Reviews
26
Mar
kraken review

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Kraken Review

Kraken is one of the oldest cryptocurrency exchanges on the market. We have had Kraken experiences since 2017. Opening a new Kraken account is quick and easy.

When your Kraken account is ready and verified, you can deposit euros. Buying crypto on Kraken is easy and smooth, even for beginners. Kraken’s professional exchange view can be accessed via the Kraken Pro app.

It is possible to deposit cryptocurrencies in Kraken and withdraw them to an external crypto wallet. Kraken fees for Instant Buy are 0.9% for stablecoins and 1.5% for other cryptocurrencies. Kraken is known as a safe and reliable trading platform.

In summary, Kraken is a reliable and stable exchange that can be recommended to all crypto investors.

Basic information about Kraken

Kraken is one of the oldest cryptocurrency exchanges on the market. Kraken is a US-based exchange that was founded in 2011. The service officially opened its doors in 2013. Kraken was founded by a famous Bitcoin enthusiast, Jesse Powell.

Kraken is the second biggest crypto exchange in the United States, after Coinbase.  These exchanges have been the number one choice for US investors for over ten years. Kraken has more than nine million users globally. It is also a famous exchange in Europe, especially in Scandinavia.

Kraken has the US FinCEN license and the Canadian FINTRAC license. Its subsidiaries are also registered with crypto licenses in Great Britain, Australia, and Japan. The Bloomberg terminal uses Kraken’s price data.

Kraken offers traditional spot trading, futures, staking, OTC services, and an NFT marketplace. It also has the Kraken Pro version, which is made for professional traders. Kraken lists more than 200 popular cryptocurrencies.

In 2024, Kraken launched a self-custody wallet. It is open to everyone and not connected to the exchange. The wallet initially supports eight different blockchains.

Our Kraken experiences

We have had Kraken experiences since 2017. Several team members use Kraken regularly, and there are only good things to say about this crypto exchange.

We first encountered Kraken during the crypto boom of 2017. The service suffered from technical problems caused by heavy stress at that time. In recent years, however, it has reached a new level of reliability.

Kraken’s infrastructure has been significantly improved, and the app interface has become modern. In our opinion, Kraken is as easy to use as competing options. We can recommend Kraken to crypto investors of all sizes.

We have also noticed that Kraken is quite popular among Bitcoin maximalists. These are investors who don’t need a large coin selection but put a high emphasis on reliability and security. If you have similar values, you are going to like Kraken.

Kraken registration

Opening a new Kraken account is quick and easy. Click the link below to go to the Kraken home page.

Click here to open a Kraken account

You will see a big Sign Up button on the page. Click that to start the registration process.

If you use a mobile device, the Sign Up link will direct you to the Google or Apple app store to download the Kraken mobile app. If you use a browser on your computer, you will see a registration form instead.

kraken registration

Fill in the required information and complete the registration process.

After opening the account, you will be asked to confirm your identity, i.e., complete the KYC process. Kraken KYC works the same way as in other crypto exchanges. You must verify your identity with a passport and answer a few questions regarding incoming and outgoing transactions.

The KYC process is usually complete in about a quarter of an hour.

Note: This review was done using the Kraken mobile app. We recommend installing it even if you use it mainly on a computer. The functions and menus described in this article are also available in the browser version.

How to deposit euros to Kraken

When your Kraken account is ready and verified, you can deposit euros. Open the mobile app and click Account from the main menu at the bottom of the screen. This will give you access to the page where user settings and deposit methods are managed.

Next, click Deposit Methods to see the available deposit options. When you visit the page for the first time, the list is empty – you only see the Add deposit method link. Click that to add a new deposit method.

Note: We are using euros in this article. Depending on your location, other deposit and withdrawal options might be available in different fiat currencies.

You can deposit euros into Kraken using PayPal or a SEPA bank transfer.

kraken deposit eur

PayPal deposits have a daily limit of 1000 euros and a 3.39% fee. You should prefer a SEPA deposit because it is free and usually takes a few hours to process. Select the manual bank transfer option to deposit euros via a SEPA transfer.

Kraken offers different bank transfer options. The app also suggests Clear Junction. You will then receive instructions for making the bank transfer. Make a deposit using the information given, and remember to put the reference code in the message field.

Return to the Account page and select Payment Methods to deposit euros with a debit card.

How to buy crypto on Kraken

Buying crypto on Kraken is easy and smooth, even for beginners. Click the trading button in the middle of the mobile app’s main menu. It is the round purple button with two arrows pointing in different directions (see the image below).

kraken menu

Next, you will see a menu related to purchases and money transfers on your screen. At the top of the list, select Buy.

You will next see a list of all cryptocurrencies available for purchase. Find the cryptocurrency you want by scrolling the list or using the search field. Click on the cryptocurrency’s name to access the purchase form.

While the purchase form opens, you are offered options for the type of purchase (see the image below).

kraken order type

The options are Buy Now, Recurring, and Custom. If you choose Buy Now, the purchase will be made immediately at the current market price.

First, enter the desired purchase amount in euros. In the example below, we are buying Bitcoin for 100 euros. You can change the unit from euros to cryptocurrency by clicking on the icon next to the euro amount, which has the ticker of the cryptocurrency you bought (in this case, BTC). Use this option to purchase an exact amount in cryptocurrency, for example, 0.01 BTC.

kraken buy crypto

Finally, click on the line that says  Pay With. Choose the payment method you want from the list that opens. Your euro balance is the first option after completing a euro deposit.

Click the Next button to confirm and complete the transactions. The coins you bought will appear in your account balance immediately after the purchase.

