Kraken stands as one of the most enduring names in the cryptocurrency exchange space, earning a reputation for robust security, low trading fees, and powerful tools tailored for both experienced traders and newcomers. With support for over 200 digital assets and multiple trading types—including spot, margin, and futures—Kraken delivers a comprehensive platform that appeals to a broad audience. But is it the right fit for your crypto journey?
This in-depth Kraken app review explores every critical aspect: security protocols, fee structure, user experience, supported cryptocurrencies, and how it stacks up against major competitors like Coinbase, Binance, and Crypto.com. Whether you're evaluating Kraken for the first time or considering a switch, this guide provides the clarity you need.
What Is Kraken?
Kraken is a U.S.-based cryptocurrency exchange founded in 2011, making it one of the longest-operating platforms in the industry. Designed with security and functionality at its core, Kraken serves retail investors, advanced traders, and institutional clients alike. It supports spot trading, futures contracts, margin trading, staking, and API access for algorithmic strategies.
One of Kraken’s defining strengths is its regulatory compliance. It’s registered as a Money Services Business (MSB) with FinCEN in the U.S. and FINTRAC in Canada. Additionally, Kraken Bank is regulated by the Wyoming Department of Banking, reinforcing its legitimacy in the financial ecosystem.
Kraken also supports fiat currency deposits via bank transfers, wire transfers, and debit cards, allowing users to seamlessly enter and exit crypto positions. The platform offers two main interfaces: the standard Kraken website and Kraken Pro, an advanced trading interface optimized for high-volume traders.
Security is embedded into every layer of Kraken’s infrastructure. Features like two-factor authentication (2FA), cold storage for 95%+ of funds, encrypted data transmission, and anti-phishing protections ensure user assets remain safeguarded.
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Key Features of the Kraken App
Kraken combines accessibility with professional-grade tools, making it suitable for diverse user needs. Here are the standout features:
- User-Friendly Account Setup: Registration is quick, with tiered verification levels to unlock higher limits.
- Multiple Trading Options: Supports spot trading, margin trading (up to 5x), and futures contracts.
- Extensive Asset Selection: Over 200 cryptocurrencies including BTC, ETH, XRP, ADA, SOL, DOT, and emerging altcoins.
- Fiat Integration: Deposit and withdraw USD, EUR, CAD, and other fiat currencies through SEPA, ACH, or SWIFT.
- Low and Transparent Fees: Uses a maker-taker model with volume-based discounts—ideal for active traders.
- Advanced Charting Tools: Real-time price charts, technical indicators, and multiple order types (limit, market, stop-loss).
- Mobile Accessibility: The Kraken mobile app (iOS and Android) offers full trading capabilities on the go.
- 24/7 Customer Support: Available via email and live chat for urgent issues.
Is Kraken Safe? A Deep Dive into Security
When it comes to crypto exchanges, security isn’t just a feature—it’s a necessity. Kraken has maintained an impressive track record with no major breaches compromising user funds since its inception.
How Kraken Protects Your Funds
- Cold Storage: The majority of user funds are stored offline in geographically distributed cold wallets.
- Two-Factor Authentication (2FA): Required for login and withdrawals to prevent unauthorized access.
- Withdrawal Whitelisting: Users can restrict withdrawals to pre-approved wallet addresses.
- Encryption & Monitoring: All data is encrypted in transit and at rest. Suspicious activities trigger real-time alerts.
- Insurance Coverage: Select digital assets are covered by crime insurance policies.
- Regulatory Compliance: Adheres to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations globally.
Past Security Challenges
While Kraken has never suffered a direct hack of its cold storage systems, it has faced phishing attacks—a common threat across the crypto industry. In response, Kraken has strengthened domain protection and launched educational campaigns to help users identify fake websites.
The platform also experienced DDoS attacks in the past that temporarily disrupted service. However, Kraken responded by upgrading its infrastructure with enhanced DDoS mitigation systems to ensure uptime during high-traffic periods.
Kraken Fees: Are They Competitive?
Kraken’s fee structure is transparent and favors high-volume traders.
Trading Fees (Maker-Taker Model)
| Tier | Monthly Volume | Maker Fee | Taker Fee |
|---|---|---|---|
| Starter | < $50k | 0.25% | 0.40% |
| Intermediate | $50k–$1M | 0.20% | 0.35% |
| Pro | $1M–$10M | 0.16% | 0.26% |
Fees decrease further for institutional clients. Futures trading has separate pricing but remains competitive.
