Kraken review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Kraken settles the fee trade-off by charging a subscription rather than staying free: the monthly fee of $4.99 applies to the account, and currency conversion runs at 0.2% with transfer delivery quoted as instant. It suits people who hold and convert several currencies and move money often.
Key facts
- Best for
- Holders of several currencies who will pay a subscription for a longer currency list.
- Monthly fee
- $4.99↗
- Licence type
- Payment institution↗
- Deposit protection
- EU DGS up to EUR 100,000↗
- Currency conversion fee
- 0.2%↗
- Currencies
- 6↗
- Transfer fee
- Based on method and currency used; funding fees can be static (fixed) or dynamic (variable)↗
- Legal entity
- Payward Europe Solutions Limited↗
- Headquarters
- Ireland↗
- Founded
- 2011↗
- Support channels
- Email, Phone, Help-centre↗
- Official website
- kraken.com
Money transfer
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- Deposit protection in the EU is EU DGS up to EUR 100,000 under the deposit guarantee scheme.
- Currency conversion costs 0.2%, under the 0.5% seen across the site.
- Support runs on email, phone and help centre, including phone and a help centre.
- Payouts run to bank, wallet and card, covering bank, wallet and card destinations.
Cons
- The account carries a monthly fee of $4.99, where the site median is €0.
- The currency list is limited to 6, below the 9 in this group.
- Transfer fees depend on the method and currency used, and funding fees can be fixed or variable.
Who it suits
- Anyone whose money sits in more than one currency
- People willing to pay a monthly subscription for a longer currency list
- Users who want phone and help centre support alongside email
Who should look elsewhere
- Anyone after a free everyday account: Skrill charges €0 a month
- Readers who want more than 6 currencies: XTB charges €0 a month, as does AXI Card at €0
- Anyone who needs a fixed transfer price before choosing a method, since transfer fees depend on the method and currency used
How Kraken compares
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Kraken vs Papaya Global8.7 vs 9.0
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Where Kraken is available
- Available
- Argentina, Australia, Bermuda, Canada, Cyprus, Ireland, United Kingdom
- Licence in Ireland
- Central Bank of Ireland (e-money institution) (C453020), checked September 26, 2026
- Licence in Ireland
- Central Bank of Ireland (crypto asset service provider under MiCA) (C559106), checked September 26, 2026
- Licence in Cyprus
- CySEC (investment firm under MiFID) (342/17), checked September 26, 2026
- Licence in United Kingdom
- Financial Conduct Authority (registered cryptoasset firm) (928768), checked September 26, 2026
- Licence in United Kingdom
- Financial Conduct Authority (authorised electronic money institution) (1010381), checked September 26, 2026
- Licence in United Kingdom
- Financial Conduct Authority (authorised investment firm, Crypto Facilities Limited) (757895), checked September 26, 2026
- Licence in Canada
- FINTRAC (money services business) (M19343731), checked September 26, 2026
- Licence in Canada
- Ontario Securities Commission and Canadian provincial and territorial securities regulators (restricted dealer), checked September 26, 2026
- Licence in United States
- FinCEN (money services business, Payward Interactive Inc) (31000270997766), checked September 26, 2026
- Licence in United States
- Securities and Exchange Commission and FINRA (broker-dealer Kraken Securities LLC), checked September 26, 2026
- Licence in United States
- Securities and Exchange Commission (investment adviser Kraken Adviser LLC), checked September 26, 2026
- Licence in United States
- Wyoming-chartered special purpose depository institution (Kraken Financial), checked September 26, 2026
- Licence in United States
- Commodity Futures Trading Commission and National Futures Association (Kraken Derivatives US, NinjaTrader Clearing LLC) (NFA ID #0309379), checked September 26, 2026
- Licence in United States
- National Mortgage License System (Payward Interactive Inc) (NMLS ID 1843762), checked September 26, 2026
- Licence in Bermuda
- Bermuda Monetary Authority (Class F digital asset business) (202403268), checked September 26, 2026
- Licence in Australia
- AUSTRAC (independent remittance dealer, Bit Trade Pty Ltd) (ACN 163 237 634), checked September 26, 2026
- Licence in Australia
- Australian Securities and Investments Commission (Beaufort Fiduciaries Pty Ltd) (AFSL 545124), checked September 26, 2026
- Licence in Argentina
- Comision Nacional de Valores (virtual asset service provider registration), checked September 26, 2026
- Licence in Ireland
- IE_CBI (PSD_EMI IE_CBI!C453020), checked September 26, 2026, also valid in Austria, Belgium, Bulgaria, Cyprus, Czechia, Germany, Denmark, Estonia, Spain, Finland, France, Greece, Croatia, Hungary, Ireland, Iceland, Italy, Liechtenstein, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Norway, Poland, Portugal, Romania, Sweden, Slovenia, Slovakia
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does the Kraken subscription cost each month?+
The subscription account is billed a monthly fee of $4.99. That sits above the site median of €0, so the fee suits readers who will use the extra currencies rather than pay for a dormant account.
