently be transferred are as follows:

Fiat CurrencyMethodMinimum Deposit
Euro (EUR)SEPA (Fidor) bank transfer€1
British Pound (GBP)BACS bank transfer £100
US Dollar (USD)Normal Fedwire transferUS$20
Canadian Dollar (CAD)Domestic wire transferCAD $125
Swiss Franc (CHF)Bank Frick transferCHF 100
Japanese Yen (JPY) SWIFT transferJPY 15,000

In addition to the above, Kraken’s supports other types of bank/wire transfers, and depending on the method chosen, different minimum deposit for fiat currency would apply. A comprehensive list may be found here.

Crypto-to-crypto minimum deposits

Be aware that for each crypto deposit, Kraken imposes a minimum requirement. This means that if you are depositing via crypto, and you deposit less than the required minimum, the funds will not be credited to your account!

In the greater scheme of things, the minimum deposit requirement for crypto is fairly low, although it does vary according to the type of cryptocurrency. For example, the minimum deposit for Bitcoin (XBT) is 0.0001 whilst for Ether is it 0.05 ETH.

CryptocurrenciesDeposit Minimum
Augur0.1 REP
Basic Attention Token10 BAT
Bitcoin0.0001 XBT
Bitcoin Cash0.0001 BCH
Cardano1 ADA
Chainlink1.5 LINK
Cosmos1 ATOM
DASH0.0001 DASH
Dai1 DAI
DogecoinNONE
EOS0.01 EOS
Ether0.05 ETH
Ether Classic0.2 ETC
Gnosis0.1 GNO
ICON0.03 ICX
Lisk1 LSK
Litecoin0.0001 LTC
Monero0.00001 XMR
Nano0.1 NANO
OmiseGo1.5 OMG
PAX Gold0.01 PAXG
Qtum0.005 QTUM
Ripple0.00001 XRP
Siacoin2 SC
Stellar Lumens0.00001 XLM
Tether USD1 USDT
Tezos0.2 XTZ
USD Coin1 USDC
Watermelon0.1 MLN
WAVES0.01 WAVES
Zcash0.0001 ZEC

From time to time Kraken may change the minimum deposits. A full list is available here.

Kraken withdrawal methods and fees

Fiat currency withdrawal charges

The withdrawal fee deducted by the Kraken exchange depends on the method of payment and the fiat currency:

Fiat CurrencyMethodWithdrawal Charge
Euro (EUR)SEPA (Fidor) bank transfer€0.09
British Pound (GBP)BACS bank transfer £1.95
US Dollar (USD)Normal Fedwire transfer$5
Canadian Dollar (CAD)EFT0.25%
Swiss Franc (CHF)Bank Frick transferCHF 1
Japanese Yen (JPY) SWIFT transferUS$35 charge in JPY

Further to the above, Kraken’s supports other types of bank withdrawl methods, and depending on the method chosen, different minimum withdrawal fees will apply. You may check Kraken’s fiat withdrawal fees together with the processing times, here.

Crypto-to-crypto withdrawal charges

It is much cheaper to withdraw using cryptocurrencies. The following table provides a breakdown of the crypto withdrawal fees that are charged by Kraken:

CryptocurrenciesWithdrawal Charge
Augur0.01 REP
Basic Attention Token4 BAT
Bitcoin0.0005 XBT
Bitcoin Cash0.0001 BCH
Cardano0.6 ADA
Chainlink0.6 LINK
Cosmos0.1 ATOM
DASH (normal send)0.005 DASH
DASH (instant send)0.01 DASH
Dai0.5 DAI
Dogecoin2 XDG
EOS0.05 EOS
Ether0.005 ETH
Ether Classic0.005 ETC
Gnosis0.005 GNO
ICON0.02 ICX
Lisk0.3 LSK
Litecoin0.001 LTC
Monero0.0001 XMR
Nano0.05 NANO
OmiseGo0.7 OMG
PAX Gold0.0025 PAXG + 0.02% to Paxos
Qtum0.01 QTUM
Ripple0.02 XRP
Siacoin1 SC
Stellar Lumens0.00002 XLM
Tether USD5 USDT
Tezos0.2 XTZ
USD Coin0.5 USDC
Watermelon0.003 MLN
WAVES0.02 WAVES
Zcash0.0001 ZEC

Kraken’s crypto withdrawal charges may be checked here.

