Review
Kraken
Established exchange with strong security record
Our Verdict
One of the most trustworthy exchanges in the industry. Never been hacked, pioneered proof of reserves, and offers competitive fees on Kraken Pro. The trade-off: it is a multi-coin exchange (altcoin noise), the interface can overwhelm beginners, and the 2023 SEC staking settlement was a mark on the record. Best for experienced users who want low fees and strong security.
What we like
- Never been hacked - one of the strongest security records in the industry
- Proof of reserves audits - pioneered the practice
- Competitive maker/taker fees on Kraken Pro (0.16%/0.26%)
- Global availability in 190+ countries
- Operating since 2011 - one of the longest track records
- Advanced trading features for experienced users
What could be better
- Multi-coin exchange - interface cluttered with altcoins
- Beginner interface (instant buy) has significantly higher fees than Pro
- SEC settlement in 2023 over staking services ($30M fine)
- Staking unavailable for US customers after settlement
- Interface complexity can overwhelm new users
- Customer support quality varies by reports
How We Scored This
Community score compiled from Reddit threads, expert reviews, and app store ratings.
Generally well-regarded on r/Bitcoin for its security record and longevity. Users appreciate proof of reserves and the fact Kraken has never been hacked. Criticism: "it's still a multi-coin casino" and the SEC staking settlement shook some confidence.
Support subreddit is a mix of resolved complaints and praise. Better reputation than Coinbase support, but not without issues. Verification delays and wire transfer holdups are common complaints. Staff actively responds to threads.
Kraken was one of the first major exchanges to publish proof of reserves after the FTX collapse. Regular audits by third-party firms. Covers BTC, ETH, and major assets held. This is a significant trust differentiator.
Kraken settled with the SEC for $30M over its staking-as-a-service program, which the SEC deemed an unregistered securities offering. Kraken shut down US staking. The settlement itself was not about fraud or insolvency, but it raised regulatory risk questions.
4.3/5 on iOS. Experienced traders praise the fee structure and charting tools. Beginners complain about complexity and the gap between "instant buy" fees and Pro fees. "Why do I need two different interfaces to buy Bitcoin?"
Score History
Published aggregated community review. Community score (17/25) reflects respect for security record offset by multi-coin model and SEC settlement.
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