Kraken Exchange Platform Review

Founded in 2011 and headquartered in San Francisco, Kraken is a leading cryptocurrency exchange serving over 15 million clients globally, including UK traders. Offering 350+ crypto assets and 24/7 support, Kraken enables UK users to quickly create accounts, deposit GBP via local bank accounts, and buy and sell spot cryptocurrencies legally. As regulatory frameworks continue to evolve, Kraken actively collaborates with financial authorities worldwide to ensure ongoing compliance. The company holds registrations, licences, and authorisations in major jurisdictions, including the UK, Europe, Canada, the United States, Australia, and Bermuda.

Under the UK’s Financial Conduct Authority (FCA) rules, spot crypto trading remains legal for retail traders, while crypto derivatives are restricted to those designated as Professional Clients. Kraken’s FCA-regulated status and its Electronic Money Institution (EMI) licence enhance its services with faster payments and secure operations for UK clients. This regulatory commitment positions Kraken as a trusted platform catering effectively to both retail and professional crypto traders in the UK.

Highlights of Kraken

• Strong Regulation: Kraken is an FCA-registered cryptoasset firm (Payward Ltd., FRN 928768), authorised by the FCA as an Electronic Money Institution (Payward Services Limited, FRN 1010381), and an investment firm (FRN 757895).
• A wide range of crypto assets: Traders can buy, sell, and convert Bitcoin and 350+ other crypto assets.
• Weekly rewards on crypto: Kraken offers 20 crypto coins with varying Annual Percentage Rates(APR). Earnings are paid to accounts twice weekly.
• Payments via convenient methods: Multiple deposit and withdrawal options via bank transfer, debit and credit cards, Apple Pay, Google Pay, and PayPal make funding your Kraken account seamless and accessible for UK users.
• Kraken Wallet: Kraken’s secure wallet service offers easy management and safekeeping of your crypto assets directly within the platform.

Advantages and Disadvantages of Kraken

Available Markets and Products at Kraken

Kraken provides a variety of trading and investment options for cryptocurrency users, including those in the UK who meet regulatory requirements. In addition to standard buying and selling, exchange users can convert their crypto and earn staking rewards. Kraken also offers several advanced trading services available to eligible UK clients, as per FCA regulations. We will briefly cover each of the options in the sections below.

Buy and Sell Crypto

When buying, selling, or converting crypto at Kraken, traders pay a fixed 1% trading fee, which is waived for Kraken+ members on trading volume exceeding $10,000 per month. Additional payment fees may apply based on the payment method used. UK traders can use GBP to buy and sell crypto at Kraken, through a diverse array of payment methods.

Furthermore, the price users see includes the spread, which may vary based on a variety of factors such as market volatility, asset type, order size and type, and Kraken VIP status.

To create an account and buy cryptocurrency on Kraken for UK traders, follow these step-by-step instructions:

1. Sign Up: Begin by creating your free Kraken account. Navigate to the Kraken website or open the Kraken app and select the “Sign Up” or “Create Account” option. Provide your email address and specify your country of residence.
2. Choose a Payment Method: After account creation, link a funding method to your account. This could be a bank transfer or another supported payment option to deposit GBP or other fiat currencies.
3. Click “Buy Crypto”: Once logged into your Kraken account on desktop or mobile app, select the “Buy Crypto” option to start your purchase process.
4. Choose from 300+ Assets: Kraken offers over 300 cryptocurrencies for purchase. Select the desired asset to buy, keeping in mind that some geo-restrictions may apply depending on your location. Kraken has compiled crypto buying guides for a large number of assets to facilitate a hassle-free process for its customers.
5. Enter the Cash Amount: Input the amount of fiat currency you want to spend. Kraken will then display a preview showing how much cryptocurrency you will receive based on current rates before you confirm your purchase.
6. Sell Crypto: Deciding whether and when to sell crypto depends on market conditions, trading goals, and risk tolerance. Once traders sell their crypto assets at Kraken, they can withdraw cash to their bank accounts within 0 to 5 business days.

This process is designed to be user-friendly while adhering to regulatory requirements such as identity verification. Verification may require submitting identity documents and proof of address before you can fully activate trading capabilities. Security features like two-factor authentication are recommended throughout.

