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Kraken Review for Canada

Last Updated: May 9, 2022  |  Published: Mar 26, 2022


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Our Review 

Kraken offers 60+ coins, a 0.16%/0.26% maker taker fee, industry-leading security, advanced trading and is the best centralized platform for staking 14 coins. It was also 2nd place for cashing out BTC to a CAD bank account for the best rates. The downsides are the total BTC purchase fee was 7th place because of high CAD deposit and withdrawal fees.

Overall, Kraken is fantastic for staking, low spreads, and selling crypto and cashing out CAD. However, if you want the best CAD on-ramp and lowest total purchase fees, Newton, VirgoCX and NDAX scored better (see alternatives section).

Where It Shines:

  • Good Option For Staking: Stake up to 14 different cryptocurrencies on one of the most secure crypto exchanges in the world. Rewards range from 1% to 23%
  • Low Spreads & High Liquidity: 0.05% spread for Bitcoin which was 4th place when tested on Mar 2, 2022
  • Great Place to Cash Out CAD: Kraken scored 2nd best overall for selling BTC and cashing out to your bank account. The total BTC selling fee was 0.37% + $10. Only NDAX was lower at 0.26% + $4.99
  • Pro Trading: Powerful trading platform with many trading pairs, different order types, live order books margin and more
  • Best Reputation: Kraken has never had any hacks or incidents and it's also one of the oldest platforms founded in 2011. They take security very seriously

Where It Falls Short:

  • Deposit Fees: Has e-transfer and wire transfer but it is not free like many other Canadian platforms
  • Total BTC Purchase Fee: 1.60% total fee when tested which was 7th overall. If you want to buy crypto with CAD, there are cheaper options out there like NDAX and Newton
  • Geo Restrictions: Futures trading is restricted for Canadian residents. Many coins are restricted as well, Kraken has 60+ coins for Canadians
  • Not the Most Beginner Friendly: Much easier platforms are available in Canada like Newton or Shakepay

Kraken

Kraken Overview

Updated: Mar 25, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

60+ in Canada

Total BTC Purchase Fee

1.60% (7th place)

Total BTC Selling Fee

0.37% + $10 (🏆 2nd place)

BTC Spread

0.05% (4th place)

Trading Fee

0.16% Maker

0.26% Taker

Funding Methods

- Interac e-Transfer, Wire Transfer, Credit/Debit card, and more

CAD Deposits

1.50% - 5.25% fee

CAD Withdrawals

$10 - $35 fee or 0.25%

BTC Withdrawal Fee

0.00002 BTC

Notable Features

- Advanced trading, Staking, Margin, 24/7 Support, Great reputation


Video Review

Don't want to read? Watch the video review published on Mar 18, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.


Kraken Exchange

About Kraken

Updated: Mar 25, 2020

KrakenKrakenKraken is one of the world's oldest and most reputable cryptocurrency exchanges founded in 2011. They are based in San Francisco and have become one of the largest crypto exchanges in the world with over 1800 employees.

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: May 8, 2022

  • Web app

  • Mobile App

  • PRO App


Fees & Spread

Updated: Mar 25, 2022

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Newton Fees

Amount

*Total BTC Purchase Fee

1.60% (7th place)

*Total BTC Selling Fee

0.37% + $10 (🏆 2nd place)

Instant Buy Trading Fee

0.90% for stablecoins

1.50% fee for any other crypto or FX pair

Pro Trading Fee

0.16% Maker

0.26% Taker

Staking Fee

None

CAD Deposits

Ranges from 1.50% to 5.25% or $11.50 fee

CAD Withdrawals

Ranges from $10 to $35 or 0.25% fee

BTC Withdrawal Fee

0.00002 BTC

Other Fees

Pro Trading Fees

Kraken Pro Trading Fees

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

0.05% (4th place)

BTC Buy Price

$55,739

BTC Sell Price

$55,713

Ref. Price Difference

Buy: -0.06%

Sell: -0.11%

Reference Price (Google)

$55,774

What We Found

Kraken wasn't the best for depositing and buying with CAD but it was second best for cashing out CAD at the best prices.

