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Kraken Review: Best for Advanced Traders?
Swen Keller
- URL: https://www.kraken.com/
- Headquarter: San Francisco, CA
- Year Founded: 2011
- Platform App: Desktop, Mobile
- No. of Cryptos: 185+
- Fiats Available: GBP, CAD, EUR, JPY, AUD, CHF, USD
- Withdraw Method: Bank Transfer/Crypto
- Payment Method: Debit or credit card, Google Pay, Apple Pay
Kraken Review: Our Opinion
The Kraken crypto exchange is best for advanced investors as the trading platform offers products like margin trading, futures trading, and low trading fees. Newbie crypto investors will find the Kraken crypto exchange complex to navigate and use but will however find its instant buy and sell options useful.
An Overview of Kraken
The Kraken crypto exchange was launched in 2011 and is headquartered in San Francisco, California, the United States. The crypto exchange hosts over 9 million crypto investors across more than 100 nations.
Our findings show that Kraken as a trading platform primarily targets advanced investors as its flagship products are margin trading, futures trading, and a custodial NFT marketplace.
Through the Kraken Pro platform, users can gain access to these advanced features and low trading fees. The regular Kraken platform is targeted at intermediate users who want to instantly buy and sell over 185 crypto assets including Ethereum, Polygon, Polkadot, Solana, Litecoin, and Bitcoin.
Kraken is also one of the first crypto exchanges to have carried out a Proof of Reserves audit and it currently undergoes the same consistently.
Pros
- It offers advanced trading features like futures trading and margin trading
- Large cryptocurrency selection
- It supports 7 fiat currencies
- Traders can enjoy low trading fees on Kraken Pro
- It has one of the largest education resource platforms in the crypto space
Cons
- Not suitable for new crypto investors
- Limited withdrawal methods available
Key Features of Kraken
Kraken Pro
This is Kraken’s advanced trading platform which gives experienced traders access to advanced trading features such as margin trading, staking, and spot trading.
Kraken offers lower trading fees on the Kraken Pro platform than the regular Kraken website. Pro users also enjoy high APY (up to 21%) on staked crypto assets. Staking rewards are paid out twice a week.
Kraken Pro has a dedicated mobile app, this app is different from the regular Kraken app and offers a lot more features and benefits. Users can customize Kraken Pro by choosing their preferred trading modules from Kraken’s vast selection of trading modules.
They can also access live market feeds, live order books, access technical indicators, browse markets by category, and compare up to 4 markets at once.
In addition to the advanced trading features, Pro users also have access to advanced order types such as IOC, trigger options, stop loss, and take profit.
Kraken users can switch between the regular Kraken website and Kraken Pro whenever they wish to. No upgrade is required, all that is needed is to create a new account or sign in to the Pro account.
Kraken Mobile App
The Kraken mobile app gives users easy access to all of Kraken’s features on their mobile devices. Its intuitive interface makes the app suitable for both beginners and advanced users.
With the app, Kraken users can easily buy and sell their preferred cryptocurrency on the go. They can also know the exact price before executing a buy/sell order.
The app has a feature that allows users to preset amounts, which enables them to create orders in a single tap. It also has a simple form for custom orders.
The Kraken mobile app displays the user’s investment allocation and total balance. Users can review the transaction history for each investment, the value of each investment, and its percentage of the user’s portfolio.
The asset overview page of the mobile app features details such as price, charts, volume, and other relevant details. The user can easily switch between 5 different chart time frames.
Users can create a watch custom list to watch their preferred asset. Once this list is created, the user will be able to buy their preferred crypto straight from the list.
There is also a leaderboard that displays the largest market cap, top losing, top gaining, and most traded.
The mobile app is secured with several security features such as password and biometrics login.
Users can prevent their balances from being displayed on the device by hiding the balance. They can also easily review a list of devices that have accessed their accounts.
If a user misplaces their mobile device, they can revoke the device’s access to their Kraken account.
Cryptocurrencies Available on Kraken
Kraken supports over 185 cryptocurrencies.
Supported crypto assets on the cryptocurrency exchange include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Monero, Tron, Tezos, Polkadot, Polygon, Dogecoin, XRP, Cardano, The Graph, Dai, etc.
Can You Buy and Sell NFTs on Kraken?
Beyond margin trading, futures trading, and advanced trading charts, Kraken supports an NFT marketplace that supports over 110 top trade volume NFT collections.
Popular NFT collections on Kraken NFT include Crypto Punks, Azuki, The Potatoz, Bored Ape Yatch Club, and Mutant Ape Yatch Club.
