Kraken Review | A must read before you trade with Kraken

Item: Kraken
Author: Joanna Newman

EDITORIAL VERDICT

The IC verdict

Kraken is one of the largest Bitcoin exchanges, particularly against the Euro, with strong security, low fees and a four-tier verification system.

iC Reviewed by Joanna Newman · Published 2017-11-15 · Updated 2026-05-06

FULL REVIEW

The complete analysis

Published 2017-11-15

Kraken was founded in Sans Francisco in 2011. Kraken is one of the biggest exchanges of Bitcoins, and especially against the Euro.But it is possible to exchange crypto currencies also with USD, GBP, Yen and other currencies.

The fees are between 0.1 and 0.35% for most currencies, but for less common currencies this can range from 0.05 to 0.75%.

Minimum deposits are 20 USD.

Audits can take anywhere from a few minutes to a few days.

There are different levels on the platform, ranging from 1 to 4:

Level 1: deposits and withdrawals can only be made in crypto currencies. Trading can be done in digital or traditional currencies.

Level 2: depending on the country there is the possibility to make deposits and withdrawals in Fiduciary currencies.

Level 3: Funding limits are higher than Level 2

Level 4: Funding limits greater than Level 3 with individual or corporate accounts. At each level corresponds a level of verification.

Crypto currencies that can be traded on the platform:
BTC, DAO, ETC, ETH, DOGE, DASH, ICN, LTC, REP, XLM, XRP, ZEC and others.

Kraken is easy to use. The interface allows beginners to navigate, but also offers experienced traders to use all advanced options.

It exists on iOS and Android.

Support is 24/7 by email or chat.

At the security level, kraken is probably one of the most secure cryptocurrency exchanges in the world: there is two-factor authentication and PGP GPG encryption. The majority of funds are kept offline and the servers are in secure facilities with armed guards and video surveillance of the highest order.

Advantages

Excellent security

Very low fees

Disadvantages

Weak support for mobile platforms

Verifications take time

RATING · 6 factors

The composite breakdown

Score: — · Grade: —

Fees ×1.2 Spot + futures + funding spreads

4.0

Regulation ×1.0 Licenses + jurisdictional standing

—

Asset coverage ×1.0 Coins, fiats, derivative pairs

3.5

Security ×1.2 Cold storage, audits, history

4.5

Withdrawal ×1.0 Speed, fees, transparency

—

UX ×1.0 Mobile, web, support quality

3.5

Composite score will appear here once all six factor scores are scored by the editorial team. Per our methodology we do not publish a composite based on partial factor data.

VERDICT · pros & cons

What's good, what isn't

Pros

Very low fees (0.1%–0.35% on most currencies)
Excellent security with 2FA and PGP/GPG encryption
Majority of funds kept offline in secure facilities
Tiered account system from Level 1 to Level 4 with increasing funding limits
24/7 customer support via email or chat

Cons

Weak support for mobile platforms
Verification process can take time
Higher fee range (up to 0.75%) on less common currencies

ASSETS · supported

What you can trade

BTCETCETHDOGEDASHLTCREPXLMXRPZEC

FAQ

Common questions

5 Q&As

When was Kraken founded?

Kraken was founded in San Francisco in 2011 and has become one of the largest exchanges of Bitcoin, especially against the Euro.

What are Kraken's trading fees?

Fees are between 0.1% and 0.35% for most currencies, but for less common currencies the range is 0.05% to 0.75%.

What is the minimum deposit on Kraken?

The minimum deposit on Kraken is $20.

How secure is Kraken?

Kraken uses two-factor authentication and PGP/GPG encryption, keeps the majority of funds offline, and stores servers in secure facilities with armed guards and video surveillance.

What verification levels does Kraken offer?

Kraken has four levels: Level 1 (crypto-only deposits and withdrawals), Level 2 (fiat deposits/withdrawals depending on country), Level 3 (higher funding limits) and Level 4 (highest limits, individual or corporate).