Kraken is one of the oldest and most reputable cryptocurrency exchanges, serving millions of users globally. In 2025 it continues to compete through robust security, a wide asset selection, and low fees. This in-depth review for UK and US beginners covers Kraken’s features (security, fees, crypto range, compliance, UX, fiat options, platforms, support), pros/cons, comparisons with Coinbase and Binance, and user feedback. Ready to try Kraken? Open a Kraken account today and start trading!
Key Features and Assets
Supported Cryptocurrencies: Kraken offers hundreds of crypto assets. Officially it lists over 300 coins and tokens (major ones like BTC, ETH, ADA, plus many altcoins). Some sources cite as many as 450 available assets. This broad range is much larger than Coinbase’s (~280) and Binance’s ~350, giving Kraken users access to many markets and emerging coins.
Trading Instruments: Kraken supports spot trading, margin trading (up to 5× leverage on selected pairs), perpetual futures, and an over-the-counter (OTC) desk for large trades. Its futures contracts offer up to 50× leverage. For comparison, Coinbase (via its advanced platform) now offers perpetual futures, and Binance provides up to 125× futures. Kraken also offers staking/yield services and an NFT marketplace (though NFT trading is being phased out in early 2025).
Fiat Currencies and Funding: Kraken supports major fiat currencies: US Dollar, Euro, British Pound, Canadian Dollar, Japanese Yen, Australian Dollar, and Swiss Franc. UK users benefit from Kraken’s FCA Electronic Money Institution (EMI) license obtained in March 2025, which allows Kraken to issue e-money in GBP and provide faster pound deposits/withdrawals for UK clients. US customers (outside New York, Washington, Maine) can deposit USD via ACH bank transfer with no fee. Euros and CAD can be deposited via free SEPA transfers. Debit/credit card and e-wallet (Apple Pay, Google Pay, PayPal) purchases are also supported in many regions. Overall, Kraken offers more fiat rails (especially GBP) than Coinbase or Binance in regulated jurisdictions.
Security and Regulation
Security is a top priority for Kraken. The exchange has never been hacked in its 13+ year history. It stores the vast majority of user funds (~95–97%) in cold, offline wallets. Kraken undergoes regular third-party audits (SOC 2 Type I) and holds ISO/IEC 27001 certification. It also publishes transparent Proof-of-Reserves reports, proving all customer crypto balances are fully backed. Additional security measures include mandatory two-factor authentication (2FA) and optional biometric logins, Master Key and Global Settings Lock protections (to prevent unauthorized withdrawals even if 2FA is compromised). Insurance covers certain digital assets on the exchange to provide extra protection.
On the regulatory front, Kraken is widely licensed and compliant. It is registered as a Money Services Business in the US and holds licenses in key markets worldwide. Notably, Kraken obtained an FCA e-money license in the UK (FCA FRN 1010381) in 2025, and it operates under MiFID in Europe. It has historically also been licensed by AUSTRAC (Australia), FINTRAC (Canada) and the FSA (Japan). In 2020 Kraken became the first crypto exchange to win a Special Purpose Depository Institution (SPDI) charter in Wyoming, effectively giving it bank-like status in the US. Compliance with global regulations means Kraken follows strict KYC/AML rules, and it was an early adopter of Proof-of-Reserves audits. Note: Kraken did face regulatory actions (a $1.25M settlement with the CFTC in 2021 and an SEC lawsuit which was dismissed by early 2025), but it has since resumed US staking services in 2025 and remains operational in both the US and UK.
Fees and Trading Costs
Kraken offers very competitive trading fees. It uses a maker-taker model on its Kraken Pro platform. Spot trading fees range from maker 0.00–0.25% and taker 0.08–0.40%, depending on monthly volume. For new or low-volume traders (30-day volume < $10K), fees are at the higher end (0.25% maker, 0.40% taker). As volume grows, fees drop sharply, with top users paying as little as 0.00% maker and 0.10% taker. This is cheaper than Coinbase’s structure and is on par with Binance’s low 0.10% maker/taker baseline. Kraken’s *instant buy/sell* (non-Pro) platform charges a 1% flat fee (discounted for Kraken+ members), which is higher but more convenient. Withdrawal fees vary by asset but are generally modest. Note also that Kraken+ subscribers can get 0% trading fees on up to $10K monthly volume.
User Experience & Platforms
Kraken has two main interfaces: the regular “Kraken” site/app for simple trades, and “Kraken Pro” for advanced trading. The basic interface is relatively clean with straightforward charts and buy/sell options, and even includes a “Simple Buy” mode on the mobile app for beginners. The Pro interface adds advanced order types, charting tools, and full customization. Many beginners find Kraken less intuitive than Coinbase, since Kraken’s design is more functional than flashy. However, Kraken launched a dedicated learning hub (“Kraken Learn”) with tutorials and videos in 2025 to help new users. The platform also offers a “Kraken Desktop” application and APIs for algorithmic trading. Mobile apps (iOS/Android) are available and regularly updated, though Kraken’s app is not available in a handful of jurisdictions.
Deposit and Withdrawal Options
Kraken supports a wide range of funding methods. For fiat: US customers (outside NY, WA, TX) can do ACH transfers at no fee. EUR and CAD deposits via SEPA/Interac are free. GBP transfers (via SWIFT or Faster Payments) typically incur a small fee, though Kraken’s FCA EMI status is expected to streamline GBP deposits for UK users. Debit/credit card purchases are possible (with ~1.5-3.5% fees) and support Apple Pay/Google Pay in some regions. Crypto deposits are credited instantly after confirmation. Withdrawals to bank accounts (FedWire/SWIFT/SEPA/Faster Payments) are available with low fixed fees (e.g. $35 for USD wire). Keep in mind UK regulations: UK clients’ funds are safeguarded under FCA rules, but margin trading rules changed in 2024. Always check Kraken’s funding page for the latest info.
