Kraken is one of the most established cryptocurrency exchanges in the industry, known for its security, variety of supported assets, and trading features. However, it is not without drawbacks, including high fees and mixed customer service experiences. In this review, we will examine Kraken’s platform, trading experience, fees, security, customer support, and recent developments.
Product: Kraken
Website: https://www.kraken.com/
Main features: Trading & Investing in 380 plus cryptocurrencies (March 2025)
Best for: Beginners and advanced traders in cryptocurrencies.
Cost: Fees are typically higher that competing providers.
Overall rating: 8.7/10
Company Overview
Founded in 2011, Kraken is one of the longest-operating cryptocurrency exchanges. The company is headquartered in San Francisco, USA, and serves over 10 million clients across 190 countries. It was founded by Jesse Powell, a former consultant for Mt. Gox before its infamous collapse. Kraken’s mission is to accelerate cryptocurrency adoption and provide financial freedom to users worldwide.
As of March 2025, due to local regulations, residents of the states of Washington (WA), New York (NY), and Maine (ME). are not able to open a Kraken account.
Platforms & Features
Kraken offers two main trading platforms:
- Kraken (Standard): A beginner-friendly interface suitable for spot trading.
- Kraken Pro: Designed for experienced traders, offering lower fees, futures trading, advanced charting, and various order types.
Other notable features include:
- Non-Custodial Wallet: Supports over 1,000 cryptocurrencies and NFTs.
- Margin Trading & Derivatives: Includes margin trading, perpetuals, and other derivatives.
- Kraken Pay: Allows free transfers between users.
- NFT Marketplace: Previously supported NFT trading but was shut down in November 2024.
Trading & Currencies
As of March 2025, Kraken supports over 380 cryptocurrencies, including major assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE). The exchange also supports six fiat currencies: USD, EUR, GBP, CAD, CHF, and AUD.
Deposit and withdrawal methods include:
- Bank transfers
- E-wallets
- Wire transfers
- SEPA
- SWIFT
- Kraken Pay (for free transactions between users)
Recent Developments
- March 20, 2025: Kraken announced a $1.5 billion acquisition of NinjaTrader, a futures trading platform, pending final adjustments.
- Legal Issues: Kraken faced an 18-month lawsuit from the SEC for allegedly operating as an unregistered securities exchange. On March 3, 2025, the SEC dismissed the case, though future legal challenges remain a possibility.
Trading Experience
Kraken offers a seamless trading experience across desktop and mobile devices.
- Kraken Pro provides eight order types, price alerts, and 30+ collateral options for futures trading.
- The platform is highly customizable for technical analysis and advanced trading strategies.
Fees & Pricing
Kraken is known for its relatively high trading fees compared to competitors. The fee structure varies based on trading volume:
- Kraken Pro Maker-Taker Fees (30-day volume-based discounts):
-
- 0.25% – 0.40% for volumes under $10,000
- 0.00% – 0.10% for volumes over $10 million
- Additional Fees:
-
- 3% conversion fee for small balance conversions
- Deposit & withdrawal fees vary depending on the method used
Security Features
Kraken is widely regarded as one of the most secure cryptocurrency exchanges. Its security measures include:
- Master Key: Prevents unauthorized password resets.
- Global Settings Lock (GSL): Restricts withdrawals and hides sensitive account information.
- Two-Factor Authentication (2FA): Provides an extra layer of security for user accounts.
Customer Support
Kraken offers multiple customer support channels:
- Email support
- Phone support
- Live chatbot (Kai)
- 24/7 availability
However, user reviews indicate mixed experiences. While some find the support helpful, others report long wait times and unresponsive service.
Pros & Cons
Pros
- Supports over 380 cryptocurrencies and growing.
- Beginner-friendly and advanced trading platforms.
- Strong security features with additional protective layers.
- Supports multiple fiat currencies with various funding methods.
Cons
- High trading fees, especially for beginners.
- Limited availability of some features (e.g., on-chain staking restricted in certain U.S. states).
- Customer support complaints about slow responses and unresolved issues.
Kraken Customer Feedback Summary (Reddit)
Positive Feedback
- Many long-time users report a smooth experience with no major issues.
- Kraken is seen as a reputable exchange with strong security and compliance.
- Responsive customer support for minor issues.
- Robust API support and user-friendly platform.
- Strong commitment to Bitcoin innovations like Lightning and Taproot.
Negative Feedback
- Accounts occasionally freeze after certain actions (e.g., 2FA verification), with slow resolution.
- Delays in fund withdrawals and deposits, sometimes lasting months.
- Some users report Kraken holding their funds without clear explanations.
- Complaints about high withdrawal fees.
- Accounts have been closed without explanation.
- Some users feel Kraken’s regulatory compliance has led to stricter rules and reduced usability.
- A few users claim Kraken liquidated their funds unfairly during maintenance or outages.
Final Verdict
Kraken remains one of the most reputable and secure cryptocurrency exchanges, offering a broad range of assets and trading features. However, its relatively high fees and mixed customer service experiences may deter some users. For those prioritizing security and a well-established platform, Kraken is a solid choice. However, those seeking lower fees and faster support may want to consider alternative exchanges.
Kraken
Higher fees than competitors
Pros
- 380+ cryptos (March 2025)
- Beginner-friendly
- Advanced trader platform
- Strong security features
- Supports multiple fiats
Cons
- High trading fees
- Account freezes
- Staking restrictions
- Withdrawal delays
- Unresolved customer issues
