Kraken Review: Is It a Reliable Crypto Exchange?

Kraken review: according to customer reviews and feedback, Kraken is one of the most popular online platforms for buying cryptocurrencies. It owes this largely to having maintained a remarkable level of performance year after year. Mainly focused on trading various digital currencies, Kraken also lets you trade CFDs on them. But can you trust this exchange? You can make up your own mind in this detailed analysis of Kraken.

What Should You Really Think of Kraken? Our Expert Review

It is no accident that Kraken appears in every ranking of the top sites for buying Bitcoin and other cryptocurrencies. The exchange offers its clients both quantity and quality. You can easily access a wide range of leading digital currencies at prices that track their real-time market values.

However, the platform can be criticized for not adapting its services to today’s standards by offering more specialized options, as other similar sites do. On top of that, numerous bugs occur randomly on the app and the website for no apparent reason, and these can cause you to lose money. That is why we feel it has somewhat regressed over the years. That said, Kraken remains an excellent option to support your investments in the cryptocurrency markets.

On related topics, our articles “DEGIRO vs eToro” and “eToro vs Boursorama Comparison” are a good complement to this read.

Kraken Review: The Best Online Trading Platform?

Founded in 2011 after the rise of Bitcoin, Kraken is today clearly one of the top online platforms for cryptocurrencies. The site was created to make it easier for the general public to adopt cryptocurrencies, and so far it has been a clear success. If many users can boast of holding tokens and having made money from digital currencies, it is partly thanks to Kraken.

The platform offers a wide variety of cryptocurrencies to broaden your investment options. It also provides consistent liquidity, ensuring fairly competitive prices and an active market. Its mobile app is also one of the best we have tested so far, thanks to its smoothness and ease of use. Overall, our Kraken review is therefore rather positive.

Kraken vs eToro

Kraken is surely one of the best platforms for buying cryptocurrencies today, but how does it compare with eToro? In this comparison, eToro stands as the world’s leading social trading site. Since it opened up to the cryptocurrency market, this AMF-listed broker has ranked among the best in its category. The table below highlights the strengths of these two heavyweights so you can form your own view of Kraken’s real advantages.

Kraken’s review score shows quite clearly the limitations the platform can face in its approach to financial investing. This is one of the reasons we recommend eToro instead, with its CopyTrader feature to make managing your investments easier.

Kraken vs Vantage

Vantage hardly needs an introduction. Considered by many to be the best forex and CFD broker, it is now opening up to digital currencies. Many aspects still separate them, since Vantage is brand new in this area, but they are still worth comparing.

Surprisingly, Vantage does offer a better option for buying cryptocurrencies than Kraken. Vantage’s status and reliability are more reassuring, and its range is an excellent way to diversify your investments.

Who Is Kraken?

Led by Jesse Powell, Kraken is a cryptocurrency trading and exchange platform. Since 2011, the website has let users exchange fiat currencies for cryptocurrencies, mainly based on their market value. Based in San Francisco in the United States, Kraken is now available in more than a hundred countries around the world, including France.

When it was founded, the platform’s mission was clearly to help bring cryptocurrencies to the mainstream. The site was created after Bitcoin’s rise from 2008 to 2011 and decided to bet on this new type of payment. Kraken therefore presents itself as a promoter of financial freedom and works to give its clients that freedom.

Kraken offers a wide range of services around cryptocurrencies, helping investors with effective solutions for managing their tokens at competitive fees. In this review, we can say that Kraken is one of the benchmarks for the cryptocurrency market worldwide.

Kraken Reviews: What Customers Think of the Platform

If you plan to buy Bitcoin or any other cryptocurrency via Kraken, it is important to look at feedback from customers who already use it. That is why we have selected some relevant reviews from Kraken users about its services, its offers and its market access.

