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Kraken review UK 2023: Fees, Features and Security
Luis Clark
- URL: https://www.kraken.com
- Headquarter: 237, Kearny Street, San Francisco
- Year Founded: 2011
- Platform App: Web/Mobile
- No. of Cryptos: 185+
- Fiats Available: CAD, EUR, GBP, JPY, AUD, CHF, USD
- Withdraw Method: FPS, CHAPS
- Payment Method: Debit or credit card, Google Pay, Apple Pay
Kraken review UK: Our Opinion
Kraken is a crypto exchange that’s suitable for both beginners and experienced traders. Advanced crypto traders will appreciate the crypto exchange due to its advanced trading products like margin trading, futures trading, and the Pro Kraken platform that offers low trading fees. Newbies will find Kraken useful for making instant purchases. However, beyond the instant buys or sells, beginner Kraken traders may find the platform difficult to navigate.
An Overview of Kraken UK
Founded in 2011, the Kraken crypto exchange is headquartered in San Francisco, California, United States. The crypto exchange supports more than 9 million individual Kraken traders and institutions across several nations in the world including the United Kingdom. The Kraken platform was one of the first cryptocurrency exchanges to have conducted a Proof of Reserves audit. Since then the platform undergoes Proof of Reserves continuously.
Kraken is also one of the few cryptocurrency exchanges that target both beginner and experienced traders. With a Kraken profile, users can gain access to instant crypto buys, margin trading, futures trading, and competitive trading fees when compared with other crypto platforms. Users can also enjoy staking features and over 185 cryptocurrencies to trade including Bitcoin, Ethereum, Polygon, Solana, Litecoin, Polkadot, etc.
In 2022, Kraken launched a custodial NFT marketplace that supports hundreds of collections.
Pros
- It is suitable for both beginners and advanced crypto traders
- Large selection of cryptocurrencies
- It supports 7 fiat currencies including GBP and EUR
- It supports 3 payment methods for fiat currency deposits
- It offers up to 21% on staked crypto assets
- It has an NFT marketplace
Cons
- The fee schedule is not clearly stated
- Poor customer support
Key Features of Kraken UK
Kraken Pro
Kraken Pro is Kraken’s advanced trading platform for experienced traders. It gives users access to advanced features like spot trading, margin trading, and staking. They also have access to Live market feeds and a dedicated Kraken Pro mobile app.
Kraken Pro is highly customizable and users can choose as many trading modules as they wish from Kraken’s comprehensive list of modules. Users can also browse markets by category, including newly listed, top gainers and losers, and top traded. They can also access technical indicators and compare up to 4 markets at once.
The Kraken Pro mobile app also allows users to monitor market movements with streaming trades and live order books. They can also access advanced order types including stop loss, IOC, take profit, and trigger options.
Kraken Pro users can also earn up to 21% APY on staked cryptocurrencies. Supported cryptocurrencies include Bitcoin, USD Coin, Polygon, Solana, Bitcoin Cash, Avalanche, Ethereum, Shiba Inu, Polkadot, Chainlink, etc. Staking rewards are paid twice a week.
Kraken Pro is available to users above 18, living in supported regions. Kraken charges the same fees for the Kraken Pro. There are also no hidden spreads.
Customers using the regular Kraken platform can switch to Pro by signing in to trade or creating a new account. No upgrade is required to access Kraken Pro.
Kraken OTC
Kraken offers over-the-counter trading services to high-net-worth individuals and crypto investors who wish to trade crypto in large volumes. With Kraken OTC, crypto investors can execute trades off the open Kraken platform.
The OTC desk gives traders access to private and personalized services as well as deeper liquidity for tighter spreads. This enables them to trade crypto at the best possible price and maximize profit.
Kraken offers one on one dedicated service to each client via phone, chat, and email.
Kraken has a Request-For-Quotes system which allows users to request live quotes and execute automated trades. All trades on the OTC desk are settled within 24 hours using the Kraken account, bank account, or any external wallet of the user’s choice.
Kraken clients can trade crypto on the OTC desk via chat trading or Auto RFQ.
Auto RFQ supports up to 20 assets, while chat trading supports the trading of all crypto asset pairs listed on the Kraken exchange. It is important to note that Kraken does not custody assets on behalf of trading counterparties.
Kraken does not charge any fees for OTC trades. The bid and offer prices displayed are all-inclusive.
To get started with the OTC desk, you need to be verified with a Pro-level Kraken exchange account. However, eligibility for the OTC trading desk is subject to AML/KYC and other requirements.
NFT Marketplace
Kraken released its NFT marketplace to the public in December 2022. All collections featured in the NFT marketplace are filtered to ensure that users are not exposed to spam or fake collections.
The Kraken NFT marketplace features NFTs from different blockchains including Ethereum and Solana. Users can also buy NFTs in the marketplace using any of the supported fiat currencies or cryptocurrencies. Users are not restricted to purchasing NFTs with the fiat currencies chosen by the seller when listing the NFT.
