Gianluca L. Vérifié par Gianluca L.
Updated: 18 march 2024
7 minutes

The crypto exchange Kraken has built a reputation as a secure and reliable platform for trading various digital assets. For those just starting out with cryptocurrency investing, Kraken can be a good option to consider. In this article, we will explore how to get set up on Kraken and provide an overview of its security features so you can evaluate if it’s the right exchange for your needs.

Kraken

  • Great customer support
  • Secure exchange
  • Lower fees with Kraken Pro

What Is the Kraken Exchange?

The Value of Stake in Kraken

Want to know more about what Kraken is?

Kraken—The General Picture

The Kraken exchange is one of the largest in the world in terms of trading volume. At the time of writing this guide, Kraken’s trading volume, over the last 24 hours, sat well over $840 million. The exchange has 6-million users worldwide and a capitalization of around 10 billion USD. Based on this Kraken review, some say that the Kraken app will soon be a stock like Coinbase’s.

Like any central exchange, Kraken allows you to buy, sell and exchange cryptocurrencies. 

There are more than 150 cryptocoins available for trading on Kraken. Among these are the most favored such as Solana (SOL), Ethereum (ETH), Bitcoin (BTC), Terra (LUNA), Cardano (ADA) and Avalanche (AVAX). Kraken has a host of stablecoins like Tether (USDT), USD Coin (USDC), DAI (DAI), TerraUSD (UST) too. The platform is versatile and for all types of investors.

«Our mission is to accelerate the adoption of cryptocurrencies so that you and the rest of the world can experience financial freedom and inclusion.» Kraken

The History Behind Kraken

The History Behind Kraken

A Clearer Look at What Kranken Is

The Kraken app was created in 2011. Like its crypto rival Coinbase, it’s an American exchange. 

This CEX was birthed in San Francisco by none other than Jesse Powell. Strangely, when Mt. Gox was attacked and found substantial losses, Jesse saw an opportunity. Jesse Powell’s travel to Tokyo enabled him to “reboot” Mt. Gox with the help of another cryptologist, Roger Van. 

Based on the attack that hit Mt. Gox in 2011, Jesse saw not only a unique problem but a sure solution for it. The programming of his Kraken exchange has, as a result, led due to its security.  

A Review of Kraken’s Ecosystem

The Kraken app’s ecosystem is a collection of products and services to enable your trading through. These services are reliable, and Kraken is proven to be safe for all legal users.

Here are some of the service options you’ll find:

Crypto trading

Service Options On a Crypto Exchange

Crypto trading is Kraken’s primary service, and this includes over a hundred crypto pairs. Here’s a short list of the most trendy investment assets on the platform: 

As a store of value:

  • Bitcoin(BTC)

For decentralized applications:

  • Ethereum (ETH)
  • Cardano (ADA)
  • Solana (SOL)
  • Avalanche (AVAX)

Covering memes:

  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)

Among stablecoins:

  • Tether (USDT)
  • USD Coin (USDC)
  • DAI (DAI)
  • TerraUSD (UST)

Alongside a variety of e-coins, you have access to these trade options in our Kraken review:  

Kraken

  • Great customer support
  • Secure exchange
  • Lower fees with Kraken Pro

Leverage

Margin trading allows you to trade with a larger balance than your actual deposit is. We urge you to use caution with leverage and only apply it if you’re familiar with its risks. To keep the risks balanced, you will also get access to take-profit and stop-loss toggles. 

Staking

Staking is a way to put your crypto fund to work, and for doing so, you’ll get a cut in terms of an annual percentage rate (APR). If you opt in for it specifically, you can earn income twice a week. You can stake into the Kraken app or use the exchange to stake other blockchain projects. 

How to Buy Crypto Using Kraken?

If you don’t yet own crypto, you can buy coins directly from Kraken. Start with going to its “Funding” tab. Select the crypto you want, and click “Deposit.” The platform lets you buy crypto either by your credit card or bank transfer. If you use your bank card, the transactions are faster. 

How to Trade Crypto on Kraken’s App?

Crypto trading on Kraken is similar to that of other exchanges, and Kraken is a safe option.

Opening an account

Opening an account after this Kraken review is easy; just provide the following data:

  • Your email
  • Your username
  • Your password

Secure your account

For security purposes, the exchange requires verification for all accounts. You’ll first get an activation email via the address you provided. Click this link as the initial step to verifying your usable account. You then have the option to activate two-factor authentication or not.

Verify your account

A few more safety measures are taken during verification, which can prevent attacks. 

Account profiles are registered with a person’s name and financial data, but there’s a unique twist. The account type you get, be it Beginner, Express, Intermediate or Pro, dictates how much data is required to verify the account.

That data, based on our Kraken review, includes: 

Verification Needs:

Account
BeginnerE-mail
Full Name
Date of birth
Phone number
Address
ExpressE-mail
Full Name
Date of birth
Phone number
Address
professional situation
Social Security Number (only for US customers)
IntermediateE-mail
Full Name
Date of birth
Phone number
Address
Social Security Number (only for US customers)
Valid identity document
Proof of address
ProE-mail
Full Name
Date of birth
Phone number
Address
Social Security Number (only for US customers)
Valid identity document
Proof of address

Kraken

  • Great customer support
  • Secure exchange
  • Lower fees with Kraken Pro

Depositing funds

Once your account is verified, you then have access to deposit funds and trade. The two ways to deposit funds depend on whether you own crypto or not. If you already have crypto in your wallet, all you need to do is transfer it to your Kraken app account.