Kraken’s Key Business Figures

Kraken has been established for several years in a field that has changed enormously since. As you will have noticed, similar offers have multiplied since 2011, and it is hard to know which is the best. So you probably want to know how many cryptocurrencies are available on the platform or get information on the trading volume of its flagship assets. You will find all the key figures on Kraken’s services and offers in the following table:

What Are Kraken’s Fees?

Brokerage fees are probably one of the most important criteria for deciding whether a platform is attractive. In this respect, Kraken is in line with the competition for similar access. Its fees fall into 3 groups: brokerage fees, transaction fees and other fees. More details on Kraken’s pricing in the sections below.

Brokerage Fees

Brokerage or trading fees are the charges you pay for trading contracts for difference, mainly swaps, commissions and spreads. However, Kraken has a somewhat unusual system. Commissions vary according to the type of order you place and the size of your positions. In other words, the exchange takes different percentages depending mainly on whether you are a taker or a maker. That is:

Transaction Fees

At Kraken, the charges for converting fiat currencies are fairly high. Like most exchanges, the San Francisco platform charges fees ranging from $5 to $10 depending on the currencies involved. However, you can stay within the $5 range if you have a US-based bank account. Otherwise, your charges can reach $60.

What Payment Methods Are Available at Kraken?

Kraken’s strength may not be the number of payment methods it offers, but there is plenty of variety. The exchange offers several different channels for funding a Kraken account. You can even make deposits using major cryptos, which is worth highlighting.

However, you should know that the payment methods available on Kraken vary by currency. They are:

US Dollar (USD)

• Fedwire: available in the United States only;
• SWIFT: available in the United States only;
• Etana Custody: available in the United States and internationally;
• Silvergate Exchange Network (SEN): available in the United States and internationally;
• International bank transfer: available internationally only.

Euro (EUR)

• SEPA bank transfer;
• Etana Custody (internationally and in the eurozone);
• Bank wire (international).

Canadian Dollar (CAD)

• Bank wire (in Canada and internationally);
• In-person payment;
• Etana Custody (in Canada and internationally).
• POSconnect Interfin transfer (internationally only);

Japanese Yen (JPY)

The payment methods available for the Japanese currency are as follows:

• Etana Custody (in Japan and internationally);
• FPS, CHAPS and BACS.

Swiss Franc (CHF)

For payments in Swiss francs, the available methods are:

• SIC – Bank Frick;
• SWIFT – Bank Frick (available internationally only).

Australian Dollar (AUD)

This currency can only be paid in via:

• PayID;
• Osko;
• Bank transfer.

As you can see, Kraken offers very few widely used methods, such as Visa and Mastercard card payments. Unfortunately, this earns the platform some negative reviews and costs it a few points in this article. Transfers also generally take up to 5 days to clear, which is a bit long for a platform of this caliber.

Is Kraken a Reliable Platform? Our View

If you go solely by customer feedback and reviews, Kraken can be classed as a reliable platform. Much of the commentary on forums describes the exchange as safe for financial investments. We did find some negative reviews of the crypto broker, but none of them actually mentions a scam.

The platform’s longevity and the consistency of its operations are also worth highlighting. This shows a certain seriousness, as it is not easy to stay at the top for so many years while being a scam without being exposed.

Kraken: How Is It Regulated?

Several Kraken reviews claim the platform has no regulatory license, but this is completely false. If you dig a little deeper, you realize that the San Francisco company is indeed supervised and monitored in its financial activities. It holds 5 main registrations, including 2 with particularly well-respected bodies in the financial world. They are:

• The Financial Crimes Enforcement Network (FinCEN) in the United States – registration number 31000176593851.
• The Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada, under registration number M19343731.
• The Financial Conduct Authority (FCA) in the United Kingdom, which registers it as CryptoFacilities Ltd under reference number 757895.
• The Australian Transaction Reports and Analysis Centre (AUSTRAC), which knows it as Bit Trade Pty Limited.
• The Financial Services Agency (FSA) in Japan. Registration number: No. 00022.

