Buy bitcoin & crypto with Kraken crypto exchange!
- Hundreds of cryptocurrencies supported
- User-friendly interface even for newbies
- High liquidity exchange
- Adequate learning resources for skills development
- Has advanced features for expert cryptocurrency investors
- The Kraken standard platform is relatively costly
- Has a history of getting hacked
Kraken is one of the largest and oldest exchanges globally used to trade Bitcoin and other crypto assets, including Ethereum, Litecoin, Solana, Dogecoin, etc. Most users leave excellent testimonials regarding their experiences with the exchange, thanks to its superb features, high security, versatile payment methods, and low fees.
If you are looking for cryptocurrency exchange with a wide array of crypto assets and low fees, Kraken is a viable choice. We review the exchange in detail below to ensure you are fully familiarised with its operations and services, and decide whether it suits your cryptocurrency trading and investment needs.
Kraken Overview
Founded in 2011 by Payward Inc, Kraken is a United States based crypto exchange offering a cutting-edge platform for buying and selling cryptocurrencies. Kraken is one of the oldest and largest crypto exchanges globally, hosting a wide range of digital assets, including Bitcoin, Ethereum, Polkadot, Dogecoin, etc. Its platform offers over-the-counter options backed up with margin trading for individual and institutional investors.
Although Kraken has a history of getting hacked, the exchange has since focused more on ensuring its platform is highly encrypted to secure your data, email, and funds. Its ecosystem hosts standard Kraken and Pro accounts, which you should select based on your skill level.
If you are a beginner, we advise you get started on Kraken exchange using the main Kraken account since it is user-friendly and charges low fees for trading and investing. For expert crypto investors, the Kraken Pro is the best for you, considering it is backed up by advanced features that guarantee a worthwhile experience. All users get the opportunity to earn interest rewards by staking coins.
Compare Kraken with Other Exchanges:
Cryptocurrencies Available
Cryptocurrency traders and investors will have access to over 200 cryptocurrencies when using Kraken crypto exchange. Some of the featured crypto assets to build your portfolio with include:
- Bitcoin
- Ethereum
- Litecoin
- Ripple
- Bitcoin Cash
- Dogecoin
- Solana, etc.
You will also have access to stablecoins such as Tether, Dai, and USD Coin.
Fees
Registering for an account at Kraken is free, and you only need to deposit at least £10 to get started. Its fees are reasonable for all traders, including the low-budget ones. The fees are also subject to spreads, which vary depending on the trade you enter on a specific platform. For instance, if you conduct instant purchases on the Kraken standard platform, you will incur 1.5% for most crypto assets and 0.9% for stablecoins. There are additional transaction fees of 0.5% when you fund your account via bank transfers and 3.75% + 0.25 cents when paying using cards and e-wallets.
If you are an advanced trader or investor using the Kraken Pro account, you will pay much lower fees than users on the main platform. Pricing is based on trading volume within 30 days. On average, you will incur a 0.16 % maker fee and a 0.26% taker fee for transactions between £0-$50,000. You can refer to the exchange page for more trading volume fees. Note that its staking fees are relatively high.
Payment Methods
Kraken supports various payment methods for UK traders and investors, including;
- Debit/credit cards
- Bank transfers
- E-wallet
Kraken allows traders and investors to transact with various fiat currencies, including USD, EUR, CAD, GBP, JPY, AUD, etc. Remember, you will incur transaction fees depending on the payment method you use. Also, a currency conversion fee applies for users whose regional currencies are not supported.
Security
Kraken crypto exchange has implemented one of the best security practices, which we advise users to follow and protect their balances. For instance, the exchange encourages users to protect their accounts using passwords and two-factor authentication. Also, ensure your account is protected from unauthorised changes so it won’t be easier for hackers to access it.
Additionally, Kraken secures its users’ deposits in offline cold storage to ensure they aren’t prone to hackers. There is no phone/SMS account recovery, but it supports email confirmations for withdrawals. The exchange is highly encrypted for your email and data safety.
Customer Support
Kraken customer support operates 24/7 via email, phone, and live chat. The support service is responsive and offers relevant solutions. Although we had a good experience with Kraken’s support service, some users claim the service has a slow response. Others also report hacking, which is why you must always be careful when using Kraken or any other exchange since the crypto market is unregulated.
