Founded: 2011
Headquarters: San Francisco, CA (registered in Wyoming)
Supported assets: 500+ cryptocurrencies
Users: 15+ million across 190+ countries
Regulated: FinCEN MSB, Wyoming SPDI charter (Kraken Financial), multiple international licenses
Not available in: Maine, New York (US)
Kraken is one of the oldest cryptocurrency exchanges still operating — launched in 2011, just two years after Bitcoin’s creation. In over a decade of operation, the exchange has built a reputation for security, regulatory engagement, and competitive pricing that has kept it among the most trusted platforms in the industry.
This review covers Kraken’s current feature set, fee structure, security practices, and who the platform serves best in 2026.
Who Is Kraken For?
Kraken is best for:
- Experienced traders who want professional tools with competitive fees
- Security-conscious investors who value transparent Proof of Reserves
- US users outside Maine and New York looking for a regulated, feature-rich alternative to Coinbase
- Long-term holders who want staking options alongside secure storage
- Users who want futures and margin trading on a regulated US platform
Kraken may not be ideal for:
- New York or Maine residents (service not available)
- Complete beginners who prefer the simplest possible experience
- Users seeking the widest possible altcoin selection
- Those who want P2P or copy trading features
Platform Structure: Three Apps, One Ecosystem
Kraken’s platform is deliberately structured across multiple interfaces:
Kraken (main app): Beginner-friendly interface for simple buying, selling, portfolio tracking, and recurring purchases. Clean and approachable, similar to a standard investment app.
Kraken Pro: Advanced trading interface with full order book, multiple chart types, technical indicators, and order types (market, limit, stop-loss, take-profit). Significantly lower fees than the standard interface. Available as mobile app and desktop.
Kraken Desktop: A dedicated desktop application extending Kraken Pro’s capabilities for heavier trading workflows, with customizable layouts and deeper market data.
The three-app structure can feel fragmented initially, but serves a clear purpose: keeping the simple experience simple while offering full professional tools to those who want them.
Fees
Standard Interface Fees
Buying or selling through the main Kraken app uses a fixed 1% trading fee, displayed clearly before confirmation. This transparency is a meaningful differentiator — NerdWallet testing confirmed fees showed up prominently at purchase rather than being buried.
Payment method fees apply additionally for certain funding options (card deposits carry higher costs than bank transfers).
Kraken Pro Fees (Spot Trading)
Kraken Pro uses a maker-taker model that becomes significantly more competitive than the standard interface:
| 30-Day Volume | Maker Fee | Taker Fee |
|---|---|---|
| $0–$10,000 | 0.25% | 0.40% |
| $10,000–$50,000 | 0.20% | 0.35% |
| $50,000–$100,000 | 0.14% | 0.24% |
| $100,000–$1M | 0.08% | 0.18% |
| $1M–$10M | 0.04% | 0.10% |
| $10M+ | 0.00% | 0.05% |
For most retail users at the 0.25%/0.40% base tier, Kraken Pro is notably cheaper than Coinbase’s comparable Advanced Trade starting rates.
Futures Fees
Kraken offers futures trading with competitive rates:
- Maker: 0.02%
- Taker: 0.05%
Staking Fees
Kraken takes a commission from staking rewards rather than charging per-transaction fees. The commission varies by asset and staking type — generally around 20–30% of earned rewards. The platform is transparent about this in its fee documentation.
Crypto Withdrawals
Withdrawal fees are asset-specific and reflect network conditions. Crypto deposits are free. Bank transfers may carry fees depending on method and region.
Supported Assets and Trading
500+ cryptocurrencies are available on Kraken, covering all major assets (Bitcoin, Ethereum, Solana, XRP, Cardano, Litecoin, Chainlink, etc.) and a broad selection of altcoins across multiple networks.
Trading pairs: Hundreds of crypto-to-crypto and crypto-to-fiat pairs. Kraken’s “Convert” feature allows easy swapping between any supported assets at the flat 1% fee.
Fiat support: USD, EUR, GBP, CAD, AUD, CHF, and others — one of the broader fiat currency selections among major exchanges.
US Stocks and ETFs: Kraken offers trading in 11,000+ US stocks and ETFs for eligible US residents (excluding Maine and New York). Zero commission, 24/5 access.
Margin trading: Up to 10x leverage on spot markets through Kraken Pro, available to eligible users.
Futures: 50x leverage available on perpetual futures contracts across 300+ assets through Kraken’s derivatives platform.
Security: Kraken’s Defining Feature
Security is the area where Kraken most clearly differentiates itself.
No Successful Hack — Ever
Since its founding in 2011, Kraken-managed custodial wallets have never experienced a successful breach resulting in customer fund loss. In an industry with a long list of exchange compromises, this track record over 15+ years stands as a significant credential.
