Verdict: Kraken, operated by Payward, is one of the oldest crypto exchanges still running and one of the most transparent about its licences and reserves. It offers a broad list of around 720 coins (per CoinGecko), regular proof-of-reserves reports and a strong futures product. The catch is cost for beginners: after a July 2026 overhaul, the entry spot tier on Kraken Pro is 0.40% maker and 0.80% taker, and the simple buy flow charges 1%. CoinGecko rates Kraken 10/10 for trust.
Kraken at a glance
| Item | Details (November 2026) |
|---|---|
| Operator | Payward, Inc. and regional subsidiaries |
| Founded | 2011 (per CoinGecko) |
| Headquarters | San Francisco, United States (per CoinGecko listing) |
| Key licences | US money transmitter licences, Central Bank of Ireland (MiCA CASP), CySEC, UK FCA, AUSTRAC |
| Coins / pairs | 720 coins, 1,416 pairs (CoinGecko) |
| Spot fees (Pro) | From 0.40% maker / 0.80% taker |
| Futures fees | From 0.02% maker / 0.05% taker |
| Proof of reserves | Yes, latest snapshot 30 June 2026 |
| CoinGecko Trust Score | 10/10 |
Regulation and safety
Kraken’s legal disclosures page lists an unusually detailed set of entities:
- United States: Payward Interactive, Inc. is a FinCEN-registered money services business (NMLS 1843762) with money transmitter licences across most states; its California licence application was pending at the time of writing. Payward Financial, Inc. holds a Wyoming special purpose depository institution charter.
- European Union: Payward Europe Solutions Ltd is authorised by the Central Bank of Ireland as a crypto-asset service provider, with Payward Ireland Ltd providing fiat services. Derivatives for EU clients run through Payward Europe Digital Solutions (CY) Ltd, a CySEC-licensed investment firm (licence 342/17).
- United Kingdom: Payward Ltd is on the FCA cryptoasset register; Payward Services Ltd is an FCA-authorised e-money institution (FRN 1010381); Crypto Facilities Ltd, trading as Kraken MTF, is an FCA-authorised investment firm (FRN 757895).
- Australia: Bit Trade Pty Ltd is registered with AUSTRAC; it does not hold an Australian financial services licence for spot crypto, and derivatives are offered to wholesale clients only via an AFSL holder.
Kraken also publishes proof of reserves: an independent accountant builds a Merkle tree of anonymised client balances and checks it against on-chain holdings Kraken proves it controls. The 30 June 2026 snapshot showed ratios of 102.9% for BTC, 100.5% for ETH and over 105% for USDC, USDT and USDG. Kraken itself notes the limits: a reserves check cannot prove there are no hidden liabilities or rule out later losses.
On the enforcement side, Kraken paid $30 million in February 2023 to settle SEC charges that its US staking-as-a-service programme was an unregistered securities offering, and shut that programme in the US. A separate SEC lawsuit filed later in 2023 was dropped in March 2025, after which Kraken reintroduced staking for US clients in 39 states and territories.
Trading fees
On 9 July 2026 Kraken moved to cross-platform fee tiers: your level is set by the best of your 30-day spot volume, 30-day futures volume or assets held on the platform. Selected tiers from the official tier table:
| Tier | Qualifying spot volume | Spot maker | Spot taker | Futures maker | Futures taker |
|---|---|---|---|---|---|
| Tier 1 | $0+ | 0.40% | 0.80% | 0.0200% | 0.0500% |
| Tier 3 | $10K+ | 0.22% | 0.38% | 0.0150% | 0.0400% |
| Tier 6 | $100K+ | 0.12% | 0.25% | 0.0075% | 0.0275% |
| Tier 9 | $1M+ | 0.06% | 0.18% | 0.0000% | 0.0200% |
| Tier 12 | $10M+ | 0.00% | 0.10% | -0.0030% | 0.0170% |
| Pro 5 | $500M+ | 0.00% | 0.05% | -0.0060% | 0.0125% |
The consumer fee page shows a different structure for the simple Kraken app: 1% on instant and recurring buys, 1.5% on custom orders, and a flat fee of up to $2 on very small trades. Kraken+ subscribers get zero trading fees on up to $10,000 a month of buys and sells in major currencies, though spreads still apply. Trades on stablecoin and FX pairs do not count towards your volume tier. Margin positions carry an opening fee and a rollover fee every four hours, both set dynamically.