Kraken minimum withdrawal requirements

Fiat minimum withdrawals

If you want to withdraw fiat currency from your Kraken account you may only do so via bank and wire transfer, and the minimum amount that may be withdrawn is as follows:

Fiat CurrencyMethodMinimum Withdrawal
Euro (EUR)SEPA (Fidor) bank transfer€5
British Pound (GBP)BACS bank transfer £100
US Dollar (USD)Normal Fedwire transferUS$20
Canadian Dollar (CAD)EFTCAD $50
Swiss Franc (CHF)Bank Frick transferCHF 100
Japanese Yen (JPY) SWIFT transferJPY 15,000

The minimum amounts that can be withdrawn will vary according to the methods used. You may check Kraken’s comprehensive list of fiat minimum withdrawals here together with the processing times.

Meanwhile, withdrawal limits (the max you may withdraw) depend on the type of verification you have eg. ‘Starter‘, ‘Intermediate‘ or ‘Pro‘. These withdrawal limits may be checked here.

Crypto-to-crypto minimum withdrawals

Again, in most cases, it is more efficient to withdraw using cryptocurrencies. The following table provides a breakdown of the minimum withdrawal requirements:

CryptocurrenciesMinimum Withdrawal
Augur0.05 REP
Basic Attention Token10 BAT
Bitcoin0.005 XBT
Bitcoin Cash0.001 BCH
Cardano1 ADA
Chainlink1.4 LINK
Cosmos1 ATOM
DASH (normal send)0.01 DASH
DASH (instant send)0.05 DASH
Dai1 DAI
Dogecoin50 XDG
EOS0.5 EOS
Ether0.01 ETH
Ether Classic0.01 ETC
Gnosis0.01 GNO
ICON0.03 ICX
Lisk1 LSK
Litecoin0.01 LTC
Monero0.01 XMR
Nano0.1 NANO
OmiseGo1 OMG
PAX Gold0.005 PAXG
Qtum0.01 QTUM
Ripple25 XRP
Siacoin2 SC
Stellar Lumens25 XLM
Tether USD10 USDT
Tezos0.1 XTZ
USD Coin1 USDC
Watermelon0.1 MLN
WAVES0.1 WAVES
Zcash0.0005 ZEC

Kraken may change the minimum withdrawal requirements for crypto from time to time. You may check the minimum withdrawal requirements on Kraken’s website, here.

It is important to note that withdrawal limits (the max you may withdraw) depend on the type of verification you have eg. ‘Starter‘, ‘Intermediate‘ or ‘Pro‘. These withdrawal limits may be checked here.

Is Kraken safe to use?

Kraken is one of the oldest standing crypto exchanges that has withstood the test of time and has never been hacked since inception.

Kraken operates in a highly transparent manner releasing compliance reports and proof-of-reserve audits for users and the public to read. As a matter of fact, Kraken was also one of the first crypto exchanges to prove that it is keeping all its customers’ money is safe by administering a proof-of-reserves audit, a formal test to prove that all their money is where it should be.

Since inception, the security standing of Kraken was only challenged once, in 2016, after various claims surfaced concerning users’ personal accounts becoming compromised. Kraken had issued a petition to the FBI’s Cyber Crimes Division and after a month into the investigation, the exchange affirmed it was never compromised. Kraken had declared that users had lost their funds owing to man-in-the-middle actors and urged users to enable security features, such as two-factor authentication and the Global Settings Lock, which we will discuss further below, to restrict unfamiliar IP access.

Kraken asserts that clients are solely responsible for ensuring proper security features are enabled on their own accounts to prevent being personally compromised and strongly recommends that all clients take advantage of their exceptional security features.

Kraken has never been hacked, so how do its security features stack up with other crypto exchanges?

1. Two-Factor Authentication (2FA)

Like many other respectable crypto exchanges that we have reviewed so far, Kraken also has a two-factor authentication system, although unlike other exchanges, where 2FA is optional, with Kraken it is mandatory.

2FA allows you to generate two security codes before accessing the platform and can be configured using the Authenticator App. If you need help setting up the Authenticator App for 2FA, click here.

2. Global Settings Lock (GSL)

The crypto exchange also have a ‘Global Settings Lock‘, which lets you set a lock on your account, which in turn must be unlocked before being able to perform any changes. This lock can only be opened after a pre-set day limit. So, if someone had to hack your account, they would not be able to immediately steal coins because they would first have to wait a certain number of pre-set days to pass, by which time you would be able to detect the issue and contact the Kraken customer support to recover their account.

Kraken explains the Global Settings Lock (GSL), when enabled, acts as the last line of defence if your login password and login 2FA are compromised.

