Kraken Review 2023: What You Should Know

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

GOBankingRates Score

5.0

SCORE

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.

Quick Take: Kraken boasts a dedication to security, a detailed app and browser experience and top-notch listing of available cryptocurrencies. For users looking for a secure, app-based crypto trading and converting experience, checking out Kraken is a smart move.

• Multi-Layer Security
  5.0
• Availability of Cryptocurrencies
  5.0
• Longevity in the Market
  5.0
• Options for Advanced Trading
  5.0

How did we calculate this?

What Is Kraken?

Kraken is a cryptocurrency exchange platform based in the United States that allows users to buy, sell, trade and convert cryptocurrencies and fiat currencies directly from its app or in their browser. It hosts one of the widest varieties of cryptocurrencies for U.S. traders, supporting trades in over 185 different currencies.

Developed in 2011, Kraken has been around since the early days of bitcoin. Its maturity and tenure in the crypto market lend it a level of confidence that newer exchanges lack.

Kraken Features

Users appreciate a variety of features that protect their accounts while offering great options for trading.

What Kraken Offers

• Security-focused
• Crypto trading pairs facilitate converting one cryptocurrency to another.
• Easy access to support, available 24/7 in the U.S., U.K. and E.U.
• Multiple funding options, including wire transfer, cryptocurrency and SWIFT

Kraken Services

Here’s an overview of the services that the Kraken platform provides.

Basic Trading

Basic trading services built into the Kraken platform allow for buying, selling and converting cryptocurrencies via the app. Deposits and withdrawals are simple to make in the same dashboard.

Trading digital assets is a streamlined process, taking just a few taps or clicks to finalize a sale.

OTC Portal

For those looking for larger trades, the OTC Desk makes it possible. Kraken’s over-the-counter portal facilitates block trading for high-net-worth investors. Get one-on-one service and insights from the pros for completing trades.

Margin Trading

Qualified investors get up to 5x leverage, plus a professional-level trading interface and millions of dollars of margin allowances.

Make your money work for you

Get the latest news on investing, money, and more with our free newsletter.

Submit

By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.

Thanks!

You're now subscribed to our newsletter. Check your inbox for more details.

Personalized Account Management

Kraken offers the traditional suite of services for buying, selling and trading cryptocurrency. But it elevates the entire process through personalized attention.

Advanced users looking for a little something extra can take advantage of Kraken’s account management service. Similar to working with an investment advisor, users can harness this personalized support to level up in the crypto trading world.

Users in the account management service program have a personal rep assigned to their account. When they need answers to trading and platform questions, users can reach their reps by email, phone, prioritized help desk tickets or even by simply texting.

Associated Fees

Kraken’s fees are “as low as 0%.” These fees are volume-based, though relatively low. Take a look at this table below to see the different types of fees.

Exact fees are displayed before transaction is submitted.

What Kraken Does Best

Kraken has a variety of features that make it a good choice for many investors, but some really stand out.

Plenty of Options

Kraken offers something for everyone. The group that may benefit the most from Kraken’s hands-on offerings are the advanced traders — experienced players looking to level up in the crypto trading game.

Traders looking for simple options to trade crypto for crypto will benefit from Kraken’s converting pair options. Kraken provides an expansive array of cryptocurrencies, with over 185 cryptocurrencies and 65 multi-collateral futures contracts currently available in the U.S.

Proof of Reserves

Kraken undergoes semi-annual audits to ensure account balances are backed by real assets. The audits are conducted by a trusted third party.

Multi-Layered Security

Kraken’s biggest claim to fame is the security of its platform. Users who are concerned about hacking can feel confident with Kraken thanks to its multi-layered approach applied to security.

• Physical Measures: Physical security at Kraken includes both high-tech electronics and the right kind of people to protect them.
  • This cold storage is offline and air-gapped, meaning access via the internet is impossible.
  • Servers are locked inside cages, surveilled around the clock and guarded by armed security staff.
• Cybersecurity: Cybersecurity backs up physical security with advanced encryption at each level of the platform.
  • Kraken conducts penetration testing in addition to programming bug bounties to spot vulnerabilities before hackers do.
• Security in Your Hands: Security protocols that users control are also an essential part of how Kraken stays on top of threats.
  • All accounts use two-factor authentication without phone-based account recovery.
  • All communication and browsing are encrypted.
  • Users can customize lockout options for timing out with Kraken open or even when they are away from their devices.

A responsive security help desk is available 24/7 via chat or email. Combined with its monitoring for aberrant activity on users’ accounts, this means that Kraken responds to problems quickly.

What Kraken Could Do Better

There is little hand-holding for beginners learning how to invest in cryptocurrency, as Kraken caters to more experienced traders. Many of the tools built into Kraken are for advanced trading, such as the complete trading interface with market chart, order submission, balances panel and more — all in one spot.

Kraken freely admits that there is a lot going on in its user interface, offering a handy “Trading Interface Guide” for those new to the platform.

Competitors

Experience gives Kraken a narrow edge in comparison to its competitors. However, given enough time, they could give Kraken a run for its money.

Who Should Use Kraken

Users in need of a cryptocurrency trading platform where they can directly convert crypto-to-crypto will enjoy the setup of Kraken’s website and platform. With reasonable fees and a suite of tools that put users in charge of their trading experience, Kraken offers a streamlined, secure platform.

With its concentration on security and long history, Kraken stands apart as a trustworthy crypto exchange.

Good To Know

Users who are rather concerned with the security risks in crypto trading will appreciate Kraken’s dedication to physical, cyber and personal security. Those traders who have experienced security threats or hacks on other platforms will feel confident with their newfound security when exchanging crypto on Kraken.

Daria Uhlig contributed to the reporting for this article.

Information is accurate as of Feb. 24, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Share This Article: