Kraken is the exchange of choice for US crypto traders who want depth — more coins, staking, competitive fees on Pro, and the best security track record in the industry. The friction comes at onboarding (KYC can take a day) and in navigating the two-interface system (basic vs. Pro). Worth the setup for anyone planning to trade actively.
Pros
- Never been hacked — industry-leading security track record since 2011
- 200+ cryptocurrencies including many mid-cap and DeFi tokens
- Staking available for 15+ assets with competitive APY
- Competitive fees: 0.25% maker / 0.40% taker on Kraken Pro
- Proof of Reserves audit published — fully transparent custody
- Kraken Pro available in-app for advanced charting and order types
Cons
- Standard Kraken interface has higher fees than Kraken Pro (up to 1.5%)
- KYC verification can take 1-2 days during high-traffic periods
- Not available in New York (regulated coins restricted), Hawaii
- Washington state users face limitations on some assets
- Customer support quality mixed — ticket backlogs during market stress
- Futures trading not available to US users (offshore product)
Full Review
Our verdict on Kraken
Kraken has operated since 2011 without a major security breach — an almost unheard-of record in the cryptocurrency industry. Today it serves over 9 million clients globally with spot trading on 200+ assets, staking, OTC, and in the US, Kraken Pro for active traders who want institutional-quality execution at retail cost.
How it works
Open an account, complete KYC (government ID + selfie — typically verified within 24 hours, faster for standard tier), fund via ACH bank transfer (free), wire, or crypto deposit. The standard Kraken app is designed for straightforward buy/sell. Kraken Pro — available as a tab within the same app or at pro.kraken.com — provides full order book access, chart tools, limit/stop orders, and the lower fee structure.
Supported coins & features
Kraken lists 200+ cryptocurrencies: Bitcoin, Ethereum, Solana, Cardano, Polkadot, Avalanche, Chainlink, Uniswap, Aave, and dozens of mid-cap and DeFi-adjacent assets that competitors like Robinhood don't offer. Kraken Staking is available for 15+ assets — ETH, SOL, ADA, DOT, ATOM, and others — with rewards distributed bi-weekly. Note: staking involves Kraken holding your assets in a pooled validator; it is not self-custodied staking.
- Spot: 200+ pairs, market/limit/stop orders on Pro
- Staking: 15+ assets, competitive APY, bi-weekly payouts
- Margin: not available to US retail users
- Futures: not available to US users (offshore product)
- Proof of Reserves: published quarterly, independently audited
Fees & security
Standard Kraken: up to 1.5% per trade. Kraken Pro: maker 0.25% / taker 0.40%, dropping with volume — significantly cheaper than Coinbase for active traders. Kraken has never been hacked since 2011. Security stack includes 2FA (Yubikey supported), global settings lock, master key, 95%+ assets in air-gapped cold storage, and published Proof of Reserves audits. US dollar deposits are held at regulated US banks.
Availability
Kraken is available in 48 US states. Excluded: New York (for regulated coins) and Hawaii. Washington state users face some asset restrictions. Internationally, Kraken serves 190+ countries.
Final take
Kraken is the power user's choice among US-regulated crypto exchanges — better coin selection, lower Pro fees, stronger security track record, and real staking yields. The tradeoff is a steeper learning curve and slower onboarding than Coinbase. If you're past the beginner stage and want to optimize costs and selection, Kraken is where active US traders land.
Payout Method
Bank transferCrypto
Platforms
iOS, Android
Category
Crypto Trading & DeFi Apps
Ready to play?
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