Best Kraken Review 2022 - Crypto Exchange for USA

Best Kraken Review 2023 – Crypto Exchange for USA

In this Kraken review we will go through all features in Krakens trading platform.

Kraken is one of the largest and best crypto trading sites and now it has a US bank license as well. Its the number one trading site for US customers.

In addition, we will review the history and the security features on Kraken.

Safety features and history are important parameters as well, as it tells you how trustworthy the broker is.

Kraken Features Summary

Kraken History Review

The company opened its online space in 2011 through an owner firm called Payward Inc. and is based in San Francisco. It is a regulated company that is one of the first coin exchanges with a price list updated regularly at Bloomberg Terminal.

Throughout its history, Kraken positioned itself as the top EUR-oriented platform. It advertised itself to traders, mainly from Europe, as a broker from whom you can buy and sell coins safely. It is the top EUR currency exchange, offering multiple fiat and cryptocurrencies.

The trade is oriented towards more advanced market investors, while beginners need time to analyze the available tools properly. But, in all honesty, the exchange does not hide it either. It markets itself as the prime place if you know the industry.

Kraken Deposit Methods Review

Here, we will list and review the deposit methods Kraken can offer its customers.

As for deposit methods, Kraken accepts the following:

  • Bank transfer
  • Credit card and Debit card
  • Crypto deposit

The accepted bank account payments are international wire and European SEPA transfers. This disadvantages the exchange when compared to the platform with numerous payment methods. One such is Paxful, which has over 300 available for traders.

As for the costs, let’s look at some examples:

  • SEPA European bank transfer: No fee
For US bank transfer deposits, see the attached table below.

Compare all top Bitcoin trading sites.

Kraken USD dollar deposit fees table

Kraken Review Fees

There are both trading fees and deposit fees that you need to be aware of.

In the last paragraph, we reviewed the deposit fees, and here we will check the trading fees. 

Like many other platforms, Kraken also structures the costs through maker and taker order types

In the table below, you can see all trading fees.

If your order provides liquidity (limit order), you are subjected to maker fees ranging between 0% and 0.16%. Otherwise, taker fees (market order) range from 0.1% to 0.26%.

The volume of coins ranges from the cost you will pay on a 30-day basis. The more you trade at Kraken, the less of these costs will be. 

There are also roller and opening fees for several order types in margin trading. Depending on the chosen trade pair, these costs stand at 0.01% up to 0.04%. You pay them every four hours your order is online. Read more on this topic in trading sites with the lowest trading fees.

Kraken Trading Interface Review

Kraken has an excellent trading interface nowadays. They have recently done a significant upgrade.

Let’s review the Kraken trading interface.

In the screenshot below, you can see the welcome screen on Kraken. Also, we have created a step-by-step guide on how to start trading on Kraken.

There are some options in the header menu:

  • Trade (Here you will make the buy and sell orders)
  • Prices (Here you can see all the cryptocurrencies, prices, and analyzing charts)
  • Staking (Here you can find 4 different coins to stake for passive income)
  • Funding (Here you will find deposit options)
  • History (Here you will find all transaction history)
  • Support (Here is the FAQ including ticket system and chat is available)
  • Buy Crypto (An easy step-by-step guide to buy Crypto immediately)

Kraken Trading Review

Let’s review the trading feature in the Kraken trading platform.

As you can see in the screenshot below, we are in the trading area (the “Trade” menu in the header is highlighted)

Here, you will get all the necessary information, similar to any exchange or trading site.

You can see the following:

  • The trading pair (What trading pair do you want to trade)
  • Last price (What was the final price when a trade occurred)
  • 24 h volume (How much was sold the last 24 h)
  • Weighted average (The average cost for the trading pair in the last 24 h)
  • 24 h high/low (The lowest price and the highest price for the previous 24 h period)

Further, there are some options below this information

  • New order
  • Orders (New, Open and Closed orders)
  • Positions (Open and closed positions)
  • Trades (Trades history, similar to fast orders)
A bit further down, you will find information regarding new and open orders, positions, and order books.
Kraken made a significant improvement in the trading interface during 2019-2020. However, the trading interface is not as good as Binance’s. Read more about the Binance trading platform in our Binance review.

Kraken Margin Trading Review

Kraken is offering margin trading with up to 5x leverage.

Kraken has low rollover fees, a maximum of 0.02% per 4 hours.

You can access up to $500,000 in the margin.

Compare Kraken margin trading with Binance margin trading in this article about the best crypto margin trading exchange.

Kraken Staking Review

Kraken staking gives you the possibility to earn staking rewards on your idle crypto holdings.

The staking procedure on Kraken is very simple, and with just a couple of clicks, you can start receiving payouts automatically. 

What cryptocurrencies can you stake on Kraken?

On the Kraken exchange, you can stake Cardano(ADA), Cosmos(ATOM). Algorand(ALGO), Ethereum(ETH), Flare(FLR), Flow(FLOW), Kava(KAVA), Kusama(KSM), Mina(MINA), Polkadot(DOT), Polygon(MATIC), Secret(SCRT), Solana(SOL), Tezos(XTZ), The Graph(GRT), Tron(TRX).

