01The short verdict
Most people looking up Kraken have heard it is safe and want a second exchange alongside Binance. That instinct is sound: of the international exchanges we review, Kraken has the cleanest security record and the longest history of proof-of-reserves reporting. It is not especially friendly to Asian users, though. There are no HKD, TWD or SGD deposits, it is unlicensed in most markets, it has left Japan, and the Philippines has named it as unregistered.
Kraken at a glance
- Operating
- since 2011, headquartered in the US
- Proof of reserves
- regular reviews by an independent accountant; latest snapshot 30 Jun 2026
- Instant buy
- 1% transaction fee + payment fee + spread
- Kraken Pro
- tier 1: 0.40% maker / 0.80% taker
- Kraken+
- no transaction fee on up to $10k/month of buys and sells
- Asian fiat
- essentially none; Hong Kong users fund by USD SWIFT or crypto
- Not available / restricted
- mainland China, Japan (left 2023), Philippines (SEC list)
We score Kraken 8.5, a notch above Coinbase. It offers more verifiable evidence than anyone else on the question that matters most: are customer assets actually there? Its weak spots, Asian coverage and language support, are deal-breakers for some readers. For others, such as people with USD bank accounts who mostly trade crypto against crypto, they barely matter.
02Security record and proof of reserves
Kraken’s reputation rests on two things. First, according to the public record, it has not suffered a platform-level theft of customer assets since it opened in 2011. Set against Mt. Gox, FTX and the 2025 Bybit hack, that is rare. Second, it was among the first exchanges to publish proof of reserves on a regular schedule, and it has kept doing so.
According to Kraken’s proof of reserves page, the latest snapshot covers Bitcoin, Ether, Solana, XRP, Cardano and stablecoins including USDC and USDT, with every listed asset above 100%. Account holders can use a Merkle-tree check to confirm their own balance was counted.
Be clear about the limits. Proof of reserves shows that assets held at one point in time covered customer balances. It is not a full audit of liabilities, and it does not guarantee future solvency. It rules out obvious misuse of funds; it does not promise that nothing can ever go wrong. Our exchange safety guide explains this in more detail.
At account level, Kraken supports authenticator apps, hardware security keys, a Global Settings Lock and a withdrawal address allowlist. Turn all of them on the day you open the account, and delete any API keys you don’t use.
03Licences and Asian availability
Kraken has a full compliance set-up in the US and Europe; it reportedly holds an EU MiCA authorisation through Ireland. In Asia you have to go market by market. The table is built from regulator registers and published reporting.
| Market | Status | Details |
|---|---|---|
| Hong Kong | Open, unlicensed | Never applied for an SFC VATP licence. Hong Kong is not on Kraken’s prohibited list and accounts can be opened with an HKID, but there is no HKD rail: funding is by USD SWIFT or crypto. No SFC protection applies. |
| Taiwan | Not registered | Absent from the FSC’s VASP AML registration list; the app is still downloadable. |
| Japan | Exited | Left Japan in 2023 and is not on the FSA register. |
| Philippines | Named | Listed by the Philippine SEC in August 2025 among 10 unregistered offshore platforms. |
| India | Not registered | One of nine offshore exchanges sent notices by FIU-IND in December 2023, with blocking requested; no FIU registration found. |
| Singapore | No licence | No MAS licence; older reports say SGD services stopped in 2019–2020. |
| UAE | Preliminary approval | VARA’s public register shows preliminary approval only, not a full licence. |
| South Korea | Not registered | Upbit accepts deposits from Kraken but will not send withdrawals to it. |
| Mainland China | Not served | Excluded by its terms of service. |
Sources: regulator registers and published reports listed at the end. Status can change; the regulator’s website is authoritative.
Kraken is also absent from the local registers in Malaysia, Thailand, Indonesia and Vietnam. For most Asian readers it works best as a second account. Fund in local currency on a licensed platform in Hong Kong, Taiwan or wherever you live, then move crypto to Kraken if you want a wider choice of coins or a stronger security track record.
04Kraken fees: instant buy vs Kraken Pro
Like Coinbase, Kraken runs two pricing systems. The Buy button in the main app or on the website is instant buy. The official fee schedule sets a 1% transaction fee, on top of the payment-method fee (for a card, say) and the spread. Kraken+ subscribers pay no transaction fee on up to $10,000 a month of buys, sells and converts, but the spread and card fees still apply.
Kraken Pro is the order-book screen. When we checked the official schedule in October 2026, tier 1 showed 0.40% maker and 0.80% taker, falling with 30-day volume. Older schedules listed 0.25% / 0.40%, and many articles online still quote those figures.
| Route | Fee | Best for |
|---|---|---|
| Instant buy (app/web) | 1% + payment fee + spread | First purchase, small amounts |
| Instant buy with Kraken+ | 0 transaction fee up to $10k/month (spread and card fees extra) | Frequent small buyers |
| Kraken Pro maker | 0.40% (tier 1) | Limit-order users |
| Kraken Pro taker | 0.80% (tier 1) | Immediate fills |
The official schedule and the order preview are authoritative.