Kraken investors can track the rarity rankings of each NFT listed on the marketplace. The rarity ranking is important because they determine the value of the NFT. The more scarce the combination of traits of an NFT, the more desirable and expensive the NFT will be. With the rarity ranking, Kraken users can evaluate an NFT against other NFTs in the collection.
The NFT marketplace is integrated with the Kraken platform. This gives NFT traders access to all of Kraken’s features including the Kraken Mobile app, and other crypto products.
Kraken does not charge users gas fees for the transfer of NFTs to and from the platform.
Kraken Review: Cryptocurrencies Available
Kraken supports over 185 cryptocurrencies. Supported assets include Bitcoin, Dogecoin, Ethereum, Bitcoin Cash, The Graph, Stellar Lumens, Chainlink, Tron, Litecoin, Ethereum Classic, Cosmos, Dai, Tezos, Aave, XRP, Polygon, Polkadot, etc.
Kraken Review: Can You Buy and Sell NFTs on Kraken?
Kraken, one of the world’s largest crypto exchanges now offers an NFT platform that allows users to access a curated offering of more than 110 leading trading volume NFT collections in the NFT market. Some important features of the NFT Kraken account include zero blockchain network fees, rarity ranking, 8 fiat funding options, and 200 cryptocurrencies supported as payment methods. Some of the NFT collections on the marketplace include Bored Ape Yacht Club, Crypto Punks, Mutant Ape Yacht Club, The Potatoz, Azuki, etc.
Kraken Review: Fees
Kraken fees can go as low as 0% and as high as 0.26%. That said, if you’re using the instant buy and sell crypto feature on Kraken.com or the Kraken mobile app the fee incurred on all crypto assets is dynamic. Kraken trading fees using this feature will be displayed before your transaction is submitted and differ.
The Kraken fees on instant buy and sell are dependent on various variables such as crypto assets in the transaction, market conditions, payment methods, and transaction size. That said, a letdown here is that the fee schedule does not plainly state what these fees are, you’ll only get to know when you create a transaction.
Kraken Pro Fees
The advanced Kraken platform uses a tiered based taker and maker fee system based on the user’s 30-day trade volume. Instant Buy does not count when calculating your 30-day trade volume. Here’s the fee schedule for the advanced Kraken account:
Spot Crypto Trading
30-Day Volume: $0 – $50,000
- Maker fees: 0.16%
- Taker fees: 0.26%
30-Day Trade Volume: $50,001 – $100,000
- Maker fees: 0.14%
- Taker fees: 0.24%
30-Day Trade Volume: $100,001 – $250,000
- Maker fees: 0.12%
- Taker fees: 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 fees: 0.02%
- Taker fees: 0.12%
30-Day Trade Volume: $10,000,000+
- Maker fees: 0.00%
- Taker fees: 0.10%
Kraken Platform Margin Fees
Kraken fees for margin trading are added to the fees incurred at the point of opening and closing margin positions.
AAVE (Aave)
- Opening fee: 0.02%
- Rollover fees: 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 fee: 0.02% per 4 hours
AVAX (Avalanche)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
BAT (Basic Attention Token)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
BCH (Bitcoin Cash)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
BTC (Bitcoin)
- Opening fee: 0.01%
- Rollover fee: 0.01% per 4 hours
CAD (Canadian Dollar)
- Opening fee: 0.015%
- Rollover fee: 0.015% per 4 hours
COMP (Compound)
- Opening fee: 0.020%
- Rollover fee: 0.02% per 4 hours
DAI (Dai)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
DASH (Dash)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
DOGE (Dogecoin)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
DOT (Polkadot)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
EOS (EOSIO)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
ETC (Ethereum Classic)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
ETH (Ethereum)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
EUR (EURO)
- Opening fee: 0.015%
- Rollover fee: 0.015% per 4 hours
FIL (Filecoin)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
FLOW (Flow)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
GBP (British Pound)
- Opening fee: 0.015%
- Rollover fee: 0.015% per 4 hours
KAVA (KAVA)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
KEEP (Keep Network)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
KSM (Kusama)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
LINK (Chainlink)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
LRC (Loopring)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
LTC (Litecoin)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
LUNA (Terra)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
MANA (Decentraland)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
MATIC (Polygon)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
OMG (OmiseGO)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
PAXG (Pax Gold)
- Opening fee: 0.02%
- Rollover fee: 0.02% per 4 hours
SAND (Sandbox)
- Opening Fee: 0.02%
- Rollover fee: 0.02% per 4 hours
Kraken Pro Futures Fees
Futures trading in the platform charges your Kraken account using a 30-day trade volume system via the maker-and-taker model.
