December 23

Kraken Review: Everything you need to know in 2021

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Operating since 2011, Kraken is a US based cryptocurrency exchange that allows you to trade bitcoins and altcoins in multiple fiat currencies, they also offer also offers margin trading and futures contracts. Kraken excels in safety by implementing safety measures and regulations to ensure secure and safe transactions for its users. Kraken is popular due to its low fees, you can deposit for free and its withdrawal and trading fees are very competitive.

General Kraken company information

  • Web Address: www.kraken.com
  • Main location: San Francisco, USA
  • Mobile app available: Yes
  • Trading Fees: Maker: 0.00-0.16% Taker: 0.10-0.26%
  • Parent company: Payward, Inc
  • Transfer types: Bank Transfer, Crypto Transfer
  • Supported fiat: USD, EUR, GBP, JPY

My Overall Thoughts on Kraken:

Kraken is a great choice, its safe (a decade in business, operates in the US, is regulated by US law), it accepts 4 fiat currencies, offers a wide range of cryptos, has low fees, great customer service and a clean and safe registration process. All round good service.

Supported Cryptocurrencies:

Kraken currently supports approximately 53 different cryptocurrencies including all the most popular (BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC)

Full list of supported cryptocurrencies

BTCZECKAVAKNC
ETHLSKKSMLINK
XRPNANOBALMANA
BCHSCYFISTORJ
EOSKEEPREPV2ANT
LTCTBTCCRVGNO
ADAETH2FILMLN
XLMWAVESAAVEDAI
TRXREPXMRDOT
DASHDOGEUSDTATOM
COMPBATETCUNI
OXTALGOICXXTZ
OMGSNXQTUMUSDC
PAXG   

Registration Process:

At Kraken there are three levels of accounts, Starter, Intermediate and Pro. Each on has varying limitations and security requirements. All users must submit KYC documents before you trade.

Features / Verification level

Starter

Intermediate

Pro

Verification time

Less than 1 hour

1 to 5 days

1 to 5 days

Security measures

Yes

Yes

Yes

Crypto deposits

Unlimited

Unlimited

Unlimited

Crypto withdrawals

Low limits

High limits

Highest limits

Fiat deposits

-

High limits

Highest limits

Fiat withdrawals

-

High limits

Highest limits

Exchange funds

Unlimited

Unlimited

Unlimited

Margin trading

Low limits

High limits

Highest limits

Dark pool trading

-
-
-

Kraken Futures

-

Yes

Yes

API keys

16

16

25

API call rate limits

Low

High

Highest

Kraken Fees and Limits:

Depending on your trade volume and type of trade Kraken's fee structure will change. Fees vary for stablecoins, dark pool trades and margin trading, so it’s a good idea to check Kraken’s website for the latest break down.

30-day volume (30-day USDT)

Maker fee

Taker fee

$0 – $50,000

0.16%

0.26%

$50,001 – $100,000

0.14%

0.24%

$100,001 – $250,000

0.12%

0.22%

$250,001 – $500,000

0.10%

0.20%

$500,001 – $1,000,000

0.08%

0.18%

$1,000,001 – $2,500,000

0.06%

0.16%

Kraken Deposits and Withdrawals:

With standard network fees you can deposit cryptocurrencies, its worth noting the deposit options and fees will vary depending on whether you’re depositing USD, EUR, CAD, AUD, GBP, JPY or CHF, and whether you’re making a deposit or withdrawal. Lets break them down:

Cryptocurrency Deposits

Cryptocurrency

Minimum

Fee

Any supported cryptocurrency

None

Network fees apply

USD Deposits

Transfer type

Minimum (USD)

Fee (USD)

FedWire – MVB Bank

$1

Free

FedWire – Signature Bank

$1

Free

FedWire – Synapse

$20

$5

FedWire – Silvergate

$100

$25

FedWire – Etana Custody

$150

Free

SWIFT – Signature Bank

$1

Free

SWIFT – Silvergate Bank

$100

$40

SWIFT – Bank Frick

$4

$3

Silvergate Exchange Network – SEN

no minimum

Free

EUR Deposits

Transfer type

Minimum

Fee

SEPA – Fidor

€1

Free

SEPA – Etana Custody

€150

Free

SEPA – Bank Frick

€1

$5

SEPA – InCore Bank (Excluding Cyprus and Iceland)

€1

Free

SWIFT – Bank Frick

€4

€3

SWIFT – Fidor

€50

€5

SWIFT – Etana Custody

€150

Free

CAD Deposits

Transfer type

Minimum (CAD)

Fee (CAD)

Domestic wire transfer

$125

Free (sending banks may apply fees though)

In-person at Canada Post locations, with cash or debit

$20

$1.25 + 0.25%

InterFIN – High Limit

$1,000

Free (sending banks may apply fees though)

SWIFT – Bank Frick

$4

$3

SWIFT – Etana Custody

$150

Free

AUD Deposits

Transfer type

Minimum (AUD)

Fee (AUD)

Osko – Bank Transfer

$5

Free (sending banks may apply fees though)

GPB Deposits

Transfer type

Minimum (AUD)

Fee (AUD)

FPS/BACS (Clear Junction)

£3

Free

CHAPS (Clear Junction)

£22

£21

SWIFT – Bank Frick

£4

£3

SWIFT – Etana Custody

£150

Free

Is Kraken a legit company or a scam?

Short answer is yes, Krake is a real legitimate company. Here is my proof:

1. I tested buying crypto with them myself, this proved successful. I was able to deposit my money, buy bitcoin and then withdraw my money.

2. They have a Wikipedia page, anyone who knows anything about creating a Wikipedia page knows it is a rigorous process getting this approved by moderators. I challenge any to find me a fake company with a Wikipedia page.

3. The listed CEO and founder Jesse Powell has a busy linkedin page with 500+ connection and a Twitter page with nearly 40k followers:

Jesse Powell twitter

4. The offical Kraken Twitter page (that is linked in Jesse Powell's Twitter profile) has nearly 450k followers and thousands of likes and retweets on every tweet.

It is almost impossible to pull all this off if you are a non legit scammy website stealing money. For this reason, we give Kraken 100% trust score.

Our Final Thoughts on Kraken:

We give Kraken the seal of approval, they are one of the biggest names in the industry for a reason. Almost a decade of experience makes them as trustworthy as possible in this young industry, combined with their low fees makes them on of our most recommended platforms for crypto.

Pros
  • Wide fiat and crypto range. Kraken has USD, EUR, GBP, CAD, AUD, JPY and CHF pairs, along a wide range of cryptocurrencies, Kraken is one of the top versatile exchanges in the world
  • Feature-filled. At Kraken you can find margin trading, futures, an OTC desk, dark pools and additional tools such as indices and its own Cryptowatch.
  • 24/7/365 customer service. Kraken has excellent customer service every hour of every day of the year, in addition to account management services for advanced traders.
  • Since 2013. Kraken is one of the world’s largest exchanges by trading volume and is widly regarded as one of the most legitimate.
Cons
  • Varying fees. You need to be aware of the fees, because they can vary by trade type. Basic trading fees range from 0% to 0.26%. Its important to note that stablecoin trading or margin trading have different fee structures.

Still not convinced? Read our guide on the best crypto exchanges in the US.

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