The tier change matters if you hold a meaningful balance: someone with $20,000 on Kraken but little trading volume now qualifies for Tier 3 (0.22%/0.38%) on assets alone.
Products and markets
CoinGecko lists 720 coins and 1,416 pairs, a wide selection for a regulated exchange. Beyond spot, Kraken offers margin trading, futures and perpetuals, staking, tokenised stocks (xStocks) in some regions, and OTC. In May 2026 Kraken raised leverage to 100x on BTC and ETH perpetuals for the first notional tier, but explicitly not for US or EU users. High leverage can wipe out a position in a small move against you.
Platforms and tools
There are two front ends. The Kraken app is built for simple buying and holding. Kraken Pro, on web and mobile, provides the full order book, advanced order types, charting, margin and futures, plus REST, WebSocket and FIX APIs. Most cost-conscious users should do their trading in Kraken Pro.
Deposits and withdrawals
Kraken supports a range of fiat currencies including USD, EUR, GBP, CAD, AUD and CHF. Deposit and withdrawal fees vary by method and currency and can be fixed or dynamic; the fee shown at confirmation is the one you pay. We could not verify a single minimum deposit on an official page.
Who Kraken suits
- Good fit: users who prioritise licensing and reserve transparency; traders who want a wide coin list without going offshore; futures traders outside the US and EU; holders of larger balances who benefit from the asset-based tiers.
- Think twice: small, frequent spot traders, who will pay 0.40%/0.80% at Tier 1; beginners using the 1% instant-buy flow without realising Pro is cheaper.
Final verdict
Kraken pairs a long operating history with detailed licensing across the US, EU, UK and Australia and regular proof of reserves. Its 2026 fee overhaul made entry-level spot trading more expensive, but rewards active traders and larger holders. As with any exchange, crypto is volatile and assets held on a platform carry counterparty risk.
FAQ
Is Kraken regulated?
Yes, through several entities. Payward Interactive, Inc. holds US state money transmitter licences (NMLS 1843762), Payward Europe Solutions Ltd is authorised by the Central Bank of Ireland as a crypto-asset service provider, and in the UK Payward Ltd is FCA-registered for cryptoassets while Crypto Facilities Ltd (Kraken MTF) is an FCA-authorised investment firm (FRN 757895).
What are Kraken Pro trading fees?
Since the July 2026 cross-platform tier change, Kraken Pro spot fees start at 0.40% maker and 0.80% taker and fall to 0.00% maker and 0.05% taker at the top tier. Futures start at 0.02% maker and 0.05% taker.
Does Kraken publish proof of reserves?
Yes. Kraken publishes Merkle-tree proof of reserves reviewed by an independent accountant; the snapshot of 30 June 2026 showed reserve ratios above 100% for BTC, ETH, SOL, XRP, ADA and major stablecoins.
What is the maximum leverage on Kraken?
Since May 2026 eligible Kraken Pro clients can use up to 100x on BTC and ETH perpetuals for the first notional tier, but this is not available to US or EU users, who face much lower limits.
Can US customers stake on Kraken?
Kraken stopped US staking after a $30 million SEC settlement in 2023, then resumed it after the SEC agreed to drop its separate lawsuit in March 2025; staking is now offered through Kraken Pro in 39 US states and territories.
Facts checked on 8 November 2026 against the official website and regulator registers. Fees and conditions change; confirm on the official site before opening an account.