Copy of Review 1 - Blank

Kraken Review Australia

Last Updated: Aug 1, 2022  |  Published: Sep 7, 2021


This post may contain affiliate links. Learn more.

Our Review

Kraken Australia offers 50+ coins, a 0.43% total fee for buying Bitcoin (4th place), and low fees across the board (spreads, AUD deposits, crypto withdrawals etc). It's also a highly secure and reputable platform founded in 2011.

  • The best reasons to use Kraken is low fees, a super trustworthy platform, staking on a safe platform, or access to professional trading tools. 
  • The reasons not to use Kraken are they only have 50+ coins for Australians, it's not the most beginner-friendly, and you can find other platforms with more features.
Kraken

3.8/5

Our review out of 16 Australian platforms

๐Ÿ’ฐ Fees

Below Average

๐Ÿ“ฒ Features

Average

๐Ÿ‡ฆ๐Ÿ‡บDeposit & Withdrawals

Average

๐Ÿ‘ Ease Of Use

Below Average

๐Ÿ”’ Security

Above Average

Where It Shines:

  • Low Spreads & Fees: One of the cheapest platforms overall. 0.43% total fee to buy Bitcoin (4th place) from our tests 
  • High Security: Lots of security features available in your account and on the company side
  • Advanced Trading: Professional trading view with margin and more
  • Great Reputation: One of the world's oldest crypto exchanges founded in 2011 and no hacks
  • Staking Features: Kraken lets you stake various cryptocurrencies and earn yield. This is notable since Kraken has good reputation and security

Where It Falls Short:

  • Number of Altcoins: Only 50+ cryptocurrencies for Australians to trade
  • Ease of Use: Easier platforms are available for beginners like Digital Surge and Swyftx

Overview

Updated: Feb 16, 2022

๐Ÿ“ฒ Features

Header

๐Ÿ” Security

Header

Coins

Mobile App

Web App

Beginner Friendly?

Pro Trading Terminal

Limit Orders

Recurring Buys

Bundles

Staking

Margin

Futures

OTC

24/7 Support

50+

Yes

Yes

Yes

Yes

Yes

?

No

Yes

Restricted

Restricted

Yes

Yes

App 2FA

Uses Cold Storage?

AUSTRAC Regulated?

Any Hacks or Incidents?

Insurance Policy

View Login History

Address Whitelisting

Crypto Withdrawals Allowed

Year Founded

Publicly Traded?

Yes

Yes

Yes

No

No

Yes

Yes

Yes

2011

No

๐Ÿ’ฐ Fees

0.0/5

๐Ÿฆ Deposits & Withdrawals

0.0/5

$100 Buy After All Fees

$100 Sell After All Fees

Best Deposit Fee

Best Withdrawal Fee

Trading Fee

BTC Spread (Dec 17, 21)

BTC Withdrawal Fee

ETH Withdrawal Fee

$99.57

$100.56

Free

Free

0.16% / 0.26%

0.55%

0.00002 BTC

0.0035 ETH

AUD Fiat Wallet?

Direct Bank Transfer

POLi

PAYid

Credit/Debit

BPay

Other Fiat Currencies

Yes

Yes

No

Yes

No

No

Yes

  • Total fees and spread was tested Dec 17, 2021 and is subject to change

Kraken Exchange

About Kraken

KrakenKrakenKraken is one of the world's oldest crypto exchanges and is based in San Francisco, USA. They were founded in 2011 and opened its doors to Australia in 2020. They have become one of the largest crypto exchanges in the world with over 1800 employees and have one of the best reputations as well. 

When using Kraken, you can expect to find industry-leading security, intermediate and advanced trading tools, Staking features and more.

Kraken Stats

  • Founded in 2011
  • 1800+ employees
  • Available in 100+ countries
  • Based in San Francisco, USA
  • Might go public in 2022

User Interface

Updated: Sep 7, 2021


Verification

Updated: Sep 7, 2021

Getting started on Kraken is similar to opening a bank account and requires some personal info and documents to verify your identity. Once you have ID ready the process takes 5-10 minutes and is straightforward. Most users will be instantly verified.

Application Time

5-10 minutes

KYC Verification

Yes

Instant Verification

Yes

Manual Verification

A few days

Who Is Eligible?

  • Anyone 18 or older who resides in Australia

Sign Up Requirements 

  • Email
  • Name, address, date of birth
  • Phone number
  • Government issued ID
  • Proof of residence (eg. bank statement, utility bill)
  • Some occupation information
  • In some cases, selfie verification

๐Ÿ”’ Security

Updated: Sep 7, 2021

Can You Trust Kraken?