In money terms, a $1,000 market order on Kraken Pro at tier 1 costs about $8, and a resting limit order about $4. That entry-level taker fee is not cheap; it is higher than Coinbase Advanced. For small buyers Kraken has no real cost edge. It suits people who care about safety and are happy to place limit orders. Our exchange fee comparison lines it up against the rest.
Don’t want to deal with USD wires and just want to buy a little with a card? A card purchase is the more direct route.Visa, Mastercard and Apple Pay · check that the platform serves your country first
Buy with card05How to buy crypto on Kraken
These steps assume you live somewhere Kraken accepts, such as Hong Kong. Always register with your real country of residence and your own ID.
- Get the official app or open kraken.com
There are two apps, Kraken and Kraken Pro. Check the developer name and be wary of look-alike sites in search ads.
- Sign up and verify
Enter email, password and country of residence, then upload a passport or ID and complete the selfie check. Higher verification levels unlock higher limits.
- Lock the account down
Turn on an authenticator app or security key, Global Settings Lock and the withdrawal allowlist.
- Fund the account
Most of Asia has no local-currency rail. Send a USD SWIFT wire (your bank will charge for it) or transfer USDT, BTC or other crypto from another platform. Card instant buy is available in some regions.
- Buy
Beginners can use Buy and check the 1% fee and total. Once comfortable, limit orders on Kraken Pro are cheaper.
- Withdraw or hold
For larger amounts, move coins to a wallet you control. Send a small test first and make sure the network matches, for example TRC-20 vs ERC-20.
06Website, apps and language support
Kraken has split its product into two layers. The main app is for beginners: clean screens, with buy, sell and convert up front. Kraken Pro is for traders, with charts, order types and margin. We think the split is right, but moving funds and switching between the two apps is a little confusing the first time.
Kraken appkraken.com ↗
Clear beginner flow with fees on the preview; very few local funding options in Asia.
Kraken Prokraken.com ↗
A professional terminal with a full set of order types; stable on web and mobile.
Kraken account securitykraken.com ↗
Security keys, Global Settings Lock and allowlists, all in one settings area.
On language: Kraken has offered a Chinese interface in the past, but we could not confirm in this check that every regional version still offers it. The help centre and live chat are English-first, so if you don’t read English, Kraken is noticeably harder to use than a local platform.
07Pros and cons
Pros
- No platform-level theft of customer assets on the public record
- Longest-running proof of reserves, with self-verification
- Strong security tools: security keys, Global Settings Lock, allowlists
- Professional, stable Kraken Pro terminal
- Kraken+ removes transaction fees on small monthly buys
Cons
- Unlicensed in most Asian markets
- Almost no Asian local-currency funding
- Tier-1 taker fee of 0.80% on Pro
- Limited Chinese support; English-first help
- Left Japan; named by the Philippine SEC
The safest feel, best used as a second account
If safety and transparency matter most to you and you can fund by USD wire or crypto, Kraken is an excellent choice. If you need local-currency deposits and support in Chinese, start with a locally licensed exchange.
08Kraken alternatives
- A friendlier beginner app: our Coinbase review. It is licensed in Singapore and has INR deposits in India.
- An app with a crypto card: our Crypto.com review. It is licensed in Singapore and Dubai.
- The most coins and liquidity: our Binance review and OKX review.
- A quick card purchase: our CEX.IO review. It takes Visa, Mastercard and Apple Pay but holds no Asian licence and does not accept residents of Japan, Singapore or India.
See the full best crypto exchanges ranking for more.
FAQ
Is Kraken a legitimate exchange or a scam?
Kraken is a legitimate, long-running US exchange that has operated since 2011. It publishes regular proof-of-reserves reviews by an independent accountant, and its latest snapshot (30 June 2026) shows every listed asset above 100% coverage. The real risks are phishing sites and fake “Kraken support” agents, and the fact that it lacks a local licence in most Asian markets. Log in only via kraken.com or the official apps.
Does Kraken have a Chinese interface?
Kraken has offered Chinese in the past, but when we checked in October 2026 we could not confirm that every regional version lets you pick it; the help centre and live support are English-first. A Chinese interface also does not mean mainland China is served: Kraken’s terms exclude mainland residents. Users in Hong Kong can open accounts, but Kraken is not licensed there.
What does it cost to buy crypto on Kraken?
Instant buy on the Kraken app or website carries a 1% transaction fee plus payment-method fees and a spread. Kraken+ members pay no transaction fee on up to $10,000 a month of buys, sells and converts (spread and card fees still apply). On Kraken Pro the official schedule shows 0.40% maker and 0.80% taker at the first tier, falling with volume.
Can I use Kraken in Japan or the Philippines?
No. Kraken left Japan in 2023 and is not on the Financial Services Agency’s register. The Philippine Securities and Exchange Commission named Kraken in its August 2025 list of unregistered offshore platforms. In both countries, use a locally licensed or registered exchange instead.
Sources
- Kraken — fee schedule (Kraken Pro and instant buy) · checked Oct 2026
- Kraken — Proof of Reserves (30 June 2026 snapshot) · checked Oct 2026
- Japan FSA — register of crypto-asset exchange service providers · checked Oct 2026
- Dubai VARA — public register · checked Oct 2026
- FSC Taiwan — VASPs that completed AML registration · checked Oct 2026
Ready for your first coin?
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