You can do this at the Funding tab, and select the crypto you want and then hit “Deposit.” The key step is in confirming your wallet address, and it’s often better to just copy/paste it to avoid errors. Use caution, and ensure your keys don’t get left for others to find. 

Keep in mind the steps further above if you need to first buy, as opposed to exchange, crypto. The same data set used to buy or transfer crypto will be used when making a withdrawal. Withdrawals are paid in the same manner as your more recent deposit was made with. 

Trading

With a verified account, you can now get started in crypto trading. Kraken trading begins at the “Transaction” tab. From here, you’ll need to select the crypto pair you’re speculating on. For example, to buy bitcoin with ether, you’ll need to select the ETH/BTC pair. Other pairs, like the BTC/USD, will help you to transfer cryptocurrency into a fiat currency you choose.

Live trades on Kraken

When buying or selling a specified crypto, you’ll be presented with this form: 

  • Volume—This is the number of coins your order will represent. 
  • Order type—Your options include market, limit and take-profit orders among others.
  • Leverage—You can margin positions at values of 2, 3, 4 and 5 times more your capital.
  • Fees—Transaction fees are based on the currency or coin you’re trading in. 

If you’re a professional investor and want to secure reliable market news, then the Kraken Pro version would be an ideal match. The Pro level gives you access to an exhaustive range of tools that offer a detailed analysis of the market and the price action of various e-coins.

What are the fees on Kraken?

What to Know About Kraken

To trade crypto on Kraken, you’ll be charged for services based on a repeated-fee schedule. The exchange platform is transparent in how it sets and issues its trading fees. Before finalizing any of your trades, you get a full summary of all the costs that you’ll incur. 

Here’s a look at the various fees charged by the Kraken exchange:

  • Trading fees—These fees are for trading crypto. The fees depend on your status, your trading volume and the crypto you’re using. Overall, trading fees are from 0 to 0.26%.
  • Purchase fees—There’s a transaction fee for buying crypto, which makes you become an owner of a specified amount. There are fees for bank cards, which often amounts to 3.75% for processing. Stablecoin fees are the lowest at 0.9% instead. To convert any fiat money deposited into your Kraken account, there is a one-time fee of 1.5%.

Is Kraken exchange safe?

Being among the safest around, Kraken’s exchange stands as one of the few platforms to not have been attacked. Attacks are less likely to hurt you, however, for Kraken stores your crypto offline. Offline crypto is safe from cyber attacks. Kraken is safe due to its policy in hosting its users’ wallets through various locations around the world.

Kraken encrypts your data with an SSL certificate and always has dual authentication as an option. Much of the security standards of Kraken are built and implemented within its “lab.” Kraken Security Labs is a department specializing in cyber security for cryptocurrencies.

Kraken platform regulations

In keeping up with regulatory standards, Kraken’s licenses are approved by the U.S. government. The platform is regulated in the United States by FinCen, the American financial intelligence service. Kraken also has a presence in Canada through its licenses with FINTRAC. 

The Kraken exchange holds recognition with the following organizations also:

  • The FCA in the UK
  • The FSA in Japan
  • AUSTRAC in Australia

Kraken

  • Great customer support
  • Secure exchange
  • Lower fees with Kraken Pro

Opinion about Kraken

Kraken is one of the safest cryptocurrency exchange platforms, having never experienced a major hacking incident.

Kraken’s customer support is available and ready to assist you in creating an account, especially in case of issues with identity verification or other verification levels.

For your digital asset purchase orders via the Kraken app or website, you can make payments through SEPA or SWIFT bank transfers.

Kraken is not blacklisted by the AMF (French Financial Markets Authority) and has plans to acquire a PSAN exchange.

Regarding Kraken reviews, the mobile applications for Android and IOS have good ratings in their respective stores: 4.2 and 4.7.

Pros and Cons of Kraken

  • High level of security
  • Simplicity
  • Ideal for all investors
  • A variety of cryptocurrencies
  • Different services—staking, leverage, stop-loss and take-profit orders
  • Low fees and transparent pricing
  • Not regulated internationally
  • The web platform glitches at times
  • Not translated to many languages

Your questions about this exchange

What is the Kraken platform?

Kraken is a crypto exchange, which is to say it’s a platform that trades, sells and buys crypto. Kraken was birthed as an American exchange of San Francisco in 2011. Jesse Powell is its creator and CEO.

Is Kraken legal?

The Kraken platform is legal. Kraken is legal. It’s approved by several regulatory agencies in the United Kingdom, Australia, the United States and Japan.

Is Kraken safe?

Like any platform on the internet, absolute security doesn’t exist, but in the area of ​​security, Kraken does better than most. The platform stores crypto offline, and it encrypts your data with an SSL certificate. Further, Kraken offers dual authentication for layered security.

What cryptos are on Kraken?

There are over 150 cryptocurrencies to trade with and over 100 pairs. You’ll find crypto such as Bitcoin, Solana (SOL), Ethereum (ETH), Terra (LUNA), Cardano (ADA) and Avalanche (AVAX).

How to trade crypto on Kraken?

You will first need a verified account. Once the platform verifies you, you can deposit funds. This can be done by depositing fiat or transferring crypto you already own from another wallet.