Kraken Review 2024

Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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Article was updated: October 4, 2024

Estimated reading time: 4 minutes

As a pioneer crypto exchange launching just two years after Bitcoin (BTC), Kraken certainly holds its own among crypto exchanges. Jesse Powell launched Kraken as Payward Inc. in 2011. Over the years, Kraken has grown into the behemoth exchange it is today, attracting over 10 million users from across the globe. 

Kraken boasts tons of tools, products, and informational resources and is a go-to exchange for many in the crypto space. But it’s not all sunshine and rainbows, and the platform is not without its drawbacks. We’ve tested Kraken extensively and scoured the internet to give you an in-depth look at Kraken and whether it’s the right exchange for you in 2024. Read our Kraken review UK to learn more. 

Why Kraken?

It’s hard to argue against Kraken when it has over 10 million users from 190 countries. The platform is a frontrunner in crypto exchanges with all the nifty features you’d want in an exchange. We’re talking everything from robust digital security with storage offerings to dark pool trading. However, most of Kraken’s features are geared toward experienced crypto traders, and beginners may not get the most out of the exchange.

Despite minor security hiccups in the past, Kraken has taken steps to improve its security. It uses encryption technologies and other security tools to keep users’ funds, emails, and other data safe. The platform also has different account tiers for different skill levels in its ecosystem. The standard account best suits beginners and the pro seasoned investors.

Here’s a brief rundown of Kraken pros and cons as per our testing:

Kraken

✔245+ available crypto
✔Simple user interface

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5 User Reviews

30,500 User Reviews

8,500 User Reviews

Our Rating

Total Rating:

39,005 User Reviews

Fees

Fees are a bone of contention with Kraken because while some praise the platform’s affordability, lenient fees are mostly available to pro users and high-volume traders. For instance, individuals with a 30-day trading volume can enjoysuper-low maker fees starting from 0.00%. On the other hand, the maker/taker fees for low-volume traders can go as high 0.25%/0.4%. We’ve outlined some of the fees that our gurus unearthed while evaluating Kraken in the table below.

Fees and Charges	Details
Maker/taker fees	From 0.00%/0.10%
Margin trading fees	Between 0.01% and 0.02%
Rollover fee	Up to 0.02% (per 4 hours)
Instant buy fees	Yes
Account inactivity fees	No
Minimum deposit requirement	0.00001 BTC

Available Crypto

As mentioned, Kraken supports a plethora of cryptocurrencies, from popular names like Bitcoin (BTC) and Ethereum (ETH) to less popular crypto like Astar (ASTR) and the likes. The exchange supports over 280 cryptocurrencies with approximately 100 crypto-to-crypto trading pairs. It also supports NFTs in 5 networks, from Ethereum and Base to Polygon, Solana, Arbitrum, and Optimism. That said, here are some of the most notable cryptocurrencies available in Kraken:

• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• Dogecoin (DOGE)
• Cardano (ADA)
• Cosmos (ATOM)
• Dash (DASH)
• Dymension (DYM)

Security

Security is always a matter of concern for crypto traders and investors. Kraken has pulled out all the stops to ensure users get top-tier security and can rest easy knowing their crypto assets and personal information. Still, it’s worth mentioning that the exchange has had minor security issues that served as the impetus for improving its security to an almost foolproof level. Some of the most notable security features in the exchange include:

• Two-factor authentication (2FA): With 2FA, users must verify identity after entering their username and password. Kraken provides two ways to do so: an authenticator app and a security key.
• Proof of reserves (PoR): Kraken uses proof of reserves to show that the amount of assets deposited into its platform corresponds with what it holds in its reserves. The exchange uses third-party accountants who conduct regular audits to verify that it really holds the assets it claims to have in its reserves. 
• The platform then provides a snapshot of its balances spanning various categories, including margin, spot, futures, and staking. That way, users can be confident that Kraken isn’t using their funds or assets for fraudulent or unscrupulous activities.
• Custody security: Custody security involves the safe storage of users’ assets. Kraken eliminates the need to have another wallet for your crypto or assets. Instead, you can store all your assets securely on the platform. Kraken uses a combination of cold (offline) and hot (online) wallets to store the said assets.
• Bug bounty program: Kraken’s bug bounty program sets it apart from many competitors. A bug bounty program is an exercise that allows users to investigate and report vulnerabilities or suspicious activities on the platform. In return, Kraken rewards them with a minimum payout of 500 BTC and up to $1.5 million in cash rewards. This has kept most users on their toes and motivated to identify system vulnerabilities and take home the loot.

Final Thoughts

If you’re looking for a crypto exchange with robust features and lenient fees, then Kraken is just what the doctor ordered. Our Kraken exchange review has introduced multiple aspects that make this service provider outstanding. Hopefully, you’re read through it and understood everything. 

Incase you need a recap, here’s one. Given its robust features and low fees, it’s hard for experienced crypto traders and investors to go wrong with Kraken. The best part is that the exchange has plenty of informational resources with an easy layout that categorizes topics based on the type of asset and trading activity. Plus, the exchange has a 24/7 global support team to address your queries and solve issues in real time.

Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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