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Kraken
Centralized exchange with 600+ crypto pairs, derivatives, stocks and APIs since 2011
3.7/ 5
Our score
Good
Coins listed
600
Accepts US customers
Yes
What is Kraken?
Kraken is a centralized exchange operated by Payward, Inc. It supports more than 600 crypto pairs, futures, staking, stocks and ETFs, with access through web, mobile apps and APIs. Kraken also offers a separate self-custody wallet and institutional services, so the exchange account is only one part of its product range.
Company and products
Kraken was founded in San Francisco in 2011 by Jesse Powell, Thanh Luu and Michael Gronager. Powell previously founded an internet gaming startup and consulted for Mt. Gox during its 2011 hacking incident. The company is headquartered in the United States and operates through regulated entities under Payward, Inc. Its products include spot trading, derivatives, custody services, Kraken Wallet, Kraken Embed and Kraken API. Public funding records list a $5 million Series A in March 2014 from Hummingbird Ventures and Bitcoin Opportunity Fund, a $13.5 million special-purpose vehicle investment from 2,263 individual investors in June 2019, and an undisclosed Series B led by SBI Group in February 2016.
How trading works
Users can buy and sell crypto on spot markets, while eligible accounts can access futures and perpetual contracts. The exchange supports REST, WebSocket and FIX 4.4 interfaces for market data and order entry. Its website advertises leverage of up to 10x, but derivatives and margin access depend on eligibility and jurisdiction. Kraken also supports recurring buys and staking. Kraken Wallet provides self-custody access to deposits and DeFi, while exchange balances remain under the platform’s custody.
Availability and regulation
Kraken serves customers internationally, with country and product restrictions. United States access varies by state and product; Kraken Equities is available only in the United States and may not be available in every state. Its registrations and licenses include a Wyoming Special Purpose Depository Institution charter, SEC registrations, FinCEN MSB registration, money transmitter licenses in 46 US jurisdictions, FCA cryptoasset registration, Canadian Restricted Dealer registration, CySEC authorization, Central Bank of Ireland EMI and MiCA CASP authorizations, and registrations in Australia, Japan, Spain, Ireland and Italy. Kraken is not licensed or regulated in Singapore.
Track record and risks
Kraken launched publicly in September 2013 with bitcoin, Litecoin and euro trading. In March 2024 it introduced Kraken Institutional and released Kraken Wallet. On June 12, 2026, it began supporting USDCx deposits and withdrawals on Canton. In May 2026, it paused USDR and EURR deposits and withdrawals because of an underlying smart-contract issue, with no indication that Kraken wallets or systems were compromised. It investigated delayed CFX deposits on October 16, 2026 and scheduled H and HUMANITY token liquidations from October 13 through October 23, 2026. Centralized custody creates exchange and withdrawal-freeze exposure. Leverage adds liquidation risk, while staking can involve slashing or asset depreciation.
Founders
Jesse PowellCo-founder
Previously founded an internet gaming startup and consulted for Mt. Gox on its 2011 hacking incident.
Thanh LuuCo-founder
Michael GronagerCo-founder
Best for:Active crypto tradersInstitutional trading desksAPI-based trading systemsUS stock and ETF traders
Pros and cons
Pros
- 600+ crypto pairs and 11,000+ stocks and ETFs
- Derivatives available with up to 10x leverage
- Regulated entities across the US, UK, EU and other markets
- REST, WebSocket and FIX 4.4 API access
- Separate self-custody wallet for DeFi access
Cons
- Centralized custody exposes balances to withdrawal and counterparty risk
- Derivatives and margin access vary by jurisdiction and eligibility
- Kraken is not licensed or regulated in Singapore
- US equities are limited to eligible US customers and states
- USDR and EURR withdrawals were paused after a May 2026 smart-contract issue
- Leverage, staking and earn products add liquidation or asset risks
Our review
3.7/5
Good
Kraken combines broad markets and API access with custody risk and jurisdiction limits.