From our test, Kraken had a 1.60% total fee to buy BTC with CAD which was 7th place. This number is high because Kraken has high fees for depositing CAD but if you deposit crypto, Kraken is one the cheapest platforms in the industry.

Additionally, they have very low spreads (4th place). The trading fees were higher (0.16%/0.26%) than competitors like Binance and KuCoin (both at 0.10%).


Deposit & Withdrawals

Updated: Mar 25, 2022

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

1.50% (max $30)

0-1 business days or instant

Min $5 

Wire Transfer

$11.50

1-5 days

Min $125

Canada Post (in-person)

$1.25 + 0.25%

30-60 mins

Min $20

Credit / Debit Card

5.25%

Instant

$7500

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

$10

Instant or 1 day

Min $15

EFT

0.25%

2-5 business days

Min $50

-

-

-

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.00002 BTC

0.0005 BTC

Ethereum

0.0035 ETH

0.005 ETH

USDC

20 USDC

40 USDC

XLM

0.001 XLM

25 XLM

What We Found

Kraken was not great for funding with Canadian dollars but once you have funds in your account, it is one of the cheapest platforms in the industry. They have very low spreads (4th place) and were the 2nd best option for cashing out crypto to a Canadian bank account. 

If you use Kraken, we recommend funding your account with crypto so you can avoid the CAD deposit fees. To do this we recommend Newton or VirgoCX because of their free CAD deposits and cheap/free crypto withdrawals.


Platform & Features

Updated: Sep 07, 2021

List of Features:

  • iOS, Android and Web app
  • 60+ cryptocurrencies for Canadians
  • Instant Buy and Sell
  • Advanced Trading
  • Staking
  • Margin
  • OTC

1. iOS, Android and Web App

Kraken is available on all your favourite devices and they have 3 different apps: Kraken, Kraken Pro and Kraken Futures.

2. Advanced Trading

3. Instant Buy and Sell

4. Staking

  • Stake 10+ cryptocurrencies
  • Rewards ranging from 1%-23% APY
  • Fixed and flexible staking options
  • Rewards paid out weekly
  • On one of the most secure and trusted crypto exchanges in the world

Other

  • Margin
  • OTC
  • Affiliate Program
  • API
  • *Futures are restricted in Canada

Security

Updated: March 25, 2022

Company Security Features

  • Founded in 2011 (no hacks or incidents)
  • 95% of deposits held in cold storage
  • "Servers reside in secure cages under 24/7 surveillance by armed guards and video monitors"
  • Bug bounty program
  • FINTRAC registered in Canada: MSB #M19343731
  • KYC required to sign up
  • Visit the Kraken security page for more

User Security Features

  • 2FA
  • Email confirmations for withdrawals
  • View login history for suspicious logins
  • Address whitelisting
  • Configurable account timeout
  • High priority 24/7 live chat
  • View system status in real-time

Can You Trust Kraken?

Kraken is considered a very safe cryptocurrency exchange and is also good at communicating their security practices. It holds 95% of deposits in cold storage, has never had any hacks or incidents, and is one of the oldest running cryptocurrency exchanges founded in 2011.

⚠️ Although Kraken is safe and has one of the best reputations in the industry, 44% of platforms we tested have had a hack or incident. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys.


24/7 Customer Support

Updated: Mar 25, 2022

Kraken Customer Support

Kraken has industry leading support. You'll find a 24/7 support team which you can contact via live chat, phone or email. You can also visit their support center for helpful blogs, articles and FAQs.


Kraken Compared

RankFi is tracking 18 Canadian cryptocurrency exchanges. Compare the best crypto exchanges in Canada below:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

60+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

20+

Yes

1.24%

1.67%

0.50%

11/18

15

Yes

1.99%

0.41%

0.10% / 0.20%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

Kraken

Kraken

Start staking or trading crypto in Canada

Best Crypto Exchanges Canada 2022

Newton.co

1. Newton

NDAX

2. NDAX

VirgoCX

3. VirgoCX