As you can see, Kraken is an authorized and highly regulated platform. The exchange has also put in place a strict anti-money-laundering policy. We can therefore conclude that Kraken is one of the sites that guarantee you financial transactions in a secure environment.

What Platforms Does Kraken Offer?

If you are used to competitive platforms such as MetaTrader or cTrader, you will probably be disappointed by what the site offers. Kraken only offers one proprietary app for managing your investments on the financial markets, and it is only available as a mobile version.

Although many people who invest in crypto are closer to their smartphones than their PCs, the lack of a desktop version is still regrettable. Nevertheless, the broker wanted to provide a complete experience for its users by offering a smooth, dynamic app that responds well to your commands.

What Can You Actually Do on Kraken?

There is still a lot of confusion about Kraken’s business and services. You will see almost everywhere that you can trade crypto there, but that is only part of what the platform really offers. In this detailed Kraken review, we have examined the different operations you can carry out on the site.

Buying Cryptocurrencies

One of Kraken’s main functions is buying cryptocurrencies. The site gives you access to a very extensive catalog of tokens at highly competitive prices. You can take advantage of crypto-asset market values to buy the quantities you want.

However, buying digital currencies on Kraken falls into two main groups: buying tokens and trading contracts for difference. Here is how these two approaches work.

• Buying tokens

You must use the “Buy Crypto” option, shown as buttons on the exchange’s site. This feature lets you get your cryptocurrencies almost instantly. All you need to do is make a sufficient deposit for your transactions and carry out the operation.

Note, however, that this option is not available for all the cryptocurrencies on the site, an important point that costs Kraken a few points in this review.

• Trading crypto-asset pairs

Generally speaking, this means investing in crypto pairs. You either buy a cryptocurrency against an available fiat currency or one token against another. You just need a base currency and a quote currency in a listed pair.

You pay with the quote currency and receive the base currency. You then fill in a market order form stating your position and quantities, and submit it to confirm your token purchase.

Selling Cryptocurrencies

On Kraken, the sell function is very often combined with buying cryptocurrencies. As a result, you will often find “Buy Crypto” buttons that also lead to selling tokens. As you will have gathered, the principle is almost the same as buying coins, with the same split between direct orders and market orders.

Swapping Cryptocurrencies

Swapping works in much the same way as buying or selling cryptocurrencies on Kraken. The difference lies mainly in the quote currency of the pair being swapped. Here, you can only choose a cryptocurrency you already hold in your account to carry out the transaction.

It is also important to note that Kraken does not offer a wallet service for your cryptocurrencies. The platform only stores them during your various financial operations. So you will need to find a wallet to transfer your holdings to after buying and swapping tokens.

Should You Invest in Cryptocurrencies with Kraken?

Kraken easily ranks among the top sites for investing in cryptocurrencies. Its dynamic, clean-looking app adds a stylish touch to the groundwork done on the quality of its services and offers. The platform also helps its clients learn blockchain fundamentals through several educational tools. Kraken meets most of the essential criteria to make it an ideal place to get started with digital currencies.

Nevertheless, we do not recommend it. Although the platform has all these qualities, its flaws still stand out. Many negative Kraken reviews mention fees considered too high compared with the competition, which is a problem for a company that wants to be competitive. The fact that the broker offers no alternative to its mobile app is also something of a problem.

What Leverage Is Available for Trading on Kraken?

Margin trading lets Kraken clients increase the quantity of cryptocurrencies they can buy. The maximum margin amount is $500,000, which is more than enough to help you with your trades. You get leverage of 1:5 for your investments.

Which Cryptocurrencies Are Available on Kraken?

Kraken is particularly popular for the wide range of assets it offers. You can choose from more than 70 leading cryptocurrencies, from the best-known tokens to newcomers on the market. You can invest in coins such as:

• Bitcoin
• Bitcoin Cash
• Litecoin
• EOS
• Dash
• Zcash
• Polkadot
• Ethereum
• Ethereum Classic
• Melon
• Iconomi
• Gnosis
• Augur
• Chainlink
• Dogecoin
• Monero
• Ripple
• Stellar
• Tether
• Ripple
• Cardano
• Tezos
• Cosmos
• Qtum

And many more…

What Wallets Does Kraken Offer?

