Why We Chose It The Kraken crypto exchange is Investopedia’s choice for low fees. Investors who value low cost but need access to high-quality amenities and resources won’t find a better exchange that consistently offers both. With a minimum deposit of just $10, Prospective clients can set up an account and start trading their favorite cryptocurrency.
Pros & Cons Overview Kraken was founded in 2011. While the company has gone fully remote, its head office is in San Francisco, CA. Aside from its digital presence, Kraken operates worldwide in over 190 countries, services over 10 million clients, and has established itself as one of the premier cryptocurrency exchanges that offer the best low-fee service.
Depending on the user's 30-day trading volume, Kraken clients pay maker fees between 0.00% and 0.25% and taker fees between 0.10% and 0.40%. Other fees, such as deposit and address setup fees, come at no extra cost. In addition to its low-fee structure, Kraken offers a unique service that caters to multiple types of clients at various skill levels.
For instance, Kraken’s regular platform enables beginning and low-volume traders to start trading and storing their cryptocurrency with a $10 minimum deposit, access to over 300 cryptocurrencies, an excellent selection of educational and news content, and the ability to create and utilize Kraken's exclusive wallet. Advanced traders who need more sophisticated features should consider Kraken Pro. This platform is designed for traders who need access to advanced order types, charting, and screening capabilities not offered on the original platform.
The Kraken Pro's best feature is that it’s free to use and adheres to the same fee structure as the basic platform, so advanced traders don’t have to worry about extra costs. However, Kraken comes with potential drawbacks. While Kraken operates in many countries, the exchange is not available in all 50 U.S. states, such as Washington, New York, and Maine.
Furthermore, in many other states, additional restrictions apply to activities such as staking, payment services, funding, and custody. Prospective clients interested in a specific service should check if it is legal in their respective state. It’s also important to note that Kraken does not offer any insurance for its users.
