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Kraken: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 4.50 |
| Investment selection | 5.00 |
| Access | 4.50 |
| Ethics | 3.00 |
| Customer service | 4.75 |
| Overall score | 4.35 |
Is Kraken Right for You?
Kraken provides a variety of additional services for institutions, businesses, and high-net-worth individuals. These include account management, one-on-one consultation services, over-the-counter (OTC) trading, and expert market insights.
New or intermediate investors can benefit from Kraken's catalog of educational resources — including Webinars, blog posts, and the Crypto 101 video series — and basic crypto trading features. More advanced investors may prefer the Pro version for margin trading and easy staking through the app.
Technically Kraken offers futures, but it's not available for users in the US and territories.
Kraken is available in over 190 countries and 48 US states (not available in New York and Washington). See a complete list of its geographic restrictions here.
Kraken vs. Coinbase
Kraken and Coinbase both provide a vast suite of crypto services, but the exchanges vary in terms of prices and account features.
Kraken and
It's also available in all 50 US states, and 100+ countries throughout Europe, South America, Asia Pacific, Africa, the Middle East, and North and Central America. But Coinbase offers more limited staking options.
Kraken Pro is better for advanced traders as it offers lower fees, margin trading, and advanced account features and tools.
Kraken vs. Binance
Kraken and
Binance.US only supports 130+ cryptocurrencies, which is significantly less than Kraken's selection. Binance.US also has a more limited selection of resources for beginners. So if you're a new or intermediate trader, Kraken is a better option.
Binance.US, however, may be better suited for advanced traders and users interested in peer-to-peer trading. But keep in mind that Binance.US doesn't offer future or margin trading.
Ways to Invest with Kraken
Kraken currently offers more than 200 assets, including bitcoin and ethereum. You'll mainly have four investment options at Kraken: crypto assets, futures trading, margin trading, and over-the-counter (OTC) trading.
But your account verification level determines which features you can access. It has four levels:
- Starter
- Express
- Intermediate
- Pro
Each level represents the amount of documentation you provide when setting up your account, so those at the Pro level will have met all of Kraken's requirements. Those at the starter level will be most limited when it comes to Kraken's account options (see more info on all of its verification levels here).
Fiat Currencies
Kraken also supports several fiat assets, making crypto-to-fiat transactions much easier. Unlike cryptocurrencies, fiat currencies are physical assets that are controlled by a central financial institution and backed by governments. Kraken supports seven: USD, EUR, CAD, CHF, AUD, AED, GBP, CHF, and JPY. Deposit fees and minimums vary for each currency, though. You can learn more here.
There are minimum fees with US dollars (USD), euros (EUR), and Canadian dollars (CAD). If you link your Kraken account to your bank account with USD via a bank transfer, you won't be charged a fee. It's also free if you deposit your funds with Canadian dollars or single euro payments area (EUR SEPA).
Futures
Futures are not available through Kraken in the US.
Kraken offers futures with both a web platform and two mobile apps, but it's only available for Kraken Pro users in eligible countries (list of geographic restrictions here). It offers more than 95 perpetual futures and competitive trading fees. Traders get access to advanced trading analytics and monitor their portfolio performance over time. Kraken Pro offers both long and short positions.
Futures are legal contracts that give you, the investor, the right to buy or sell a security at a certain price on a forthcoming date. Kraken's futures services also let you borrow up to 50 times your balance for trading.
Kraken Pro
Kraken Pro, the crypto exchange's advanced trading platform, offers expert trading tools, additional order types (e.g., market, limit, stop-loss, and take-profit orders), margin trading, and more.
With Kraken's margin trading options, you can leverage, or borrow, up to five times your account balance to place more trades (the exchange currently allows investors to borrow up to $500,000) on up to 36 different assets. Kraken says its margin services also include access to advanced order options and an intuitive trading platform.
Institutions
Kraken says its OTC trading services are best for institutions and high-net-worth individuals (investors with at least $1 million) who need to place larger orders that might be too disruptive for the open market/Kraken exchange.
This account option additionally includes expert market insights, full support for all Kraken exchange-listed crypto assets and fiat currencies, one-on-one expert consultation services, and 24/7 global support. And Kraken offers another option for advanced traders: An account management program that gives you one-on-one support from a Kraken account manager.
Finally, the exchange's offerings include a websockets API that provides real-time market alerts, staking rewards (staking allows investors to earn rewards by locking a portion of their assets away over a certain period of time), public key support, and offline cold storage for your crypto assets. (Kraken also says it's not a personal wallet service, so it's probably best to consider other storage wallets).
Kraken: Is it Trustworthy?
Kraken currently has an F rating with the Better Business Bureau. The BBB evaluates companies with a grade range of A+ to F, so this indicates that Kraken has underperformed in some aspects of its customer support services.
The bureau cites the reason Kraken received this score is that it failed to respond to 56 complaints filed on the BBB website. Plus, the SEC filed a lawsuit against Kraken, claiming it did not register its crypto staking-as-a-service program and sold unregistered securities. In February 2023, Kraken paid a $30 million fee to settle the lawsuit.
However, the BBB also says its ratings don't ensure a company will be reliable or perform well, so it's important to conduct your own research in addition to the bureau's findings.
Kraken has closed more than 23 complaints in the last 12 months, according to BBB data.
Kraken — Frequently Asked Questions (FAQ)
Is Kraken good?
This depends on what you're looking for in a crypto exchange, but Kraken generally stands out as a competitive platform due to its expansive investment selection, offering of futures and margin trading, and service to individuals and institutions on a global level.
Can US citizens use Kraken?
Yes. Kraken supports US traders in 48 states, excluding New York and Washington State. Certain features, like futures trading, are not available in the US and territories.
Is Kraken better than Robinhood?
Both Kraken and
But Robinhood only supports 19 cryptocurrencies and requires a $2,000 minimum for margin trading. So in terms of investing in crypto and margin trading, Kraken is better.
Is Kraken safe?
Kraken has been in business since 2011, and it prioritizes security and user safety. In addition to its global security team, Kraken keeps its services under 24/7 surveillance, and it employs several other measures to keep your assets safe. These include two-factor authentication, real-time monitoring for suspicious activity, email confirmations for account withdrawals, and much more.