Is Kraken the top crypto exchange platform for Security? Our review.

James Rodriguez James Rodriguez updated on 2022-08-08

Kraken is currently one of the most popular cryptocurrency exchange solution providers in the world with many crypto assets available and convenient and innovative features.

But how does the Kraken platform work, who is it for and what are its different fees and services?

What is Kraken?

Formed in 2011 Kraken crypto exchange is one of the oldest exchange platforms still in existence. Alongside that experience, Kraken has the advantage of having high levels of liquidity.

Alongside Binance, Kraken is often considered one of the best crypto exchanges in the world.

On Kraken, you can buy, sell and exchange cryptocurrencies for fiat currencies and other crypto-assets, but also branch out into crypto staking.

  • The Kraken platform already has 10 years of experience and currently has over 6 million users worldwide. It is also regulated by FinCEN in the United States, which attests to its reliability.
  • Kraken's fees are also competitive for wire deposits, although the fees for card payments are higher. Exchange fees are low.
  • On this platform, which is suitable for beginners and experts alike, it is possible to buy and sell digital assets as well as practice margin trading.
  • In total, Kraken gives you access to over 40 different cryptocurrencies including the most popular ones.
  • Some of the most popular features of Kraken include cryptocurrency staking or the Kraken Pro platform and instant buying for beginners.

Kraken: the basics

  • Year founded: 2011
  • Regulated by: IRS, FCA, BaFin
  • Number of assets available: 40 cryptos
  • Minimum deposit: $1
  • Customer service: chat and email
  • Fees on deposits and withdrawals: free
  • Crypto withdrawals: between $5 and $10
  • Payment methods: credit card, wire transfer, crypto assets
  • Other assets: none
  • Features: staking, crypto watch, margin trading, indices, futures
  • Website: www.kraken.com

Who is Kraken for?

The Kraken cryptocurrency trading platform has been designed for investors who already have some basic knowledge of trading and cryptocurrencies.

While there are many innovative features of this platform, it might take longer for beginner investors to get the hang of it.

However, the platform remains accessible to all types of investors even beginners because of interesting resources to train and efficient customer service support.

How much does it cost to use Kraken?

ActionCost
Depositfree
Withdrawalvariable, depending on method of withdrawal
Tradebetween 0.15% and 0.25% depending on volume
Kraken associated costs

There are currently several fees charged by Kraken in connection with the use of its platform and cryptocurrency transactions. Here are the main ones:

  • Funding fees: these include cryptocurrency deposit and withdrawal fees, fiat currency deposit and withdrawal fees and credit/debit card purchase fees.
  • Trading fees: on average, these transaction fees range from 0.15% to 0.25% per transaction and are primarily dependent on transaction volume. Higher fees may be charged when using leverage.
  • Instant buy fees: Buying, selling and converting via the "Buy Crypto" widget will incur a transaction fee of 1.5%. If you buy a stablecoin with another stablecoin, this fee increases to 0.9%.

By contrast, Kraken offers certain features for free:

  • Transfers of funds to and from the portfolio
  • Staking
  • Storage of funds
  • Account maintenance

Different crypto exchanges charge different fees and offer different services. Compare today and find the right one for you.

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What services does Kraken offer?

The Kraken platform is a cryptocurrency exchange platform that offers various complementary services including:

  • Margin and futures trading with a leverage of up to 1:5
  • Over-the Counter (OTC) service for high-volume investors
  • An instant buy platform for beginners
  • The Kraken Pro platform for experienced investors
  • An application to manage your account on the go
  • Crypto staking
  • NFT trading
  • Numerous learning resources
  • 24/7 technical and customer support via live chat and email

Find the best trading platform for you now:

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Is Kraken safe?

Launched in 2011, the cryptocurrency exchange platform Kraken is comparatively experienced in this field. As such, it has put in place various measures to secure its users' assets with state-of-the-art security measures including:

  • Offline storage: token storage is secure and deposits are kept online in cold storage.
  • Two-factor authentication: Account security can be achieved with 2FA two-factor activation which can be activated from Google Authenticator and Yubikey.
  • Encrypted information: Users' account information is encrypted, both system and sensitive data.
  • Secure Platform: Kraken's platform servers are housed in secure warehouses and monitored 24/7.
  • Dedicated Security Team: Kraken also has a dedicated security team to test its system for security vulnerabilities.
  • Withdrawal Confirmation: Withdrawals are associated with an email confirmation with a self-service lock.
  • SSL Encryption: Browsing Kraken is also secure with SSL encryption.

Kraken is a safe and secure platform that has never been hacked.

Which cryptocurrencies are available on Kraken?

