Kraken is a cryptocurrency exchange to buy Bitcoin and 50+ cryptos for beginners and experienced users. Are you diversifying your investment portfolio with digital assets?
What is Kraken?
Kraken is one of the largest and oldest bitcoin exchanges in the world. With Kraken Crypto, you get 24/7 support, lower fees, and versatile funding options including many fiat currencies. Crypto traders get access to a feature-rich platform to buy and sell assets with fees as low as 0%.
With many currency pairs to choose from, Kraken provides one of the largest selections of coins to buy, sell and trade.
Based in San Francisco, Kraken is working to build the “internet of money” as a leader in the blockchain revolution since 2011. Kraken also offers crypto business solutions for institutions such as investment banks, brokers, hedge funds, and other crypto-related businesses.
Read our list of best cryptocurrency exchanges to buy, sell and hold your crypto assets.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses cryptography for security. Kraken writes, “At the root of all cryptocurrencies, today lies cryptography, the techniques used for secure private communication, and encryption, the process of encoding that information.”
How does Kraken Crypto work?
Through the Kraken crypto trading platform, you can:
- Buy, sell and trade Bitcoin, Ethereum, and a wide range of cryptocurrencies.
- Make deposits and withdrawals in fiat currency or blockchain transaction ID.
- Measure portfolio performance and track all your crypto in one place.
Kraken security features include 2FA, no phone/SMS account recovery, email confirmation for withdrawals, and configurable timeout, and more. Keep in mind that cryptocurrency exchanges do not qualify for deposit insurance programs because exchanges are not savings institutions. It’s crucial to understand crypto trading involves the risk of losing all of your original investments.
Read our review of Kraken Alternative: Crypto.com
Features & Benefits
Kraken Crypto trading platform offers essentials and advanced features.
- Coins: a wide selection of cryptocurrencies
- Buy Crypto tool: instantly buy, sell or convert a wide range of cryptos and cash.
- Accessibility: trade using the mobile app or website.
- Earn rewards: staking coins and fiat for a period of time for incentives.
- Liquidity: faster trades to get close to the asking price.
- Coin Storage: 95% of all deposits are kept in offline, air-gapped, geographically distributed cold storage.
- Security: offering financial stability with full reserves and banking relationships and legal compliance.
- 24/7 support: contact via live chat at any time.
Advanced Trading Features include:
- Margin trading: trade up to 5x leverage (only available in select areas).
- Futures trading: hedge your spot trades.
- OTC service: get personalized over-the-counter serve with Trade Desk.
- Indices: access aggregated pricing for multiple cryptos.
- 18+ years old
- Phone number
- Physical address
Kraken does not charge for account maintenance, staking, or inactivity fees.
As of this review, the following fee structure applies:
- Funding fees: varies based on funding type.
- Spot trading fees: 0% to 0.26% of total cost and charged when order is executed.
- Instant Buy fees: 0.9%-1.5% trading fee applies
Who is it best for?
Kraken is best for crypto investors who can take full advantage of its range of additional features like margin trading.
In our Kraken crypto review, we learned it’s a leader among crypto exchanges. Kraken is a legit company and registered as a Money Services Business in the United States. Kraken has a simple trading platform interface making it easy for newbies to start buying and selling cryptos. Its advanced features can best serve active and experienced crypto traders.
Want a Kraken Alternative? Learn more about Coinbase Pro.
- 50+ cryptocurrencies
- Lower fees
- Heightened security features
- Easy to use
- Helpful tutorials
- No tax support
- Unable to fund account with debit or credit card.
How to Start a Kraken Crypto Account
The time needed: 3 minutes.
Step-by-step to open a Kraken account
- Get started
- Create an account through the website or download the app.
- Enter your information
- Verify your email address.
- Get Verified
- Complete the ID verification process.
If you’re looking for an alternative Coinbase and Crypto.com are great options. Want more? Read our list of the 5 best crypto exchanges.