Education
Kraken exchange offers a wide selection of learning resources, including guides, articles, podcasts, and recorded videos. There is also a FAQ section where you can get quick answers before reaching out to the support service.
How to Open a Kraken Account*
When engaging with cryptocurrencies, it’s crucial to recognise that these digital assets are characterised by their extreme volatility and speculative nature. This can result in swift and substantial price fluctuations. To safeguard your crypto holdings, it is imperative to utilise reputable wallets and exchanges, prioritising the security of your investments.
Also, exercise vigilance and due diligence to guard against crypto-related scams and fraudulent schemes that can potentially threaten your financial well-being. You can also spread your investments across multiple digital tokens and avoid making decisions based on emotions.
To trade or invest using Kraken, you must create an account on its platform. There are various links on this page to redirect you to the exchange platform, where you will follow the procedures below to get started.
- Read the terms and conditions to ensure it fits your needs before you continue to create an account.
- Click create account and fill in the provided form with your username, email, jurisdiction area, and password.
- Kraken will require you to verify your identity and location by requesting an original copy of your ID card and a picture of you holding the card.
- Once fully activated, you will deposit at least £10 and get started. Remember, the platform is user-friendly, and beginners should not worry about navigating it.
*Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.
Editor’s Note
Besides offering one of the best crypto trading and investment platforms, we like the Kraken exchange because it allows users to earn rewards on cash and crypto holdings through staking. Additionally, you can trade cryptocurrency futures and indices on its OTC marketplace. The best element is that the exchange also plans to include NFTs in its asset collection, which can help you build a solid trading portfolio.
Overall, Kraken is worth trying for as long as you understand all the risks and charges. Also, secure your account with strong passwords and two-factor authentication to enjoy your experience.
FAQs
Yes. Besides desktop, you can access Kraken via Android and iOS mobile devices. Simply download it on Google Play and the App Store to get started.
No. Unfortunately, Kraken doesn’t have its own digital wallet. However, it secures your funds in offline cold storage and allows you to transfer your holdings to an external wallet of your choice.
Yes. Although there have been hacking reports from Kraken users, we consider the exchange safe since it is transparent with its security measures. For instance, Kraken is backed by SSL encryption and secures users’ deposits in offline cold storage.
Yes. Kraken is one of the best crypto exchanges we highly recommend to newbies. The exchange is not only user-friendly but has an intuitive design. In addition, it offers a standard account for newbies, which requires only £10 to get started.
Excellent support, all issues are resolved quickly, pro verification in 3 days. Very convenient and easy to use, it's also fascinating that the exchange helps UA!
Using Kraken exchange well over 2 years. Never had any issues with deposits or withdrawals. The exchange works as I would expect. For me they are one of the leading exchanges on the market at the moment.
Kraken is my first exchange. It is very easy to check and pay money from your bank account. It is very easy to buy, send and exchange cryptocurrency, especially for a beginner. The user interface is clean and doesn't overwhelm you on the spot. Very good support service, she was very nice and helped me with different problems.
I want to say, by far Kraken is one of the best exchanges I have used. I don't have any problems with them. So easy. The customer service to be fast and responsive when needed. Very positive experience, thank you.
Previously worked only with a website. I decided to try the features of the application for android - it turned out to be great. I've been using it for three months, everything is simple and clear.
I can admit modern design, easy to understand functions, and also fast verification. It is interesting that the exchange periodically helps Ukrainians in such a difficult time for them...
Great app. I really liked the dark theme. Convenient, and with fast withdrawals. I use this application for the crypt only with pleasure.
I have used Kraken for over 4 years and they are a responsible exchange. I have never had any issues trading with them. Deposits, trading, and staking no problems so far.
Kraken van was the first exchange I signed up for and I still love it! Kraken is fantastic. Offers staking, very low fees, and great UI. Never had an issue with this exchange! I wish they would list SafeMoon. The support service is very good and fast. Thank you, Kraken
I have been with Kraken for over three years and have accounts with multiple other exchanges. In my experience, customer service responds fast, but they handle requests slowly. But in general, they are good. Easy to use platform.
Would you recommend this provider?
Fees
Account opening
Customer service
Deposit and withdrawal