Kraken has been a cornerstone of the cryptocurrency exchange industry since 2011, making it one of the oldest and most established platforms in the space. In 2025 and 2026, Kraken has undergone a dramatic transformation — acquiring NinjaTrader for $1.5 billion, purchasing a CFTC-regulated derivatives exchange, launching a subscription-based zero-fee trading tier, and filing for an IPO. After extensive testing throughout 2025 and into 2026, here is our comprehensive review of Kraken as a trading platform.
Security and Trust
Kraken's strongest asset remains its security. The platform has never been hacked since its founding in 2011 — a remarkable track record in an industry where breaches are unfortunately common. Kraken stores the vast majority of user funds in cold storage facilities guarded 24/7 by armed security and video surveillance. The platform was the first exchange to undergo a publicly verifiable Proof of Reserves audit, and it continues to publish quarterly Merkle-tree attestations that users can independently verify. Kraken holds ISO 27001, SOC 1, and SOC 2 Type 2 certifications, and offers FIDO2-compliant two-factor authentication with Passkeys. Notably, Kraken does not allow phone/SMS account recovery, reducing the risk of SIM-swapping attacks. In March 2025, the SEC dismissed its lawsuit against Kraken with prejudice — no penalties, no admission of wrongdoing, no required business changes — removing a major regulatory overhang and allowing Kraken to resume U.S. staking services.
Fees and Trading
Kraken operates two trading experiences: the standard Kraken app and Kraken Pro. On the standard platform, instant buys and sells carry a 1% trading fee plus payment method fees, while custom orders charge 1.5%. Kraken Pro fees start at 0.25% maker and 0.40% taker for standard users, with rates decreasing as monthly trading volume increases — top-tier traders exceeding $10 million in monthly volume pay 0% maker fees and just 0.10% taker fees. In 2025, Kraken launched Kraken+, a subscription service at $4.99/month or $49.99/year that provides zero trading fees on up to $10,000 in monthly trading volume. Kraken also supports margin trading and futures, with CME-listed crypto futures available in the U.S. through Kraken Derivatives US (powered by the NinjaTrader acquisition).
Staking, Rewards, and Yield
Kraken offers Flexible Staking, Bonded Staking, Auto Earn, and ETH restaking on selected assets. Flexible Staking lets you unstake without a traditional bonding delay (though Kraken stakes only up to 50% of your selected balance on assets with unbonding periods to preserve liquidity). Auto Earn automatically generates passive income from eligible assets sitting idle in your account — supporting 500+ cryptocurrencies. Kraken also launched USDC Rewards, automatically earning up to 1.75% APY on all USDC held on the platform, with Kraken+ subscribers boosted to 3.75% APY. For more advanced users, Kraken DeFi Earn (launched January 2026) offers up to 8% variable APY on euros, dollars, and USDC through managed vaults provided by Chaos Labs and Sentora. Kraken takes a commission on staking rewards that varies by asset and product, typically around 15%.
Stocks and ETFs
One of Kraken's most significant 2025 additions is the ability to trade 11,000+ stocks and ETFs commission-free directly within the Kraken app and Kraken Pro. Available to U.S. users (excluding Maine and New York), this feature allows you to hold crypto and traditional assets in a single account — a compelling proposition for investors who want a unified portfolio. The acquisition of Backed Finance in late 2025 enables tokenized stock trading (xStocks) for users in eligible regions outside the U.S., adding another layer of cross-market functionality.
Derivatives and Futures
Kraken's acquisition of NinjaTrader in March 2025 for $1.5 billion was the largest-ever deal combining traditional finance and crypto. NinjaTrader's CFTC-registered Futures Commission Merchant license enables Kraken to offer crypto futures and derivatives in the U.S. — previously unavailable through the main exchange. Kraken Derivatives US offers CME-listed crypto futures under full CFTC regulation. In September 2025, Kraken further expanded its derivatives footprint by acquiring Small Exchange, a CFTC-regulated Designated Contract Market, for $100 million, laying the foundation for a fully U.S.-native derivatives venue.
User Experience
Kraken offers two distinct interfaces: the standard Kraken app, designed for simplicity and ease of use, and Kraken Pro, which provides professional-grade trading tools including advanced charting, order types, API access, and automated strategy building through Capitalise.ai (acquired in March 2025). The standard app is accessible for beginners, though the depth of features can feel overwhelming at first. Kraken Pro is where the exchange truly shines — its order matching engine delivers sub-2ms latency with 99.9% uptime, processing over 2.5 billion trades to date. The mobile apps are separate for each platform: the Kraken app and the Kraken Pro app. Auto-investing (dollar-cost averaging) is available on both platforms, and recurring purchases make disciplined investing effortless.
Deposits and Withdrawals
Kraken supports ACH transfers (free deposits and withdrawals), FedWire ($4 withdrawal fee), SWIFT/SEPA transfers, debit cards, Apple Pay, and Google Pay. Cryptocurrency deposits are free, and withdrawal fees are asset- and network-specific. Kraken also offers a “Convert Small Balances” feature for amounts below the minimum order size, though this carries a fixed 3% fee.
How Kraken Compares
Compared to Coinbase, Kraken offers lower trading fees on Pro, a stronger security track record, and a wider selection of cryptocurrencies (500+ vs 200+). Coinbase has a smoother onboarding experience and stronger brand recognition among mainstream users. Binance offers lower baseline fees (0.10% maker/taker) and more listed coins, but is unavailable to U.S. residents and carries higher regulatory risk. For U.S. traders seeking the lowest fees, Bitget charges a flat 0.10% maker and taker fee. However, Kraken's unique combination of security, regulatory compliance, multi-asset support (crypto + stocks + futures), and Kraken+ zero-fee trading makes it a compelling all-in-one platform.
Verdict
Kraken has evolved from a security-focused crypto exchange into a comprehensive trading platform that spans cryptocurrencies, stocks, ETFs, and futures. Its 14-year unhacked track record, quarterly proof-of-reserves attestations, and strong regulatory positioning make it one of the most trustworthy exchanges in the industry. The $1.5 billion NinjaTrader acquisition and subsequent derivatives expansion signal Kraken's ambition to become a unified, institutional-grade trading platform. For U.S. traders, the combination of crypto trading, commission-free stocks, and CME-regulated futures in a single account is unmatched. Kraken+ offers an attractive zero-fee tier for active traders, though the $4.99/month subscription may not be worth it for casual investors. The staking and yield features are among the best in the industry, and the recent DeFi Earn integration brings institutional-grade strategies to retail users. While the standard app can feel complex for absolute beginners and customer support remains a weak point, Kraken's overall package — security, features, regulatory strength, and innovation — makes it one of the best exchanges available in 2026.