Kraken Pro

The Kraken exchange can be accessed via the Kraken Pro app. With Kraken Pro, you can trade in a proper crypto exchange with professional trading tools. You must install a separate app to use the Kraken Pro version on a mobile device.

Type Kraken Pro into the search field in Google or Apple Store, and you’ll find it.

kraken pro mobile

The small screen size makes using crypto exchange on a smartphone challenging. However, it is good to download the app if you are an active trader. You can use it to pause trades or perform other quick actions on the road.

You can access the Pro version in the browser version by clicking on the square dot icon in the upper right corner and selecting Kraken Pro from the list.

kraken pro

You will then be connected to the Kraken Pro exchange.

We won’t review the Kraken Pro version as this article is aimed at beginners. Kraken Pro is a tool for professional and active traders. To learn how the exchange works, you can find numerous user guides on YouTube.

The features of Kraken Pro are certainly enough for a more demanding user.

How to deposit and withdraw crypto on Kraken

It is possible to deposit cryptocurrencies in Kraken and withdraw them to an external crypto wallet. Let’s go through these procedures next. Let’s start with depositing cryptocurrencies.

First, click the trading button from the mobile app’s main menu. You will see the following options on your screen: Buy, Sell, Convert, Deposit, and Withdraw. Select Deposit from these options.

Next, you will see a list of all cryptos and fiat currencies supported by Kraken. Find the crypto you want to deposit and click it. Now, you need to select the network to use. These options are entirely dependent on the cryptocurrency you deposit with.

Below is an example of the network options for depositing Tether (USDT) stablecoin.

kraken deposit network

All known cryptocurrencies circulate in different networks. Even for Bitcoin, there are multiple options; you can choose a standard BTC deposit or the Lightning Network. It is crucial to use the correct network, or you could lose your money. If you are unsure which network to use, ask for advice or make a small test deposit.

After selecting the network, you will see a deposit page on your screen that shows a QR code and your deposit address in Kraken.

kraken crypto deposit

Use the Copy Address button to copy your deposit address to the clipboard. Paste the address to the app you are using to make the transaction. The transfer duration and fees are also displayed on the screen.

The withdrawal process is almost identical. Click the trade button and select Withdraw. Next, you choose the cryptocurrency to withdraw and the network to be used. Finally, copy your wallet address into the recipient field.

Kraken fees

Kraken fees for Instant Buy are 0.9% for stablecoins and 1.5% for other cryptocurrencies. Instant Buy refers to crypto purchases described in the chapter How to Buy Crypto on Kraken.

The Kraken Pro version, aimed at professionals, is significantly cheaper. You should learn to use the Pro version if you trade a lot.

Kraken Pro fees start at 0.40 percent and go down to as low as 0.1 percent (Taker Fee). The higher your trading volume, the lower the fee. The Maker Fee is at its highest, 0.25%, and drops to zero at high volumes. See the table below for detailed information.

30- Day Volume (USD)Maker feeTaker fee
$0 - $10,000 0.25% 0.40%
$10,001 - $50,000 0.20% 0.35%
$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%
$2,500,001 - $5,000,000 0.04% 0.14%
$5,000,001 - $10,000,000 0.02% 0.12%
$10,000,000+ 0.00% 0.10%

For deposits, you should prefer the cost-free SEPA transfer. Using PayPal and a debit card costs more than three percent.

A fee is also charged for cryptocurrency withdrawals. This applies to every exchange and wallet in the world. The payment must be made so the network miners/administrators can process the transaction. These fees depend on the cryptocurrency used.

A withdrawal in euros with a SEPA transfer costs 2-3 euros, depending on the operator used.

Kraken security settings

Kraken is known as a safe and reliable trading platform. Both private customers and numerous institutions use it. You can adjust the security settings via the desktop browser version because not all options are visible in the mobile app.

Log in to your account with a desktop browser. Click on the user icon in the main menu. Select Security from the menu that opens.

kraken security

First, enable two-factor authentication (2FA). You can find it under Set up Two-Factor Authentication (2FA). If you have enabled 2FA in any other service before, the process is identical at Kraken. Most users already have the Google Authenticator app installed.

In Kraken, you can set 2FA for login, withdrawals, and deposits. Enable the 2FA for Funding if you want extra security. Kraken also has Global Settings Lock, which you can use to lock your account settings. If someone gets into your Kraken account, they won’t be able to add a new withdrawal address or change any other information.

Summary of Kraken Review

In summary, Kraken is a reliable and stable exchange that can be recommended to all crypto investors.

Our team has accumulated many positive Kraken experiences over the years. The renewed user interface is enjoyable, and Kraken has everything most crypto investors need. The Kraken Pro version offers low fees and necessary trading tools for professional use.

Regarding features and fees, Kraken is not quite at the level of the biggest exchanges on the market. Of course, it serves nine million users, but this is quite a small number compared to the more than 150 million customers of Coinbase and Binance. Kraken could be considered a safe and reliable alternative between domestic exchanges and global giants.

Kraken’s mobile app is also very functional and easy to use. It is suitable for both active users and beginners. Many investors choose Kraken because of its long history and safe reputation. A Kraken user does not have to fear bankruptcy or problems with incoming or outgoing transactions.

Kraken may be suitable if you are a crypto investor who is not chasing the latest meme coins and wants a reliable and secure exchange.

Try Kraken today

You should also follow Krake on social media. The Twitter handle is @krakenfx, and the Reddit discussion can be found at reddit.com/r/kraken/.

AboutBitcoin Team

Hey! We're the AboutBitcoin squad, a team of crypto lovers who've been all about cryptocurrency since 2017. Every week, we drop the latest news and cool insights from the crypto world. Come hang with us as we dive into the crazy, ever-changing scene of cryptocurrencies – it's gonna be an awesome adventure!