What is Kraken?
Founded in 2011 by Jesse Powell, Kraken is one of the first American crypto platforms to allow the buying, trading, selling, and investing of cryptocurrencies.
The platform quickly gained recognition for its reliability and seriousness , establishing itself as the gateway to getting started in crypto thanks to its intuitive interface and mobile app available on iOS and Android.
Still aiming to make cryptocurrencies accessible to all, Kraken is developing its own layer 2 of the Ethereum blockchain: Ink . Built on the Optimism Superchain to facilitate access to decentralized finance (DeFi) features, this layer 2 is directly compatible with Kraken Wallet.
Kraken is also continuing its expansion into DeFi with the launch of kBTC, a version of Bitcoin compatible with the Ethereum and OP Mainnet blockchains, formerly known as Optimism.
Cryptoast's editorial opinion on Kraken
Kraken is one of the leading crypto platforms and continues to expand its range of crypto investment services to its more than 13 million users . Kraken caters to both beginner investors and advanced traders, particularly through the fully-fledged Kraken Pro interface, which allows for many different order types on a single platform.This platform is renowned for its reliability, particularly thanks to the transparency of its proof of reserve. Furthermore, Kraken's ease of use makes it a major player in the cryptocurrency industry. The ability to fund your account via free transfers is also a major advantage for the platform's users.
Kraken holds PSAN registration with the Autorité des marchés financiers (AMF) following the acquisition of the Dutch company BCM (formerly Coin Meester), allowing it to offer its services in Europe.
What cryptocurrencies are available on Kraken?
Kraken offers over 200 cryptocurrencies for purchase and trading, and over 700 cryptocurrency pairs with significant liquidity for swapping cryptocurrencies. Conversion fees vary for each pair and are displayed before you complete your transaction.What fees does Kraken charge?
Deposit, purchase and withdrawal fees
As of this writing (December 2024), SEPA and SWIFT bank transfers on Kraken are fee-free, with only scheduled monthly transfers incurring a fee of up to €3. PayPal deposits are also available for instant transactions of up to €1,000 per day, with fees depending on your location. These fees will appear on the final confirmation page.Purchasing cryptocurrencies directly by credit card also incurs fees specific to each crypto, which are detailed before confirming the order. To avoid fees for purchasing cryptocurrencies directly by credit card on Kraken, it's best to credit your account in euros beforehand, so you can use this euro balance later.
Cryptocurrency deposits on Kraken are free for most cryptocurrencies, and if they are not, the fees are listed on the deposit page before the transaction is validated.
Users must ensure that they meet the minimum deposit amount listed on the fee policy , or the deposit will not be completed. Kraken also allows you to transfer funds between Kraken user accounts without fees.
Minimum withdrawal amounts and fees are specific to each cryptocurrency and are fully detailed in the withdrawal fee policy . Withdrawals via SEPA transfer are available from €2 and incur a €1 fee. Withdrawal times in fiat currency are between 0 and 5 days.
Minimum withdrawal amounts and fees are specific to each cryptocurrency and are fully detailed in the withdrawal fee policy . Withdrawals via SEPA transfer are available from €2 and incur a €1 fee. Withdrawal times in fiat currency are between 0 and 5 days.
Fees on Kraken Pro
On the Kraken Pro platform, buy and sell fees scale over a rolling 30-day period and are based on volume.Margin trading fees on Kraken are asset-specific and detailed in the fee policy. Maker and taker fees associated with futures trading also vary based on trading volume over a rolling 30-day period.
Our opinion on Kraken fees
Although Kraken isn't the platform with the lowest fees, the rates applied are still lower than those of competing players, which makes it an attractive platform.Additionally, the fact that bank transfer payments are completely free is a significant advantage for investing in crypto at the best price .
Kraken's other crypto tools and services
Kraken offers a wide range of cryptocurrency trading and investing services for both beginners and experienced traders looking for advanced features for their trading.Recurring purchases on Kraken
When purchasing cryptocurrency, Kraken allows you to set up a recurring purchase to purchase a set amount of crypto at regular intervals starting from the date selected by the user.Dollar Cost Averaging (DCA) investing on Kraken allows you to invest regularly to smooth out your overall purchase price. Kraken's "recurring purchase" feature also allows you to set a target price, so you only buy a crypto if its price is lower than this price, thus avoiding excessively high prices during bull market phases.
