Kraken is a crypto exchange that aims to be for everyone, but is it? During the Kraken review, you will find out if it's for you.
Kraken review summary
This review looks at the popular cryptocurrency exchange and includes its history, its features, its security, and its fees.
Overall, the Kraken broker review is meant as a resource for anyone looking to learn more about this company and if it's a personal fit. Do note, that this broker only offers crypto, and if you are looking not looking for crypto, then you may want to review our other broker reviews instead.
In brief: Kraken offers over 185 cryptocurrencies, for a well-balanced portfolio, has a low barrier of entry at 10 USD to start investing & offers a simplified experience on mobile whilst providing advanced features on desktop. It is, however, a smaller company compared to Coinbase & Binance.
Kraken, although small, is considered a safe crypto broker as the firm is regulated by FinCEN (Financial Crimes Enforcement Network), which requires Kraken to comply with legal and regulatory requirements in the countries they operate, overseen by the US.
The company was founded in 2011 and is seen as young, like many crypto brokers. Operating out of the US, the company has gone global across a multitude of languages and a huge list of countries.
Below you can find a list of all currencies offered, including the larger popular bitcoin, Ethereum and Cardano:
|Crypto name||Crypto code|
|Alpha Venture DAO||ALPHA|
|Ampleforth Governance Token||FORTH|
|Basic Attention Token||BAT|
|Energy Web Token||EWT|
|Ethereum Name Service||ENS|
|Green Satoshi Token||GST|
|Liechtenstein Cryptoassets Exchange||LCX|
|My Neighbor Alice||ALICE|
|Star Atlas DAO||POLIS|
|Terra Virtual Kolect||TVK|
|Unifi Protocol DAO||UNFI|
|Universal Market Access||UMA|
|Yield Guild Games||YGG|
Kraken fees review
Overall, Kraken is relatively inexpensive compared to its counterparts, especially Coinbase. That being said, it has a commission per deposit when using cards or digital payment services that bring down the rating.
Let's start with fees not charged. If you decide to make use of Kraken's futures product, staking service, or fund storing, no fees are charged. Similarly, you can become inactive and your account might require maintenance, but this will never be charged back to you.
Deposit to platform
Crypto deposit fees from one coin to another are nearly non-existent except for 5 minor cryptocurrencies out of 185 crypto coins offered.
Cash (FIAT) deposit fees are mostly set by their payment providers and are free in most currencies & regions, with the US being the exception. The supported currencies are USD (US Dollar), EUR (Euro), CAD (Canadian Dollar), AUD (Australian Dollar), GBP (Pound Sterling), CHF (Swiss Franc), JPY (Japanese Yen), and AED (United Arab Emirates dirham).
Withdrawal to your bank or otherwise
Crypto withdrawal fees from one coin to another, although small, do exist for nearly all crypto coins, which can discourage some to trade, whilst investors won't see an impact worth worrying about.
Cash (FIAT) withdrawal is charged almost always regardless of currency or region. Most are small flat figures, but some are percentages of the total, which can result in less money out than is in your actual balance.
Debit & credit card or GooglePay and ApplePay fees
Overall, using your bank cards, or a service like GooglePay or ApplePay, will still cost you 3.75% of the amount you chose to deposit. Kraken also takes a cut being either 1.5% or 0.9%, which is visible just before you complete your deposit. This is the higest charge you should consider but is also common practice for crypto brokers.
Kraken platform review
Overall, the Kraken platform has some of the most advanced features available for traders. However, if you are an investor, the app is much more simplified and user-friendly for beginners.
Staking at Kraken
One shared feature across both beginners and experts is the ability to stake crypto. Staking in simple terms means locking your crypto for a defined time chosen by you, to enjoy the interest in return.
If you are a day trader, staking is either irrelevant or used in brief periods. But as a long-term holder, this can increase your total crypto held up to 23% annually. In reality,y the return is likely to be 5% for most crypto coins, yet this still beats doing nothing.
Sleek & simple on mobile
A very aesthetically pleasing and few options design sets the tone for investors to receive focused insights without becoming overwhelmed. As you can see in the below image, each 'view' does not divert your attention but rather guides your next action.
As a day trader, you can make use of Kraken's futures, leverage (up to 5x), and advanced charting tools. However, if you are just starting out, you might wish to reconsider. Below you can get a sneak peek at how the advanced platform looks:
Countries accepted by Kraken
As it stands, the broker offers 13 languages on site, which is useful to native speakers as crypto is not always a simple concept to grasp:
- English US
- English UK
Across these languages, Kraken serves you if you belong to one of the following countries. Note, this is an extensive list, so ctrl + f is recommended:
Central African Republic
Democratic Republic of the Congo
Republic of the Congo
Sao Tome and Principe
Timor-Leste / East Timor
United Arab Emirates
Bosnia and Herzegovina
Antigua and Barbuda
Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines
Trinidad and Tobago
Federated States of Micronesia
Papua New Guinea
Conclusion on the Kraken review
Kraken is a well-balanced broker that caters to the needs of both investors & traders. Whilst it's trying to be for everyone, it does struggle to find a balance that works for both long-term investors and short-term traders in every offering.
Overall, the consistent fees on deposits are a major drawback that one needs to consider before opening an account. But generally, it's a fine choice for both beginners and experts in the crypto space.