Kraken Review

Overview

Kraken was founded in San Francisco in 2011 by Jesse Powell and opened for public trading in 2013, which makes it one of the longest-running crypto exchanges still operating. Its parent company, Payward, Inc., says it holds more than 100 licences and registrations worldwide. Today Kraken lists over 600 cryptocurrencies and has expanded into tokenized equities, US stocks and ETFs, putting it in competition with both crypto exchanges and online brokers.

Regulation and safety

Kraken has an unusually deep regulatory stack. In Europe it is authorised under MiCA through the Central Bank of Ireland, its Irish subsidiary holds an e-money licence, and a Cyprus entity is licensed by CySEC under MiFID II for derivatives. In the United States it is registered with FinCEN, operates Kraken Financial under a Wyoming special purpose depository institution charter, runs an SEC-registered broker-dealer and a CFTC-registered futures commission merchant. It is also registered with the FCA in the UK (for anti-money-laundering purposes), the OSC and FINTRAC in Canada and AUSTRAC in Australia, holds a Class F licence in Bermuda and, in October 2026, received full market approval from Dubai's VARA.

Kraken publishes proof-of-reserves snapshots. The June 2026 check showed ratios of about 102.9% for BTC, 100.5% for ETH, 100.6% for SOL and 102.3% for XRP, with the two main stablecoins above 105%. Like all such snapshots, it covers selected assets at one moment and cannot rule out off-balance-sheet liabilities.

The record includes a $30 million SEC settlement in February 2023 that ended its US staking service at the time, a second SEC lawsuit that the regulator agreed to drop in March 2025, and an A$8 million penalty ordered in December 2024 against its Australian operator over a margin product. In April 2026, support staff improperly viewed limited data on about 2,000 accounts after an extortion attempt; Kraken said systems were not breached and funds were not at risk.

Fees and costs

Kraken changed its Kraken Pro fee system on 9 July 2026. Costs fall as 30-day volume rises.

The new entry tier is expensive for small traders compared with offshore rivals, though it becomes competitive at higher volumes and some eligible markets pay maker rebates. US perpetuals use a per-contract commission plus exchange and NFA fees. Margin traders should also budget for rollover charges every four hours and a 2% fee on forced liquidations, while US perpetual liquidations cost a flat $10. Cancelled orders that never fill are free. Holding fiat balances in one of six major currencies can unlock additional fee benefits under the Kraken+ programme.

Products and markets

Kraken's range now covers spot, spot margin (up to 10x for US clients), perpetual futures, xStocks tokenized equities available in more than 110 countries, US stocks and ETFs, OTC and the Kraken Prime institutional service. Outside the US and EU, BTC and ETH perpetuals allow up to 100x leverage on the first tranche of exposure (the first $1 million for BTC and $500,000 for ETH) before limits step down to 50x and lower; perpetuals inside the Kraken app go up to 50x in some regions. Passive income products include flexible and bonded staking and Auto Earn on stablecoins. Kraken also builds the Ink layer-2 network, a self-custody wallet and the Krak money app and card, and it supports on-chain Solana token trading from the main app. EEA clients must complete a questionnaire before accessing xStocks, and xStocks vaults are additionally unavailable in the UAE.

Platforms and tools

Beginners can use the simple Kraken app, while Kraken Pro provides advanced charting, order types and margin tools on web and mobile. APIs and a command-line client serve algorithmic traders. Its BTCUSD spot market is one of the reference feeds on TradingView under the KRAKEN prefix.

Deposits and withdrawals

Kraken supports fiat balances in USD, EUR, GBP, CAD, AUD and CHF, funded mainly by bank transfer, with cards and digital wallets available at an extra processing fee. A verified account is needed to trade, and some products require additional questionnaires or source-of-funds documents. Some users report holds of one to two weeks on new deposits before withdrawals are allowed, and supplying source-of-funds documents early can help avoid them. The group also owns Kraken Financial, a Wyoming-chartered special purpose depository institution, a structure that sets Kraken apart from most crypto-only competitors. Crypto deposits are credited after network confirmations, and withdrawal fees vary by asset and network.

Who it suits

Kraken suits investors who want a long-established, broadly licensed exchange with real reserve disclosures, a large coin list and access to stocks in the same account, including US and EU residents. Very cost-sensitive small traders may find the entry-tier fees high. Leveraged perpetuals and xStocks are not offered to retail clients in the US, UK, Canada or Australia through the Kraken app.

Verdict

Kraken pairs a clean security record on the exchange itself with one of the most complete licence portfolios in the industry and regular reserve proofs. The July 2026 fee change makes it costlier at low volumes, and past settlements show it has not been free of regulatory friction. Overall it is a dependable choice for safety-minded traders. See Kraken's official website for current terms.