Setting up a DCA from the Kraken application
Staking and opt-in on Kraken to make your cryptos work
Through its "opt-in" program, Kraken allows users to generate returns on cryptocurrencies held in spot wallets.The most popular cryptocurrencies are available and offer annualized returns between 1% and 10%, credited twice weekly, with no minimum holding period.
Users can withdraw their cryptos from the program at any time , and they will then be available in their account within a maximum of 7 days.
Retaking on Kraken is only available to verified Kraken Pro accounts. Eligible users simply need to request retaking, and Kraken will place their ETH tokens on the Staked validator, Kraken's previously institutional-only subsidiary.
Since retaking allows for the securing of different Actively Validated Services (AVS) , rewards are variable and distributed in tokens associated with the respective projects. To withdraw their ETH from retaking, participants are subject to a 7-day unbounding period.
Users can withdraw their cryptos from the program at any time , and they will then be available in their account within a maximum of 7 days.
ETH retaking on Kraken
Kraken Pro offers verified users retaking services based on the EigenLayer protocol to generate additional passive returns on their ETH without having to interact with the blockchain themselves.Retaking on Kraken is only available to verified Kraken Pro accounts. Eligible users simply need to request retaking, and Kraken will place their ETH tokens on the Staked validator, Kraken's previously institutional-only subsidiary.
Since retaking allows for the securing of different Actively Validated Services (AVS) , rewards are variable and distributed in tokens associated with the respective projects. To withdraw their ETH from retaking, participants are subject to a 7-day unbounding period.
Kraken Pro: The cryptocurrency trading platform
The Kraken Pro platform is fully modular, allowing it to meet the needs of both experienced crypto traders looking for more sophisticated orders and those of less advanced users.
The different order types on Kraken Pro
Kraken Pro allows you to execute many different order types to buy and sell your cryptocurrencies, as well as to speculate on their future prices.
List of orders available on Kraken Pro
Spot orders on Kraken
Spot orders involve buying a cryptocurrency instantly at the price shown on the order book, although this may fluctuate slightly depending on available liquidity.Margin Orders on Kraken
Leveraged margin orders on Kraken allow you to open a cryptocurrency position for a value greater than your initial deposit by borrowing funds from the platform.These positions remain open until the user decides to close them, or until the required margin level is no longer met, resulting in automatic liquidation.
Leverage is strongly discouraged for beginners, as these financial instruments multiply both potential gains and the risk of loss.
Leverage is strongly discouraged for beginners, as these financial instruments multiply both potential gains and the risk of loss.
Stop Loss and Stop-Limit Orders on Kraken
A stop-loss order limits potential losses if a cryptocurrency's price declines. When a predefined price threshold, called a stop price, is reached, a market sell order is triggered to ensure a quick exit from the position.A Stop-Limit order combines a stop order and a limit order. Once the stop price is reached, a limit order is automatically placed on the order book and will only be executed if the market price matches or exceeds the set limit price.
Trailing-Stop Orders on Kraken
A Trailing-Stop order is similar to a Stop-Limit order, except that the Trailing-Stop trigger price adjusts its value when the market moves upwards, and liquidates a position if it moves downwards, based on the percentage set upfront.Take Profit Orders on Kraken
A take profit order is a conditional order that is triggered only when the price defined upstream is reached, in order to secure the profits made.Futures Trading on Kraken
Futures, also called "forward contracts," are derivative products that allow you to bet on the rise or fall of a cryptocurrency's price, notably with leverage of up to x5 on the Kraken platform.Iceberg orders on Kraken
An iceberg order allows you to place limit orders while reducing their impact on the market by hiding part of their size. It requires defining two parameters:The quantity displayed, i.e. visible on the order book;The total quantity, a portion of which remains invisible to the market.
Finally, for one-off transactions of extremely large volume, Kraken offers an over-the-counter service for customized solutions and fees.
Kraken Wallet: the non-custodial wallet
In addition to its centralized platform, Kraken offers a non-custodial wallet whose private key is held by only users , allowing them to interact directly with the blockchain and connect to decentralized applications (dApps) directly within this wallet, making access to Web3 much easier and more secure.Kraken Wallet is compatible with Bitcoin, Ethereum, Polygon, Arbitrum, Optimism, Solana, Dogecoin, Base, and Blast blockchains and supports over 2,000 cryptocurrencies.
