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By: Craig Leontowicz | Published: May 4, 2023
Kraken is one of the oldest, largest, and most trusted crypto exchanges in the crypto industry. They have a stellar reputation for security. I have been a Kraken customer for many years now.
All the screenshots in this Kraken Review are from my personal accounts and apps. I stake Ethereum on Kraken and have used it for the occasional crypto-to-crypto altcoin trade.
My Conclusion: Kraken is best and recommended for traders. Trusted exchange with a good reputation. Good UI design. The Kraken Pro website and app are fully featured for traders and it has been my go-to exchange for trading since the FTX implosion.
If you want a simple way to buy a small amount of Bitcoin I would probably recommend a different exchange that is simpler to use like Shakepay or Newton.
Not all Kraken services and products listed on their site will work for Canadians. Further complicated based on the province you live in. Each provincial jurisdiction has different rules when it comes to investing and trading crypto. Not all the cryptocurrencies that are listed on Kraken are available to Canadians to trade.
✅ TL;DR Summary of Kraken Review
Why I LIKE Kraken:
- Low Spreads
- Crypto to crypto trading pairs
- Lots of altcoins to trade
- Advanced order types
- Pro trading app and website
- Staking (12 coins)
- OTC desk
- Advanced account security features
- Use cash at Canada Post to buy on Kraken
Why I DON’T LIKE Kraken:
- e-Transfer is not available in the app (website only)
- Fees can be confusing
- Too many apps
- Fiat deposit fee
Get $10 Kraken sign-up bonus when you download the app.
Kraken Quick Overview
- Kraken is a US-based cryptocurrency exchange, founded in 2011.
- Kraken has over 9 million customers.
- Kraken has over 2300 employees (according to their LinkedIn).
- Kraken has a website and 2 different apps. Each offers different features for users.
- Founded by Jesse Powel.
Read: Kraken Review
- Fiat Deposits: 1.5%
- Spread: 0 to 0.26% per trade
- Crypto withdrawal: 0.00001 BTC
Funding & Withdrawal Options
- Interac E-Transfer
- Wire Transfer (Etana Custody)
- In-person at Canada Post
- One of the oldest exchanges in crypto
- Full trade platform
- Crypto to crypto trading pairs
- 24/7 live chat support
- Low spread fee
- Complicated fee structure
- Not as beginner-friendly
- 1.5% deposit fee on fiat
- High crypto withdrawal fee
Get $10 USD in BTC – Kraken Sign-Up Bonus when you use the app →
Kraken — Compare Fees, Prices
# of Coins
1 - 2%
Crypto: Free up to $5
0 - 1.5%
0.2 - 0.3%
Crypto: 0.00001 BTC
0 - 2.5%
Fiat: 0 - 1.5%
0.5 - 2.5%
1.49 - 3.99%
1.49 - 3.99%
~1.5 - 2%
0.5 - 1.25%
Crypto: you decide fee
Fiat: 0 - 1.5%
Crypto: 0.0005 BTC
How To Use Kraken
- Sign up to Kraken and verify your account.
- Fund your account. (Interac eTransfer is instant)
- Try the website (Classic and Pro) and download both apps (Classic and Pro).
- Trade, stake or send crypto to your wallet.
Read the guide for beginners: How to Buy Bitcoin in Canada Tutorial →
Kraken is unique compared to other exchanges in that they have literally like 5 different ways you could buy/sell and trade Canadian dollars for Bitcoin and crypto between their apps and website. These are:
- Kaken Beta – A super simple way to buy/sell crypto.
- Kraken Pro – For traders.
- Kraken Classic – Default option when logging in.
- NFT Marketplace
This is a new and updated dashboard view. It is a much simpler UI for buying, selling, and converting crypto than the Kraken Classic website view.
Kraken Pro Website
If you want bar charts, more volume, and advanced tools for traders, use Kraken Pro.
Kraken Pro App
Trade on the go with the Kraken Pro app. This is a different app Kraken Classic app.
This is what the Kraken simple order looks like on the Kraken Classic website. This is what you will see when you first log in to the site. I do find this UI confusing and definitely prefer the new and simplified version in the Kraken Beta website.
The Kraken Classic website is what I use mostly. It shows the most options for orders, staking, and account security features.
Kraken Advanced Order Type is unique and not something that is really offered at this level of nuance when compared to other exchanges.
You can navigate to Kraken Pro by clicking on the chart icon in the upper right corner underneath the account name.
I blurred out the balance in the app (by clicking on it). This is the ETH I have been staking on Kraken for a couple of years now.
After using the Kraken Classic website for so long I find using the app kind of confusing. I think it is missing features and I just haven’t used it as much as the website because of it.
Reputation and Reliability
In Canada, Kraken maintains registration as a Money Services Business with FINTRAC (‘Payward Canada, Inc.’, MSB Registration No. M19343731).
Kraken has a good community reputation and app reviews.
Security & Proof of Reserves
Kraken recommends users don’t leave funds on their exchange. This makes me trust them more, Read more about their world-class cybersecurity, and proof of reserves https://www.kraken.com/features/security.
Kraken offers phone and 24/7 live chat support. I have never had any issues using Kraken, therefore I have never had to contact their support.
Kraken has really responsive support on /r/BitcoinCA (the Canadian Bitcoin Subreddit). Thier Reddit username is: /u/krakensupport.
Kaken has two subreddits:
Kraken Crypto Exchange Alternatives
Newton and NDAX would be some comparative Canadian crypto exchanges. Kraken is a much larger exchange but it will be easier to fund and withdraw funds with a Canadian exchange and a Canadian bank account.
If you are looking for lots of altcoins and trading volume — I would recommend Coinbase, Crypto.com or Binance.
Conclusion: Kraken Canada Reviewed
I would recommend Kraken for traders and people making purchases over $5K. I don’t like the fiat deposit fees.
Stake and earn with 12 different coins on Kraken. Works for residents of Ontario. It is one of the oldest and most trusted crypto exchanges. The Kraken Pro app is great to trade on.
Buy and Sell Crypto on the App / Exchange
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HowToBuyBitcoin101.com is basic how to crypto guides, reviews and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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