Kraken exchange profile

Profile of Kraken: exchange information, markets and recorded details on GradeMarket.

Kraken is one of the oldest cryptocurrency exchanges in the world. Founded in 2011, it has built a reputation for security and reliability, with no successful hack resulting in customer fund losses throughout its history. Its spot trading fees are higher than those of most major Asian exchanges, starting at 0.25% maker and 0.40% taker on the base tier, while futures trading fees are much more competitive at approximately 0.02% maker and 0.05% taker. Under Kraken's current sanctions policy, Iran is officially a restricted jurisdiction, although the exchange has an interesting history involving Iranian users, discussed below. Kraken is best suited for traders who prioritize long-term security and regulatory compliance over the lowest possible trading fees.

When 1,500 Iranian Users Led Kraken Into a U.S. Sanctions Case

In 2022, The New York Times reported that between 2015 and 2019, Kraken had allowed more than 1,500 users residing in Iran to access its platform because it lacked sufficient geographic blocking controls.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) investigated the matter. Kraken, which had voluntarily disclosed the violations and cooperated with authorities, agreed to pay a $362,000 civil penalty and invest an additional $100,000 to strengthen its sanctions compliance systems.

According to TRM Labs, the case coincided with the resignation of Kraken's outspoken founder, Jesse Powell, as CEO. Since then, Kraken has significantly strengthened its IP-blocking measures and blockchain analytics capabilities to enforce sanctions compliance more effectively.

Key Features

• One of the world's longest-operating cryptocurrency exchanges with no history of successful hacks
• Regular, publicly available Proof of Reserves reports
• Access to U.S. stocks and ETFs alongside cryptocurrency trading
• Staking services offering annual yields of up to 22% on selected assets
• Global futures trading, plus the separate Kraken Derivatives US platform for eligible U.S. customers

Fees and Costs

On Kraken Pro, the base spot trading fees are:

• Maker: 0.25%
• Taker: 0.40%

As monthly trading volume increases, fees can decline to as low as 0.00%–0.02%, depending on the trading tier.

While Kraken's spot fees are generally higher than those charged by leading Asian exchanges, they remain lower than Coinbase's standard trading fees.

For futures trading, the base fees are approximately:

• Maker: 0.02%
• Taker: 0.05%

It's worth noting that Kraken's Instant Buy feature includes an additional spread and is significantly more expensive than using Kraken Pro.

Security and Trust

According to Kraken and multiple independent industry assessments, the exchange has operated for more than a decade without suffering a successful hack that resulted in customer fund losses.

Kraken regularly publishes Proof of Reserves reports and maintains reserves exceeding customer deposits.

However, the exchange has faced two significant regulatory actions in the United States:

• 2022: OFAC sanctions settlement related to servicing users in Iran.
• 2023: The U.S. Securities and Exchange Commission (SEC) alleged that Kraken's staking program constituted an unregistered securities offering. Kraken agreed to pay a $30 million settlement and discontinue certain staking services for U.S. customers.

Support for Iranian Users

Under Kraken's current Terms of Service, Iran is officially listed among the restricted jurisdictions.

Following the 2022 OFAC settlement, Kraken implemented much stricter geographic restrictions and sanctions compliance procedures.

Unlike the earlier period when thousands of Iranian users were inadvertently able to access the platform, bypassing these restrictions today is considerably more difficult. Kraken does not offer an official Persian-language interface or dedicated support for users in Iran.

Given the exchange's heightened sensitivity to sanctions compliance after the OFAC case, this policy is unlikely to change in the near future.

Pros and Cons

Pros

• Outstanding long-term security record with no successful hacks affecting customer funds
• Transparent and regularly updated Proof of Reserves
• Ability to trade both cryptocurrencies and U.S. stocks from one platform

Cons

• Higher spot trading fees than most major Asian exchanges
• Has faced two significant U.S. regulatory actions (OFAC sanctions and SEC staking case)
• Officially and strictly restricts users from Iran

Compared with Competitors

From a fee perspective, Kraken is generally more expensive than OKX and Bybit but less expensive than Coinbase.

Its greatest strengths are its exceptional security track record and strong regulatory standing in both the United States and Europe.

For investors seeking an exchange deeply rooted in the traditional financial system, Kraken remains one of the industry's most trusted names. Traders focused solely on minimizing trading fees, however, may find more attractive alternatives elsewhere.

How to Sign Up in Three Steps

1. Register on the official Kraken website or mobile app using a valid email address.
2. Upload your identity documents to complete the Know Your Customer (KYC) verification process.
3. Link your bank account or cryptocurrency wallet and begin trading.

Frequently Asked Questions

Does Kraken work for Iranian users?

No. Particularly after the 2022 sanctions settlement, Kraken has implemented strict geographic restrictions that prevent users residing in Iran from accessing its services.

Has Kraken ever been hacked?

No. To date, there have been no reported successful hacks resulting in the loss of customer assets.

Are Kraken's trading fees expensive?

Compared with major Asian exchanges, yes. However, Kraken's fees remain lower than Coinbase's standard trading fees.

Final Verdict and Rating

• Security: 9/10
• Fees: 5/10
• Persian-language Support: 1/10

Kraken is an excellent choice for users who value long-term security, regulatory oversight, and institutional credibility over the lowest possible trading costs. However, following its 2022 sanctions settlement, it is not a practical option for Iranian users.

This review is based on information available as of 2026. Exchange policies, trading fees, supported jurisdictions, and regulatory requirements may change over time. Always verify the latest information on Kraken's official website before opening an account.