Unfortunately, as mentioned above, Kraken does not offer a wallet. The exchange makes this clear in its FAQ, stating that it should not be regarded as a cryptocurrency wallet. Nevertheless, your tokens will be stored there without major risk during your financial operations.

Kraken’s Advantages

If Kraken appears in almost every ranking of the top platforms for buying cryptocurrencies, it is because it offers:

• A dynamic, smooth platform: Kraken’s speed in processing buy and sell orders is particularly praised in customer reviews. You get instant execution on several leading cryptos such as Bitcoin, Ether and Tether.
• A liquid platform for cryptocurrencies: Kraken provides an open market where you can buy and sell your tokens fairly easily.
• A wide range of cryptocurrencies: in this area, you will struggle to find better than Kraken, with 72 financial instruments based on digital currencies.
• A regulated, authorized site: Kraken is one of the platforms with the most regulatory licenses on the entire cryptocurrency market.
• Video guides and articles for beginners: these help you understand how cryptocurrencies work without too much effort.
• Margin trading: up to 5x the amount committed as leverage on cryptocurrency trading, more than most online exchanges. According to specialists, this is one of Kraken’s strengths and pairs perfectly with staking.

Kraken’s Drawbacks

Here are some of the main downsides you will face when investing through this exchange:

• High transaction fees: although the platform’s rates are competitive, they add up and can really affect your gains. Compared with most crypto trading sites, the exchange’s fees are rather high.
• No offices in France: financial investing carries many risks, and having a platform based in France can make it easier to seek redress. This is a problem we cannot take lightly in this Kraken review.
• No demo account: for beginner traders, a demo account is a good way to learn, and not having one on Kraken increases the risks.

Closing Your Kraken Account

Closing your Kraken account is as easy as opening it, if not easier, and takes just a few clicks. You simply create a ticket from the general contact form on the exchange’s website by answering a few generic questions. Then choose the option to close your account at the end of the form, and you’re done. You should also know that Kraken charges no management, maintenance or inactivity fees, so you can also simply stop logging in without any particular problem.

Kraken Review: Is It Really Worth It?

Kraken is one of the most optimized brokerage and exchange sites for crypto assets. It offers a complete package for simplified investing in digital currencies. While it lacks variety in its financial market offerings, it cannot really be faulted for specializing.

Kraken was born in the early days of digital currencies. The platform’s main goal at launch was to make it easier to adopt these new payment systems. Today it is a heavyweight in the field and keeps growing with its market. In a few years, the number of tokens has multiplied by 1,000, but this has not stopped the exchange from offering the most relevant products on its site.

It is now very easy to open an account on the website. The only regret is that the platform offers no demo or business account.

Diversifiez votre patrimoineInvestissez dans l’artDes tableaux originaux, pièces uniques signées par l’artiste. Un actif tangible, loin des écrans et des cotations.Voir les tableaux →

Kraken vs eToro

Kraken is certainly a platform better suited to cryptocurrencies, but how does it really compare with another heavyweight of financial investing such as eToro? We selected a few objective points on which to measure the performance of the two brokers. More details in the table below.

The outcome of this Kraken vs eToro comparison is that the two trading offers are fairly evenly matched. Although only Kraken focuses solely on digital currencies, it still offers a versatility worth mentioning. eToro knows how to showcase its advantages, such as CopyTrader and its range of financial markets. That is why the Cypriot broker is logically the more recommended site for an account.

What Account Types Does Kraken Offer?

First, you should know that Kraken actually offers only one type of access. Whatever your investor profile, you have only one account option for buying cryptocurrencies on the platform. However, it can be upgraded according to the verification level you complete. The exchange offers three main tiers, each with specific benefits. Here are the details of each.