  • Bitcoin BTC
  • Ethereum ETH
  • Pois DOT
  • Cardano ADA
  • Solana SOL
  • Dogecoin DOGE
  • Litecoin LTC
  • Lumens Stellar XLM
  • Ripple XRP
  • Polygone MATIC
  • Uniswap UNI

On the Kraken exchange platform, you can buy, sell and trade over 40 different cryptocurrencies including:

Kraken also offers several stablecoins includin USD Coin, DAI and Theter.

Ready to start trading?

Does Kraken offer crypto staking?

Yes, Kraken also offers investors the opportunity to stake certain cryptocurrencies and earn rewards.

Kraken supports both blockchain and off-chain staking with rewards ranging from 0.25% to 20% depending on the type of asset staked. Rewards are paid out twice a week.

Staking on Kraken is currently available for 12 crypto-assets and fiat currencies including:

  • Polkadot
  • Kusama
  • Cardano
  • Flow
  • Ethereum
  • Solana
  • Cosmos
  • Tezos
  • Kava
  • Euro
  • US Dollar
  • Bitcoin

Want to know more? Read our guide to crypto staking.

How does sponsorship work at Kraken?

Kraken stands out from the competition with its sponsorship and affiliate program.

This program enables people to monetize their following online or on social networks.

So, if you refer someone you know who wants to join the Kraken platform or promote it online, you will receive a payment corresponding to 20% of the trading fees collected for your referrals.

What are the alternatives to Kraken in Canada?

In Canada, Kraken competes with other cryptocurrency exchange platforms. Here is a comparison of its services with those of alternatives:

QualitiesKrakenBitBuyBinanceCoinsmartVirgoCX
Pros
  • Some of the lowest costs on the market
  • Very good reputation
  • Extensive interface and many tools
  • Kraken Pro platform
  • Powerful mobile application
  • First regulated platform in Canada
  • Suitable for all investor profiles
  • Many payment methods
  • Low fees
  • Excellent customer service
  • Reputable platform
  • Relatively low fees
  • Integrated wallet
  • High security
  • Support on multiple devices
  • Many payment options
  • Simple and intuitive interface
  • Rapid deposits
  • Tax assistance
  • Responsive customer service
  • Supported by a major Canadian bank
  • Regulated by FINTRAC
  • High security
  • No deposit or trading fees
  • Quick and easy registration
Cons
  • Could be more intuitive
  • Support is sometimes slow

  • few cryptos available
  • only accessible in Canada
  • High credit card payment fees
  • Not regulated in some countries
  • Centralized platform
  • A limited selection of cryptocurrencies
  • Available only to Canadian investors.
  • High credit card fees
  • Few cryptocurrencies available
  • Only accepts Canadian and US dollars
Coins40+122501130
Trading fees
  • 0.15 à 0.30%
  • 0.1 to 0.2%
  • 0.1% on transactions
  • 0.05% on transactions paid in NBB
  • 0.2% in dollars
  • 0.4% in Bitcoins
  • Free
Deposit fees
  • None
  • 0.5 to 1.5% by card
  • free crypto deposit
  • 3.5% of the transaction cost
  • Minimum of $10 per credit card
  • Free over $2,000
  • 1.5% by bank transfer
  • 6% by credit card
  • Free
Withdrawal fees
  • None or very small

  • 1 to 1.5%
  • Variable fixed costs depending on the type of asset
  • 1% with a minimum of $15
  • Free
Crypto trading fees

Ready to start trading?

How to deposit money on Kraken?

Cash deposits on the Kraken platform can be made in both fiat currency and cryptocurrencies.

The default deposit method on Kraken is bank transfer which allows you to make a payment directly from your bank to the platform. But it is also possible to make this deposit by Visa or Mastercard.

Currency deposits accept a variety of currencies including USD, EUR, CAD, AUD, GBP, CHF and JPY.

The processing time for a deposit is usually 1-5 business days depending on the country, currency and payment method used.

The minimum deposit amount also varies depending on these criteria. Here are the steps to follow to make a deposit to your account:

  1. Login to your Kraken account
  2. Click on "Deposit
  3. Select your currency
  4. Enter the amount you wish to deposit
  5. Choose the financial institution from the drop-down menu
  6. Copy the banking information from your bank or financial institution
  7. Use the deposit checklist if needed to simplify the process
  8. Validate your request

Your Kraken account will be credited within 1-5 business days.

How to withdraw from Kraken?

Withdrawing money from your Kraken account is quite simple as you simply link your Kraken account to a traditional bank account in your name. Here are the steps to follow:

  1. Login to your Kraken account
  2. Click on the "Funding" tab
  3. Click on "Make a withdrawal" and select your currency
  4. Choose a financial institution from the drop-down menu
  5. Add a new bank account or select an existing bank account
  6. Enter the amount of withdrawal you wish to make
  7. Click on "Verify Withdrawal
  8. Verify the information entered and confirm

The funds will be transferred to your bank account within 72 hours.

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