Kraken is a cryptocurrency exchange that was founded in 2011. It offers spot and futures trading with compliance.
What is Kraken
Kraken is a fully regulated crypto exchange that’s never been hacked. The platform lets you trade in both spot and futures markets, and confirms its security through regular reserve audits.
The exchange has played an important role in key crypto events. It helped investigate the Mt. Gox collapse and won its case against the SEC in 2025. It also acquired NinjaTrader (an online futures trading platform) for $1.5 billion.
Kraken serves all types of users. Beginners appreciate Kraken Simple, while experienced traders prefer Kraken Pro. Kraken has developed into a major cryptocurrency player through strategic funding and smart acquisitions.
Curious whether Kraken is a good choice for you? Read on to see if its real performance matches its crypto world reputation.
Brief overview of Kraken Exchange
| Category | Details |
|---|---|
| Founding Year | 2011 |
| Current Fees | Spot Trading (Kraken Pro): 0.25% maker fees / 0.40% taker fees (volume discounts available). Kraken+ Subscription: $4.99/month for zero-fee trading up to a limit |
| Key Features | Spot trading, Futures trading, Fiat on and off ramp, Staking, Institutional trading |
| Main Competitors | Major Global Exchanges: Binance, Coinbase, Bybit, OKX. Regional Competitors: Bitstamp (Europe), Bittrex (US). Institutional Challengers: Coinbase Prime, Gemini |
| User Base | Total users: 13 million claimed (as of May 2025). Monthly active visitors: 6.6 million (as of May 2025) |
| Key Markets | United States, United Kingdom, European Union, Canada, Australia |
Kraken Core Offering and Features
Kraken: The platform has two versions. Kraken is for beginners with simple buying/selling, deposits/withdrawals, and passive earning options. Users can set up auto-purchases at regular intervals.Source: Kraken
Kraken Pro: The Pro version serves advanced traders with combined spot/futures trading, technical charts, market comparison, and complex order types. U.S. clients can now trade stocks (added 2025).Source: Kraken
Mobile App: Two mobile apps serve different needs: the basic Kraken App for newcomers and Kraken Pro App for advanced mobile trading.
Kraken Desktop: This is a downloadable application that gives professional traders low-latency performance with customizable views and multi-monitor support.
Kraken Wallet: The non-custodial Kraken Wallet supports major blockchains with cross-chain swaps but no fiat options.
Kraken Institutional: Launched in 2024, this service offers deep liquidity and custody for institutional investors.
Kraken+ subscription: This subscription costs $4.99/month and provides limited fee-free trading and priority support.
Exchange Health Metric Comparison
Here's how Kraken measures up against top rivals:
Methodology: Our due diligence framework evaluates crypto exchanges using various data points across key performance categories. These include fees, token and fiat support, product features, security history, liquidity, and global trading volume. By quantifying each criterion on a 100-point scale, we offer a clear, comparative snapshot of exchange strengths and areas for improvement, helping users make informed decisions.
Deeper Analysis of Kraken’s Market Position
Market Share
Source: CoinGecko (data from May 9th, 2025)
As of May 2025, Kraken has an annual trading volume of $380 billion. This puts Kraken far behind market leader Binance with its trillions in trading volume. Lower volume often means reduced liquidity for less popular trading pairs. Traders with large orders may face slippage or delays on Kraken.
However, Kraken makes up for smaller trading volumes through its focus on regulated markets, like the U.S. and European markets. Many users choose Kraken because they value trust and security over high trading activity.
User Base
Kraken is said to have over 13 million users worldwide (as of May 2025). It positions itself as one of the more reliable and secure exchanges in the market. However, the actual user engagement numbers reveal a different reality. Kraken faces significant challenges when compared to industry leaders like Binance, Coinbase, and Bybit.
User Engagement
As of May 2025, Kraken receives about 6.6 million monthly visits according to SimilarWeb. This puts it in 24th place on CoinGecko's exchange list. This engagement level is respectable but far behind Binance's 60+ million monthly visits.
Kraken's real strength comes from its regional focus. The exchange performs well in the U.S., Canada, and Europe. Its compliance-first approach connects strongly with users in these regions. Kraken has maintained U.S. operations despite increasing regulatory pressure. Few other exchanges have managed this feat. Kraken holds licenses in multiple areas including the U.K. and EU. This makes it a trusted option for users in highly regulated regions.
