Kraken is one of the world’s largest and oldest cryptocurrency exchange platforms, launched back in 2011 in San Francisco and now boasting around 10 million users around the world. It is available across 48 US states and 176 countries, with over 200 cryptocurrencies on offer.
What does Kraken do?
Kraken is an online cryptocurrency exchange platform that allows users to buy, sell, trade, and store more than 200 different coins. Its services can be accessed on desktop as well as on iOS and Android devices. Kraken has two different levels in the UK, standard and Pro. Kraken Pro is an active trading platform with an advanced interface that includes more detailed asset information, active charts and a view of open orders, which may be intimidating for beginners. Kraken Pro can be used by any Kraken account holder and costs less than doing the same trade through the main interface.
The main platform will suit beginners because they can buy cryptocurrency quickly through a linked bank account without having to fund the Kraken account first. It is also quick and easy to sell your crypto or convert currencies within your account.
Kraken’s main features
- More than 200 different cryptocurrencies available
- Supports multiple fiat currencies, including GBP
- Available on browser, iOS and Android
- Advanced interface with Pro level
- Security measures include 2-factor authentication and regular independent audits
- Transparent fee structure
- 24/7 customer service
- You must hold a valid Visa or Mastercard in the same legal name as your Kraken account
Kraken pros and cons
| Pros | Cons |
 Wide range of trading options |
 Can get confusing as different fee schedule for each |
| Low transaction fees when using Kraken Pro |
Higher transaction fees when using Kraken Starter |
| Live 24/7 customer support service |
Confusing verification level system |
| Multiple deposit options |
Certain features are not available in the UK for regulatory reasons |
Kraken platform levels
Kraken offers two different levels in the UK, with standard and Pro accounts operating different fee model. We explain this in greater detail further down under the “Fees” header.
The two levels have a different extent of access to Kraken’s vast array of features. For example, the standard account offers the most basic trading options, while the Pro account enables users to undertake complex, high-volume transactions. The table below outlines what each level of verification includes, what is required to set up an account, and who each one is best suited to.
Standard ('Intermediate')
This is the most basic and beginner-friendly Kraken verification level in the UK – though it is sometimes referred to as 'Intermediate' on its website – and allows users to buy and sell cryptocurrency. Account set up requires a two-factor login, email, full name, date of birth, phone number, and a country of residence.
This type of account is most suitable for beginner or amateur crypto investors who intend to carry out straightforward buy or sell transactions.
Good for:
- Beginner investors looking for a user-friendly way to invest in crypto
- Simple buy/sell transactions without lots of jargon and hoops to jump through
- Easy set-up for a quick, no-fuss start to finish process
Bad for:
- Experienced traders seeking in-depth analysis
Pro
There are two types of Pro account on Kraken - business and personal. The distinction between these two depends on whether users intend to use the account for personal or business endeavours. Pro gives access to additional features such as OTC trading and has its own fee structure, which we explain in greater detail in the “Fees” section of this article. This type of account is best suited to advanced and professional crypto investors..
Good for:
- Advanced investors looking to access various trading types, e.g. margin, futures, OTC
- Lower trading fees due to the maker-taker fee model, as explained in greater detail further down
- High volume transactions, with no 24hr limit on cash deposits or withdrawals, and a generous $10,000,000 per 24 hrs limit for crypto withdrawals
Bad for:
- Beginner investors only interested in simple buy/sell transactions and who could be put off by the complicated user interface
Standard vs Pro
| Features | Intermediate | Pro |
| Cryptocurrency deposits | Unlimited | Unlimited |
| Cryptocurrency withdrawals | $500,000 per 24hrs | $10,000,000 per 24hrs |
| Cash deposits | $100,000 | $10,000,000+ per 24hrs |
| Cash withdrawals | $100,000 | $10,000,000+ per 24hrs |
| Margin trading | Yes | Yes |
| Futures trading | Yes | Yes |
| OTC trading | No | Yes |
| Business account | No | Yes |
The full list of features which each verification level has access to can be found here.
Kraken fees
How do Kraken Instant Buy fees work?
Instant Buy is the payment method for simple buy or sell transactions on Kraken. It can be accessed by clicking on the “Buy Crypto” widget both on desktop and mobile, and has four different charges depending on which type of transaction you choose.
Users either pay a 0.9% fee for buying or selling stablecoins (such as USD Coin), or a 1.5% fee for any other cryptocurrency (such as Bitcoin). On top of this initial fee, users are also subject to either a 0.5% charge for online bank deposit transactions, or a 3.75% + €0.25 (or £0.21 in sterling) charge for using a payment card.
