About Kraken

Jesse Powell founded Kraken in San Francisco in 2011. Public trading began in 2013, making it one of the oldest crypto exchanges still operating under its original brand. Co-CEO Arjun Sethi leads parent company Payward, Inc.

Payward positions Kraken within a broader financial group. In a September 2026 CoinDesk interview, Sethi described four units: trading, banking, asset management and Payward Services. The last sells custody, liquidity, and payment tools to other firms. A shared ledger allows balances to move between all four without a third party.

The group's Q2 2026 results reflect that shift. Adjusted revenue increased 17% to $508 million, with balances, staking and other services accounting for 60% of the total. Funded accounts grew 42%, even as total platform volume fell 18% to $310 billion.

Kraken Features

One verified account provides access to most Kraken products. Which products you can use depends on your country.

Trading Types

Kraken supports seven main types of trading:

1. Spot trading: Kraken Pro lists 600+ crypto trading pairs, with an order book, advanced charts, and limit and stop orders. Beginners can make instant purchases in the Kraken app.
2. Spot margin: Clients borrow funds to increase a spot position. In May 2026, US clients gained access to CFTC-regulated spot margin with up to 10x leverage. The CFTC (Commodity Futures Trading Commission) regulates US derivatives.
3. Perpetual futures: These futures contracts have no expiry date. US clients trade through a regulated US exchange, while clients in other eligible regions use Kraken Pro Futures.
4. Tokenized equities: Available in more than 110 countries, xStocks track US-listed shares and ETFs. The US, UK, Canada, and Australia are excluded.
5. US stocks and ETFs: US clients can trade 11,000+ stocks and ETFs commission-free through Kraken Equities. Since August 2026, eligible EEA clients can also trade 7,000+ US-listed stocks without commission, although spreads and FX costs may apply.
6. Onchain token trading: Since June 2026, eligible Kraken app users have been able to trade 2,500+ Solana tokens on decentralized exchanges. The tokens sit in a self-custodial wallet built with Privy, so Kraken never controls the private keys. Access covers the US and more than 100 other countries.
7. OTC and institutional trading: The over-the-counter (OTC) desk handles private block trades for large clients. Kraken Prime provides institutional services.

Earn Options

Four products pay rewards on idle balances:

• Flexible staking and Auto Earn: Part of an eligible balance is staked while the assets remain available to trade or withdraw. Kraken's staking page listed 31 assets in October 2026, including ETH, SOL, DOT, and ATOM.
• Bonded staking: Locking assets for a set term earns a higher reward rate. This suits holders who do not need access to their coins during that period.
• Stablecoin rewards: Auto Earn pays variable rewards on USDG, USDC and USDT balances. Kraken+ subscribers receive a higher USDG rate in eligible regions.
• xStocks vaults: Eligible clients have been able to earn on-chain yield on SPYx, QQQx and NVDAx through lending protocols since September 2026. These vaults carry smart contract risk and exclude the US, UK, Canada, Australia, and the UAE.

Additional Services

Beyond trading, Kraken offers these services:

• Kraken Wallet: A free self-custodial wallet for users who want to control their private keys.
• Krak: This separate money app supports sending funds to 160+ countries. The Krak Card launched first in the UK and EU. It is a Mastercard debit card offering 1% cashback without FX or monthly fees.
• Kraken CLI: Released in March 2026, this open-source command-line tool includes a built-in MCP server. MCP (Model Context Protocol) lets AI agents read market data and place orders through Kraken's API.
• Ink: Kraken backs this Ethereum layer-2 network. Layer-2 networks lower costs by processing transactions outside the main Ethereum chain.
• Payward Services: Banks, brokers, and fintech firms can use this business service to offer their clients crypto trading, custody, and xStocks.

Kraken App vs Kraken Pro

The Kraken app and Kraken Pro use the same account and balances. Their charges for the same trade differ considerably. Simple purchases are the app's main function. Instant buys, sells, and conversions carry a 1% fee, while custom orders cost 1.5%. Every price also includes a spread, the gap between the buy and sell price.

