Kraken is a well-established cryptocurrency exchange founded in 2011, known for its strong reputation in the crypto community. This review covers its key features, security measures, trading fees, and overall user experience to help you decide if it's the right platform for your needs.
What Is Kraken Exchange?
Kraken is one of the oldest cryptocurrency exchanges, launched in 2011. It has built a loyal user base, including many who migrated from Mt. Gox after its collapse. The platform offers two interfaces: Kraken (basic deposits/withdrawals) and Kraken Pro (advanced trading).
Key Features
- Supports 240+ cryptocurrencies with high liquidity.
- Offers spot trading, futures, staking, and NFTs.
- Primarily serves European and North American markets.
- Ranked top 5 for spot trading and top 10 for derivatives on CoinMarketCap.
Is Kraken Safe? Is It a Scam?
Kraken is not a scam—it’s a regulated exchange with a strong focus on compliance. However, its transparency regarding reserves and security could improve.
Security Highlights
- Regulatory Compliance: Licensed in 12 jurisdictions, including the UK (FCA), EU, US, and Australia.
- Proof of Reserves: Lacks detailed asset breakdowns but provides verification tools.
- No Major Hacks: Uses a "bug bounty program" to identify vulnerabilities.
- Account Security: Offers 2FA, device management, and account activity monitoring.
👉 Learn more about Kraken’s security measures
Kraken Pro: User Experience
Pros
- High liquidity and fast order execution.
- Simple interface for beginners (Kraken) and advanced tools (Kraken Pro).
- No history of major security breaches.
Cons
- High fees: Spot trading fees are among the highest (0.16% maker/0.26% taker).
- Limited features for futures trading (e.g., no mobile app support).
- No real-time balance updates for Merkle Tree verification.
- No investor protection fund.
Kraken Fees: Spot, Futures, and Withdrawals
Spot Trading Fees
| Tier | Maker Fee | Taker Fee |
|---|---|---|
| < $50K volume | 0.16% | 0.26% |
| > $1B volume | 0% | 0.04% |
Futures Trading Fees
- Maker: 0.02%
- Taker: 0.05%
- Funding rate: Charged hourly (higher than competitors).
Withdrawal Fees
| Coin | Fee |
|---|---|
| BTC | 0.0004 BTC |
| ETH | 0.0031–0.005 ETH |
| USDT | 2–8 USDT |
Deposits & Withdrawals
Kraken does not support direct TWD deposits. Options:
- Bank Wire (USD/EUR): High fees ($25+ per transfer).
- Crypto Transfer: Cheaper; use a local exchange like MAX or Binance as an intermediary.
Withdrawal Limits
- Basic verification: $5K/day.
- Advanced verification: Unlimited.
Customer Support
- 24/7 live chat: Slow response (hours).
- Email support: Faster (~30 minutes).
- No phone support.
Kraken PTT Reviews (Taiwan)
PTT users note:
- "Safe but expensive" — high fees for deposits/trades.
- "Old but reliable" — one of the longest-running exchanges.
- "Not beginner-friendly" — lacks TWD support and Chinese UI.
FAQ
1. Can I use Kraken in Taiwan?
Yes, but it lacks local regulation.
2. Does Kraken require KYC?
Yes, mandatory for deposits/trading.
3. Is Kraken good for beginners?
Not ideal due to high fees and no TWD support.
4. How do I contact support?
Use live chat (slow) or email (faster).
5. What’s the best way to fund my account?
Use a local exchange to buy crypto, then transfer to Kraken.
Final Verdict
- Best for: Experienced traders in Europe/North America.
- Avoid if: You need low fees, TWD support, or advanced futures tools.