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: $100,000,00
- Maker: 0.0000%
- Taker: 0.0100%
Kraken Review: Payment Methods
Kraken UK supports 3 payment methods for fiat currency deposits: Credit or debit card, Apple Pay, and Google Pay. For withdrawal of fiat currencies, users can use their bank account to receive payments via FPS and CHAPS.
Kraken Review: Security
Kraken is a registered crypto asset business in the United Kingdom and holds an ISO/IEC 27001:2013 certification. Crypto assets held by Kraken are not protected by the Financial Services Compensation Scheme or the Financial Ombudsman Service.
Kraken conducts regular Proof of Reserves audits to ensure transparency in the assets held within the exchange and on-chain staking service. The Proof of Reserves audit is conducted by an external auditor.
Kraken also uses a combination of both cold and hot wallets for the storage of users’ funds. The Kraken crypto infrastructure is secured in cages around the clock by armed guards, video monitors, and alarm systems.
Users’ assets are protected with security features such as two-factor authentication, email confirmations for withdrawals, and configurable account timeout.
Kraken encrypts all emails and sensitive data both at rest and in transit. It protects users’ accounts from malicious attacks while browsing using SSL encryption. Kraken also uses customizable, granular API key permissions with range boundaries. It also does not offer SMS or Phone account recovery.
Users can secure their accounts with global settings time lock for extreme security when they are away. Also, users with extreme security concerns can also contact Kraken support via 24/7 email support and live chat.
Staking Rewards
Kraken offers up to 21% on crypto assets. Supported cryptocurrencies for staking include USD Coin, Bitcoin, Tron, Algorand, The Graph, Tezos, Solana, Secret, and more.
Opening a Kraken Account
- To open a Kraken account go to https://www.kraken.com
- Next, click the Create Account button on the upper right corner of your screen.
- Input your email address and choose a username and password.
- Go through their Terms of Service and Privacy Policy then tick the agree box if you are ok with it. Next, click the Create Account button.
- You’ll get an activation email holding an activation key.
- Enter the activation key on the account activation form or click the link sent to your email.
- Confirm your password and click the Activate Account button.
- That’s it. You’ve created your Kraken account.
Kraken Review: Trading Experience
Beginners can use the central Kraken trading account that simply allows users to buy crypto, trade crypto, and sell the same using their credit or debit card, Apple Pay, or Google Pay. The central platform also supports the staking of your assets.
For expert traders, the Kraken Pro account is a better fit and it works through the web browser or smartphone. It features an intimidating interface (for newbies) but for advanced traders, the interface contains valuable data like open orders, active charts, etc. It also has lower trading fees and features margin and futures products.
Kraken Review: Customer Service
The Kraken customer service is offered via email, phone, and live chat. Kraken customer support is available 24/7. Customers with complaints can also submit a ticket request to customer support.
Kraken also has a help center that is fully equipped with lots of helpful guides and information on how to use the platform.
There is also a Support library that is loaded with lots of information covering everything required to get started and make profitable crypto trades on the platform.
Customer Satisfaction
Kraken users, both beginners, and advanced traders attest to the ease of use of the platform. The major complaint customers have about the platform is the poor performance of the customer support team. There have also been complaints about individual security breaches.
Does Kraken Offer Education?
Yes, Kraken offers one of the largest education centers for crypto exchanges via Kraken Learn. The platform covers subjects on various aspects like Proof of Stake, NFT, Bitcoin, Volatility, etc.
Is Kraken Right for You?
Kraken is best for both beginner and advanced users. The platform is also great for users looking for a large selection of cryptocurrencies and staking rewards.
Final Thoughts
Kraken is one of the few crypto exchanges that cater to both beginner and expert traders. It features simple instant buys, margin and futures accounts, staking, etc. You also get access to low fees via their OTC desk and Kraken Pro. However, where it falls short is in security as the platform has a lot of users complaining of individual security breaches.
Our extensive analysis of the UK Crypto Exchanges doesn’t stop here. You can also read about our Gemini Review UK as an alternative to Kraken.
FAQ
Most frequent questions and answers
Though HMRC hasn’t mentioned Kraken as one of the crypto platforms it has contacted, Kraken probably sends tax reports to HMRC as it does to the IRS.
Kraken offers more features and cryptocurrencies than Coinbase.
Kraken has a hack-free history. Unfortunately, Binance does not have the same as there were several hacking incidents in previous years.
Yes, you can lose money on the Kraken cryptocurrency exchange as you would on any other trading platform that offers volatile assets like digital currencies. By trading on the platform, you can lose your entire deposit on the exchange when the market moves against your position.
The best exchange for cryptocurrency in the UK depends on the particular user searching for a digital asset trading platform. For example, a newbie crypto investor would be more comfortable using a beginner-friendly crypto platform like Coinbase. On the other hand, an advanced crypto investor would prefer using an advanced platform like Binance. So the right platform for any user is determined by their personal preference, exchange fees, and trading skill.
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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