Cold Storage
Kraken stores 95% of customer assets in air-gapped cold storage systems, distributed across geographically diverse locations with 24/7 monitoring. The remaining 5% in hot wallets supports daily withdrawal processing.
Proof of Reserves
Kraken publishes independent third-party Proof of Reserves audits approximately every six months. These audits provide cryptographic verification that Kraken’s on-chain holdings match or exceed customer balances — typically showing 101–105% overcollateralization (more assets than required).
Users can verify their own funds are included in the audit using a personal Merkle ID — a transparency mechanism that doesn’t require trusting Kraken’s own claims.
Global Settings Lock
A notable unique security feature: Kraken’s Global Settings Lock prevents changes to critical account settings (withdrawal addresses, 2FA methods, contact information) even if an attacker obtains login credentials. A separate unlock process with time delays makes unauthorized changes significantly harder to execute.
Standard Account Security
- Two-factor authentication: hardware keys, authenticator apps, biometric
- Withdrawal address whitelisting (with email confirmation for new addresses)
- 256-bit SSL encryption
- 24/7 live phone support for account security issues
Regulatory Standing
Kraken holds a Wyoming Special Purpose Depository Institution (SPDI) charter through Kraken Financial — making it one of the few crypto exchanges operating as a regulated banking entity in the US. Additionally registered with FinCEN as an MSB and licensed in multiple international jurisdictions.
Note: Kraken does not offer crypto deposit insurance equivalent to FDIC coverage. Proof of Reserves addresses solvency transparency, not insurance against exchange failure.
Staking
Kraken returned staking services for US clients in January 2025 following earlier regulatory proceedings. Available across 21+ supported networks including Ethereum, Solana, Polkadot, Cardano, and others.
APY ranges: Up to ~22% APY on select assets (rates vary and are not guaranteed). Stablecoins like USDC and USDT offer approximately 4.8% APY as of 2026.
Staking availability depends on US state of residence and can change as regulations evolve. Check the staking page for current availability in your location.
Auto-Earn: Automatically stakes idle assets with no lockup period required — useful for holders who want passive yield without manually managing positions.
Customer Support
Kraken offers 24/7 live phone support — a notable differentiator from many crypto exchanges that limit support to chat or email. Multi-lingual support is available.
User sentiment is mixed: praise for security measures and platform reliability is common, while complaints about support response times during peak periods and verification speed appear in user reviews. This is broadly consistent with the experience across major exchanges.
Mobile Apps
Both the Kraken and Kraken Pro apps are available for iOS and Android. App Store ratings are 4.7/5 (iOS) and 4.1–4.2/5 (Google Play). Feature sets align across mobile and desktop. Apps are updated regularly.
Geographic Availability
Kraken is available in 190+ countries. In the US, service is not available to residents of Maine and New York. Some features (staking, margin) may have additional state-level restrictions. Verify availability for your specific location before registering.
Pros and Cons
Pros:
- Over 14 years of operation with no customer fund loss from hacks
- Competitive fees on Kraken Pro — among the lowest of major US exchanges
- Transparent Proof of Reserves with user-verifiable cryptographic attestation
- Global Settings Lock — advanced account security feature
- 24/7 live phone support
- 500+ supported assets including stocks and ETFs (eligible US users)
- Wyoming SPDI banking charter — regulated financial institution status
- Staking with broad asset support and Auto-Earn
Cons:
- Not available to Maine and New York residents
- Three-app structure can feel fragmented for new users
- No crypto deposit insurance
- Some users report slower verification and support during high-demand periods
- Standard interface fee (1%) higher than Kraken Pro for casual buyers
How to Get Started on Kraken
- Visit kraken.com and click “Create account”
- Enter your email and create a secure password
- Verify your email
- Complete identity verification (government ID required for full access)
- Link a funding method — bank transfer recommended for lower fees
- Enable 2FA — authenticator app or hardware key recommended
- Enable the Global Settings Lock for additional account protection
- Start trading on the standard interface, or switch to Kraken Pro for lower fees
Minimum trade: $1
The Verdict
Kraken occupies a distinct position in the exchange landscape: strong security credentials, competitive professional fees, and a feature set that serves both intermediate and experienced users well. Its 15-year track record without a customer fund loss is arguably the most significant trust signal in a space where exchange failures have been a recurring theme.
The main limitations are geographic (Maine and New York restrictions) and the learning curve of its three-app structure. For users in eligible locations who want a security-first, feature-rich exchange with transparent operations, Kraken is a consistently strong choice.
Best for: Experienced traders, security-conscious investors, US users outside NY/Maine who want regulated professional tools, long-term holders interested in staking with transparent Proof of Reserves.
Disclaimer: This review is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, including the potential loss of all invested capital. TheHashmark.com may receive a commission if you sign up through affiliate links, at no additional cost to you. Always conduct your own research before making any investment decisions.