Put simply, Instant Buy users must pay either:
- 0.9% for stablecoins
- 1.5% fee for any other cryptocurrency
Plus, either:
- 0.5% fee for online bank deposits
- 3.75% + €0.25 (or £0.21 in sterling) fee for card payments
This means a typical cryptocurrency purchase using Kraken Instant Buy could incur fees as high as 5.25% + €0.25 (or £0.21 in sterling).
High fees for immediate purchases are not exclusive to Kraken, as the vast majority of cryptocurrency exchanges charge similarly extensive fees. For example, both Coinbase and Gemini charge a $2.99 flat fee for purchases between $50-$200, which could result in charges as high as 5.98% of a $50 transaction.
Those looking for a no-fuss purchase may find that it is difficult to avoid the high initial fees, but opting to graduate to a more advanced account - such as Pro - will help to lessen the transaction charges.
How do Kraken Pro fees work?
Similar to the advanced accounts offered by competitors such as Coinbase, Kraken Pro uses a maker-taker fee model on cryptocurrency transactions, ranging from 0.10% for takers and a 0.00% for makers.
Kraken Pro’s taker fees begin at a modest 0.25% for trades up to $10,000 – considerably lower than Coinbase Pro’s equivalent 0.35%, but still less than Gemini’s ActiveTrader, where taker fees remain at 0.40% for all 30-day trading volumes up to $500,000.
In terms of maker fees, Kraken Pro begins at 0.25%, whereas Coinbase Pro starts at 0.50%, making Kraken Pro a less expensive option for investors “making” the market with limit orders.
You can read more about what maker and taker fees are, and how they are calculated, in our article “Cryptocurrency: What are maker and taker fees?”.
The table below outlines the approximate fees that you can expect to be charged for different transactions on Kraken Pro:
| 30-Day Volume (USD) | Taker Fee | Maker Fee |
| $0 - $10,000 | 0.40% | 0.25% |
| $10,000 - $50,000 | 0.35% | 0.20% |
| $50,000 - $100,000 | 0.24% | 0.14% |
| $100,000 - $250,000 | 0.22% | 0.12% |
| $250,000 - $500,000 | 0.20% | 0.10% |
| $500,000 - $1M | 0.18% | 0.08% |
| $1M - $2.5M | 0.16% | 0.06% |
| $2.5M - $5M | 0.14% | 0.04% |
| $5M - $10M | 0.12% | 0.02% |
| $10M+ | 0.10% | 0.00% |
How do Kraken stablecoin and crypto-to-crypto trading fees work?
Most exchange platforms follow the maker-taker fee model for stablecoins and crypto-to-crypto trading, but Kraken charges a flat fee across both of these types of transactions, though the charge differs depending on a user’s 30-day trading volume. The more trades you have completed, the lower your fees will be.
The table below outlines the approximate fees that you can expect to be charged for stablecoin and crypto-to-crypto trades on Kraken:
| 30-Day Trading Volume (USD) | Fee |
| $0 - $50,000 | 0.20% |
| $50,001 - $100,000 | 0.16% |
| $100,001 - $250,000 | 0.12% |
| $250,001 - $500,000 | 0.08% |
| $500,001 - $1,000,000 | 0.04% |
| $1,000,001 - $10,000,000 | 0.02% |
How do Kraken margin fees work?
Kraken charges different fees for margin trading, which is when an investor borrows money from a broker to purchase assets, and pays a specified interest rate depending on how long they take to place an order. The fee Kraken users are charged depends on which cryptocurrency is involved in the trade and the total value of the purchase. Bear in mind that margin trading is only available for Intermediate and Pro level accounts.
The table below outlines the approximate fees that you can expect to be charged for margin trading on Kraken:
| Base Currency | Quote Currency | Opening Fee | Rollover Fee |
| ADA (Cardano) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
| ALGO (Algorand) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| BCH (Bitcoin Cash) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| BTC (Bitcoin) | EUR, USD | 0.01% | 0.01% per 4 hours |
| BTC (Bitcoin) | GBP, CAD, USDT | 0.02% | 0.02% per 4 hours |
| DASH (Dash) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| DOT (Polkadot) | ETH, EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| EOS (EOSIO) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
| ETC (Ethereum Classic) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
| ETH (Ethereum) | EUR, USD, USDT, BTC | 0.02% | 0.02% per 4 hours |
| FIL (Filecoin) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| LINK (Chainlink) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
| LTC (Litecoin) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| USDC (USD Coin) | EUR, USD | 0.01% | 0.01% per 4 hours |
| USDT (Tether) | EUR, USD | 0.01% | 0.01% per 4 hours |
| REP (Augur) | EUR, ETH, BTC | 0.02% | 0.02% per 4 hours |
| TRX (TRON) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
| XMR (Monero) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| XRP (Ripple) | EUR, USD, BTC | 0.02% | 0.02% per 4 hours |
| XTZ (Tezos) | EUR, USD, ETH, BTC | 0.02% | 0.02% per 4 hours |
You can find the full list here.
