Kraken review 2026

ExchangeFacts verdict

Kraken is one of the oldest and most regulated exchanges: MiCA via Ireland, MiFID II via Cyprus and no breach since 2011 in which customer funds were lost. The line-up is broad — spot, futures, staking and xStocks — but spot fees run high and Proof of Reserves appears only quarterly. A strong choice for anyone who puts trust and regulation first; cost-conscious traders will find cheaper alternatives.

Best suited for

Overview

Kraken is a US crypto exchange founded in 2011. For European users Kraken is available via Ireland (MiCA) and Cyprus (MiFID II), with perpetuals through Crypto Facilities. Known for a strong security track record and a compliance-first approach.

Licensing & regulation

• MiCA licence: Ireland (Central Bank of Ireland)
• MiFID II: Cyprus (CySEC) via Payward Europe
• Payment Institution: no
• DNB: no fine, but an order subject to a penalty payment (2023) with €4 million in penalties forfeited

Products

Costs

• Kraken Pro spot: 0.40% / 0.80% (entry), down to 0% / 0.05%
• Kraken Pro futures: 0.02% / 0.05% (entry)
• Kraken app: 1% trading fee (instant buy/sell) + spread; perps 0.25% per side
• Fee schedule: 17 levels based on spot or futures volume, or assets on platform

Entry-tier fees on Kraken Pro are high for the sector; only at higher volumes do the fees become competitive.

Yield & capital efficiency

• Yield on collateral: no
• Staking: yes, native for multiple assets
• Cross collateral: limited
• Unified wallet: no — separate accounts for spot, futures, stocks

Proof of Reserves

• Frequency: quarterly
• Method: independent audit by The Network Firm
• Coverage: 7 assets (BTC, ETH, SOL, USDC, USDT, XRP, ADA)

Track record

• In operation since 2011: one of the oldest exchanges still active.
• MiCAR licence (June 2025): Payward Europe Solutions Limited is listed in the register of the Central Bank of Ireland as a licensed provider of crypto services and thereby serves the whole European Economic Area.
• SEC case fully withdrawn (March 2025): the complaint from November 2023 for operating as an unregistered securities exchange was definitively withdrawn. The SEC cited a review of its crypto policy as the reason, not a substantive judgement on the case.
• Never lost client funds, but did have a vulnerability exploited (June 2024): after a report through the bug bounty programme it emerged that balances could be artificially increased; three people used this to take away almost $3 million. According to Kraken this came out of its own corporate reserves and not out of customer balances. “Never hacked” is therefore not the right description.
• DNB (the Dutch central bank): order subject to a penalty payment, €4 million forfeited (2023): because Payward International Markets offered crypto services in the Netherlands without registration and failed to comply with the order for eight weeks. Formally that is a remedial measure and not a fine, but the amount did become payable. DNB published the measure in April 2024.
• Australian fine of A$8 million (December 2024): the Federal Court of Australia fined Bit Trade, the Australian operator of Kraken, because a margin product was offered without the legally required target market determination. Converted, that comes to approximately $5.1 million.

Reviewed on 10 August 2026 · Sources: Central Bank of Ireland — register ↗ · SEC on the withdrawal ↗ · DNB on the order subject to a penalty payment ↗ · ASIC on the Australian fine ↗

Pros / cons

Score breakdown in detail

Every point is traceable per methodology v1.6 (as of 23 August 2026):

Frequently asked questions