Kraken is a centralized exchange operated by Payward, Inc., founded in San Francisco in 2011 by Jesse Powell, Thanh Luu and Michael Gronager. The stock and ETF service is currently limited to the United States and may not be available in every state.
The exchange offers spot trading, futures and perpetuals, staking, institutional services and self-custody through Kraken Wallet. Derivatives offer leverage of up to 10x, while the API supports REST, WebSocket and FIX 4.4 connections for spot and derivatives markets.
Kraken lists a Wyoming Special Purpose Depository Institution charter, FinCEN registration, money-transmitter licenses in 46 US jurisdictions, MiCA authorizations from the Central Bank of Ireland, FCA registration in the UK, and registrations or licenses in Canada, Bermuda, Cyprus, Australia and Japan. Availability still depends on location and product eligibility, and Kraken is not licensed or regulated in Singapore. The US site also states that derivatives and equities have geographic restrictions.
Kraken has operated since 2011 and has raised $18.5 million in disclosed funding, including backing from Hummingbird Ventures, Bitcoin Opportunity Fund, SBI Group and 2,263 individual investors. Recent operational events include a May 2026 pause affecting USDR and EURR deposits and withdrawals because of an underlying smart-contract issue, an October 2026 investigation into delayed Conflux deposits, and the scheduled liquidation of H and HUMANITY tokens. The May finding said there was no indication that Kraken wallets or systems were directly compromised.
Specs
| Markets | Spot, Futures, Margin, OTC · unverified |
|---|---|
| Coins listed | 600 · unverified |
| Accepts US customers | Yes · unverified |
| Staking / earn | Yes · unverified |
| Mobile app | Yes · unverified |
| Licenses & registrations | Wyoming SPDI bank charter, SEC broker-dealer registration, SEC investment adviser registration, FinCEN MSB registration, Money Transmitter licenses in 46 US jurisdictions, Canadian Restricted Dealer registration, FINTRAC MSB registration, Bermuda Class F Digital Asset Business license, CySEC Investment Firm license, Central Bank of Ireland EMI license, Central Bank of Ireland MiCA CASP authorizations, FCA cryptoasset registration, AUSTRAC registration, ASIC registration, Japan FSA registration, VASP registrations in Spain, Ireland and Italy · unverified |
| Security features | API key permissions excluding withdrawals, HMAC-SHA512 authentication, Self-custody wallet · unverified |
| Futures & perpetuals | Yes · unverified |
| Max leverage (x) | 10 · unverified |
| Earn / savings products | Yes · unverified |
| Referral program | Yes · unverified |
Not disclosed by the provider: Maker fee, Taker fee, Fiat deposit methods, KYC required, Proof of reserves, Copy trading, P2P market, User protection fund.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Spot crypto trading
The exchange offers more than 600 crypto pairs through web, mobile and API interfaces.
Futures and perpetuals
Eligible customers can trade derivatives, with advertised leverage of up to 10x and REST, WebSocket and FIX API access.
Stocks and ETFs
Kraken lists more than 11,000 stocks and ETFs; Kraken Equities operates through Kraken Securities in the United States.
Staking and earn
Users can stake eligible assets and access earn products, including fixed-rate rewards where available.
Institutional services
Kraken Institutional combines exchange trading with OTC, custody, prime brokerage, staking and multi-venue liquidity services.
Trading APIs
REST, WebSocket and FIX 4.4 APIs cover market data, orders, account management, funding and derivatives.
Self-custody wallet
Kraken Wallet lets users hold, deposit, earn and trade across DeFi without keeping those assets in exchange custody.
Crypto spending
Krak supports spending crypto or cash at more than 80 million merchants worldwide, subject to availability.
Inside Kraken
Kraken Exchange
The centralised exchange provides spot crypto trading across more than 600 crypto pairs, with web, mobile and API access.