The Kraken NFT marketplace stands out for its zero blockchain network fees, ample methods for funding your NFT Kraken account with fiat currencies, rarity ranking filter, and over 200 digital assets supported as payment methods for buying NFTs.
Kraken Review: Fees
Kraken offers a basic trading platform for simple buy/sell crypto transactions and an advanced trading platform called Kraken Pro for expert transactions.
On the basic Kraken platform, the cryptocurrency exchange charges dynamic fees which are dependent on several variables such as market conditions, cryptocurrencies involved in the transaction, the size of the transaction, payment methods used to fund the trade, and market conditions.
This means that you’ll be unable to know what Kraken will charge for a buy/sell offer till you create a transaction.
The Kraken Pro trading platform, on the other hand, offers low fees using a different method. However, its fee schedule is complex and will confuse beginners.
Kraken Pro Fees
Kraken Pro charges users via a tiered system that uses a taker and maker fee model based on the user’s previous 30-day trading volume. Here are the fees for the various products offered:
Spot Crypto Trading
30-Day Volume: $0 – $50,000
- Maker: 0.16%
- Taker: 0.26%
30-Day Trade Volume: $50,001 – $100,000
- Maker: 0.14%
- Taker: 0.24%
30-Day Trade Volume: $100,001 – $250,000
- Maker: 0.12%
- Taker: 0.22%
30-Day Trade Volume: $250,001 – $500,000
- Maker: 0.10%
- Taker: 0.20%
30-Day Trade Volume: $500,001 – $1,000,000
- Maker: 0.08%
- Taker: 0.18%
30-Day Trade Volume: $1,000,001 – $2,500,000
- Maker: 0.06%
- Taker: 0.16%
30-Day Trade Volume: $2,500,001 – $5,000,000
- Maker: 0.04%
- Taker: 0.14%
30-Day Trade Volume: $5,000,001 – $10,000,000
- Maker 0.02%
- Taker: 0.12%
30-Day Trade Volume: $10,000,000+
- Maker: 0.00%
- Taker: 0.10%
Kraken Exchange Margin Trading Fees
Kraken charges its margin trading fees as costs incurred at the opening and closing of margin positions.
AAVE (Aave)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
ADA (Cardano)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
ALGO (Algorand)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
ATOM (Cosmos)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
AVAX (Avalanche)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
BAT (Basic Attention Token)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
BCH (Bitcoin Cash)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
BTC (Bitcoin)
- Opening fee: 0.01%
- Rollover cost: 0.01% per 4 hours
CAD (Canadian Dollar)
- Opening fee: 0.015%
- Rollover cost: 0.015% per 4 hours
COMP (Compound)
- Opening fee: 0.020%
- Rollover cost: 0.02% per 4 hours
DAI (Dai)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
DASH (Dash)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
DOGE (Dogecoin)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
DOT (Polkadot)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
EOS (EOSIO)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
ETC (Ethereum Classic)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
ETH (Ethereum)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
EUR (EURO)
- Opening fee: 0.015%
- Rollover cost: 0.015% per 4 hours
FIL (Filecoin)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
FLOW (Flow)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
GBP (British Pound)
- Opening fee: 0.015%
- Rollover cost: 0.015% per 4 hours
KAVA (KAVA)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
KEEP (Keep Network)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
KSM (Kusama)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
LINK (Chainlink)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
LRC (Loopring)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
LTC (Litecoin)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
LUNA (Terra)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
MANA (Decentraland)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
MATIC (Polygon)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
OMG (OmiseGO)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
PAXG (Pax Gold)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
SAND (Sandbox)
- Opening fee: 0.02%
- Rollover cost: 0.02% per 4 hours
Kraken Pro Futures Trading Fees
As with most crypto exchanges, futures trading on Kraken is charged using a 30-trading volume-tiered taker and maker fee system.
30-day Trade Volume: $0 – $100,000
- Maker: 0.0200%
- Taker: 0.0500%
30-day Trade Volume: $100,001 – $1,000,000
- Maker: 0.0150%
- Taker: 0.0400%
30-day Trade Volume: $1,000,001 – $5,000,000
- Maker: 0.0125%
- Taker: 0.0300%
30-day Trade Volume: $5,000,001 – $10,000,000
- Maker: 0.0100%
- Taker: 0.0250%
30-day Trade Volume: $10,000,001 – $20,000,000
- Maker: 0.0075%
- Taker: 0.0200%
30-day Trade Volume: $20,000,001 – $50,000,000
- Maker: 0.0050%
- Taker: 0.0150%
30-day Trade Volume: $50,000,001 – $100,000,000
- Maker: 0.0025%
- Taker: 0.0125%
30-day Trade Volume: $100,000,001
- Maker: +0.0000%
- Taker: 0.0100%
Kraken Review: Payment Methods
To fund your Kraken account with fiat currencies, the platform supports the following deposit methods: Debit or credit card, Google Pay, and Apple Pay.