Recurring Buys

Kraken’s Recurring Buys feature allows users to automate their cryptocurrency purchases on a customisable schedule, including daily, weekly, or monthly intervals. This approach facilitates dollar-cost averaging (DCA), helping investors manage market volatility by spreading purchases over time. The feature offers flexibility to adjust investment amounts, payment methods, and schedules effortlessly through the Kraken app or website.

• Users can set up and manage recurring purchases with just a few taps in the Kraken mobile app or web platform.
• Recurring buys enable investing consistently without the need to time the market, reducing stress from price fluctuations.
• The feature supports funding via account balance, with other payment options becoming available soon.
• Investors can pause, edit, or cancel recurring buy schedules at any time, providing full control and convenience.
• Kraken’s DCA calculator helps estimate the potential value of crypto holdings acquired through recurring buys over time.

This functionality is designed to make crypto investing straightforward, accessible, and aligned with risk management strategies favoured by many professional and retail investors

Convert Crypto

Converting crypto at Kraken allows users to quickly and easily exchange one asset for another, including crypto-to-crypto and crypto-to-fiat conversions. The process uses Kraken’s conversion tool, which calculates conversion rates dynamically based on market conditions to provide an instant quote. By using the convert feature, traders can perform asset swaps with just a few clicks through the Kraken web platform or mobile app, streamlining access to different cryptocurrencies and fiat currencies.

• Select the cryptocurrencies or fiat currencies you want to convert between in the Kraken Convert tool.
• Enter the amount of the asset you wish to convert; the tool automatically calculates the amount you will receive.
• Sign in or create a Kraken account if you do not have one, then click “Trade now” to proceed with the conversion.
• The conversion is executed instantly at current market rates, providing a fast and efficient transaction experience.
• Kraken supports direct conversion pairs, including crypto-to-fiat (e.g., BTC to GBP), allowing users to convert crypto holdings into local currency for withdrawal or other uses.

This feature is designed to simplify the conversion process while maintaining competitive pricing and regulatory compliance for UK traders.

Stake Crypto

Staking crypto at Kraken enables users to earn rewards by holding and locking specific cryptocurrencies to support blockchain networks utilising Proof-of-Stake protocols. Kraken offers both flexible and bonded staking options, allowing investors to tailor their commitment and potential rewards according to their preferences. Rewards are typically paid twice a week, helping users generate passive income while contributing to network security and scalability.

• Kraken supports staking for several cryptocurrencies, including popular options like Tezos (XTZ), Cosmos (ATOM), Polkadot (DOT), and Ethereum (ETH), with availability subject to geographic restrictions. UK traders have access to 20 staking assets.
• By activating the Auto Earn feature, traders can generate passive income from idle assets, which remain flexible, i.e., users can trade, withdraw, or use them as collateral.
• Flexible staking allows users to earn rewards with the ability to unstake their assets at any time without lock-up periods, providing liquidity and convenience.
• Bonded staking requires locking assets for a predetermined term, often offering higher rewards as compensation for longer commitment.
• Kraken pays staking rewards twice weekly, with rates based on the network’s Proof-of-Stake reward mechanisms, before commissions.
• The platform’s user-friendly interface enables staking with just a few clicks through both the Kraken website and mobile app, making it accessible even to beginners.

This comprehensive staking service at Kraken is designed to make earning passive income straightforward and secure for UK traders and other users worldwide.

Advanced Instruments for Qualifying Clients

In addition to the above ways to trade crypto, available to UK retail traders, Kraken offers several services for eligible customers, as per FCA regulations.

• Margin Trading

  Margin trading, which allows traders to borrow funds to increase their market exposure, thus amplifying potential gains or losses, is restricted to clients who qualify as high-net-worth borrowers.

  UK individual clients can declare themselves as either high net worth borrowers, with income over £150,000 or assets above £500,000 supported by an accountant’s statement, or that they use margin trading primarily for business purposes, to be eligible for fiat and fiat-backed stablecoin margin trading on Kraken.

  This declaration is required when accessing margin features and must be done through a verified Kraken account. These measures ensure compliance with UK regulations and limit fiat margin trading to qualified users.

• Futures Contracts

  Futures trading at Kraken in the UK is available exclusively to clients classified as Professional Clients by the Financial Conduct Authority (FCA). These clients must meet specific criteria related to experience, financial capability, and trading volume to access crypto asset derivatives.

