Kraken Crypto Exchange Review for Canadians

Kraken is a well-known cryptocurrency exchange offering access to over 390 cryptocurrencies. Having been in the crypto trading space since 2011 and tested over 50 exchanges, I created an account and tested the platform to determine whether it’s a good choice for Canadians. Here’s my detailed Kraken review, updated with the latest 2025 data.

Kraken Crypto Exchange Summary

Kraken, along with Coinbase, was one of the first two global centralized crypto exchanges I used back in 2011. It’s one of the most reputable exchanges in the world, and its longevity speaks volumes about its reliability. Unlike platforms like Binance or KuCoin, which chose to leave the Canadian market, Kraken stayed committed to Canadian users by adapting its platform to meet Canadian crypto regulations, including its Restricted Dealer registration with the Ontario Securities Commission (OSC) and Canadian Securities Administrators (CSA) in April 2025. Today, many Canadians continue to use Kraken for its wide range of cryptocurrencies, including Bitcoin, Ethereum, Cardano, Polkadot, Chainlink, Dogecoin, and more—making it a solid choice for trading altcoins.

The platform supports deposits in multiple currencies such as USD, EUR, CAD, GBP, JPY, CHF, AUD, and AED.

For Canadians, it offers Interac deposits with a 0.5% fee and withdrawals at $10—though the withdrawal fee might feel steep compared to some other exchanges. In my opinion, charging a fee for deposits via Interac e-Transfer feels excessive, especially when exchanges like Coinbase or NDAX allow free deposits, and NDAX even offers withdrawals for just a $1.50 fee. Despite this, many Canadians seem okay with these fees due to Kraken’s reliability and stellar reputation.

Also, Kraken charges very low spreads on trading (~0.2%), which helps balance out the costs and makes the overall average cost of trading crypto on Kraken comparable to other exchanges. Keep reading my Kraken review.

It’s worth noting that Kraken also offers over 390 crypto assets to trade, which is an impressive number for a regulated Canadian exchange and adds significant value for those looking to diversify their portfolios.

Kraken also offers features like staking and futures trading (with restrictions in Ontario), along with 24/7 customer support, which is a huge benefit for anyone trading across time zones or needing assistance during odd hours.

Kraken vs. Kraken Pro: Key Differences

Kraken offers two main platforms: the standard Kraken (beginner-friendly) and Kraken Pro (advanced trading). Both share core features like security (2FA, cold storage, encryption) and account management, but they differ in usability, fees, and tools. Here’s a breakdown based on official 2025 updates:

Features

Kraken caters to both beginners and advanced traders. The Instant Buy option (on standard Kraken) enables quick crypto purchases via card or digital wallet, ideal for newcomers. Kraken Pro provides advanced order types, detailed charting, and order book data for professional trading needs.

Kraken’s commitment to education stands out, offering a blog, videos, podcasts, and guides covering crypto basics, security tips, and market insights—an excellent resource for all users.

The affiliate program lets users earn 20% of referred friends’ trading fees. If you try Kraken, I’d appreciate you using my affiliate link to sign up.

Kraken supports developers with quarterly open-source grants, reinforcing its role in advancing the crypto ecosystem. Its NFT marketplace was discontinued in February 2025 to focus on core trading services, and plans for a U.S. “crypto bank” under Wyoming oversight remain on hold due to regulatory hurdles.

Registration & Verification Process With Kraken Crypto Exchange

Kraken’s verification for Canadians is straightforward, requiring no selfies or personal financial questions. The process took me just a few minutes, one of the easiest I’ve experienced.

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Enter occupation

To get verified you first need to create an account and choose a username. Next, fill out all your details including your address. 

Next, add your occupation.

Then upload your ID.

Kraken will then check your information and email you once your account is verified. 

Kraken Fees (Updated October 2025)

Kraken’s full fee schedule is available here. Key fees include:

• Instant Buy (Standard Kraken): 0.9% (stablecoins), 1.5% (other cryptocurrencies) + spread
• Kraken Pro: Maker/taker fees of 0.16%/0.26% for $0–$50K 30-day volume (drops with volume; Kraken+ subscription for $4.99/month can reduce further)
• Additional Fees:
  • Card/digital wallet: 3.75% + $0.25 per transaction
  • Bank wire: 0.5%
  • Interac e-Transfer: Free
  • Fiat withdrawal: $10 CAD (EFT ~$5)

Free Interac deposits make frequent funding cost-effective, though the $10 withdrawal fee can sting for smaller amounts. Kraken’s low 0.2% spreads on Pro keep trading costs competitive compared to Coinbase (~0.5%) or Newton (~0.7%).

