Overview
Kraken is a US crypto exchange founded in 2011, available to Europeans via Ireland (MiCA) and Cyprus (MiFID II), with perpetuals via Crypto Facilities. Known for a strong security record and compliance-first approach.
Licences and regulation
- MiCA: Ireland (CBI) · MiFID II: Cyprus (CySEC) via Payward Europe · DNB fine: none
Products
| Product | Status | Details |
|---|---|---|
| Spot crypto | Live | 200+ assets |
| Perpetuals | Live | Via Kraken Futures / Crypto Facilities |
| Tokenised stocks (xStocks) | Live | Wrapper tokens via Backed Assets (Jersey) |
| Staking | Live | Multiple assets |
Fees, yield and efficiency
Spot 0.16%/0.26% (base) across a complex 8-tier schedule. No yield on collateral — Auto Earn works only in the spot account; the futures wallet earns nothing (confirmed by support), and staked assets cannot serve as margin. Separate accounts for spot, futures and stocks.
Proof of Reserves
Quarterly independent audits by The Network Firm covering 7 assets — meaning 90 blind days between checks and limited coverage.
Pros / cons
Pros: very strong regulatory position; never hacked; independent audits; native staking; 200+ assets.
Cons: xStocks are wrappers (no real ownership); quarterly PoR; separate wallets; no collateral yield; higher spot fees; ~$1 BTC perp spread.
Best suited for
Investors prioritising trust and reputation, native staking users, long-term holders.
Frequently asked questions
Can I buy real shares on Kraken?
No — xStocks are wrapper tokens via Backed Assets. See Real stocks vs wrapper tokens.
Why quarterly PoR?
Kraken relies on external audits, a slower cadence than ZK-proof-based venues.