Kraken review: score, licensing and risks
88/100SCORE · ATrusted
Grade A, excellent
Kraken has been running since 2011 without a successful exchange breach, which puts it in a very small group. It combines that record with real MiCA authorisation in Europe, US state licences, competitive Kraken Pro pricing and genuine Merkle tree proof of reserves. The weaknesses are cosmetic rather than structural: the entry level interface looks its age and some products are restricted for US clients following the 2023 SEC staking settlement.
The facts
- FOUNDED
- 2011
- HEADQUARTERS
- San Francisco, United States
- CUSTODY
- Custodial, with a long standing cold storage majority and no successful exchange breach in its history.
- MiCA / EEA
- Authorised. MiCA CASP licence via Luxembourg CSSF, passported across the EEA.
- US ACCESS
- Yes, in most states.
- PROOF OF RESERVES
- Yes. Regular Merkle tree proof of reserves with independent verification, and it was one of the first to publish them.
- FEES
- Around 0.25 percent taker and 0.16 percent maker at entry tier on Kraken Pro, falling quickly with volume.
- ASSETS
- 400 plus
How the score breaks down
Each dimension is explained on the methodology page.
Where it is strong and where it is not
✓ Strengths
- Founded 2011 and never suffered a successful exchange hack, which almost nothing else in crypto can say
- Genuine proof of reserves rather than a marketing page
- Kraken Pro fees are competitive with the offshore venues
- Strong fiat rails including GBP and EUR
✗ Weaknesses
- The basic interface is dated next to Coinbase
- Some products unavailable to US clients after the SEC settlement
- Support response times vary
Incident history
2023
Settled with the SEC over its US staking programme and shut that product for US clients. A regulatory matter rather than a loss of customer funds.
Our read
The best security record in the industry. Fifteen years operating with no successful breach is the single most persuasive fact available about any exchange, because in crypto that is genuinely rare. Regulated in both the US and the EU, publishes real proof of reserves, and prices competitively. Our highest scoring venue.
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RISK WARNING
Crypto assets are highly volatile and largely unregulated. You can lose everything you put in.
Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation
to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.