On Kraken Pro, trades use an order book and incur maker or taker fees. Maker orders wait on the book, such as a limit order at a set price. Taker orders fill immediately against existing orders. Our maker vs taker fees guide explains the distinction.

Under the October 22, 2026 fee schedule, buying $1,000 of Bitcoin through the app's instant buy costs $10 plus the spread. At Kraken Pro's entry tier, that purchase costs $4 with a limit order or $8 with a market order.

For $4.99 per month, Kraken+ removes the app trading fee on up to $10,000 of monthly instant trades. The spread still applies. Frequent traders should start on Kraken Pro because instant buys do not count toward its volume tiers.

xStocks and Tokenized Equities on Kraken

Each xStock is backed one-to-one by a US-listed share or ETF held by a regulated custodian. Examples include Nvidia, Tesla, and the S&P 500 ETF. The tokens launched in June 2025, and Kraken agreed in December 2025 to acquire their issuer, Backed Finance.

By September 2026, xStocks had recorded more than $40 billion in total volume and attracted more than 200,000 holders. Close to $20 billion of that volume settled on-chain. The tokens also trade on other xStocks Alliance platforms, including OKX and Hyperliquid.

Clients in the US, Australia, Canada, and the UK are excluded under Kraken's xStocks availability rules. EEA clients must first pass a questionnaire. They can then buy and sell with fiat on kraken.com, but cannot use the Kraken Pro order book. They can now hold traditional US shares and xStocks in the same account.

From June 2026, Kraken added four related features and partnerships:

• Tokenized IPO access: Payward introduced tokenized IPO access in June 2026. Eligible clients can request shares in selected US IPOs and receive tokens representing them on listing day.
• London-listed stocks: In September 2026, Payward reached an agreement with the London Stock Exchange to tokenize the 100 largest London-listed companies. Trading on the LSE 24 venue remains subject to regulatory approval.
• Nasdaq partnership: Nasdaq agreed to invest $100 million in Payward in September 2026. The firms plan to launch Nasdaq Equity Tokens in the second quarter of 2027, and Payward will use Nasdaq's market surveillance technology on its trading venues.
• Hardware wallet support: A Ledger partnership dated September 24, 2026, aims to add xStocks to the Ledger Wallet app for cold storage.

xStocks are not registered with the SEC or local securities regulators. They also lack FDIC and SIPC insurance. Our best tokenized stock trading exchanges list compares xStocks with other providers.

Kraken Perpetual Futures and Margin Trading

Traders use perpetual futures to take leveraged long or short positions on contracts without expiry dates. Kraken offers separate products for US clients and other eligible regions.

For US Clients

Payward completed its Bitnomial acquisition on May 1, 2026. The purchase brought three CFTC licenses covering a futures exchange, clearinghouse, and futures broker. With those licenses, Kraken launched regulated spot margin in May, followed by US perpetual futures on June 15, 2026.

Bitnomial Exchange lists the contracts. Client accounts are held by NinjaTrader Clearing, which trades as Kraken Derivatives US. By October 2026, Kraken offered 16 USD-quoted perpetual markets, including BTC, ETH, SOL, XRP and DOGE. Trading runs 24 hours a day, seven days a week, with US dollars as the only collateral.

Two further US products await approval. Payward filed for single-stock perpetual futures in September 2026, covering 10 US shares, including Apple, Nvidia and Tesla. Its target is round-the-clock trading five days a week.

A separate proposal would introduce regulated perpetual markets on Hyperliquid under the HIP-3 framework. NinjaTrader Clearing would hold the accounts, and trading would be limited to approved clients. Neither product had a launch date at the time of writing.