Competitors
Kraken operates in a highly competitive market dominated by exchanges like Binance, Coinbase, and Bybit. These competitors outperform Kraken in trading volume and user engagement.
Binance clearly dominates all metrics. Its broad appeal and market leadership overshadow Kraken's performance. Other exchanges like Bybit, OKX, and Coinbase also perform better than Kraken in trading activity and user traffic. Kraken trades $380 billion yearly (May 2025 data). This falls behind Binance at $3,850 billion and Coinbase at $740 billion. This gap creates weaker liquidity and market depth for traders.Source: Coin360 (data from May 9th, 2025)
Kraken takes a more conservative approach to coin listings. It offers fewer cryptocurrencies than competitors like MEXC or Gate. Both list thousands of tokens. This approach has two sides:
- As a strength, Kraken's limited listings may show a more selective review process. This ensures only reputable projects appear on their platform.
- As a limitation, this restricts Kraken's appeal to users seeking access to niche or emerging tokens. Gate and MEXC excel in this area.
What this means for users: If you want to trade many altcoins or new tokens, Kraken might feel too limited. Platforms like Gate or MEXC would serve you better. But if you focus on major cryptocurrencies and established mid-cap tokens, Kraken works well. Kraken also excels in supporting staking coins like Polkadot, Cosmos, and Tezos through its robust staking service.
Fee Structure
Kraken Pro's spot trading fees start at 0.25% for market makers and 0.40% for market takers. These rates are higher than the industry average. They're also significantly higher than market leader Binance's fees.
Like most competitors, Kraken offers a volume-based discount structure. Your fees decrease as your 30-day trading volume increases. However, the initial fees can be too expensive for smaller retail traders who care about costs.
Kraken doesn't have exchange token incentives like Binance's BNB discount. These tokens give users fee cuts and other perks. This puts Kraken behind many rivals. Exchanges like Binance, Bybit, OKX, MEXC, Kucoin, Bitget, Gate, and Crypto.com, all use their own tokens to pull in and keep users.
Here’s a quick fee comparison table between Kraken and its key contenders:
| Exchange | Spot Trading Fees (Maker/Taker) | Futures Trading Fees (Maker/Taker) |
|---|---|---|
| Kraken | 0.25% / 0.40% (can drop to 0% / 0.08% with higher trading volume) | 0.02% / 0.05% (can drop to -0.005% / 0.01% with higher trading volume) |
| Binance | 0.1% / 0.1% (25% discount with BNB; VIPs as low as 0.00825% / 0.01725%) | USDS-M Futures: 0.018% / 0.045% (can drop to 0% / 0.0153%); COIN-M: 0.02% / 0.05% (can drop to 0% / 0.017%) |
| Bybit | 0.1% / 0.1% (Supreme VIP: as low as 0.03% / 0.05% with higher trading volume) | 0.02% / 0.055% (can drop to 0.005% / 0.032% with higher trading volumes) |
| OKX | 0.08% / 0.1% (can drop as low as -0.01% / 0.015%) | 0.02% / 0.05% (can drop to 0.015% / 0.03% for REGULAR users and even lower for higher trading volumes) |
| KuCoin | 0.1% / 0.1% (decreases with trading volume and KCS holdings as low as -0.005% / 0.02%) | 0.02% / 0.06% (can drop to -0.008% / 0.025% with higher trading volumes) |
Note: This data was compiled in May 2025.
Team of Kraken
Dave Ripley
CEO
Dave Ripley became Kraken's CEO in 2023. He joined in 2016 when Kraken acquired his company Glidera and previously worked at Boston Consulting Group.
Kraken review
Why We're Reviewing Kraken: Kraken stands out as a prominent and reliable exchange. Its long-term vision in crypto is highlighted by the $1.5 billion NinjaTrader acquisition and the SEC lawsuit victory. Plus, Kraken's proactive approach to regulations position it favorably in the current pro-crypto political atmosphere. That’s why we think it’s worth watching.
The Bright Side
Kraken’s biggest strength is its security. It’s one of the few major exchanges that’s never been hacked. This reputation is a huge deal in an industry where breaches are all too common.
Another plus is their approach to transparency. The Proof-of-Reserve audits they publish regularly are a top level of openness in crypto, showing they can back up user deposits.