Kraken supports bank account transfers for withdrawals.
Kraken Security
The Kraken cryptocurrency exchange is a secure crypto exchange that holds an ISO/IEC 27001:2013 certification.
Just like most cryptocurrency exchanges, it uses a combination of both hot and cold storage wallets.
The cryptocurrency exchange conducts regular Proof of Reserves audits by an external auditor. This is aimed at ensuring transparency in the assets held within the exchange.
Our research indicates that Kraken has several security features in place such as two-factor authentication using Yubikey and Google Authenticator, email confirmation for withdrawals with self-serve account lock, configurable account timeout, Global setting time lock, and customizable granular API key permissions.
There is no SMS or phone account recovery.
Kraken Review: Staking Rewards
Like most large crypto exchanges, Kraken offers staking on over 17 cryptocurrencies including Tron, Algorand, The Graph, Tezos, USD Coin, Bitcoin, etc.
The exchange offers up to 21% APY on staked assets.
Supported Countries
The Kraken crypto exchange is available in over 190 countries.
Supported countries include the United States, Canada, The United Kingdom, Qatar, the British Virgin Islands, Vietnam, Spain, Sweden, Australia, Congo, Bermuda, Samoa, Nicaragua, Turkiye, Cooks Islands, United Arab Emirates, Botswana, Burkina Faso, Switzerland, Yemen, Ukraine, Vatican City, Dominican Republic, El Salvador, Grenada, Costa Rica, Cayman Islands, Brazil, New Zealand, Papua New Guinea, Tonga, Solomon Islands, Chile, etc.
Opening a Kraken Account
To open an account go to https://www.kraken.com.
Click Create Account on the upper right corner of the page.
Enter your email and pick your username and password.
Read their Terms of Service and if agreeable, click Create Account.
You’ll receive an email from Kraken. Open the email and click on the activation link in the email.
Enter your password and click Activate Account.
That’s all, you’ve successfully created a Kraken profile.
Kraken Review: Trading Experience
Kraken offers a mobile and web trading platform that features a basic trading platform and the Kraken Pro. The basic platform supports instant buy/sell trades at dynamic rates while Kraken Pro supports advanced trading products like margin and futures trading, detailed charts, and trading tools.
In general, the trading experience is difficult for beginners but great for advanced traders.
Kraken Customer Support
Kraken offers 24/7 customer support via phone, email, and live chat. It also offers customer support via support tickets.
Aside from the available customer support channels, Kraken has a support library that is well-equipped with lots of educational resources.
The crypto exchange also has a Help Center that is equipped with answers to Kraken FAQs and other relevant information.
Customer Satisfaction
Kraken reviews by customers on third-party review platforms show that a lot of customers attest to the user-friendly interface of its different trading platforms.
Customers have, however, complained of poor services from the customer support team. That said, the vast selection of educational resources available on the platform makes it easy for customers to troubleshoot their problems by themselves.
Does Kraken Offer Education?
Yes, Kraken offers arguably one of the largest education resource platforms when it comes to crypto exchanges.
It covers topics that beginners, intermediate users, and advanced traders will find helpful.
Is Kraken Right for You?
Kraken is right for advanced investors who want to trade products like margins or futures. Beginners require a steep learning curve.
Final Thoughts
Kraken is one of the largest crypto exchanges that support multiple fiat currencies, digital currencies, and a variety of blockchain products.
However, it is targeted at advanced users as beginners will feel intimidated by the platform and all its offerings.
FAQ
Most frequent questions and answers
Kraken is not suitable for beginners. Advanced users will benefit better from the platform.
If you’re looking at ease of use, then no, Coinbase is better. But if you’re looking at their products and services Kraken offers more products. So depending on whether you’re a beginner or an advanced investor in the crypto space one will appeal to you.
Yes, you can lose money on Kraken, as cryptocurrency investments are just like any other type, except more volatile. This means that in bad market conditions, your entire crypto savings can be wiped out. So before making any investment on Kraken or any other digital exchange ensure that you know the ins and out of the particular cryptocurrency and the blockchain space as a whole. That said, Kraken offers educational resources to help you understand each cryptocurrency before investing.
Yes, you can leave crypto on Kraken, however, it is much safer to store your digital assets in hardware devices like Trezor as these are less prone to hacking attacks.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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