What Kraken is and who it suits
Kraken is a crypto exchange that’s been around since 2011, headquartered in San Francisco, US. Here, you’re able to buy, sell, and hold cryptocurrencies in several fiat currencies. There’s a basic buy page for beginners who just want to make a simple purchase, and Kraken Pro, which gives you access to a detailed trading interface when you need more control over your orders.
It’s a good fit if you already know which crypto you want and accept that the prices can be volatile. Kraken’s deep order books make it practical for anyone active in trading. But if you just want to send money internationally, this isn’t the best route. This review is independent and not financial advice. GoldexPay may receive a commission from some links, but this has no impact on provider ranking.
How Kraken's costs work
Trading fees here depend on whether you add or take liquidity from the order book, plus your last trading volume. If you’re using the simple buy option, Kraken folds costs into the quoted price. That’s easier to read, but it’s often less competitive than what you’d pay through Kraken Pro for the same trade.
You’ll want to check the spread too, which is the difference between the real market price and the price you’re charged. If your quoted rate is far from the market, a low fee doesn’t save you much. And if you move crypto to an external wallet, you’ll pay a blockchain network fee, which is set by the network, not Kraken itself.
Above, you’ll find a fee comparison for your own amount. The ranking you see will be based on what you’d actually receive at the end.
Speed, payment methods and limits
Transfer speed for crypto depends on the network, sometimes a few minutes, sometimes much longer. For bank and card funding, it’s up to the method you use and any checks the provider runs.
Kraken supports SEPA, other bank transfers, debit or credit card, and Apple Pay in some countries. Bank transfers usually have the lowest fees, so it’s worth comparing the exact method you’re planning to use. Sending in a larger amount may involve more identity and source-of-funds checks, which can add time.
Just because a transfer reaches its destination fast, you might not get the price you expected.
Worked example: a teacher in Valencia
Suppose a secondary school teacher in Valencia, Spain, decides to set aside a small, regular part of her salary for bitcoin. She opens a Kraken account and finishes identity verification, which isn’t instant and can take a bit.
She links her euro account for SEPA, as that’s usually the lowest-cost route. When checking her options, she sees that the basic buy screen is quicker to use, while Kraken Pro gives a more detailed view of the order book.
She enters her planned monthly deposit into the above fee comparison, then picks the screen to use. But she pays attention to the spread, the gap between Kraken’s price and the open market rate. She thinks about whether to store bitcoin on Kraken or transfer to her own wallet (which means paying a network fee). The Spanish tax office requires reporting and you may need to declare any gains, so she consults an adviser. The market might drop within a month, and she’s aware she could end up with less than she put in.
Safety and regulation
Within the EU, Kraken is supervised by the Central Bank of Ireland and operates under MiCA regulation for crypto businesses. In the UK, regulation comes from the Financial Conduct Authority. Always check on each regulator's site before sending funds.
These rules set standards for client money, but they don’t fully protect your losses or guarantee your balance. Crypto assets move in value quickly, and you could lose a substantial chunk of your deposit. Deposit guarantee schemes don’t usually cover crypto. Use two-step verification for your Kraken account, and be suspicious of any message that pretends to be Kraken and asks you to share login codes.
Pros, cons and when to choose an alternative
Pros
- Kraken offers deep order books, which make it easier for large orders to find counterparties.
- You have choices for fiat funding and trading pairs.
- There’s a choice between a beginner-friendly buy screen and a full trading platform interface.
Cons
- Simple buy comes with higher fees than Kraken Pro.
- Kraken Pro’s many features can feel overwhelming at first.
- Total costs will vary based on order size and funding source.
- Gold and other precious metals aren’t listed for trading here.
If you want a low-fee, simple crypto platform in Europe, check out Bitvavo or Bitpanda. Prefer a starter-focused app? Coinbase might be simpler. For gold, have a look at BullionVault or Goldrepublic and compare their terms.