How Much Does it Really Cost to Trade with Kraken?

To test Kraken’s fees, I bought $100 worth of Bitcoin using a debit card on Instant Buy. After the 1.5% trading fee and 3.75% card processing fee + spread, I received $94.58 worth of Bitcoin, paying $5.42 (5.42% in fees)—steep for beginners.

Next, I deposited $100 via Interac e-Transfer. With free deposits, I received the full $100 in my account.

Using Kraken Pro, I bought Bitcoin, receiving 0.00318 BTC worth $98.04, paying $0.46 (0.46% in fees) with a 0.2% spread ($0.20). This is significantly cheaper than other exchanges.

Finally, I sold the Bitcoin back to CAD on Pro, paying another $0.46 trading fee. With the $10 fiat withdrawal fee, I received $88.58 in my bank account, losing ~11.42% overall ($5.42 buy + $0.46 sell + $0.20 spread + $5.34 withdrawal impact). For larger trades, the proportional loss is lower, making Pro more cost-effective.

Kraken Liquidity

Kraken boasts high trading volume, particularly as the top exchange for EUR/BTC pairs, ensuring strong liquidity. Low spreads (0.2%) and competitive fees on Pro encourage active trading, enhancing liquidity.

Currencies & Deposit Methods

Kraken offers Canadians the ability to deposit Canadian dollars into their fiat wallets via bank wire or Interac e-Transfer. You can also use accepted credit or debit cards to purchase crypto but your bank may reject the purchase. 

You can also deposit other fiat currencies including USD, GBOP, EUR, JPY, AED, AUD, and CHF.

How Long Do Deposits Take?

Bank wire deposits from Canadian banks can take up to 5 days to process. Interac e-Transfers are almost instant. 

How Long Does it Take to Withdraw Coins?

Withdrawing crypto depends on the speed and congestion of the network. For withdrawing bitcoin to a private wallet, it can take up to 10 minutes. 

Kraken’s Security and Safety (Updated 2025)

Kraken is a global leader in security, storing 95%+ of assets in cold storage, with encrypted account data and servers under 24/7 armed surveillance. Its bug bounty program proactively addresses vulnerabilities, and Kraken has never been hacked. Forbes ranked it #1 for security in 2025.

User security features include two-factor authentication (2FA), email notifications for withdrawals, account timeouts, and a time-lock option for added protection.

Kraken Mobile App (Updated 2025)

Kraken’s mobile app earns strong ratings: 4.6/5 (14,100+ reviews, App Store) and 4.3/5 (18,000+ reviews, Google Play). Its user-friendly design suits beginners and pros alike. The Kraken Pro app offers advanced charting and order book data, with identical high ratings and lower trading fees.

Trading Platform

The dashboard is easy to navigate with your account balance right in the middle. 

Kraken Pro is currently in Beta mode so there may be changes in the future. It is not suitable for beginners since the platform can seem daunting. 

For experienced traders, the Pro platform offers everything you need to make trades. There are many indicators you can choose to view on the charts and setting a limit or advanced order can be done on the left. 

The Instant Buy option is much more simple and perfect for those looking to make a quick trade or purchase with their card. 

Select the crypto you wish to buy, then if you haven’t already, you’ll be prompted to add a card. 

Once you’ve done that, you can enter the amount you wish to purchase and review the transaction.

If you wish to deposit funds instead, you can click on “funding” at the top of your dashboard. Then enter the amount and select Interac as the deposit method. 

You will receive an email with a link to complete the transfer. Log in to your bank to confirm the transaction. 

Kraken’s Customer Support for Canadians

Kraken offers 24/7 live chat and email support, which I find really convenient for getting help anytime. They also have a well-organized help center on their website, full of useful troubleshooting articles. For users in the USA, UK, and European Union, Kraken provides phone support, which adds an extra layer of accessibility for those who prefer speaking directly with a support representative.