The Kraken Blog
Kraken offers a comprehensive blog segmented into different categories, allowing beginner users to learn the essential concepts of cryptocurrencies, blockchain, NFTs and Web3, but also to get to grips with the different features of the platform via detailed tutorials.Kraken Institutional
Kraken Institutional is the asset custody service offered by Kraken to institutional players such as asset managers.While this service has no direct connection to the platform's retail users, Kraken Institutional underscores the company's commitment to participating in the rise of Bitcoin ETFs and maintaining its position among the leaders of the crypto ecosystem.
Our opinion on the Kraken mobile app
Kraken offers 2 separate mobile apps, available on iOS and Android: Kraken to buy, sell and trade crypto easily;Kraken Pro is dedicated to advanced cryptocurrency trading, allowing you to place more sophisticated orders.
Both Kraken apps offer the same services as their respective web interfaces, and the standard Kraken app also offers the ability to create a watchlist to view crypto price movements in real time.
Our opinion on Kraken customer support
Kraken Customer Support offers 3 contact options:Instant messaging available 24/7 live to communicate with a chatbot;The contact form to resolve a particular problem, after consulting the articles available in the help center;
The telephone line.
The contact form allows you to clearly explain your problem and quickly receives an initial response from customer support. However, if a second response is required from the customer, the service takes more than 24 hours to respond. Finally, the phone line of exchange platforms is rarely recommended, as it can quickly become overloaded.
Kraken Customer Support Interface
Kraken User Reviews
On the App Store, the Kraken app has a rating of 4.7 out of 5 (9,000 reviews), and Kraken Pro has a rating of 4.6 out of 5 (16,200 reviews).Kraken reviews on Google Play are also positive. The Kraken app has a rating of 4.4 out of 5 (31,000 reviews), and Kraken Pro has a rating of 4.6 out of 5 (36,100 reviews).
Kraken users highly appreciate the platform's ease of use and reliability. However, a few comments mention the missing French translation in some areas of the app, but this is often the case with new features.
How to register on Kraken?
If our Kraken review has convinced you and the platform seems suited to your profile, here's how to register on Kraken in just 3 steps:Create your Kraken account in minutes (affiliate link);Secure your account (2FA, anti-phishing phrase).
Once your account is validated, you will be able to purchase cryptocurrencies directly from the platform via bank transfer or credit card payment.
FAQ: Frequently Asked Questions about Kraken
✅ Is Kraken a reliable platform?
Kraken is a platform recognized as reliable by users, particularly thanks to its proof of reserve.
✅ Is Kraken legal in France?
The Kraken platform is legal in France and has the status of digital asset service provider (PSAN) issued by the Financial Markets Authority (AMF).
✅ Is there a Kraken mobile app?
2 Kraken mobile apps (Kraken and Kraken Pro) are available for free on iOS and Android and provide access to the same features as the web platforms.
✅ How to contact Kraken customer service?
Kraken's customer service is available 24/7 via a chatbot, and a contact form is also available to support teams for more specific issues. Telephone support is also available.
✅ Do I have to declare my Kraken account to the tax authorities?
As Kraken is located abroad, it is necessary to declare your Kraken account to the French tax authorities using form no. 3916 bis.
✅ Is it possible to withdraw your cryptos from Kraken?
Yes, you can withdraw your crypto from Kraken to another wallet or bank account by simply selecting "withdraw," then selecting the cryptocurrency or currency of your choice, and the desired amount.
✅ What payment methods are accepted on Kraken?
Kraken accepts payments by credit card (Visa, Mastercard, Google Pay, Apple Pay), bank transfer, and also via PayPal.
✅ How to delete your Kraken account?
To delete your Kraken account, first make sure you have withdrawn your cryptocurrencies from the platform, then go to your Profile and click on "Account Information" and then "Deactivate Account".
Disclaimer: This is not investment or cryptoasset advice. Buying, selling, or trading cryptoassets carries risks of partial or total loss of capital.
Disclaimer: This is not investment or cryptoasset advice. Buying, selling, or trading cryptoassets carries risks of partial or total loss of capital.