Kraken review

Kraken is one of the oldest crypto exchanges still operating and one of the few with licences in the United States, the European Union and the United Kingdom at the same time. This Kraken review looks at the platform as of October 2026: who regulates it, what it really costs after its fee schedule changed, how it has handled security, and who it is best for. Our short answer: it is among the safest choices, but beginners using the app pay a lot for convenience.

Kraken at a glance

Kraken was founded in 2011 by Jesse Powell and opened its exchange in 2013. The operating group is Payward, Inc., a US company that works remote-first. Beyond spot trading, Kraken now offers futures, staking, tokenised stocks (xStocks) and, in some countries, commission-free stocks; it bought the futures broker NinjaTrader in 2025 and runs its own layer 2 network, Ink. Kraken says it serves more than 13 million clients.

Regulation and licences

According to Kraken’s legal disclosures, updated on 11 August 2026, the group holds:

• United States: FinCEN registration as a money services business and money transmitter licences in most states, plus a Wyoming special purpose depository institution charter for Kraken Financial. Kraken has no New York BitLicense, so it does not serve New York residents; in California, its licence application under the new digital asset law is pending.
• European Union: a MiCA licence from the Central Bank of Ireland since 25 June 2025 for Payward Europe Solutions, passported to the whole EEA and listed on ESMA’s register. Derivatives for European clients run through a Cypriot investment firm authorised by CySEC.
• United Kingdom: FCA registration as a cryptoasset business since 22 November 2021, an FCA-authorised e-money institution, and Kraken MTF for derivatives.
• Elsewhere: AUSTRAC registration in Australia, a dedicated Canadian entity, and since 6 October 2026 a VASP licence in Dubai for Payward FZCO, listed on the VARA register.

Our guide to MiCA regulation explains what this European licence protects.

Enforcement history

Kraken’s record includes two US settlements. In November 2022 it paid about $362,000 to the US Treasury’s OFAC over transactions by users located in Iran. In February 2023 it paid $30 million to the SEC and stopped its US staking-as-a-service programme. A second SEC lawsuit, filed in November 2023, alleged that Kraken operated as an unregistered exchange; the SEC dropped it in March 2025.

Kraken fees

Kraken changed its Kraken Pro schedule, and the entry tier is now expensive. The rates below are taken from the official fee schedule as of October 2026.

Product	Maker	Taker
Kraken Pro spot, under $2,500 of 30-day volume	0.40%	0.80%
Kraken Pro spot, from $10,000	0.22%	0.38%
Stablecoin and FX pairs, entry tier	0.20%	0.20%
Futures, entry tier	0.02%	0.05%
Instant buy in the Kraken app	1% fee plus spread	1% fee plus spread

In practice, a $1,000 market order on Kraken Pro costs $8 at the entry tier, against $1 on Binance or Bybit. Fees fall quickly with volume, and makers pay nothing from $10 million a month. The Kraken+ subscription removes trading fees on up to $10,000 of monthly volume on major assets, but the spread still applies. Deposit and withdrawal fees depend on the method and the asset.

Security record and proof of reserves

Kraken has never lost customer funds to a hack of its own systems, a rare record after more than a decade. In June 2024 a bug let a group of security researchers credit themselves about $3 million; Kraken fixed it within hours and recovered the funds. It pioneered proof of reserves: an independent accounting firm checks that on-chain holdings cover customer balances, using a Merkle tree each client can verify. The snapshot of 30 June 2026 showed ratios of 102.9% for BTC and 100.5% for ETH. Kraken itself notes the limits of the method, which cannot rule out hidden liabilities. Accounts support security keys, global settings lock and withdrawal allowlists.

Products

• Spot trading on more than 600 assets as of October 2026, through the Kraken app or Kraken Pro.
• Futures for eligible clients, margin trading and staking, depending on your country.
• xStocks (tokenised stocks) and, in some regions, stocks and ETFs.
• Kraken Wallet, a self-custody wallet, and Ink, its layer 2 network.

Deposit and withdrawal methods

Kraken accepts SEPA transfers in euros, ACH and wire transfers in the US, debit and credit cards, Apple Pay and Google Pay, and crypto deposits on many networks. Bank transfers are the cheapest way in. Card purchases carry processing fees on top of the 1% instant-buy fee.

Opening an account

Registration requires an email and a password, then identity verification (KYC) with an ID and a selfie; higher limits require proof of address. Verification is usually quick. Kraken’s 24/7 live chat is one of the better support services in the sector. Before your first deposit, turn on a security key or an authenticator app, set a global settings lock and add your own wallet to the withdrawal allowlist.

Who Kraken suits, and who it does not

Kraken suits investors in the US (outside New York), the UK, Canada and the EU who want a licensed, long-standing platform and are ready to use Kraken Pro rather than instant buys. It is less suited to small, frequent buyers who stay in the simple app, and to traders who want the lowest fees at low volume. A simple rule: if you buy less than a few hundred dollars at a time, open Kraken Pro from day one and place limit orders, which are charged the lower maker rate. If you are still comparing platforms, our guide on how to choose a crypto exchange lists the checks that matter, from licences to withdrawal limits.

How Kraken compares

Against Coinbase, Kraken offers more coins, a better proof of reserves and similar licences, but neither is cheap at the entry tier. Binance, OKX and Bybit charge less, yet Binance has no MiCA licence and Bybit suffered the largest hack in crypto history in 2025. For most cautious users, Kraken’s trade-off between safety and cost is one of the best available.