The Basic Account

As its name suggests, this is the basic access level to the Kraken platform and its crypto buying and selling features. It is required and practically essential for using the site’s most basic options. To access it, you simply enter personal information such as your full name, phone number and address. Among other things, this verification level lets you:

• Transfer certain cryptocurrencies to your account, including Bitcoin, Ethereum, Litecoin, Tether and Ripple;
• Make unlimited cryptocurrency deposits;
• Withdraw up to $5,000 per day;
• Buy, sell and convert cryptocurrencies;
• Trade with leverage;
• Earn rewards through staking.

The basic level is fairly close to the next verification tiers in what it offers clients. You get broadly the same options and features for managing your Kraken account. However, features relating to fiat currencies are only available if you move up a level.

The Intermediate Account

Almost complete, this verification level gives you real access to your Kraken account. It is required for transactions in traditional currencies such as the US dollar, the euro and the pound. In addition to the features of the basic level, it gives you:

• Bank transfers limited to $100,000 per day and $500,000 per month;
• Cryptocurrency transfers to your account, including Bitcoin, Ethereum, Litecoin, Tether and Ripple;
• Unlimited cryptocurrency deposits;
• A daily withdrawal limit of $500,000;
• Buying, selling and converting cryptocurrencies;
• Trading with leverage;
• Earning rewards through staking;
• Trading crypto futures for investors outside the United States;
• Over-the-counter (OTC) trading.

Although it is called the intermediate level, it already includes almost all the options a Kraken account can offer for buying digital currencies.

The Pro Account

This verification level gives you unlimited access to everything Kraken offers. It is also the best version of the account. It mainly requires that you have already completed the intermediate level. You will also need to add your bank details and supporting documents to confirm the accuracy of the information provided. Here are some of the main benefits of a Kraken Pro account:

• Unlimited bank transfers;
• Unlimited cryptocurrency deposits and withdrawals;
• OTC trading;
• Buying, selling and converting cryptocurrencies;
• Trading with leverage;
• Earning rewards through staking;
• Trading crypto futures for investors outside the United States;
• Over-the-counter (OTC) trading.

Making a Deposit and a Withdrawal on Kraken

Now that you have an overview of how to create and verify your online investment account on Kraken, let’s look at how to fund it. Like signing up, making a deposit is fairly simple. All you need to do is:

Select the Funding Tab

The “Funding” tab is available in the top menu of your account. Just click this tab to go to the dedicated page on the site.

Then click any of the buttons to deposit or withdraw funds from your Kraken account. Here is what the page looks like:

Depositing and Withdrawing Fiat Currencies

The steps for depositing traditional (fiat) currencies are as follows:

• Select the currency you want to deposit;
• Choose one of the options valid for that currency and your location;

If you want to withdraw funds from your Kraken account, proceed as follows:

• Select the currency of the funds in your account;
• Choose one of the financial partners valid for your location;
• Add a bank account;
• Enter the amount and make your withdrawal.

Depositing and Withdrawing Cryptocurrencies

Funding with digital currencies works a little differently from traditional currencies. Here you will:

• Select the cryptocurrency you want to deposit;
• Generate a deposit address for it;
• Scan the QR code shown or copy the address directly using the copy tool;
• Paste the address into the dedicated field where your tokens are held.

Withdrawing funds on Kraken is almost identical to depositing them. For information on withdrawal and deposit fees, see the next section.

Kraken Deposit and Withdrawal Fees

As a rule, online investment platforms offer a few ways to fund your account and withdraw your money. Kraken offers around ten methods so you can manage your money as you see fit. However, some charges and conditions apply depending on the country, the system and the currency used. You will find all the key information in the tables below.

How to Use Kraken to Buy Crypto

A Kraken account is mainly designed for buying cryptocurrencies, so it is important to know how to use it. It lets you place direct market orders and receive your tokens fairly quickly. You can also sell and swap your coins on the platform securely. However, you will first need to complete the various verification steps for most of these actions. More detailed explanations follow.

