Overview
Kraken is a globally recognized exchange that prioritizes security, transparency (Proof of Reserves), and customer service. It caters to all levels, from beginners using the simple "Instant Buy" to professionals using Kraken Pro for advanced charting and lower fees.
The Wild West of Finance
What is Cryptocurrency?
Digital money that isn't controlled by a bank or government. Bitcoin is the digital gold standard, while things like Ethereum act more like a global computer.
Self-Custody vs Exchanges: Storing crypto on an exchange (like Coinbase) is easy but if they go bust, you might lose it. "Self-custody" (like Zengo) means YOU hold the keys, but if you lose your phone/backup, it's gone forever.
High Risk Warning
Crypto is unregulated in the UK. If you invest in crypto assets, you should be prepared to lose all the money you invest. There is no FSCS protection, and refunds are rare if you get scammed. Prices can swing wildly in a single day.
Pros
- ✓ Security: Never been hacked. ISO 27001 certified.
- ✓ Low Fees: Kraken Pro fees start at just 0.16% (Maker) / 0.26% (Taker).
- ✓ Asset Selection: Over 200+ cryptocurrencies supported.
- ✓ Customer Support: 24/7 live chat with fast response times.
Cons
- ✕ Funding Options: Fewer local deposit methods in some regions compared to competitors.
- ✕ Instant Buy Fees: High fees if you don't use the Pro interface (approx 1.5%).