  Professional clients can onboard through Kraken Pro, submitting required verification and passing eligibility assessments. This regulated platform supports compliant trading of crypto derivatives, though retail clients are currently restricted from futures trading under UK regulations.

• OTC services

  Kraken’s OTC (over-the-counter) services provide a premium, secure, and personalized solution for executing large cryptocurrency orders, typically starting at $50,000. Designed for institutional clients and high-net-worth individuals, the service offers deep liquidity with competitive pricing and minimal market impact.

  Traders can execute spot and derivatives trades through automated request-for-quote (RFQ) tools or direct chat with Kraken’s expert trade desk. Settlements are flexible, completed within 24 hours via Kraken accounts, bank transfers, or external wallets. Kraken OTC operates 24/7 with professional support and adheres to stringent AML/CFT regulations to ensure compliance and security.

These features provide UK traders with diversified ways to engage in the cryptocurrency market beyond spot trading and staking. Each product comes with its own risk profile and eligibility criteria to comply with local financial regulations. Kraken Pro is the primary platform for accessing these advanced trading markets, designed for experienced users seeking more comprehensive trading tools.

Trading Costs at Kraken

Trading costs at Kraken are structured to accommodate both casual and professional traders, offering competitive fees across different trading methods. For active traders using Kraken Pro, a tiered maker-taker fee model applies, with fees decreasing as trading volume increases, rewarding higher-volume users with significantly lower rates.

Instant Buy/Sell

Kraken’s Instant Buy/Sell service charges a fixed trading fee of 1%, which Kraken+ members can waive on up to $10,000 (or local currency equivalent) in monthly trading volume. Additional payment fees depend on the method used, such as credit/debit cards or bank transfers. Small balance conversions under the minimum order size carry a fixed 3% fee. The price includes a spread, the difference between market and execution rates, ensuring price certainty but varying with market conditions, asset type, and account status. Kraken may retain any excess spread. Even with zero trading fees, card processing and spread fees still apply.

Spot Crypto Maker/Taker Fees

Kraken employs a maker-taker fee schedule for spot crypto trading, offering incentives based on trading volume over the prior 30 days to encourage market engagement and liquidity. Fees decrease as trading activity increases, rewarding higher-volume traders with lower rates. It is important to note that volume generated via Instant Buy does not contribute to these 30-day volume calculations.

Staking Fees

Kraken offers staking as a way to earn rewards on your crypto, with no transaction fees for staking or unstaking in the Rewards programme. However, on-chain staking commissions apply and are deducted from your earned rewards.

There are two types of staking: bonded and flexible. Bonded staking typically locks your assets for a fixed period, offering higher or more stable rewards. Flexible staking allows you to unstake anytime, but may offer lower rewards.

Flexible staking on assets with an on-chain unbonding period has a 20% commission, while bonded staking and flexible staking without an unbonding period have variable commissions based on the asset balance.

Examples of Staking Assets and their Annual Percentage Yield (APY) for bonded and flexible staking:

Margin Trading Fees

Kraken’s margin trading fees are charged in addition to the standard volume-based trading fees and apply when opening and closing margin positions. The margin rates vary according to market conditions but are locked in at the time the order is placed, with the applicable rollover rate clearly shown on the order form for transparency.

Eligible clients can keep their margin positions open indefinitely, provided that they continuously meet the platform’s margin requirements. This structure allows qualified traders to manage leverage flexibly while maintaining clarity on costs associated with margin trading on Kraken.

Futures Trading Fees

Kraken Futures trading fees are structured to reward active traders through a volume-based incentive schedule, where fees decrease as your futures trading volume increases over the past 30 days. It is important to note that trading volumes from Kraken’s spot markets, FX pairs, and stablecoin order books do not count towards earning discounts on Kraken Futures fees, and futures trading volume likewise does not apply to spot or other markets. This separation ensures clear fee calculations and encourages dedicated futures trading activity, helping professional and frequent traders reduce costs proportionally to their engagement on Kraken Futures.

Non-Trading Fees

In addition to Kraken’s trading fees, we pay attention to the non-trading fees, related to crypto deposit and withdrawal fees, as well as cash deposit and withdrawal options.

Crypto deposit and withdrawal fees

Most cryptocurrency deposits at Kraken typically incur no fees, with the minimum deposit amounts specified on the website of the exchange. However, certain cryptocurrencies may have an address setup fee or a deposit fee. Withdrawals are subject to minimum amounts and include a fee to cover the transaction costs associated with transferring the cryptocurrency from your Kraken account.