Buying Crypto on Kraken

Buying cryptocurrencies on Kraken is relatively simple compared with most other online sites. The platform is fully optimized to give you easy access to all digital currencies and let you buy in a single click. To do this, however, a few steps are necessary:

• Verifying your account: to buy with a fiat currency such as the euro, the dollar or the Swiss franc, you need to be at least at the intermediate level. Only then are you allowed to make deposits from your bank account or any other traditional payment system.
• Depositing funds: this step is obviously crucial, because if your account has no funds, you cannot place a buy order on the market.
• Buying cryptocurrencies: once the previous steps are complete, simply click the “Buy Crypto” button. It takes you straight to the buy order page. You can then choose to pay with other cryptocurrencies or fiat currencies.

For example, suppose you want to buy 2 bitcoins with your Kraken account using euros, a fiat currency. Here is roughly what you will see:

Selling Crypto

The selling process is very similar to the one we have just described. You follow the same steps for verification and depositing funds, then sell your tokens. Here is roughly what you will see when you start the crypto selling process in your Kraken account:

Swapping Crypto

Crypto swaps let you convert tokens from one blockchain to another at no extra cost. A Kraken account lets you swap your coins with the cryptocurrencies listed on the site. Here is what the exchange’s converter looks like:

Trading Crypto

Trading cryptocurrencies is one of the main activities you can carry out with a Kraken account. Often confused with buying tokens, the two concepts overlap with a few nuances. Here, the idea is to invest in the market fluctuations of a digital currency against a quote currency. So unlike buying tokens, you only make money if your forecasts are right. You therefore need to equip yourself carefully to improve the quality of your trades.

Kraken provides its clients with the tools needed for market speculation. Although most are available from the Pro verification level, you will have no particular problem placing full orders from the Intermediate level. To do this, go to the market and then open the trading section to access analysis charts for your favorite crypto assets.

What Are Kraken’s Fees?

Kraken charges several fees once your account is open on the platform. These are mainly linked to your transactions and market orders. The exchange uses a percentage-based system on the amounts traded. They can be broken down by the areas they relate to, as follows:

• Funding fees

These cover all the deposits and withdrawals you make from your Kraken account. They vary according to the currency and payment method used. In some cases, your country of residence also affects the fees charged on your transactions. However, most are free and none exceeds €10. Kraken clearly makes a point of making its platform and the cryptocurrency markets easily accessible.

• Trading fees

These are charged when you place a buy or sell order on a given cryptocurrency in your Kraken account. They are only charged once the site confirms your trade. Kraken’s trading fees therefore differ according to the type of transaction you make. Depending on set parameters, here are roughly the rates you will be charged:

• Instant buy: 0.9% on buying any stablecoin + 1.25% on leveraged crypto pairs.
• For stablecoin and forex pairs: between 0.20% and 0.0% depending on the amounts and the type of position opened. More details on the amounts and percentages charged in the following table.

Fees on a Kraken account are relatively low for the services offered. However, some clients find them too high compared with the competition, which considerably increases the number of negative reviews you will find online. For our part, we would say this access is rather premium and worth the prices the platform charges.

Which Cryptocurrencies Does Kraken Offer?

The list of tokens you can buy via your Kraken account is quite impressive. All the digital currencies that rank highly by market capitalization are already available on the site. What’s more, a selection of up-and-coming cryptocurrencies sits alongside the heavyweights to encourage you to diversify your investments without too much risk. Kraken lets you invest in, among others:

• Bitcoin
• Bitcoin Cash
• Litecoin
• EOS
• Dash
• Zcash
• Polkadot
• Ethereum
• Ethereum Classic
• Melon
• Iconomi
• Gnosis
• Augur
• Chainlink
• Dogecoin
• Monero
• Ripple
• Stellar
• Tether
• Ripple
• Cardano
• Tezos
• Cosmos
• Qtum

And many more…

As you can see, more than 60 cryptocurrencies are available on Kraken for trading and direct purchase. That is far fewer than some direct competitors such as Binance, but the figure is still impressive.