The Global Settings Lock can be enabled on the Settings tab of the Kraken account, along with an option to set the waiting period for the unlock process. In addition to the Global Settings Lock, Kraken recommends to all of its users to create a strong password made up of characters which are difficult for potential hackers to crack.

To learn more about Kraken’s Global Settings Lock, click here.

3. Master Key setup and PGP/GPG encryption

Kraken also offers you the possibility to set up a Master Key, which is a security feature that prevents a password reset if your email account is compromised.

Setting up a Master Key is really simple. You may set one up by logging into your Kraken account and clicking on the Security tab, and then selecting the “On/Off” dial under “Master Key”.

For added security, the crypto exchange also offers PGP (Pretty Good Privacy) and GPG (Gnu Privacy Guard) public-key encryption, which has become the most popular standard for email encryption and signatures so that the receiver can verify both the identity of the sender and the integrity of the content.

PGP uses a private key that you must keep secret and a public-key that sender and receiver must share. 

4. Kraken stores user funds offline

On its website, Kraken claims that it places 95% of all deposits offline in air-gapped and geographically distributed cold storage.

5. Platform, information security and penetration testing

Kraken explains that sensitive account information at both the system and data level is encrypted whilst access is strictly controlled and monitored. The crypto exchange claims that servers reside in secure cages under 24/7 surveillance and code deployment are strictly controlled and that nothing ships without intensive review.

Additionally, Kraken runs a bug bounty program to leverage the expertise of the broader security research community.

6. But No FDIC insurance or SAFU!

At the time of writing this review, we noted that Kraken did not have any insurances in case of hacking and customer funds were compromised.

We note that other exchanges such as Binance and Coinbase have FDIC insurance. Furthermore, Binance has also set up a Secured Asset Fund for Users (referred to as a ‘SAFU’) so in case it is hacked, it would have funds in reserve to be able to compensate customers.

On its website, Kraken explains: “Cryptocurrency exchanges do not qualify for deposit insurance programs because exchanges are not savings institutions. Exchanges are not even meant to be cryptocurrency wallets.”

Kraken platform and tools

Kraken offers trading platforms for web, mobile, Windows, and Mac. There is also an app for both iOS and Android although it is not everyone’s cup of tea as users have identified several bugs on its mobile platform, although over time the app user experience is improving (and really and truly it boils down to individual tastes).  

The overall trading interface is divided into three different sections: ‘Simple‘, ‘Intermediate‘ and ‘Advanced‘.

As you may have figured out, these different sections provide a diverse (and complex) set of trading parameters, making Kraken suitable for traders with varying levels of experience.

In terms of platform features we highlight the following:

Staking services

In early December 2019, Kraken joined the likes of Coinbase and Binance in offering staking services, allowing users to stake Tezos in return for a fixed annual yield of 6%. Kraken’s announcement may be viewed here.

Margin trading and OTC services

Kraken offers without a doubt a top-notch platform for traders that includes spot and margin trading for more experienced users. Kraken’s interface offers plenty of services, but it perhaps is not the most beginner-friendly platform —something that is worth considering if you’re new to cryptocurrency.

For advanced traders ( who trade over $100K) Kraken offers Over The Counter (OTC) services may be assigned an account manager to take care of all their trading needs and requirements.

Institutional investor services

Kraken has moved into the institutional space offering services that are targetted to investment banks and hedge funds.

The exchange operates a dark pool, which is a private exchange allowing institutional investors the possibility to trade amongst each other without having trades publicised to the main exchange. Kraken also added cryptocurrency futures trading in February 2019.

Kraken Customer Support

Kraken’s website features an extensive support guide, covering everything you need. You will even find very useful step-by-step video guides!

If you do need to speak to someone, you may chat to a live customer service representative via the site’s built-in chat. We found the online chat service to be very fast and efficient although we have found many mixed reviews on the web.

Countries supported by Kraken

Kraken is mostly available worldwide, barring the following countries:

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

Kraken accepts U.S. users although residents of Washington state and New York are currently barred from using the service.

How to buy Bitcoin on Kraken?

If you want to buy Bitcoin or altcoins, the first thing you need to do is register with Kraken (although you need to be at least 18 years of age and as explained in the previous section reside in a country that Kraken supports.)

Open an account

1. Opening an account on Kraken is very simple. To do this, go to the Kraken homepage and click on ‘Create Account(top right-hand side of the screen). Then you will be directed to the account registration page where you will have to enter your email, create a username and complex password that hackers hopefully won’t be able to crack. See Kraken’s password guidelines.

You may want to write your password on paper (in case you forget it) and store your password somewhere safe. Once you have done this you will need to select your country of residence and click “Create Account‘.

