Launched just two years after Bitcoin (BTC), Kraken is one of the most established crypto exchanges on the market. Kraken is one of my preferred exchange platforms but is not available to Canadians.
Here is what you need to know: As of November 30th, 2023, Kraken has suspended deposits, withdrawals, and trading in Canada across all trading platforms for Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL).
Kraken Pros & Cons:
- Large selection of digital assets.
- Low fees for advanced traders.
- Limited options for funding accounts.
- Not available in Canada and all U.S. states.
- High fees for buying in USD.
Launched just two years after Bitcoin (BTC), Kraken is one of the most established crypto exchanges on the market. While Kraken has tools, products, and informational resources for beginning crypto investors, many of its offerings are targeted toward people with more experience.
Where Kraken shines:
- Large selection: Kraken lets its customers buy more than 230 different cryptocurrencies, and the service offers more than 130 crypto trading pairs.
- Relatively low fees: While Kraken’s rates for entry-level traders can be high, fees on its more advanced Kraken Pro service are among the lowest reviewed by NerdWallet.
Where Kraken falls short:
- Limited funding options: Kraken has limited options for U.S. customers who want to put money into their account. The platform uses a service called Trustly to allow people to connect their bank accounts, and Kraken says this method works with more than 1,000 financial institutions. But if your bank is not among those institutions, you will have to wire money into your account, a process that can involve calling your bank to arrange the transaction.
- Not available everywhere: The exchange is not open to people in New York, Washington state and Canada.
Kraken is best for:
- Crypto-to-crypto trading.
- Margin trading.
- Advanced traders.
Is Kraken right for you?
While Kraken has tools, products, and informational resources for beginning crypto investors, many of its offerings are targeted toward more seasoned investors.
If you are comfortable with a more advanced interface and are looking for access to a broad range of investment options, Kraken offers a reasonably priced experience.
Michel Ouellette JMD, ll.l., ll.m.
J. Michael Dennis, ll.l., ll.m.
Personal & Corporate Fixer
Phone: 24/7 Emergency Access
Available to our clients/business partners
Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.
When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.