Yes, Kraken is one of the oldest and most trusted cryptocurrency exchanges in the world. Founded back in 2011, they've never been hacked or lost users funds, they follow all laws and regulations where they operate, and users have many security features like 2FA and more.

Kraken is the industry standard for security. Let's look at their list of features:

Company Security Features (7+)

  • Holds 95% of crypto in offline cold storage that's geo-distributed
  • Kraken claims to hold full reserves and has a proof of reserves page
  • All servers are in cages and monitored 24/7 by cameras and armed guards
  • All personal information is encrypted on multiple levels
  • They hire multiple security teams to test their systems
  • 24/7 automatic monitoring for suspicious activity
  • Bug bounty program - get paid to find vulnerabilities and security flaws
  • See the rest here

User Security Features (8)

Kraken has extensive security features you can toggle on and off to keep your account safe:

  • Multiple 2FA options and settings (Google Authenticator, Yubikey, 2FA for trades etc)
  • 2FA and email confirmations for withdrawals
  • Automatic logout settings
  • Recent Activity (see login locations, IP addresses, devices, etc)
  • Add Trusted Devices
  • Global Settings Lock (disables making changes to your account for a period of time)
  • PGP codes to verify legitimate emails
  • Dedicated 24/7 support for urgent issues

Deposit & Withdrawals

Updated: Feb 16, 2022

AUD Deposit Methods

Type

Fee

Time

Limits

PayID

Free

Instant

Min $5

OSKO

Free

Instant

Min $5

Direct Bank Transfer

Free

0-2 Days

Min $5

Etana Custody

Free

2-5 Days

Min $150

AUD Withdrawal Methods

Type

Fee

Time

Limits

OSKO

Free

Near Instant

Min $5

Direct Bank Transfer

Free

0-2 Days

Min $5

Etana Custody

$35

3-5 Days or Instant

Min $150

Crypto Withdrawal Fees

Coin

Fee

Minimum Withdrawal

Bitcoin

0.00002 BTC

0.0005 BTC

Ethereum

0.0035 ETH

0.005 ETH


Kraken Fees & Spread

Updated: Feb 16, 2022

Fee Type

Amount

Maker Fee

0.16%

Taker Fee

0.26%

AUD Deposits

Free

AUD Withdrawals

Free

BTC Spread

0.55% (Dec 17, 2021)

Other Fees

N/A

Trading Fees

Kraken Pro Trading Fees

Kraken Price Test (Dec 17, 2021 at 1:17pm)

This data is subject to change as spreads and prices change daily. However, we tested Kraken and 10+ other platforms simultaneously to help you compare true fees on each platform.

Header

Amount

Ranking

$100 Buy After All Fees

$99.57 (0.43% total fee)

4th place

$100 Sale After All Fees

$100.56 (-0.56% total fee)

2nd place

BTC Spread

0.55%

8th place

BTC Buy Price

$66,014 AUD

-

BTC Sell Price

$66,377 AUD

-

Ref. Price Difference

Buy: +0.27%

Sell: +0.82%

-

Reference Price (Google)

$65,837

-

How We Tested This

The "$100 After All Fees" adds everything from when you deposit money to make your order plus the reference price difference.

The price test was conducted by logging into all platforms simultaneously and collecting buy/sell orders. We did this as quickly as possible (within minutes) in order to be as accurate as possible since prices can change rapidly. Find out more about our testing process.

Overall, Kraken is one of the cheapest platforms for Australians across the board. The total purchase fee for buying Bitcoin was only 0.43% (4th place). For selling Bitcoin, Kraken had a better rate than the reference price on Google which is why it ended up being a -0.56% total fee. That was 2nd best for cashing out based on this test.

Kraken is a global platform with users in over 190 countries. This likely makes it cheaper because it has more volume than crypto exchanges only available in Australia.

The crypto withdrawal fees are also very inexpensive compared to other platforms. 

The lowest overall fees we found were on Binance AU.


Platform & Features

Updated: Sep 7, 2021

Kraken is a good, reputable platform for sophisticated traders as well as institutions. Its best features are multiple mobile apps, a pro trading interface, deep liquidity and a great reputation for security.

