Kraken review 2026
One of the oldest crypto exchanges, with a strong regulatory focus and security track record.
Our verdict
For EEA clients Kraken is doubly licensed: spot under MiCA via Ireland, futures and real perpetuals under MiFID II via Cyprus, with euro markets and free SEPA. Its main advantage is the track record: active since 2011 and no client funds lost in a breach. Its main limitation is cost: on Kraken Pro the lowest regular tier is 0.40% maker and 0.80% taker, the highest entry fee in our comparison. Proof of Reserves appears quarterly for seven assets.
Strengths
- MiCA and MiFID II, with real perpetuals in the EEA
- Never lost client funds in a breach since 2011
- Euro markets: buy from a euro balance without conversion
- Independent reserve check (The Network Firm)
Limitations
- Lowest regular fee 0.40% / 0.80%, the highest in our comparison (cost score 0)
- Proof of Reserves quarterly for 7 assets
- DNB: order subject to a penalty payment, €4 million forfeited (2023)
Availability and licences
EEA clients deal with two entities: Payward Europe Solutions Ltd (Ireland) for spot, staking and the Kraken app, and Payward Europe Digital Solutions Ltd (Cyprus) for futures, perpetuals and xStocks. The EEA is served by this Cypriot entity, not by the UK Kraken Futures arm (Crypto Facilities).
- MiCA (spot): Payward Europe Solutions Ltd, Central Bank of Ireland, 25 June 2025; passported across the EEA
- MiFID II (derivatives): Payward Europe Digital Solutions Ltd (CIF 342/17), CySEC; futures and real perpetuals in the EEA since 20 May 2025
- xStocks: for eligible EEA clients after an appropriateness test, via the Cypriot entity (Kraken blog, 10 September 2025)
- PSD2 / payment institution: no; SEPA via banking partners
- Enforcement by EU regulators: in 2023 DNB imposed an order subject to a penalty payment on Payward International Markets; €4 million forfeited, published April 2024. Formally a remedial measure, not a fine
Central Bank of Ireland and CySEC registers checked on 31 July 2026 (MiCA timeline, MiFID II list).
Products
| Product | For EEA clients | Conditions and details |
|---|---|---|
| Spot crypto | Yes | 1,391 trading pairs (count 6 September 2026), including euro markets; stablecoin and FX pairs on their own schedule |
| Perpetuals and futures | Yes, after appropriateness test | 257 perpetuals plus dated futures (count 6 September 2026), via Payward Europe Digital Solutions (Cyprus) |
| xStocks (tokenised stocks) | Yes, after appropriateness test | 1:1 backed tokens from Backed Assets; wrapper tokens, no shareholder rights; 14 xStocks perpetuals separately |
| Staking | Yes | Native staking on several assets |
| Spot margin | Yes | Margin on spot positions |
| Kraken app | Yes | Instant buy and sell at 1% plus spread; simple interface next to Kraken Pro |
| SEPA deposits and withdrawals | Yes | Free, SEPA Instant or 0–3 business days, minimum €1 (support, 6 September 2026) |
| Options | No | Not offered |
Put Kraken next to the sharper providers in the perpetuals comparison and the feature comparer.
Costs
Lowest regular fee, without VIP status, token holdings or promotions:
- Kraken Pro spot: 0.40% maker / 0.80% taker (tier 1, up to $2,500 volume per 30 days)
- Perpetuals and futures: 0.02% maker / 0.05% taker (tier 1, up to $5M per 30 days)
- Kraken app: 1% on instant and recurring purchases, 1.5% on custom orders, plus a variable spread; app perpetuals 0.25% per side
- Worked example, spot: €5,000 of bitcoin with an immediately executed order on Kraken Pro, from a euro balance in the BTC/EUR market: trading commission 0.80% = €40.00; no conversion needed. In the app: 1% = €50.00 plus spread. Spread not included
- Worked example, perpetuals: $500,000 volume per 30 days, 30% maker and 70% taker, at tier 1 (0.02% / 0.05%): $30.00 + $175.00 = $205.00 in trading commission
- Volume discounts: 17 tiers; spot falls to 0% / 0.05% from $500M, futures to −0.006% / 0.0125% from $5B (the maker is then paid). Per kraken.com the tier follows the best of three measures: futures volume, spot volume or assets on platform (full schedule below)
- Token benefits and promotions: none
- Other costs: SEPA free; crypto withdrawal fees per network; stablecoin and FX pairs from 0.20% / 0.20%
- Open check: kraken.com shows one futures schedule for all clients; whether the Cypriot EEA entity applies the same qualification rules (three measures) cannot be confirmed from the fee page. At tier 1 and at $500,000 volume it makes no difference
Full spot and futures schedule (kraken.com, checked 7 September 2026)
Kraken Pro spot
| Tier | From (30 days) | Maker | Taker |
|---|---|---|---|
| 1 | $0 | 0.40% | 0.80% |
| 2 | $2,500 | 0.30% | 0.60% |
| 3 | $10,000 | 0.22% | 0.38% |
| 4 | $25,000 | 0.20% | 0.35% |
| 5 | $50,000 | 0.15% | 0.30% |
| 6 | $100,000 | 0.12% | 0.25% |
| 7 | $250,000 | 0.10% | 0.22% |
| 8 | $500,000 | 0.08% | 0.20% |
| 9 | $1M | 0.06% | 0.18% |
| 10 | $2.5M | 0.04% | 0.15% |
| 11 | $5M | 0.02% | 0.12% |
| 12 | $10M | 0.00% | 0.10% |
| 13 | $50M | 0.00% | 0.09% |
| 14 | $100M | 0.00% | 0.08% |
| 15 | $250M | 0.00% | 0.07% |
| 16 | $400M | 0.00% | 0.06% |
| 17 | $500M | 0.00% | 0.05% |
Perpetuals and futures
| Tier | From (30 days) | Maker | Taker |
|---|---|---|---|
| 1 | $0 | 0.02% | 0.05% |
| 2 | $5M | 0.0175% | 0.045% |
| 3 | $10M | 0.015% | 0.04% |
| 4 | $15M | 0.0125% | 0.035% |
| 5 | $25M | 0.01% | 0.03% |
| 6 | $40M | 0.0075% | 0.0275% |
| 7 | $50M | 0.005% | 0.025% |
| 8 | $75M | 0.005% | 0.0225% |
| 9 | $100M | 0.00% | 0.02% |
| 10 | $150M | 0.00% | 0.018% |
| 11 | $250M | −0.003% | 0.0175% |
| 12 | $300M | −0.003% | 0.017% |
| 13 | $400M | −0.003% | 0.016% |
| 14 | $500M | −0.005% | 0.015% |
| 15 | $1B | −0.006% | 0.0135% |
| 16 | $2B | −0.006% | 0.013% |
| 17 | $5B | −0.006% | 0.0125% |
At an average of 0.60% on tier 1, Kraken Pro has the most expensive entry fee in our comparison (cost score 0). Only from $100,000 per 30 days (0.12% / 0.25%) does it approach the sharp providers; the cost calculator works it out for your volume.
