Kraken Exchange Review: Features, Security, Fees & Supported Cryptos

Reviewer Verdict

Kraken is a big name in crypto trading that’s been around since 2011. It lets you trade a lot of digital coins and has some decent tools for trading. The platform’s known for being secure and easy to use. But some people complain about customer support and that not everything works everywhere.

Kraken logo

Pros and Cons

Pros:

  • Supports a lot of coins, over 200
  • Has extra features like margin trading and futures
  • Good security
  • Simple to use for new and experienced traders

Cons:

  • Not all features are available in every country
  • Customer support can be slow sometimes
  • High fees for instant buys

Trust and Safety

Kraken’s known for its security. It uses things like two-factor authentication and stores most funds offline to stop hackers. The platform hasn’t had any big hacks so it’s seen as pretty trustworthy.

Tradable Instruments

Kraken has a lot of digital coins you can trade. This includes Bitcoin, Ethereum, Litecoin, Ripple and more. You can also trade in regular money like USD EUR and GBP.

Account Types

Kraken offers a few different account types based on verification:

  • Starter: Has the basics but with limits on funding
  • Intermediate: Higher limits and more features
  • Pro: The highest limits and all features
Why Kraken

Commission and Fees

Fees depend on how you trade:

  • Instant Buy: Higher fees usually around 1.5 percent for most coins
  • Kraken Pro: Lower fees starting at 0.16 percent for makers and 0.26 percent for takers

Kraken Pro is cheaper for fees than Instant Buy.

Trading Platforms

Kraken gives you different ways to trade:

  • Web Platform: Use this in a browser, pretty simple to work with
  • Kraken Pro: Has more tools for experienced traders
  • Mobile App: For iOS and Android so you can trade on your phone

Unique Features

  • Margin Trading: Lets you trade with borrowed money up to 5x
  • Futures Trading: Only for certain coins
  • Staking: You can earn rewards by staking certain coins

Research and Education

Kraken offers some learning tools:

  • Learn Center: Has articles and guides on crypto
  • Webinars: Live sessions on trends and trading
Kraken charts

Customer Support

Support is available 24/7 by:

  • Live Chat: For quick help
  • Email Support: For other questions

Some people say it’s slow at busy times.

Account Opening

Steps to open an account:

  1. Sign up with an email and make a password
  2. Verify who you are with documents
  3. Turn on two-factor authentication for security

Deposit and Withdrawals

You can add or take out funds by:

  • Bank Transfers: Works with regular money
  • Crypto Deposits: Move coins from another wallet

Fees and processing times depend on the method and currency.

Final Thoughts

Kraken is a strong option for crypto trading with a lot of coins and good security. It’s good for beginners and pros but be aware of country limits and wait times for support.

Contact Info

FAQs

Is Kraken safe?

Yes Kraken is known for solid security to keep funds and info safe.

What coins can I trade on Kraken?

Kraken supports over 200 coins including top ones like Bitcoin and Ethereum.

Are there fees for deposits and withdrawals?

Yes, fees vary by method and currency. Check the fee schedule on Kraken.

Can I use Kraken in my country?

Kraken works in over 190 countries but some features aren’t available everywhere.

Does Kraken offer customer support?

Yes, they have 24/7 support through chat and email.