Which Countries Does Kraken Exclude?

Although Kraken is international, you cannot open an account on the platform from anywhere in the world. Unfortunately, not all countries can provide the security coverage needed to give you access to the account’s features. The exchange has therefore put some geographical restrictions in place, ranging from no Kraken services at all to specific usage limits. The countries or states concerned are:

• Afghanistan
• Congo-Brazzaville
• Congo-Kinshasa
• Cuba
• Iran
• Iraq
• Libya
• North Korea
• Syria
• Tajikistan
• Central African Republic
• Guinea-Bissau
• Lebanon
• Mali
• Namibia
• Somalia
• South Sudan
• Sudan
• Yemen
• Washington State
• New York State
• Japan
• Australia

As you can see, France is not on this list, so you can open your Kraken account and buy without any restrictions. The same goes for Belgium, Switzerland and all eurozone countries. The site’s authorizations and regulatory licenses seem to tip the balance. We take a detailed look at the bodies that regulate Kraken’s activities below.

Which Languages Are Available on Kraken?

It can be frustrating to open an online account on a platform and not be able to understand the instructions provided for your investments. To avoid this, Kraken offers several languages for its clients around the world. You will find 14 on the site, including:

• French;
• English (US);
• English (UK);
• Spanish;
• Portuguese;
• Italian;
• Turkish;
• Japanese;
• Russian
• Filipino;
• Chinese;
• Korean;
• Vietnamese;
• Ukrainian.

These languages are available both for the website and for the platform’s customer service. However, for some specific issues, you may be assigned an English-speaking adviser.

Kraken’s Regulation

Before opening your Kraken account, it obviously makes sense to look at the regulation held by the San Francisco platform. The site is rather well regulated for an exchange and offers you a fully supervised venue for cryptocurrency transactions. The platform holds several licenses from reliable bodies for its financial activities and brokerage services, which is impressive enough to be worth highlighting. Kraken’s licenses are as follows:

• The Financial Crimes Enforcement Network (FinCEN) in the United States – registration number 31000176593851.
• The Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada, under registration number M19343731.
• The Financial Conduct Authority (FCA) in the United Kingdom, which registers it as CryptoFacilities Ltd under reference number 757895.
• The Australian Transaction Reports and Analysis Centre (AUSTRAC), which knows it as Bit Trade Pty Limited.
• The Financial Services Agency (FSA) in Japan. Registration number: No. 00022.

Do You Need to Declare Your Account for Tax Purposes?

For French tax residents, it is mandatory to declare your Kraken account in your income tax return from the date it is opened. Once the account is fully opened and verified, you must include it in your declared accounts to avoid any problems later. So be careful not to forget it.

How to Secure Your Kraken Account

Although the platform’s accounts are fairly secure, you could still fall victim to a cyberattack targeting your funds. Several ways to secure your Kraken account are available directly on the exchange’s site. They increase the security of your logins and are fairly easy to set up without complex steps. They include:

Two-Factor Authentication (2FA)

This is an extra layer of security for your logins to avoid being hacked. Among other things, it ensures you are the only one with access to your Kraken account, using a code that changes every 30 seconds. You need to fully enable it in your account settings to make sure it protects you against intrusions.

Securing Your Email Address

First, make sure the passwords for your email and your Kraken account are different. Next, it is recommended to remove your phone number from the possible links to your email address, as it is an easier way to access your recovery data.

Avoid Lending Your Phone or Laptop to Just Anyone

Above all, avoid giving your password to anyone who asks for it. Guard against any risk on this front, as it is also a way to protect your Kraken account.