Kraken Derivatives
This product provides futures and perpetual trading, with leverage of up to 10x and REST, WebSocket and FIX API access.
Kraken Stocks and ETFs
The equities product supports trading in stocks and ETFs, including US equities through Kraken Securities in the United States.
Kraken Institutional
Institutional services include exchange trading, OTC, custody, prime brokerage, staking and multi-venue liquidity services.
Kraken Wallet
The self-custody, multi-chain wallet lets users hold, deposit, earn and trade across DeFi.
Kraken API
The API provides REST, WebSocket and FIX interfaces for spot, derivatives, account management, funding and market data.
Kraken Embed
This B2B white-label platform lets financial service companies integrate Kraken products.
Kraken CLI
The command-line interface provides trading access for AI agents and global markets.
Krak
The money app supports spending crypto or cash, sending funds and earning rewards, with card and cashback features.
Kraken screenshots
What users say about Kraken
Praise centers on Bitcoin cashback rewards and a cleaner desktop interface. Complaints are much more frequent, especially about held withdrawals, account restrictions, slow support, high fees, and feature and order-system limitations.
In their own words
“2% in btc? finally a rewards card that doesn’t clown me”
“Hi u/LazyRate9706, Thanks for the love! We’re so glad the new Krak interface feels cleaner and easier to navigate. Thanks for sharing your feedback! 🐙”
“Kraken has frozen my 390 SOL withdrawal for 12+ DAYS. Support is completely rigid and giving ZERO updates. (Ticket ID: 23076177) [removed]”
“Kraken fees Can someone help me understand if what I’m paying for fees are normal? They seem so high compared to other platforms I used Ex: I did a trade shorting btc 20X w/ 1k usd Price movement of btc was around 1k in the direction going down I closed it.”
“Crypto News is not useful and a horrible landing page. I don’t want to see x posts in my kraken app. It’s a finance app not social media. Ai is crammed in that nobody asked for. The gainers, losers, new lists are missing. My watchlist is hidden and doesn’t show any meaningful info anymore.”
“My account was restricted, for about a month. In that time, I couldn't do anything, but Kraken could. They liquidated my stuff, traded it negative, and kept over $1270 of my money that unbonded while my account was locked. I filed a police report, an FBI report, and a CFPB complaint.”
Scam warning: Fake Kraken support accounts and direct messages can target users in Reddit communities.
Based on 71 X replies, 100 Reddit posts and comments from the last 12 months, checked Oct 17, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Kraken? Share your experience below.
Funding and investors
$18.5MTotal raised
4Rounds
7Investors
FAQ
Who founded Kraken?
Kraken was founded in San Francisco in 2011 by Jesse Powell, Thanh Luu and Michael Gronager. Payward, Inc. operates the exchange.
What are Kraken's trading fees?
Kraken's current maker fees, taker fees, spreads and withdrawal charges are not stated.
Is Kraken available in the United States and other countries?
Kraken accepts customers internationally subject to jurisdiction and product restrictions. Kraken Equities is available in the United States only, while Kraken is not licensed or regulated in Singapore.
Is Kraken safe for storing crypto?
Kraken is a custodial exchange with a track record dating to 2011 and regulated entities in multiple jurisdictions. In May 2026, it paused USDR and EURR transfers because of an underlying smart-contract issue, with no indication that Kraken wallets or systems were directly compromised.
How many cryptocurrencies and markets does Kraken support?
Kraken lists more than 600 crypto pairs and 11,000 stocks and ETFs. Its products include spot trading, futures and a self-custody wallet.
Does Kraken offer futures or leverage trading?
Kraken offers futures and perpetual trading with leverage of up to 10x. Derivatives are subject to eligibility and geographic restrictions, and the platform provides REST, WebSocket and FIX 4.4 API access.
Latest from Kraken on X
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Recent public posts from @krakenfx, shown as published. Not reviewed or endorsed by CryptoReview.
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