Kraken Review 2024: Dive Deep Before You Trade

Kraken Review 2024: Dive Deep Before You Trade

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor (one star) to excellent (five stars). On Feb. 9, 2023, Kraken agreed to pay a $30 million settlement with the SEC over allegations surrounding its staking program. As a part of the settlement, Kraken discontinued the program for U.S. customers. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on kraken trading review our website or click to take an action on their website.

Kraken Commission and Fees

• This is one of the oldest trading exchanges and just grabbed the 7th spot in CoinMarketCap for spot and derivatives trading.
• Additionally, if you’re a crypto geek, Kraken does special favors to you.
• You can place trades here as well, including market and limit orders.
• Also, if you’re using the mobile app, make sure you download it from authentic sources (Google Play or App Store).
• Approved customers in other locations can still stake select coins on Kraken.
• Once authenticated, you’ll be redirected to the Kraken dashboard where you can manage your portfolio and make trades effortlessly.
• This information is part of what’s known as know your customer (KYC) requirements in the financial industry.

We found its security and library of educational content to be an industry leader. The platform also has a web page dedicated to advising its users on how to secure their accounts. You can secure your account through a two-factor authenticator (2FA). This can be combined with multiple passkeys for extra security. You can also set up a master key to add an extra layer of protection from password resets.

• Kraken also charges 3.75% for credit/debit card purchases and 0.50% for bank wires.
• To move money to your software wallet, you’ll withdraw from Kraken by providing your software wallet address.
• For traders choosing to use Instant Buy, the platform charges 1.5% on all trading pairs and 0.9% if the user wants to trade stablecoins.
• In addition to the coins available to everyone, some investors on Kraken can have access to margin trading.
• If you’re comfortable with a more advanced interface and are looking for access to a broad range of investment options, Kraken offers a reasonably priced experience.
• The terminal is a stripped-down version of the Cryptowatch with more or less the same interface available on the Kraken Pro trading interface and access to markets available on Kraken.

Featured Exchanges

Kraken has built a solid reputation for providing good customer service, with many users praising the platform for its helpful support team. However, like any service, Kraken has received occasional negative feedback, particularly around response times during periods of high demand. The company continues to improve its support infrastructure to handle these instances more efficiently. Once the account is funded with fiat, you can select a crypto to buy. There are coins that allow you to go from fiat to crypto directly (majors) and there are (alt) coins that you can only access through a major cryptocurrency. For example, if you want to invest in EOS, you can’t buy it using fiat currency.

Staking and Earning Rewards

However, traders on the Kraken Pro service pay no more than 0.40% using a maker-taker model. Those fees gradually fall until they hit 0% for traders whose past 30-day trade volume is over $10 million. Unlike the Instant Buy option, these are among the lowest fees of all crypto platforms we review. To sum it up, Kraken is most definitely a very suitable platform for all levels of traders.

Trading Fees

In addition to the coins available to everyone, some investors on Kraken can have access to margin trading. There are different fees for using Kraken’s Instant Buy option, which may appeal to beginners less experienced with maker/taker models. Kraken’s beginner trading program, Instant Buy, has some pretty hefty trading fees, and unfortunately, beginning crypto investors may not even be aware of how uncompetitive these fees are. Potential clients need to understand that Kraken only accepts a handful of fiat currencies. This means there may be additional conversion fees for residents of certain countries. However, since U.S. dollars are accepted, U.S.-based users have no cause to worry on that front.

Cryptocurrencies Available on Kraken

In this review, we’ll take an in-depth look at Kraken to see how it stacks up against competitors like Coinbase and Binance. We’ll examine Kraken’s offerings, including its selection of supported cryptos, trading features, fees, security, customer support, and more. Kraken offers a wide range of funding options whose availability depends on the user’s location. These include wire transfers, SWIFT deposits, credit/debit card payments, local bank transfers, and even in-person deposits (in Canada).

Whether you’re seeking in-depth analysis or streamlined mobile access, Kraken has you covered. This platform is particularly notable for its emphasis on WETH, leading the pack in Kraken’s asset breakdown. Kraken happens to be in the scene since 2011 when crypto was at its very nascent stage, and then only Bitcoin was traded. By 2014, it became the most respected crypto exchange in the market and also played a key role in developing the trust of users in cryptocurrencies. Kraken has an excellent security team with industry-leading security measures, making it one of the least risky cryptocurrency exchanges. Kraken customer support is available 24/7 via e-mail, phone, or live chat, but I miss a direct line to the finance department, where most issues can arise.