Can you stake ETH2 on Kraken?

Yes, you can stake ETH2 on Kraken. Kraken even have a secondary market where you can sell your staked ETH2 for unstaked ETH.

What are the ETH2 staking rewards on Kraken?

On 2023-02-02, the staking reward for ETH2 was 4.33% after any paid fees. Compare the best exchanges to stake ETH2 with reward payouts.

Kraken Proof of Reserves Audit

Kraken was one of the first major crypto exchanges to follow Gate.io to implement proof of funds audited by a 3rd party, Aramino LLP.

Check all the cryptocurrencies checked by Aramino, the latest report, and the ability to check your balance.

If you need instructions, you can find a step-by-step guide in our article about what exchanges have implemented the Merkle tree proof of reserves.

Kraken Compatible Crypto Trading Bots

Kraken is compatible with many different crypto trading bots. We have listed the best crypto trading bots for Kraken.

A crypto trading bot is computer software that automatically executes trading for you. 

The software runs 24/7, and you will never miss an opportunity or an exit. In addition, using a crypto trading bot can minimize the impact of feelings like tiredness, fear, greed, and more.

Scalping crypto trading bots and arbitrage crypto trading bots are the most popular.

Read more about free and premium crypto trading bots.

 
Bitsgap crypto trading logo
Coinrule logo
Napbots logo
Wunderbit trading bot logo

Kraken Prices Review

Under the prices tab in the header menu at Kraken´s trading platform you will find the current price for all listed assets in Kraken.

As you can see in the screenshot below, Kraken lists 47 different cryptocurrencies.

From here you can go to

  • Advanced Markets View
  • Classic Chart View
You will notice that Kraken is one of few trading platforms not using charts from TradingView.
 

As you can see in the screenshot, you can change the quote currency. This is done using the tab left to the chart options.

Kraken Verification and Limits Review

Here, we will review the verification levels and deposit limits connected to your verification level.

At Kraken, there are three verification levels

  • Starter
  • Intermediate
  • Pro
The main differences between the different levels are deposit limits, withdrawal limits, deposit methods, and trading features.
For all details, see the screenshot below.

Kraken Security Review

Kraken is probably among the most secure crypto trading platforms.

Kraken always keeps a portion of the market’s coins stashed in cold storage, where hackers cannot reach them. Thus, those stored in vaults always back up the assets you have, digitally and financially.

As for user safety, you have two-factor authentication (2FA), PGP encryption of emails, and logout settings. The 2FA function works as in any other platform, where you can use a QR code or phone number as an additional login requirement.

You can also receive signed encrypted emails from Kraken if you provide your PGP details to the support. Logout settings allow you to specify how long you should remain online on the platform if you are not making any actions.

Since the company is a regulated organization in the US, any business misconduct by the firm’s management or employees carries legal implications. You can protect your rights as a person and trader through client policies.

Kraken Customer Support Review

Kraken has an extensive FAQ section on the dashboard page, where you can find helpful information about the exchange.

If you have a specific issue, you can directly contact customer support by submitting the request at the “Support” or “Contact” page at the bottom of the website.

You should also be aware that customer support is a bit slow since they are dealing with a large customer base. The verification check might take up to two days; the same goes for ticket response.

Automated Trading on Kraken with Crypto Trading Bots

It’s possible to connect your crypto trading bot to Kraken via an API if the crypto trading bot supports the Kraken exchange. Read more about crypto trading bots and check what bots are compatible with Kraken and other crypto trading exchanges.

Also, if you are interested in a specific strategy, see our article about automated arbitrage trading on Kraken with trading bots.

What Crypto Trading Bots are Compatible with Kraken?

Coinrule logo
Napbots logo
Wunderbit trading bot logo

Kraken Review - Pros and Cons

Summing everything up, the pros and cons of trading at Kraken are:

Pros

  • Variety of trading programs (starter, intermediate and advanced) for different traders
  • Verification of your identity not needed for trade, deposit, and withdrawal
  • Service is globally available as long as you have a bank account
  • Large number of fiat and cryptocurrencies
  • Numerous trading pairs between crypto and fiat currencies
  • Deep liquidity for EUR market
  • iOS platform supported
  • Low trade and transaction fees
  • Checking of your coin location though audit function
  • Bug reporting provides you with $100 worth of bitcoins

Cons

  • Rigid interface that is not redesignable nor could parts of it move around
  • Interface might be confusing for starters
  • Somewhat limited number of order functions
  • Only bank transfers are accepted fiat deposit method
  • Support is slightly slow in response
  • Android platform not supported

Kraken Review Summary

Overall, Kraken is exactly what it markets itself to be. It provides deep liquidity for EUR markets and has different difficulty levels of trade functions. 

It also does not require identity check for smaller purchases and monthly limits while there are numerous crypto and fiat currencies available for trade.

With security features in place, the only thing we find a bit problematic is the lack of deposit/payment methods. 

Only bank transfers are accepted, meaning that transaction to take place might take some time.

Are you still unsure about what crypto trading platform to use and if Kraken is the best for you?

Check out our guide about how to find the best crypto trading platform.