Their customer focus is also something to take note of. Team Linity tested their 24/7 support and it turned out to be responsive. The platform’s interface isn’t the flashiest. But it gets the work done by catering well to both beginners and advanced traders.
Features like spot trading, margin, and futures give it versatility. Meanwhile, the mobile app is a handy way to keep tabs on trades. The recent launch of Ink (their own blockchain) shows they’re not afraid to innovate. This trend could open up new opportunities for users down the line.
Source: Kraken
The Dark Side
All the advantages aside, Kraken isn’t perfect. Its market share and trading volume lag behind giants like Binance or even Coinbase.
With only $380 million in yearly volume and 6.6 million monthly visits (as of may 2025), it feels like a smaller player in a crowded field. This can translate to lower liquidity for some trading pairs, which can be noticeable when trying to execute larger trades.
Another downside is their limited coin selection. Kraken’s conservative approach to listings means they offer fewer tokens than competitors like BitMart or MEXC. While this might mean higher-quality projects, it’s frustrating if you’re chasing newer or niche tokens.
Lastly, Kraken’s fees are competitive but aren’t the lowest. For high-frequency traders, other platforms might be more cost-effective.
Source: Kraken (data from May 9th, 2025)
What’s Next For Kraken?
Kraken is getting ready for a big IPO worth billions. Its success depends on how well it brings NinjaTrader into the fold and clarifies its retail business plan.
Kraken is about more than just being a crypto exchange. Co-founder Jesse Powell speaks up often for U.S. crypto and donated $1M to Donald Trump's campaign. The company is building something meant to last - focusing on trust and new ideas in finance, much like Coinbase is doing.
While not the biggest in trading volume or coin options, Kraken has earned trust through security, transparency, and following rules. This has made it one of the most reliable platforms out there.
Pros
Top-Level Security
Kraken has never been hacked since starting in 2011, unlike many other exchanges. It uses strong measures to offer you top-notch security. This includes an app-based two-factor authentication (2FA), encrypted emails, and withdrawal confirmations. It also constantly monitors for suspicious activity.
High Transparency
Kraken regularly publishes Proof-of-Reserve audits, proving it holds enough assets to cover all user deposits. This openness is rare in crypto and helps build trust, especially you’re worried about exchange failures.
Trusted by Regulators
Kraken won a major 2025 SEC lawsuit without penalties, showing it can fight for fair crypto rules. It holds licenses in the U.S., U.K., EU, Canada, and Australia. This presence makes it a reliable option for folks in strict markets who want a legal platform.
Reliable Support
Kraken provides 24/7 customer support via live chat and email. Users report quick responses, with issues like withdrawals often fixed in under an hour. The prompt support can prove to be a big plus for you.
Proven Track Record
Kraken has grown through smart acquisitions like NinjaTrader ($1.5 billion in 2025). Its past role in the Mt. Gox investigation and listing on Bloomberg Terminal in 2014 also show its long-term credibility.
Cons
Low Trading Volume
Kraken’s $380 billion annual trading volume is far behind Binance’s trillions or Coinbase’s higher figures. This leads to lower liquidity, especially for less popular trading pairs. Such scenarios can cause potential price slippage or delays when executing large orders.
Expensive Fees
Kraken Pro’s fees (0.25% maker, 0.40% taker) are higher than Binance or Bybit. It lacks a native token for fee discounts, unlike competitors’ BNB or KCS. This makes trading costlier for small retail or high-frequency traders, though high-volume traders get better rates.
Cultural Controversy
In 2022, Kraken’s culture document pushed free speech and libertarian values, banning terms like “toxic” or “hateful.” This upset some users and employees, risking PR backlash and potentially isolating those who disagree with its stance.
Smaller User Base
Despite claiming 13 million users (as of May 2025), Kraken’s 6.6 million monthly visits rank it 24th on CoinGecko, far behind Binance’s 60 million. Lower engagement suggests it struggles to compete with bigger players, which could limit its growth.
Slower Market Growth
Kraken’s conservative approach, like focusing on regulated markets, limits its appeal to speculative traders who prefer platforms with higher risk. This could hinder its ability to scale against aggressive competitors like Binance or Bybit.
Opportunities
Earn
APY: 0.1-16%
Kraken
Check out the Kraken page and learn what assets you can use on Kraken to earn a potential APY (%)