Kraken’s Consumer Ratings, Reports & Reviews on Other Platforms

Kraken scores a low 1.6/5 on Trustpilot (3,000+ reviews, 80% negative), with complaints about account freezes, verification delays, and support responsiveness. Positive reviews praise Kraken Pro’s low fees and smooth trading.

Other users who have used Instant Buy think the fees are too high. 

 

Does Kraken Offer Staking or Other Services?

Yes, Kraken offers Futures and margin trading, though people in Ontario are restricted from these services. 

Kraken offers staking on several digital assets including Ethereum (4-7%), Cardano (4-6%), Cosmos (12-15%), Kava (23%), Polkadot (9-12%) and more. Staking yields depend on the asset and how long you stake, but more information can be found here. 

Does Kraken Have an OTC Desk?

Yes, Kraken has an OTC Desk for institutions or high net-worth individuals making large trades. You’ll get 1-on-1 support and full asset support 24/7. 

Does Kraken Restrict or Freeze Accounts?

Unfortunately, many people have complained of Kraken closing or freezing their account for apparently no reason. 

Based on these reviews it seems that Kraken often closes accounts for seemingly unknown reasons. However, Kraken usually admits that these decisions are made based on legal and regulatory requirements. Whether it’s because these people do not meet certain requirements is unknown but if your account is suspended or closed, you may be left wondering why. 

Latest Updates on Kraken For Canadians

Kraken Pro’s Take Profit/Stop Loss (TP/SL) feature, using Bracket Orders with One Cancels Other (OCO) functionality, enhances risk management. Traders can set profit targets, stop losses, or trailing stops, with profit/loss previews for better decision-making. Free Interac deposits and Restricted Dealer status further solidify Kraken’s appeal for Canadians. Recent enhancements include 24/5 equities trading and market depth data on Pro.

Kraken Alternatives For Canadians

There are several Canadian crypto exchanges that offer free and fast deposits, which may be a better option than Kraken. We recommend Bitbuy.

Bitbuy was Canada’s first regulated exchange and it complies with the Ontario Securities Commission. It has variable trading fees from 0 to 0.75% and it holds over 97% of funds in cold storage. Deposits are fast and free via Interac making Bitbuy a good choice for Canadians.  

	Kraken	Bitbuy	NDAX
Trading fees	0.16%/0.26%	0 to 1.5%	0.2%
Cryptocurrencies	390+	40+	60+
Additional features	Futures & margin trading, staking, OTC Desk, NFT marketplace, crypto education	OTC Desk	Staking, OTC Desk
Customer Support	Average	Good	Good
Security	Excellent	Excellent	Good

Common Crypto Exchange Scams With Kraken

Even if you use a reputable crypto exchange, you must always be vigilant about your crypto activity. 

Often, scammers will create websites of crypto exchanges that resemble the real thing. They may also send phishing emails claiming that there is a problem with your account or request additional information. 

One Kraken user was approached by a scammer asking for a deposit in order to complete verification. Luckily the user did not send the funds.

These scams are typical and people fall victim to them all too often. 

If you are ever approached by an exchange to provide information or money, always double check the official email address or social media account of the exchange. Exchanges should never ask you for money, so if you are being requested to deposit funds, be aware that it’s probably a scam. Check out the article on common crypto scams in Canada.

Conclusion

Kraken is a top-tier exchange for Canadians, offering 390+ cryptocurrencies, staking (up to 18% APY), and robust security. Free Interac deposits and low 0.2% spreads make it cost-competitive, especially on Kraken Pro for advanced users. However, Instant Buy fees (up to 5.42%) and $10 CAD withdrawals can add up for small trades. Ontario users face futures trading restrictions due to OSC rules, but other provinces enjoy full access.

For cost-conscious traders, Bitbuy or NDAX may offer cheaper withdrawals, but Kraken’s coin variety, liquidity, and regulatory compliance make it a strong choice. If you sign up, I’d appreciate you using my affiliate link. Explore other exchanges in this article to find the best fit.

That said, there are other exchanges that may offer better value, and I recommend browsing through this article to explore them.