Cash deposit and withdrawal options

Kraken supports a total of 10 fiat currencies, which traders can use to deposit and withdraw funds. Deposits and withdrawals in pounds sterling are supported. The tables below provide information on cash deposit and withdrawal options, along with applicable fees, minimums, and processing times.

Trading Platforms Supported by Kraken

Kraken offers two main trading platforms tailored to different user needs. The standard Kraken platform is designed for beginners and casual traders, featuring an easy-to-use interface for simple buying, selling, and portfolio management. In contrast, Kraken Pro caters to advanced traders by providing a robust suite of professional tools, including detailed analytics, advanced charting, a wide selection of order types, as well as access to margin and futures trading, all within a customizable interface. Both platforms share the same account, allowing seamless asset management across them.

Kraken

The Kraken platform is designed to provide new and casual traders with an intuitive and streamlined experience for buying, selling, and managing cryptocurrencies. It offers simple navigation and easy funding options, making it accessible for those starting their crypto journey. The platform also supports on-the-go trading through its mobile app, delivering convenience without sacrificing essential features.

• User-friendly interface tailored for beginners and casual traders.
• Easy deposit and withdrawal options with multiple payment methods.
• Supports quick buy, sell, and convert operations for various cryptocurrencies; Easy setup of recurring buys.
• 24/7 customer support is available to assist users anytime.
• Mobile app enables seamless trading and portfolio management from anywhere.

Kraken Pro

Kraken Pro is an advanced trading platform designed specifically for professional and experienced cryptocurrency traders. It consolidates all of Kraken’s trading offerings, including spot, margin, futures trading, and staking, into a single highly customizable interface built for speed, efficiency, and detailed market analysis. The platform features institutional-grade security, high liquidity, and advanced tools such as detailed charting, live order books, multiple order types, and API integration for automated trading.

• Offers a modular, customisable interface to tailor the trading experience to individual needs and styles. Option for creating and saving multiple dashboards.
• Utilises a maker-taker fee model, rewarding high-volume traders with some of the lowest fees in the industry.
• Provides real-time market data, advanced analytics, and 25+ trading and data widgets. Browse markets by category.
• Supports automated trading through API access and advanced order types like stop-loss and take-profit.
• Built on Kraken’s secure and liquid order book infrastructure, ensuring reliable trade execution and seamless integration with Kraken’s broader ecosystem.

Kraken Wallet

Kraken Wallet is a powerful, self-custody mobile crypto wallet that gives you full control over your private keys and digital assets, ensuring security and privacy. It supports multiple major blockchains, including Bitcoin, Ethereum, Solana, Polygon, and others, allowing you to manage thousands of tokens and NFTs in one app. The wallet integrates with DeFi protocols and dApps through WalletConnect, providing users seamless access to decentralized finance directly from their mobile devices.

• Provides self-custody with private keys managed only by the user, enhancing security.
• Supports a wide range of cryptocurrencies and tokens across major Layer 1 and Layer 2 blockchains.
• Allows viewing, organizing, and managing NFTs on multiple supported networks.
• Integrates with DeFi and dApps for easy decentralized finance interaction.
• Features biometric authentication and end-to-end encryption for privacy and security.

Mobile Trading at Kraken

Kraken offers powerful mobile trading through its dedicated apps for both Android and iOS, making cryptocurrency investing and management seamless on the go.

The Kraken app for Android has a strong reputation, achieving a 4.4-star rating based on over 38.8K reviews and more than 5 million downloads, reflecting broad global adoption and generally positive user feedback.

For iOS users, the Kraken app boasts a slightly higher 4.7-star rating, with around 17K ratings and positive feedback on its reliability and intuitive design.

Both platforms provide secure, beginner-friendly access to a range of cryptocurrencies, with easy account setup, instant buying and selling, and advanced portfolio management features, appealing to all trader levels. The apps also offer multilingual support, robust security measures, and frequent updates for streamlined experiences.

Account Types Available at Kraken

Kraken offers two primary personal account types: Intermediate and Pro Personal. The Business account is a separate category intended for companies and entities trading on behalf of businesses.