How do Kraken futures fees work?
Kraken charges different fees for futures trading based on a maker-taker fee model. Futures trading, like a limit order, involves the purchase of an asset once it reaches a predetermined price in the future. Kraken’s futures fees are calculated as a percentage of the projected order value of a successful trade at the time when the order is placed.
The table below outlines the approximate fees that you can expect to be charged for futures trading on Kraken:
| 30-Day Trading Volume (USD) | Maker Fee | Taker Fee |
| $0 - $100,000 | 0.0200% | 0.0500% |
| $100,001 - $1,000,000 | 0.0150% | 0.0400% |
| $1,000,001 - $5,000,000 | 0.0125% | 0.0300% |
| $5,000,001 - $10,000,000 | 0.0100% | 0.0250% |
| $10,000,001 - $20,000,000 | 0.0075% | 0.0200% |
| $20,000,001 - $50,000,000 | 0.0050% | 0.0150% |
| $50,000,001 - $100,000,000 | 0.0025% | 0.0125% |
Which cryptocurrencies can you trade on Kraken?
There is a long list of cryptocurrencies available to trade on Kraken, including:
- Augur (REP)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Dai (DAI)
- Dash (DASH)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Polkadot (DOT)
- Ripple (XRP)
- Tether (USDT)
- USD Coin (USDC)
- Waves (WAVES)
- Zcash (ZEC)
The full list of supported cryptocurrencies available on Kraken can be viewed here. Keep in mind that some currencies listed may not be available in the UK.
Kraken security
Kraken has several measures in place to protect users’ assets, including 2-Factor Authentication, email confirmations for all withdrawals, and 95% of all deposits are kept in “offline, air-gapped, geographically distributed” cold storage. Kraken’s own server is kept in a secure cage “under 24/7 surveillance by armed guards and video monitors” to minimise the risk of hacking or interference. Kraken also boasts a “high priority” 24/7 live chat and email support service for urgent customer concerns, setting it apart from the majority of other exchange platforms with minimal customer service options and a track record of slow response times. This makes Kraken a more desirable option for those keen to communicate with staff about their investments and any associated enquiries.
Kraken customer reviews
Kraken has a 1.4 out of 5 rating on Trustpilot across more than 2,000 reviews. As is commonplace with other exchange reviews on Trustpilot, there appear to be a large number of disingenuous reviews which have dragged Kraken’s rating down, but there are several comments highlighting the low fees and consistent customer support which give Kraken an edge over the competition.
Kraken compared to the competition
| Exchange Platform | Kraken | Gemini | CEX.IO | Coinbase | Uphold |
| Transaction Fees | 0.00-0.26% | 0.00-0.40% | 0.00-0.25% | 0.00-0.50% | 0% (but charges a spread between 0.85-1.25%) |
| No. of cryptocurrencies | 200+ | 150+ | 200+ | 250+ | 35+ |
| Wallet | No | Yes | Yes | Yes | Yes |
| Trustpilot Rating | 1.4/5 | 1.2/5 | 4.2/5 | 3.8/5 | 3.0/5 |
The verdict
Kraken is generally better suited to advanced cryptocurrency investors. Although standard buy/sell orders come with fees typical across the industry, on par with competitors Coinbase and Gemini, the trading fees for more complex transactions are less expensive. The downside is that these advanced transactions follow a complicated fee structure, and a potentially daunting corporate-looking user interface, which could put off more amateur investors. On this basis, beginner investors may find an alternative exchange more user-friendly for the same fees, but advanced and professional investors may benefit from the wide range of supported trading options and comparatively low charges.
For more information on cryptocurrency investing, check out our articles 'A beginner's guide to investing in bitcoin and cryptocurrency', 'How are cryptocurrencies regulated in the UK?', or 'Cryptocurrency mining: What it is, how it works and how to mine bitcoin'.
Finally, it is worth remembering that cryptocurrencies are largely unregulated and are not protected by the Financial Conduct Authority (FCA). This also means investors are not protected by the Financial Services Compensation Scheme (FSCS), which protects up to £85,000 (£170,000 for joint accounts) should a financial firm fail. It is also extremely volatile and so should only be considered by experienced investors who are aware of all the associated risks and are prepared to lose all the money they invest if they buy crypto-assets.
