Cryptocurrency has changed how people invest nowadays, and many crypto investors now use exchanges to buy, sell, and trade digital coins. But as there are so many crypto trading platforms available, it can be hard to know which one is safe, easy to use, and worth your time. You need a platform that protects your funds, offers fair fees, and gives you the tools you need to trade.
This Kraken review will cover what it is and its trading features. You will also learn how Kraken works, how to open an account, how to deposit or withdraw money, and how trading is done. It will also explain Kraken’s safety, fees, and how it compares to other crypto exchanges.
Kraken At a GlanceNameKraken (Legal name: Payward, Inc.)Founded2011HeadquartersSan Francisco, CA, USACryptocurrencies402+Products and FeaturesStaking, margin trading, futures trading, Kraken Pro, Kraken Wallet, Kraken+, and Education hubFiat CurrenciesUSD, EUR, CAD, and many othersTrading Fees (Instant Buy)3% for instant conversion to cryptoKraken Pro Fees0.25% maker and 0.4% takerPayment MethodsFedWire, SWIFT, SEPA, Etana Custody, SEN, Synapse, ACH transfers, and crypto deposits like Bitcoin or Ethereum.Security FeaturesCold storage (95%), 2FA, Global Settings Lock, SSL/TLS, biometric lock, PoR data, and moreStakingUp to 17% APY on 25+ assets (flexible/bonded staking)Margin TradingUp to 5x leverage on 100+ pairsCustomer Support24/7 via live chat, email, phoneWhat Is Kraken?
Kraken is one of the best crypto exchanges in the USA, founded in 2011 by Jesse Powell. It is headquartered in San Francisco, California, and operates as Payward, Inc. The platform is one of the oldest and most trusted in the crypto industry, serving over 15 million clients across 190 countries. You can buy, sell, and trade more than 402 cryptocurrencies using several fiat currencies like USD, EUR, and CAD.
The platform is user-friendly for beginners and advanced traders alike. You can start trading with as little as $10, and Kraken’s mobile apps for iOS and Android make it easy to manage your portfolio. Kraken Pro is designed for experienced traders who offer advanced tools like margin trading with up to 5x leverage, futures trading, and low-latency APIs for high-volume trades. You can also stake your assets to earn up to 17% annual rewards.
Kraken is available in most U.S. states, except Maine, New York, and Washington, and also has a strong presence in Europe with licenses in Ireland, Italy, and Spain. You can access 24/7 customer support via live chat or email, and Kraken’s Learn Center offers educational resources to help you understand crypto. Now, the exchange is expanding beyond crypto and launching commission-free trading for over 11,000 U.S. stocks and ETFs.
Pros
- Highly secure, storing 95% of funds in offline cold wallets
- Supports over 380 cryptocurrencies and many fiat currencies for trading
- Stake assets to earn up to 17% annual rewards on supported coins
- Kraken Pro offers advanced tools like margin and futures trading for professionals
- The exchange provides 24/7 customer support via live chat and email
- Kraken is regulated, holding a Wyoming SPDI charter and European licenses
Cons
- Kraken is unavailable in New York and Washington due to regulatory restrictions
- Faced a $30 million SEC settlement in 2023 for compliance issues
- Leverage trading is not available for U.S. traders
- You may experience occasional delays in withdrawals during high market volatility
Kraken Exchange Key FeaturesStaking
Kraken supports staking for 25 digital assets, including popular cryptocurrencies like Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). You can earn up to 17% annual percentage yield (APY) on certain assets, though reward rates vary and depend on the cryptocurrency and network conditions.
Kraken provides two crypto staking options: flexible staking, where you can unstake anytime, and bonded staking, which locks assets for a set period but often yields higher rewards.
You can also activate the auto-earn feature to generate passive income from your idle assets. They remain flexible, meaning you can withdraw, trade, or use them as collateral anytime. The platform also offers slashing insurance for U.S. clients in eligible states, covering potential losses from validator errors.
Education
Kraken provides concise, in-depth articles and videos meant to simplify complex crypto concepts. You can learn about topics such as how Bitcoin works, blockchain, and trading.
The trading platform includes comprehensive subjects for advanced and beginner learners. You’ll find information regarding wallet security, market trends, and decentralized finances (DeFi). Kraken also breaks technical jargon down, like hashing or smart contracts, into comprehensible terms. The information on the site gets updated regularly in accordance with fresh crypto updates.