Intermediate Account

The Intermediate account is the entry-level personal account on Kraken, suitable for most individual users who wish to access the platform’s key features. This account type enables users to deposit, withdraw, buy, sell, and trade a wide range of cryptocurrencies. To upgrade to Intermediate status, users must provide valid identification and proof of residence as part of the verification process. Intermediate account holders enjoy unlimited crypto deposits, competitive fiat deposit and withdrawal limits (for example, up to $100,000 per day for fiat), and access to most of Kraken’s services. The Intermediate account strikes a balance between accessibility and security, making it ideal for beginner and intermediate traders who want a straightforward yet capable trading experience.

Pro Personal Account

The Pro Personal account is tailored for advanced or high-volume individual traders who require higher funding, withdrawal, and trading limits. This verification level demands a more extensive onboarding process, asking for additional documentation such as financial statements to verify the source of funds and due diligence information. Pro Personal account holders benefit from substantially increased deposit and withdrawal limits (for instance, daily withdrawal limits of $10 million or more for fiat), access to advanced features like Over-The-Counter (OTC) trading, and lower trading fees due to increased volumes. Additionally, Pro Personal clients receive priority customer support and can engage in institutional-grade trading activities. This account is best suited for professional traders or individuals with significant trading needs who require a robust and feature-rich environment.

Business Account

Kraken’s Business accounts are designed exclusively for companies, institutions, and other entities wishing to trade on behalf of a commercial or corporate structure. Unlike personal accounts, business accounts require the submission of company documentation, proof of operational existence, and compliance with stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Business accounts are classified under the Pro verification level but are distinct in their permissions, supporting multiple users and higher custom-tailored deposit and withdrawal limits, as well as margin facilities suitable for large-scale activity. Businesses benefit from dedicated account management, access to Kraken’s OTC desk, and operational features aimed at streamlining enterprise-level trading and fund management. This is the optimal account structure for organizations engaging in significant crypto activity or corporate treasury operations.

Customer Support at Kraken

Kraken offers 24/7 live chat support through their website and mobile app, where specialists assist with any issues promptly. Email support is available for specific needs via Kraken’s general support channels. Additionally, the Kraken Support Center offers detailed self-help guides covering account management, trading, deposits, and withdrawals.

Regulatory Background and Compliance

Kraken operates in the United Kingdom under stringent regulatory oversight by the Financial Conduct Authority (FCA). It is registered as a cryptoasset business through Payward Ltd. (FRN 928768), complying with the Money Laundering Regulations 2017. Additionally, Kraken is authorised by the FCA as an Electronic Money Institution via Payward Services Limited (FRN 1010381), safeguarding client funds as e-money under the Electronic Money Regulations 2011. Kraken’s UK subsidiaries also include Crypto Facilities Ltd., an FCA-authorised investment firm (FRN 757895) offering crypto asset-related services. These entities enable Kraken to provide spot trading, custody, and derivatives trading services in compliance with UK rules.

Beyond the UK, Kraken maintains regulatory registrations globally. In Canada, it is a registered Restricted Dealer with provincial securities regulators and a Money Services Business with FINTRAC. Kraken is regulated in Cyprus by CySEC as an investment firm and in Ireland as an E-Money Institution, which is passported to all EEA countries. In the US, the exchange is registered as a Money Services Business with FinCEN. Kraken operates as a registered Digital Currency Exchange with AUSTRAC in Australia. In Bermuda, Kraken holds a Class F Digital Asset Business license under the Bermuda Monetary Authority. Overall, Kraken’s international licensing framework is designed to ensure compliance, consumer protection, and secure operations across various jurisdictions

Client Security at Kraken

Clients in the UK face specific restrictions, such as limitations on certain token trading and derivatives trading by retail clients, reflecting the evolving regulatory environment. Kraken actively participates with UK authorities, including the FCA and national law enforcement agencies, aiming to uphold compliance, prevent financial crime, and support innovation in crypto.

What UK Traders Say about Kraken?

Kraken on Trustpilot UK has a rating of 1.5 out of 5 stars, based on nearly 3,100 reviews. Approximately 9% of reviews are 5-star, reflecting strong satisfaction, while 81% are 1-star, indicating notable customer concerns. Customer feedback highlights areas where Kraken is working to improve, such as customer support and withdrawal processes. Despite mixed reviews, Kraken remains a well-established exchange in the cryptocurrency industry, continuously striving to enhance its services and respond to user concerns.