2. At this point, you should expect to receive an email from Kraken with an activation code. Input this code, your username, and your password and click ‘Active Account‘. You now have a registered Kraken account!

Get Verified

In the past, Kraken had different tiers (or levels) of verification (0-5). However, Kraken has simplified the verification process and now classifies users into three groups – ‘Starter‘, ‘Intermediate‘, and ‘Pro‘. These new verification systems are thoroughly explained on the website of Kraken, here.

The ‘Starter‘ level doesn’t require much proof. As a matter of fact, you do not even need to provide Kraken with an ID and proof of address to open a “Starter” account although the functionality would be much more limited and restricted at this level. The full verification requirements, at every stage or level, may be viewed here.

Setup Security

On your account screen, go to ‘Security’ then select ‘ Two Factor Authentication’ and then ‘Setup’. You may use Google Authenticator or Yubikey to create a second password. If you need help setting up the Authenticator App for 2FA, click here.

Get Trading

On your account screen simply go to ‘Funding’  and make a deposit. As mentioned above, you can fund your account with fiat currency via bank transfer or by transferring crypto you may have from third party crypto wallet or exchange. Now all you have to do is choose which cryptocurrencies you want to start trading with. Click on the ‘Trade’ tab followed by ‘New Order’. You will then be presented with three options for trading: Simple, ‘Intermediate‘ and Advanced.

As a newbie, we recommend you select ‘Simple. Kraken offers many different options for trading and it can get very complex. Once you become more familiar with the platform you can explore other options.

The next thing you need to do is choose the cryptocurrency you want to buy and how you’re going to buy it (i.e. using a limit or market order). Market orders are filled quickly but they are risky as the market can move against you. On the other hand, a limit order allows you to buy a cryptocurrency at a set price or better. For obvious reasons, we recommend you get used to limit orders.

Practice security

Never store your cryptocurrency for long periods of time on any exchange – not even Kraken. We recommend you store your crypto offline in cold storage. To do this, you need to look into hardware wallets such as Ledger and Trezor.

Our Verdict on Kraken

Kraken is a big platform with many useful features and top-notch trading tools, although the plethora of functions that you will need to become familiar with may come across as intimidating and confusing for beginners. This exchange is great if you’re an expert trader nonetheless.

Whilst Kraken may not be the most beginner-friendly crypto exchange, we believe newbies should not be disheartened and consider giving Kraken a try – after all, with patience and determination these issues can be overcome.

Kraken’s dedication to being the safest crypto exchange as well as its undisputed track record is another reason for considering Kraken – and when you consider the fees – it’s actually a really decently priced exchange.

Still have Questions? Or want to share your feedback on Kraken?

Let a CoinMarketExpert know

Scroll down to the ‘Leave a reply‘ section of the website and submit any questions or feedback you may have to us.

We will do our best to promptly answer any questions you may have about the exchange and to point you in the right direction.

2 thoughts on “Kraken Review

  1. ATTENTION TO KRAKEN USERS EXPERIENCING DEPOSIT ISSUES

    I am disappointed in Kraken’s support and transparency in resolving their funding issues.
    Mid-December 2019 I experienced failed ACH deposit attempts.
    I contacted customer support and their standard answer was (we are working with our funding partner to resolve the problem).
    Out of frustration in the time it was taking to resolve I contacted their funding partner Evolve Bank & Trust and was told the issue was Kraken had closed the account.
    Kraken strung me along until I receive their 1/14/2020 email stating the account issue would not be corrected (see below email).
    Kraken’s resolution was to use their Signature Bank method with a $50K minimum or ETANA Custody, neither of which I am interested in using.

    I have learned a valuable lesson in not putting all of your eggs in the same basket. I have since moved on to use Bittrex and Coinbase to transfer fiat and invest in crypto currencies.
    With nearly a month of delays and misleading information from Kraken support I missed out on investing at record low prices.

    Ultimately after numerous emails I receive the below reply from Kraken support.

    Chanwick (Kraken Support)
    Jan 14, 12:09 PST
    Hi Michael,

    Max reached out and provided an alternative on the 30th but it seems to be out of scope for you. May I recommend another funding partner we have? Here is the support article about their services: https://support.kraken.com/hc/en-us/articles/360023756252-Etana-Custody-Funding

    There was a loss in information with our wire processors on how these cases should be handled which caused the erranious ETA and they now know not to re-issue accounts as they don’t sync up with our system and the funds will likely have issues since there won’t be a direct link to your account.
    Regards,Chanwick

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