Outside the US

Kraken Pro Futures is available to clients in other eligible regions. On May 15, 2026, Kraken raised maximum leverage to 100x for BTC and ETH perpetuals. That limit applies only to the first $1 million of BTC exposure and $500,000 of ETH exposure. Leverage then drops to 50x and falls further as exposure grows. EU and US clients cannot access the 100x limit.

EEA derivatives accounts are handled by Payward Europe Digital Solutions (CY) Limited, a Cyprus investment firm licensed under MiFID II, the EU rules for investment services. In some regions, the Kraken app provides simpler perpetual contracts with up to 50x leverage. The US, UK, Canada, and Australia are excluded.

High leverage increases the risk of rapid liquidation. Before trading, compare margin rules in our list of the best crypto futures exchanges.

Is Kraken Regulated?

Payward reports more than 100 licenses and registrations, with Kraken regulated across several major markets. The protections available to you depend on the Kraken company responsible for your country.

Its official license list, updated September 30, 2026, includes these main approvals:

1. European Economic Area: Two Payward companies hold MiCA licenses as CASPs from the Central Bank of Ireland. Payward Ireland Limited also holds an e-money institution (EMI) license. Payward Europe Digital Solutions (CY) Limited, licensed by the Cyprus Securities and Exchange Commission under MiFID II, offers derivatives and US stock trading. 
2. United States: Payward Interactive is registered with FinCEN as a money services business. Kraken Financial holds a Wyoming special purpose depository institution charter. Kraken Securities is an SEC-registered broker-dealer, while Kraken Derivatives US is a CFTC-registered futures commission merchant.
3. United Kingdom: Payward Limited is registered with the Financial Conduct Authority (FCA) as a cryptoasset firm. Registration covers anti-money laundering rules only. Crypto holdings do not receive Financial Services Compensation Scheme protection.
4. Canada: Kraken is a restricted dealer with the Ontario Securities Commission and other provincial regulators. Payward Canada is also registered with FINTRAC.
5. Australia: Bit Trade Pty Ltd has AUSTRAC registration as a digital currency exchange. A separate company holding an Australian financial services license offers Kraken derivatives.
6. Other regions: Kraken holds a Class F digital asset license from the Bermuda Monetary Authority and a registration for crypto assets in Argentina.

The UAE is Kraken's newest market. Payward received full market approval from Dubai's VARA on October 12, 2026. Retail clients will gain spot and margin trading in UAE dirhams, along with on-chain staking, xStocks, and Krak. Institutions will have access to OTC trading and Kraken Prime; derivatives require separate approval.

Is Kraken Safe?

Since Kraken opened in 2013, we found no public report of a hack that caused clients to lose funds. The exchange publishes proof-of-reserves reports and holds independent security certifications.

Account Safety Measures

Kraken accounts support these protections:

• Passkeys and two-factor authentication: Clients can secure access with FIDO2 security keys, passkeys, or authenticator apps.
• Global settings lock: This freezes account settings for a chosen period, even if someone obtains your login details.
• Master key: A separate password confirms your identity when you contact Kraken support about account changes.
• Independent audits: Kraken's security page lists ISO/IEC 27001:2022 certification and a completed SOC 2 Type 1 examination.
• Bug bounty: Kraken pays outside researchers to report weaknesses in its systems.

Asset Protection

The June 30, 2026 snapshot on Kraken's proof-of-reserves page reports reserve ratios of 102.9% for BTC, 100.5% for ETH, 100.6% for SOL, and 102.3% for XRP. USDC and USDT reserves both exceeded 105%. A Merkle tree links each account record to a published value, letting clients confirm their balance was included.

Kraken acknowledges the check's limits. It covers selected assets at a single moment and does not reflect subsequent losses. Nor can it prove exclusive control of private keys or rule out hidden debts.

Kraken Financial operates on a full-reserve basis, holding liquid assets equal to at least 100% of client fiat deposits. This policy applies to the Wyoming bank. Clients whose funds sit with another Kraken company should check that company's terms.