Customer Support
Kraken offers 24/7 customer support via live chat, email, and phone for verified users. The team also maintains a help center and has a presence on Telegram as an unofficial support channel. However, user feedback on support is mixed. Kraken’s Trustpilot rating is very low (~1.4/5), with many complaints about slow responses or locked accounts. The Better Business Bureau also shows dissatisfied users. By contrast, Kraken’s official materials advertise “around-the-clock” support. In practice, beginner traders may encounter delays during account verification or complex issues. On the positive side, Kraken often posts prompt replies on complaints, and its overall communication is transparent. Still, support is a known weakness compared to some competitors, so beginners should be patient.
Pros and Cons
- Pros: Strong security (97% cold storage, 2FA, audits, insurance); very low maker/taker fees for high-volume traders; wide crypto selection (300+ to 450+); licensed globally (US, UK FCA EMI, EU, etc.); multiple fiat currencies including GBP for UK users; advanced trading features (margin, futures, OTC); staking/yields; professional charting; fast crypto deposits.
- Cons: Poor support reputation (slow/help tickets); user interface can be complex for newbies; not available in all US states (NY, WA, ME); some fiat methods have fees; no FDIC/SIPC insurance on crypto balances; past regulatory fines; NFT trading is winding down.
Kraken vs Coinbase vs Binance: Comparison Tables
Kraken vs Coinbase
| Feature | Kraken | Coinbase |
|---|---|---|
| Supported Cryptocurrencies | ~450+ crypto assets | ~280+ (focused on top coins) |
| Trading Fees (Spot) | Maker 0–0.25%; Taker 0.10–0.40% | Maker 0–0.40%; Taker 0.05–0.60% |
| Fiat & Payments | USD, EUR, GBP, CAD, AUD, JPY, CHF; bank transfers, cards, PayPal | USD, EUR, GBP (others via Coinbase International); bank transfers, cards, PayPal (region-dependent) |
| Margin & Leverage | Margin up to 5× on spot; futures up to 50×; staking available | No retail spot margin; offers perpetual futures and crypto derivatives |
| Security | 2FA, SSL, ISO27001, Proof-of-Reserves, 95%+ cold storage | 2FA, encryption; FDIC insurance on USD (up to $250k per user); cold storage |
| Availability | Global (all US except NY/WA/ME, licensed UK FCA) | Global (available in 100+ countries; serves all 50 US states) |
| Customer Support | 24/7 live chat, email (often slow responses) | 24/7 live chat, email, phone (generally smoother) |
Kraken vs Binance
| Feature | Kraken | Binance |
|---|---|---|
| Supported Cryptocurrencies | ~450+ coins/tokens | ~350+ coins |
| Trading Fees (Spot) | Maker 0–0.25%; Taker 0.10–0.40% | Maker 0.10%; Taker 0.10% |
| Margin & Futures | Margin up to 5× (spot); futures up to 50× | Futures up to 125× |
| Fiat & Payments | USD, EUR, GBP, CAD, AUD, JPY, CHF; ACH/SEPA/Wire, card | USD, EUR, GBP; bank transfers, cards, P2P; (Note: Binance is banned in UK/US) |
| Availability | US (except NY/WA/ME), UK (FCA), 190+ countries | Over 100 countries; not available in US or UK |
| User Base | ~15 million users | ~258 million users |
| Regulation | Highly regulated (FinCEN, FCA EMI, SPDI, etc.) | Less regulated (faced multiple bans/fines) |
| Security | 2FA, cold storage, Proof-of-Reserves | 2FA, extensive cold storage; had past vulnerabilities |
User Reviews & Reputation
Kraken is often praised by experienced traders for its security and low fees, but receives criticism from casual users for its support. As of 2025 it holds about 10–15 million clients. Community reviews note that Kraken’s platform can feel complex at first, though its new beginner-oriented features (Simple Mode, Kraken Learn tutorials) are helping. On Trustpilot Kraken’s score is very low (~1.4/5); the main complaints involve slow customer support, lengthy verification/withdrawal delays, and occasional account holds. Many users specifically mention long waits or locked accounts even after KYC. However, positive reviews highlight Kraken’s unmatched security, full coin lineup, and advanced trading tools. Power users say the hassle is worth it for the peace of mind and low costs. In summary, Kraken’s reputation is “safe but serious”: it’s trusted for security, but can frustrate newcomers. Beginners who value strong safety and deep features will appreciate Kraken, but those wanting quick, hand-holding support might lean toward simpler exchanges.
Conclusion
In 2025, Kraken remains a leading crypto exchange for UK and US traders who prioritize security and wide asset choice. Its competitive fees and regulatory compliance give it an edge for serious investors, while recent improvements (EMI license, educational tools, NinjaTrader acquisition) signal growth beyond crypto. For beginners, the learning curve is steeper than on some apps, but Kraken has introduced features to help newcomers get started. Pros: industry-leading security, low fees, broad crypto support, global licenses. Cons: slow support, complexity, limited availability in some states. Overall, Kraken is a solid choice in 2025 – especially if safety and low costs outweigh the need for 24/7 hand-holding.
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I love Kraken and trust them more than other exchanges like mexc