Highlights
Our Review
Kraken users in Canada will enjoy 200+ cryptocurrencies, industry-leading security, advanced trading tools, and no-fee staking. It also scored second best in fees for cashing out BTC to a CAD bank account. However, some of the drawbacks to consider are deposit and withdrawal fees and the maker/taker fees which start at 0.25%/0.40%.
Overall, Kraken offers a wide selection of cryptocurrencies with high liquidity and great security. If you don't mind the 0.25%/0.40% maker taker fees, it can be a great choice. Keep reading to learn more about the US-based crypto exchange.
Where It Shines
Where It Falls Short
User Interface
Key Features & Benefits
Here are the key reasons you might want to use Kraken as a Canadian:
Other Features
While Kraken's best features are listed above, here are the other services they offer as well:
Kraken Walkthrough
Kraken recently updated their user interface and I think it looks much better and feels easier to navigate. Here's what the Kraken platform looks like on the inside.
Home Dashboard
The main dashboard is clean and beginner friendly. However, if you like, you can also set Kraken Pro to be the default dashboard when you login.
Kraken Pro
Kraken Pro users will enjoy lots of advanced trading features like analytics, charting tools, advanced order types, and more. The layout is also fully customizable, as you can drag and drop everything on the screen.
Kraken also has lots of liquidity, usually with hundreds of millions or billions of dollars in 24 hour trading volume. On the downside, there are only 7 CAD trading pairs, so you will have to convert your funds to USD or one of the other popular currencies.
Kraken Earn (Staking)
Coinbase, NDAX, Bitbuy, Wealthsimple, and many reputable Canadian exchanges offer staking. However, Kraken is one of the better choices.
Currently, over 10+ coins like ETH, DOT, and ADA can be staked, most of which can be unstaked at any time. Your rewards will be automatically deposited every 1-2 weeks, depending on the asset.
Kraken Canada Fees
Fee Type | Amount |
|---|---|
Instant Buy ($CAD) | 1.50% 0.90% for Stablecoins + spread |
Instant Buy (credit card) | 5.2%-7.1% + spread |
Kraken Pro (tiered, see below) | 0.25% Maker 0.40% Taker 0.20% for Stablecoins |
NFTs | 2.00% Transaction Fee $0 Listing Fee |
Cell |
Pro Trading Fees
Like many crypto exchanges, Kraken has a tiered fee schedule based on your 30 day trading volume. The starting maker/taker fee is 0.25%/0.40%.
Deposit & Withdrawals
Once your Kraken account is funded, it's one of the cheapest platforms in Canada. However, funding and withdrawing Canadian Dollars is not free like most places. If you use Kraken and want to avoid the CAD deposit fees, I recommend funding your account with crypto. To do this, VirgoCX is a great choice because of its overall low rates. They cover the first $6 in crypto withdrawal fees and have free CAD deposits.
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | 0.50% (max $30) | 0-1 business days or instant | Min $5 |
Wire Transfer | $12.38 | 1-5 days | Min $100 |
Canada Post (in-person) | $1.25 + 0.25% | 30-60 mins | Min $20 |
Credit / Debit Card | 5.2%-7.1% | Instant | $6,500 |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | $10 | Instant or 1 day | Min $15 |
EFT | 0.35% | 2-5 business days | Min $50 |
- | - | - |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | 0.0004 BTC | 0.0004 BTC |
Ethereum | 0.003 ETH | 0.002 ETH |
USDC | 20 USDC | 40 USDC |
Is Kraken Safe?
All things considered, Kraken is considered a safe cryptocurrency exchange and has robust security features. 95% of crypto is in cold storage and they've been operating for over a decade without any hacks. Additionally, their website communicates their security practices well.
While Kraken is considered safe, it doesn't replace the need for a crypto wallet. 44% of the platforms RankFi has reviewed have had a hack or incident. We strongly recommend storing and protecting your crypto on a self-custody wallet, ideally a hardware wallet.
Kraken's Security Measures
User Security Features Available
The Bottom Line
Kraken is a great platform in some areas, but like all crypto exchanges, it has drawbacks as well. The main drawbacks are mostly with certain fees. Whether or not you should use Kraken depends on what features you find most important and will use most often.
The pros include a wide selection of 250+ cryptos, zero-fee staking, and a high quality trading platform for professionals. It's also one of the safest crypto exchanges in the world and has lots of liquidity as well.
The key downsides are some of the fees. The Instant Buy for beginners has high fees and depositing and withdrawing Canadian dollars is not free like most places. There is also high maker/taker fees on the Pro trading platform.
Kraken Alternatives
Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.
Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.
FAQ
Is Kraken Licensed in Canada?
Yes, Kraken is a Money Service Business (MSB) registered with FINTRAC. These are the same requirements that Shakepay, Netcoins, Newton, and other exchanges in Canada follow. They are also in the pre-registration process with OSC regulators (Ontario Securities Commission).
Is Kraken Safer Than Binance?
Both platforms are industry leaders in security and reputation, but Kraken might have a slight edge because it's older and has never been hacked. Kraken was founded in 2011, has never been hacked, and is good at communicating its security practices. On the other hand, Binance was founded in 2017, has been hacked once (but reimbursed its users), and has a multi-billion dollar insurance fund (SAFU).