Fee reference date 24 August 2026; spot and futures schedules re-checked on kraken.com/features/fee-schedule on 7 September 2026.
Safety and history
- Custody: client assets held separately from company funds, as MiCA and MiFID II require
- Proof of Reserves: quarterly, independent check by The Network Firm, seven assets (BTC, ETH, SOL, USDC, USDT, XRP, ADA)
- Audited annual accounts: not published; Kraken is not a listed company
- Supervision and licences: Central Bank of Ireland (MiCA) and CySEC (MiFID II); see Availability
- Technical security: bug-bounty programme; in June 2024 a vulnerability was exploited for almost $3 million, which Kraken says came from corporate reserves
- Loss of client funds: no confirmed loss since 2011
- Enforcement: DNB order subject to a penalty payment (€4 million forfeited, 2023); Australian fine of A$8 million (December 2024); SEC case withdrawn (March 2025)
Full record with sources (reviewed 10 August 2026)
- In operation since 2011: one of the oldest exchanges still active.
- MiCAR licence (June 2025): Payward Europe Solutions Limited is listed in the register of the Central Bank of Ireland as a licensed provider of crypto services and thereby serves the whole European Economic Area.
- SEC case fully withdrawn (March 2025): the complaint from November 2023 for operating as an unregistered securities exchange was definitively withdrawn. The SEC cited a review of its crypto policy as the reason, not a substantive judgement on the case.
- Never lost client funds, but did have a vulnerability exploited (June 2024): after a report through the bug bounty programme it emerged that balances could be artificially increased; three people used this to take away almost $3 million. According to Kraken this came out of its own corporate reserves and not out of customer balances. “Never hacked” is therefore not the right description.
- DNB (the Dutch central bank): order subject to a penalty payment, €4 million forfeited (2023): because Payward International Markets offered crypto services in the Netherlands without registration and failed to comply with the order for eight weeks. Formally that is a remedial measure and not a fine, but the amount did become payable. DNB published the measure in April 2024.
- Australian fine of A$8 million (December 2024): the Federal Court of Australia fined Bit Trade, the Australian operator of Kraken, because a margin product was offered without the legally required target market determination. Converted, that comes to approximately $5.1 million.
Reviewed on 10 August 2026 · Sources: Central Bank of Ireland — register ↗ · SEC on the withdrawal ↗ · DNB on the order subject to a penalty payment ↗ · ASIC on the Australian fine ↗
Yield and capital use
- Base yield: native staking on several assets; returns, unbonding periods and conditions differ per asset and are not guaranteed; Kraken publishes current rates per asset on its staking page
- Yield on collateral while trading: no
- Yield on idle stablecoins: no
- VIP uplift: none
- Capital use: separate accounts for spot, futures and xStocks; collateral has to be transferred manually; no unified wallet
Reference date 24 August 2026.
Score and sources
Every point is traceable under methodology v1.6 (scores recalculated on 23 August 2026; unchanged in this revision):
Sources and check dates
- Fees: kraken.com/features/fee-schedule, 7 September 2026 (calculator reference date 24 August 2026)
- Products and SEPA: Kraken support and blog, counts 6 September 2026
- Licences: Central Bank of Ireland and CySEC registers, 31 July 2026
- History: DNB, SEC and ASIC (links in the record), 10 August 2026
- Internal checkpoints: feature comparer and cost calculator
Frequently asked questions
Does my spot volume count towards the futures fee tier?
According to Kraken’s fee page it does: the tier follows the best of three measures, futures volume, spot volume or assets on platform (kraken.com, 7 September 2026). Whether the Cypriot EEA entity applies exactly the same qualification rules is not stated.
What is the difference between Kraken Pro and the Kraken app?
Kraken Pro is the order-book trading environment with the volume schedule (from 0.40% / 0.80%). The app offers instant buying and selling at 1% (1.5% for custom orders) plus a variable spread, and app perpetuals at 0.25% per side.