Security History

Kraken's public record since 2023 includes the following events:

• April 2026: A criminal group attempted to extort Kraken using videos of internal systems. Kraken said support staff had improperly viewed limited data on about 2,000 accounts, representing 0.02% of users. The company refused payment and notified affected clients. It stated that no systems had been breached and no funds were at risk.
• December 2024: An Australian court ordered Bit Trade, Kraken's Australian operator, to pay A$8 million. The Australian markets regulator (ASIC) brought the case. The court found that Bit Trade offered a margin product to more than 1,100 customers without the required target-market determination.
• 2023 to 2025: Kraken paid $30 million in February 2023 to settle SEC charges concerning its US staking service. A second SEC lawsuit followed in November 2023. The regulator agreed to drop that case in March 2025.

Staff misuse of internal access is a risk at every large exchange, as the 2026 incident shows. Kraken disclosed the incident quickly. Affected clients should expect targeted phishing attempts.

Kraken User Reviews

App store ratings are considerably higher than Kraken's scores on general review sites. We checked all three platforms on October 22, 2026:

• Trustpilot: 3.2 out of 5 from 9,259 reviews. Ratings are divided: 50% are one-star, and 32% are five-star. Complaints focus on account holds during security checks, slow support replies, and API connection problems.
• Apple App Store: 4.7 out of 5 from about 36,000 ratings in the US store.
• Google Play: 4.3 out of 5 from about 55,700 reviews and more than 5 million downloads.

Users praise the app's clean design and fast purchases. Account holds dominate negative feedback, with some reviews describing funds locked for one to two weeks. Complete full verification early and prepare source-of-funds documents before moving large sums.

Kraken Fee Schedule

Product, fee tier, and payment method determine what you pay. Since July 9, 2026, Kraken has assigned tiers using either 30-day trading volume or assets on the platform, whichever qualifies you for the higher tier.

Kraken Pro Spot Fees

These spot rates appear in Kraken's official fee schedule:

• Tier 1 ($0+ volume): 0.40% maker and 0.80% taker.
• Tier 2 ($2,500+ volume): 0.30% maker and 0.60% taker.
• Tier 3 ($10,000+ volume or $20,000+ in assets): 0.22% maker and 0.38% taker.
• Tier 12 ($10 million+ volume or assets): 0.00% maker and 0.10% taker.
• Pro 5 ($500 million+ volume or $100 million+ in assets): 0.00% maker and 0.05% taker.

A separate schedule applies to stablecoin and FX pairs such as USDT/USD. Rates start at 0.20% for both makers and takers.

Instant Buy and Kraken+

Instant buys, sells, and recurring orders in the app cost 1%. Custom orders carry a 1.5% fee. A spread also applies, and card or digital wallet payments incur an additional processing fee.

Kraken+ costs $4.99 per month after a 30-day free trial. It removes the app trading fee on up to $10,000 of monthly volume in USD, EUR, GBP, CAD, AUD, and CHF.

Futures, Margin and Staking Fees

Outside the US, Kraken Pro Futures fees start at 0.02% maker and 0.05% taker. Makers receive a small rebate at the highest tiers. US perpetuals instead charge a flat per-contract commission plus exchange and NFA fees, detailed on Kraken's US futures fees page.

Spot margin incurs a 0.01% to 0.05% opening fee and a rollover fee every four hours. Forced liquidations carry a further 2% fee; for US clients who trade only perpetuals, positions closed by liquidation incur a flat $10 fee.

For further tiers and examples, read our Kraken fees guide. Current sign-up offers appear on our Kraken referral code page.

Final Thoughts

Kraken remains one of the most closely regulated exchanges available to retail clients. Its MiCA licenses and US bank charter, together with CFTC-regulated derivatives and published reserve reports, provide legal oversight that few offshore platforms match.

The July 2026 fee change affects users differently. Small, active accounts pay more. Clients holding at least $20,000 can qualify for lower fees without changing their trading habits. Both groups pay less with Kraken Pro limit orders than through the instant buy screen.