Kraken is one of the oldest crypto exchanges still standing. It launched in 2011, it is based in the United States, and it has built its reputation on security and a deep coin list rather than on flashy marketing. For an active trader who cares about fees, it is the exchange I reach for first.
Kraken does two things at once, and the split matters before you sign up. The standard app is the simple side: link a bank account or card, pick a coin, enter a dollar amount, and buy. Behind it sits Kraken Pro, a full order-book platform with live charts, limit orders, and far lower trading fees than the simple buy. Same login, two very different cost structures. Beyond spot buying, Pro adds margin and futures trading for experienced users, and Kraken offers staking on a range of proof-of-stake assets, where you lock a coin to help secure its network and earn a reward in return. If staking is new to you, our guide on what staking is walks through how the yield works and where the risk sits.
The coin list is wide, well past what a beginner-focused exchange carries, covering bitcoin, ether, the major layer-1s, leading stablecoins, and a long tail of smaller tokens. The exact count and the current fee tiers move often, so check Kraken's live schedule before a large trade rather than trusting any single review, including this one.
On security and standing, Kraken has a track record few rivals can match. It has a long record of protecting customer funds since it opened in 2011, with no breach of customer custody on that record, which is rare in an industry full of hacks and collapses. It publishes proof-of-reserves audits, run with an outside accounting firm, that let you verify your own balance is backed. It holds money-transmitter and financial registrations across several countries, and it offers strong account-level defenses including passkeys, hardware-key two-factor, and a setting lock that freezes risky changes. One note for context: a 2024 bug-bounty incident let a researcher pull a few million dollars from Kraken's own treasury, not from customer accounts, and Kraken patched the flaw within the hour and recovered the funds.
The honest tradeoffs are worth weighing. Kraken Pro is where the value is, but its interface is busier than the simple buy and can feel cold to a first-time buyer staring at an order book. The standard app fixes that, at a higher per-trade cost. Availability is the other catch: Kraken runs in most US states but not all, and several products, including futures, margin, and some staking, are restricted in certain regions, the US among them. Confirm that what you want is actually offered where you live before you fund the account.
Who is it for? An active or fee-conscious trader who wants low Pro fees, a broad coin list, and a long, clean security record, and who does not mind a slightly steeper learning curve. A first-timer who values the gentlest possible on-ramp may prefer a simpler venue like Coinbase first. We lay out the full side-by-side in our Coinbase vs Kraken comparison, and the wider on-ramp options in our buying crypto guides.