How much does Kraken charge to convert currency?+
Currency conversion is charged at 0.2%, which sits under the 0.5% recorded across the site. The gap widens for anyone converting often, which is how the subscription tends to pay back its cost.
Is my money protected if it is held in the account?+
Deposits held in the EU are covered by the deposit guarantee scheme, with protection of EU DGS up to EUR 100,000. The group holds money through entities in several countries, so the entity holding a balance decides the rules that apply to it.
Who regulates Kraken?+
The European entity is authorised as an e-money institution by the Central Bank of Ireland, licence C453020, and is registered as a crypto asset service provider under MiCA. Kraken is also registered with the Financial Conduct Authority in the UK and holds further authorisations in the US, Canada and Australia.
How many currencies can I hold?+
The account supports 6 currencies. That is a shorter list than the 9 seen across everyday accounts in this group, so check that the currencies you actually use are covered before you subscribe.
How do I get money out?+
Payouts run to bank, wallet and card, covering bank, wallet and card. Which one costs least depends on the destination and currency, and the transfer fee itself varies with the method and currency used.
How quickly are transfers delivered?+
Delivery is quoted as instant on the fee schedule. The transfer charge depends on the method and currency you pick, and funding fees can be static or dynamic, so the cost of a transfer is set by the route you choose rather than one flat price.
How do I contact Kraken support?+
Support runs on email, phone and help centre, so email, phone and a help centre are all available. Phone support is the quickest route for account questions, while the help centre covers the fee schedule and delivery times in writing.
Sources
- euclid.eba.europa.eu/register/downloads/PSDMD/20260926/do... checked September 26, 2026
Backs: Headquarters, Legal entity, Licence type, Licences
“EntityCode=IE_CBI!C468360; EntityType=PSD_PI; ENT_NAM=Payward Europe Solutions Limited”
- play.google.com/store/apps/details checked September 26, 2026
Backs: Support channels
“24/7/365 global customer support ... Support email mobile-pro@kraken.com ... +1 707-563-9806”
- support.kraken.com/hc/en-us/articles/kraken-faq-subscript... checked September 26, 2026
Backs: Monthly fee
“Kraken+ costs 4.99/month or 49.99/year in each major currency (USD, GBP, CAD, AUD, EUR, CHF).”
- support.kraken.com/hc/en-us/articles/where-is-kraken-lice... checked September 26, 2026
Backs: Deposit protection
- kraken.com/features/fee-schedule checked September 26, 2026
Backs: Currencies, Delivery time, Founded, Currency conversion fee, Payout methods, Transfer fee
“zero trading fees on up to $10,000 USD (or the local currency equivalent) in monthly trading volume for major currencies (USD, GBP, CAD, AUD, EUR, CHF)”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Related by the facts
Kraken
Holders of several currencies who will pay a subscription for a longer currency list.