Kraken review 2022
Kraken offers cryptocurrency traders a way to buy and sell dozens and dozens of different coins at some of the lowest costs in the industry. Keeping trading fees low is important because there are some exchanges that charge enormous fees for cryptocurrency orders. But you won’t have to sacrifice customer service to get those lower fees with Kraken. You’ll have 24/7 access to specialists via live chat and can even talk with customer support on the phone Monday through Friday, a rarity in the crypto world. New traders will also benefit from Kraken’s educational materials available on many different coins.
Customers looking to trade more than just crypto might be better off with apps like Robinhood or Webull, though those only offer the most popular coins. Crypto traders looking for other low-cost options should consider Binance.US or Coinbase Pro.
- Customer service
- High-volume traders
- Educational content
Kraken at a glance
|Minimum balance:||None, but there’s a $10 trade minimum|
|Securities tradable:||More than 95 cryptocurrencies|
|Cost per trade:||
|Customer service:||24/7 live chat, email, phone support Monday through Friday from 6 a.m. – 6 p.m. ET|
|Mobile app:||The Kraken mobile app is available on the Apple App Store and Google Play Store|
Pros: Where Kraken stands out
Low trading fees
Kraken’s trading fees come in near the low end of the industry, with some fees starting at just 0.16 percent. Costs for active traders decline from there and can even be eliminated entirely if you’re trading really large amounts based on your average 30-day trading volume.
Like other cryptocurrency exchanges, Kraken uses a maker-taker model which rewards those who add liquidity to the market (makers) and charges slightly more to those who remove liquidity (takers). Here’s how the fees breakdown based on monthly trading volume.
|30-day volume (USD)||Maker||Taker|
|$0 – $50,000||0.16 percent||0.26 percent|
|$50,001 – $100,000||0.14 percent||0.24 percent|
|$100,001 – $250,000||0.12 percent||0.22 percent|
|$250,001 – $500,000||0.10 percent||0.20 percent|
|$500,001 – $1 million||0.08 percent||0.18 percent|
|$1,000,001 – $2.5 million||0.06 percent||0.16 percent|
|$2,500,001 – $5 million||0.04 percent||0.14 percent|
|$5,000,001 – $10 million||0.02 percent||0.12 percent|
|$10 million and up||0.00 percent||0.10 percent|
Trades placed through Kraken’s instant buy feature come with additional processing fees and do not count toward your 30-day trading volume.
Kraken sets itself apart from other exchanges by offering one of the best customer service experiences in the industry. You’ll be able to reach one of the hundreds of trained specialists Kraken employs 24 hours a day, 7 days a week through its live chat feature. You’ll even be able to get questions answered on major holidays.
Kraken also offers phone support Monday through Friday from 6 a.m. to 6 p.m. ET. Phone support is extremely rare in the crypto world, so the fact that Kraken offers it is a major bonus. Some questions just can’t be answered easily through chat or email and having the ability to talk with a specialist is important, especially for an area as new as cryptocurrency.
You’ll also have access to Kraken’s support library which can help with more basic questions like account setup and how to get started trading.
Kraken is also one of the few crypto exchanges that makes an attempt to educate traders on what it is they’re trading. Through its crypto guides, Kraken provides information on how to buy and sell many different cryptocurrencies and also explains the theory and origin of different coins. Not sure what Dogecoin is? Kraken has a guide for you.
While the guides are fairly basic, they’re better than nothing, which is what most of the other exchanges offer. Considering how most traders are new to cryptocurrency and the significant risks involved with trading them, more exchanges should look to educate users about what they’re getting involved with.
Kraken offers enough cryptocurrencies to satisfy even the most demanding traders. With more than 95 cryptocurrencies available, it is among the industry leaders, though it falls short of Crypto.com’s offering of more than 250 coins. Kraken will get you all the most popular coins such as Bitcoin, Ethereum, Cardano and Solana, as well as more obscure ones.
Kraken far outpaces the number of cryptocurrencies available through more popular financial apps like Robinhood and Webull, though those do offer trading in additional securities like stocks and ETFs. Kraken should meet the needs of most crypto traders, whether they’re new or more experienced.
Cons: Where Kraken could improve
Instant buy fees
If you’re looking to use Kraken’s instant buy feature, you should prepare yourself to pay considerably higher prices. Fees start at 0.9 percent for stablecoins and jump to 1.5 percent for any other crypto. On top of that fee, you’ll pay another 3.75 percent if the purchase is made using a debit or credit card, or 0.5 percent if it’s made through an ACH transfer.
You’re better off transferring cash into your account and waiting a few days for it to clear. Fees are a killer when it comes to investing returns.
Restrictions in some states
Kraken does not currently offer services to residents of New York or Washington state. The company says it wants to provide services to all U.S. residents, but the costs to maintain regulatory compliance are too high in some areas. Other exchanges, including Binance.US and Crypto.com, also have restrictions in some jurisdictions, so it may be difficult to find one that operates in all of the U.S. states.
Trading platform and mobile app
Kraken’s trading platform and mobile app handle the basics just fine, but you might be disappointed if you’re looking for more advanced features. You’ll be able to check prices on dozens of cryptocurrencies, create watchlists and set up alerts. More experienced traders may appreciate additional charting tools or research.
Kraken is a solid choice for cryptocurrency traders looking for low trading fees and top-notch customer service. It can be a good fit for both new and experienced traders, with new traders benefiting from Kraken’s educational material and traders more familiar with cryptocurrency appreciating the wide number of coins available.
Watch out for premium fees if you use the exchange’s instant buy feature and be sure Kraken does business in your area before signing up for an account. Traders interested in only the most common cryptocurrencies might also consider Robinhood or Webull, which also allow you to trade stocks and ETFs. Crypto traders interested in other low-fee exchanges should check out Binance.US and Coinbase Pro.
How we make money
Bankrate is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate does not include all companies or all available products.