Let's take a deeper look at everything the platform offers:

List of Features:

  • iOS, Android and Web app
  • Kraken Pro (advanced trading)
  • Simple and Advanced Trade
  • Kraken Earn (staking)
  • Futures
  • 24/7 Customer Support
  • OTC, SMSF, Institutional accounts
  • Great security and reputation

1. iOS, Android and Web App

Kraken can be accessed on all of your devices and they have three mobile apps, Kraken, Kraken Pro and Kraken Futures.

2. Kraken Terminal (Advanced Trading Interface)

Kraken's professional trading terminal provides many customizable charts, live trade views, an order book and depth chart. It also lets you apply overlays and indicators, draw on the charts and switch between a wide of variety of themes.

Advanced traders can also try CryptoWat.ch which is Kraken's paid trading terminal with more premium features.

3. Simple and Advanced Orders

On the "trade" tab you can toggle between simple and advanced orders as you see in the images below. 

4. Kraken Earn (Staking)

At the time of this writing, Kraken offers 8 cryptocurrencies you can stake and earn interest on. If you want passive income for crypto that you're HODLing, you can make 4%-20% APY. The rewards are usually paid out weekly and most coins can be unstaked at any time. 

Other platforms with rewards and staking include Crypto.com, Coinspot, KuCoin and many more.

Kraken Earn Staking

5. Futures

Advanced traders can access Kraken Futures on the browser. There is also a dedicated Kraken Futures mobile app.

Kraken Futures

6. Other

  • Great security reputation
  • OTC, Institution, SMSF accounts
  • API
  • Kraken Learn
  • Bug Bounty Program
  • Affiliate Program
  • Cryptowat.ch (premium trading terminal)

Customer Support

Updated: Sep 7, 2021

Kraken has good support overall that you can contact 24/7 via live chat on their website. They also offer phone support during business hours, an extensive help section with FAQs and articles and a live website status. There is also a live chat dedicated for urgent issues such as account security where you can speak to someone quicker.

Kraken Customer Support

๐Ÿ”Ž Kraken Compared

We are tracking the 15+ most popular Australian crypto exchanges. Compare the entire industry below:

Coins

Total Purchase Fee

Trading Fees

$AUD Deposits

Beginner Friendly

Advanced Features

Website

600+

0.15%

0.10%

Yes

No

Yes

18

1.24%

0.85%

Yes

No

Yes

110+

4.50%

2.90%*

No

Yes

No

50+

1.09%

0% - 2.00%

Yes

Yes

Yes

30+

0.14% + $50

0.10%

Yes

Yes

Yes

370+

1.89%

0.10% - 1%

Yes

Yes

Yes

280+

2.36%

0.05% - 0.9%

Yes

Yes

No

150+

1.30%

0.00%

Yes

Yes

Yes

270+

1.04%

0.50%

Yes

Yes

Yes

150+

1.45%

1.00%

Yes

Yes

No

30

-

0%

Yes

Yes

Yes

27+

1.68%

0.50%

Yes

Yes

Yes

50+

0.43%

0.16% / 0.26%

Yes

Yes

Yes

700+

2.23%

0.10%

Yes

No

Yes

270+

0.41%

0.08% - 0.1%

No

No

Yes

320+

0.95%

0.60%

Yes

Yes

Yes

Best Kraken Alternatives

Swyftx
  • Best overall in Australia 
  • 280+ coins, staking, bundles
  • Beginner-friendly
  • Limited pro tools
  • Low app reviews
  • Most features for Australians
  • 500+ coins, margin, futures, rewards and more
  • Limited KYC 
  • Expensive to fund AUD and can't Cashout AUD
  • Not licensed or regulated
Digital Surge
  • Best overall for beginners
  • 270+ coins
  • Fair pricing across the board
  • Limited features overall
  • Lack of professional tools
Binance
  • Lowest fees & spreads overall
  • 400+ coins
  • More AUD deposit/withdrawal methods
  • Many advanced features restricted in Australia
  • Not beginner friendly

FAQ

Does Kraken Have Insurance?

Kraken states on their website that customer accounts are not insured.

Is Kraken Legit?

Yes, Kraken is one of the oldest and most trusted cryptocurrency exchanges in the world and they comply with Australia's strict legal and regulatory requirements. In Australia, they are a registered Digital Currency Exchange (DCE) and regulated by AUSTRAC. 

Kraken Exchange

Kraken

Trade 50+ cryptocurrencies!

Best Crypto Exchanges Australia 2022

Swyftx

1. Swytfx

2. Binance

Digital Surge

3. Digital Surge