Securing Your Internet Connections

This may seem trivial, but it is one of the preferred ways to attack you and your Kraken account. It is generally recommended to avoid public Wi-Fi or to use a good VPN when connecting. For your own connection, set up a router with a complex password.

How to Close Your Kraken Account

No longer want to use your Kraken account and thinking of closing it for good? Don’t worry, there is a solution. First, you should know that the San Francisco exchange charges no maintenance fees and does not charge for inactivity. Leaving your account without logging in again is therefore a valid option that will cost you nothing.

However, if you want to reuse your old login details or remove your Kraken account from your tax return, it only takes a few minutes. First, find the general contact form on the platform’s site. Then fill it in, select the account closure option, and you’re done.

How to Contact Kraken Customer Service

With online accounts, bugs are common, much to customers’ dismay. What should you do and whom should you contact at Kraken if your account is blocked or temporarily disabled, or if you need more information? Here are all the customer support channels available on the platform.

• Live chat on Kraken’s website;
• Twitter: @KrakenSupport;
• The dedicated customer support website: https://support.kraken.com/hc/fr;

Kraken’s account management also gives you some extra support benefits: clients with the largest transaction volumes get a dedicated account manager. This option gives you an assigned assistant to resolve your various issues and concerns.

Kraken Pros and Cons

Having a Kraken account has its advantages but also some downsides that emerge in everyday use. The following sections detail these different aspects of the exchange’s account.

Pros

Most of the points covered in this article are strengths or advantages of opening a Kraken account. For example:

• A wide range of cryptocurrencies: Kraken provides a well-stocked catalog of tokens you can invest in. It is one of the platforms with the most diverse range of options.
• An optimized website and mobile app: everything is smooth and dynamic, with no clutter. Trading or buying cryptocurrencies directly on the exchange is a real pleasure to look at.
• A regulated, authorized account: several regulatory licenses are linked to your Kraken account, so you benefit from the security and stability of the platform you invest on.
• Margin trading: trading cryptocurrencies with leverage is relatively rare on most platforms. Kraken confirms its role as a top site for digital currencies by giving you margin of up to 5x your capital.
• Educational content: if you know nothing about digital currencies but still want to invest in them, you can. Kraken’s video guides and articles are both fun and educational, helping you easily understand the basics of these new currencies.
• Consistent liquidity: buy cryptocurrencies and sell them whenever you like. Kraken has some of the best liquidity on the market and makes it available to its clients at no extra cost.

Cons

Here are the main downsides of opening and using a Kraken account on the digital currency market:

• Fees noticeably higher than the competition: among the top sites for buying cryptocurrencies, Kraken stands out for having some of the highest fees. This of course varies by instrument, but it remains true on average.
• Some bugs: several clients have mentioned in their reviews that they encountered bugs during trading sessions. Some reported losing money as a result, or having their account blocked or temporarily disabled. This is a downside we cannot ignore in this article.
• No demo account: any serious broker should offer a practice account to make it easier to manage real investment funds on its platform. Unfortunately, Kraken does not offer one, which is a bit of a shame.

Is There a Better Alternative to Kraken?

Although the platform has some downsides, it is still hard to do better than Kraken for buying cryptocurrencies. The broker remains one of the best possible choices on the market. Nevertheless, some brokers perform just as well and offer competitive access. This is the case with eToro, which opened up to digital currencies a few years ago and is now a heavyweight in Bitcoin and Ethereum CFDs.

Other similar platforms, such as Binance, Coinhouse and Coinbase, are also viable options for buying cryptocurrencies. They offer token purchases and trading on their exchanges at very competitive prices.

Conclusion: Is There a Better Alternative to Kraken?

In our view, Kraken is a site well geared toward buying, selling and swapping cryptocurrencies. However, several grey areas in its offering mean we do not recommend it. Other platforms offer better services and stand out for clearly better quality. This is the case with AvaTrade and eToro, which are more complete and offer better prices for the same tokens.

Have more questions about Kraken, or simply want to share your experience with the exchange? Leave a comment!