Krakens Key Features
Kraken is a popular cryptocurrency exchange in Australia that allows users to buy, sell and trade over 200 different digital assets. The platform is suitable for both beginners and experienced traders and offers a wide range of features. Some of the key features that Kraken offers include:
- Wide Selection of Tokens: Trade over 200 cryptocurrencies on spot markets.
- Crypto Staking: Stake your crypto and earn up to 21% APY on 18 different tokens.
- Top-Tier Security: Kraken employs a number of security measures including 2-factor authentication.
- Margin Trading: Get access to up to 5x leverage on Bitcoin, Ethereum, and other major coins.
- Futures Trading: Trade derivatives on Kraken with up to 50x leverage on selected tokens.
- NFT Marketplace: Buy and sell NFTs across multiple chains for zero fees with Kraken NFT.
- 24/7 Customer Support: Contact the support team 24/7 via live chat, email and more.
- Educational Resources: Watch thousands of videos and read hundreds of guides relating to crypto.
Does Kraken have high fees?
One of the only downsides to using Kraken is its relatively expensive and confusing pricing. Below we have outlined how much Kraken charges for trading, deposit & withdrawal fees. For a full breakdown of Krakens fees, we recommend visiting their Fees Schedule.
- Bank Transfer/Osko - Free deposits above $5AUD and instant when using Osko.
- Debit/Credit Card - 3.75% + $0.25.
- SWIFT Transfer (Etana Custody) - Free deposits above $150AUD and will take 2 - 5 business days to hit your Kraken account.
- Crypto - 3.75% + $0.25.
- Bank Transfer - Free and will take up to 2 business days.
- Osko - Free and instant withdrawal.
- SWIFT Transfer (Etana Custody) - $35AUD and will take up to 5 business days.
- Crypto - $10 - $50AUD depending on what token, refer to Krakens Crypto Withdrawal Fees page.
- Instant Buy - 0.9% fee for any stable-coins and 1.5% fee for any other crypto or FX pair.
- Spot (on Kraken Pro) - Maker starts from 0.16% and Taker starts from 0.26%.
- Futures - Maker starts from 0.02% and Taker starts from 0.05%.
- Margin - 0.02%.
What staking options are available on Kraken?
Kraken is one of the only cryptocurrency exchanges in the world to offer both cryptocurrency and fiat currency staking. Not only can you stake more than one asset, but you can also choose to stake on-chain or off-chain. This is a unique feature available exclusively on Kraken. There are currently 16 different staking options available. Refer to the list below for a detailed overview of the supported staking options.
- Algorand (ALGO) - 1% APY*
- Cardano (ADA) - 4% - 6% APY*
- Cosmos (ATOM) - 12% APY*
- Ethereum (ETH) - 4% - 7% APY*
- Flow (FLOW) - 6% - 9% APY*
- Kava (KAVA) - 21% APY*
- Kusama (KSM) - 18% APY*
- Mina (MINA) - 12% - 18% APY*
- Polkadot (DOT) - 12% APY*
- Secret (SCRT) - 18% - 21% APY*
- Solana (SOL) - 6% APY*
- Tezos (XTZ) - 5% APY*
- Tron (TRX) - 6% - 9% APY*
- Bitcoin (BTC) - 0.25% APY*
- US Dollar (USD) - 2% APY*
- Euro (EUR) - 1.5% APY*
*APY (Annual Percentage Yield) is estimated and subject to change, staking rewards are generally paid out every Tuesday and Friday.
Security, Regulation & Licensing in Australia
The Kraken exchange is registered as a Digital Currency Exchange in Australia under the entity “Bit Trade Pty Limited” and is regulated by AUSTRAC. Krakens ABN number is 42 163 237 634. Additionally, Kraken has recently been awarded the ISO/IEC 27001:2013 Standard Security Certification.
In addition to being regulated, 95% of Krakens users funds are kept in offline, air-gapped, geographically distributed cold storage. Its servers reside in secure cages that are monitored by 24/7 surveillance and armed guards with video monitors. The platform requires its users to enable 2FA to keep their accounts secure from cyber attacks.
Available Cryptocurrencies on Kraken
There are currently 215 supported cryptocurrencies and seven different fiat currencies available to invest in through the Kraken exchange. If you would like to see the full list and live prices of available digital assets, please visit Krakens Prices tab.
Supported Devices - iOS & Android
The mobile version of Krakens platform is available to download on both Android and iOS devices. Kraken is currently ranked #26 overall in the Finance category on the Apple App Store and has a rating of 4.7 stars from 2.3K reviews. On the Google Play Store it is rated 4.3 stars from 20K reviews.
The Kraken mobile app offers the same functionality and UI as its web version. Users can access their portfolio, open positions, check markets, stake cryptocurrencies and more. Most of the reviews on the app stores are in regards to the easy UI of the application.
Customer Support and Online Communities
When contacting Kraken for customer support there are a few options you can choose from - calling them directly via phone, messaging them on live chat (available 24/7, 7 days a week) or opening up a conversation via their online ticketing system. In addition to these methods, you can also join one of their online communities like Facebook, Twitter, LinkedIn, Instagram, Telegram & Reddit.
Alternative Cryptocurrency Exchanges to Kraken
If Krakens fees are too expensive or you cant find the cryptocurrency you want to buy on the exchange we recommend going through CoinSpot. CoinSpot is Australia's most secure and affordable exchange. It has over 350 available cryptocurrencies and offers significantly more staking options. It also has the lowest trading fees in Australia at 0.1%.
If you would like to learn more about CoinSpot and its features we recommend visiting our CoinSpot Review.