Trading Fees
There are different fees for using Kraken’s Instant Buy option, which may appeal to beginners less experienced with maker/taker models.
Instant Buy allows you to buy crypto quickly, but fees are much higher than if you used the Kraken Pro trading platform. Users would be better served learning how to use the trading platform to minimize costs.
With Instant Buy, the company charges a fee of 0.9% for stablecoins and 1.5% for other cryptos. Users also get saddled with a 0.5% processing fee if they use an online bank account to purchase their crypto. If you use a credit or debit card, other fees apply.
For users who opt for Kraken Pro, fees are considerably lower. It charges a 0.16% maker fee and a 0.26% taker fees for trades of $50,000 or less based on activity within the last 30 days.
The table below shows the pricing tiers for Kraken Pro:
Security
Over the years, cryptocurrencies have proven particularly vulnerable to hacks resulting in millions of dollars in lost coins. While most hacked exchanges have reimbursed their clients for any lost value, you don’t want to wind up at a crypto exchange with low cybersecurity that might leave your coins ripe for the picking.
Kraken takes its commitment to security seriously, ranking second on the crypto exchange security review site CER. Notably, Kraken has not had any major hacking events. That said, there are user complaints about Kraken on online forums about hacked individual accounts.
Not only does Kraken offer safe coin storage, with 95% of deposits held offline in cold storage units spread across the world, but it also promises platform security. Its servers are kept in secure cages under 24/7 surveillance by armed guards and video monitors.
In addition to physical security measures, Kraken encrypts all of your sensitive contact information at the system and data level and regularly engages in vulnerability testing of its own system. Recently, Kraken received the CSO50 Award for its security initiatives.
Opening a Kraken Account
The Instant Buy platform can make Kraken a pricey way to get into crypto, but there are no barriers to entry if you’re just getting started. You will be verified within minutes.
Getting authorized to use Kraken Pro can take several days, as it requires certain documents to be reviewed manually.
Once you’re verified, you can fund your account with fiat currency, such as U.S. dollars, and start purchasing cryptocurrencies. The platform accepts credit card and debit accounts to fund your account.
New investors may also feel a little overwhelmed by Kraken’s assumption of customer knowledge, although the platform does offer decent educational information—you’re mostly on your own with the actual investing.
While Kraken does operate in the U.S., it has some geographic restrictions. The platform is not available to users in New York and Washington.
Cryptocurrencies Available on Kraken
Kraken offers more than 120 cryptos in the U.S. Here is a list of some of the major cryptocurrencies traded on Kraken:
Top 30 coins available on Kraken
For a full list of the cryptocurrencies available on Kraken, see the company’s Prices page.