Deposit & Withdrawal Costs
- Fiat Deposits: Free via ACH (U.S.) and SEPA (Europe). Debit card deposits incur ~0.9%–1.5% fees.
- Crypto Deposits: Free for most blockchains.
- Fiat Withdrawals: $0–$5 for ACH/SEPA; $15–$50 for wire transfers.
- Crypto Withdrawals: Based on network congestion (e.g., Bitcoin ~$1–$5).
All fees are clearly displayed before transaction confirmation.
Available Cryptocurrencies on Kraken
Kraken supports a wide range of digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Stablecoins (USDT, USDC, DAI)
- DeFi Tokens (UNI, AAVE, COMP)
- NFT & Gaming Tokens (MANA, SAND)
New tokens are regularly added after rigorous evaluation.
How to Open a Kraken Account: Step-by-Step
- Visit kraken.com or download the app from App Store or Google Play.
- Click “Create Account” and provide your email, password, and country.
- Confirm your email via activation link.
- Complete identity verification (upload ID and proof of address).
- Choose your verification level to unlock deposit/withdrawal limits.
- Deposit funds via fiat or crypto.
- Start trading instantly.
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Kraken Pros and Cons
✅ Pros
- Industry-leading security and regulatory compliance
- Low trading fees with volume discounts
- Access to futures, margin trading, and staking
- Over 200 supported cryptocurrencies
- User-friendly mobile app with real-time alerts
❌ Cons
- Customer support can be slow during peak times
- Interface may overwhelm beginners
- Some fiat withdrawal methods have delays
User Reviews and Customer Support
Kraken enjoys strong community trust. On Trustpilot, it holds a “Great” rating with users praising its reliability:
“Smooth sailing with this exchange.” – Steve Donaldson
“A+ support, fair rates, lots of trading pairs.” – Brendan Morris
“Great support—fast and responsive.” – Namitha Mohan
Common feedback includes occasional delays in customer service responses during market volatility and some friction with verification processes—though these are standard across regulated exchanges.
How Kraken Compares to Other Exchanges
Kraken vs. Crypto.com
Kraken wins on fee structure for active traders due to its volume-based discounts. Crypto.com charges a flat 0.3%, while Kraken’s taker fees drop below 0.2% at higher volumes.
Crypto.com offers a branded debit card and rewards program; Kraken focuses purely on secure trading.
Kraken vs. Coinbase
Coinbase is better for beginners thanks to its intuitive design. However, Kraken offers lower fees and more advanced tools.
Coinbase charges higher spread fees (up to 0.6%), while Kraken’s maker-taker model is more transparent.
Kraken vs. Binance
Binance offers lower starting fees (0.1%) and more altcoins but operates under less regulatory scrutiny in some regions. Kraken is a better choice for users prioritizing legal compliance and fund safety.
Is Kraken Legal and Trustworthy?
Yes. Kraken is fully licensed in multiple jurisdictions and operates transparently under financial regulations. It has paused certain services (like staking for U.S. users) to remain compliant with SEC guidelines—demonstrating its commitment to legality over convenience.
Available in over 190 countries, Kraken is restricted only in a few U.S. states (e.g., New York, Washington). Always check local regulations before signing up.
Frequently Asked Questions (FAQs)
Is the Kraken app safe to use?
Yes. The app uses bank-grade encryption, 2FA, biometric login options, and real-time fraud monitoring to protect your account.
Does Kraken charge high fees?
No. Kraken offers some of the lowest fees among regulated exchanges, especially for high-volume traders using the maker-taker model.
Can I trade crypto-to-crypto on Kraken?
Absolutely. Kraken supports direct crypto-to-crypto swaps without requiring fiat conversion.
Why is my withdrawal pending?
Pending withdrawals are usually due to unverified accounts, incorrect details, or daily limits. Ensure your identity is fully verified.
What is Kraken Pro?
Kraken Pro is an advanced trading interface with lower latency, deeper liquidity, and reduced fees—ideal for professional traders.
Where is Kraken headquartered?
Kraken was founded in San Francisco and now operates globally with teams across North America and Europe.
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