Overview
Kraken has operated since 2011 and has the most unblemished security record of any major exchange — it has never suffered a significant hack. For buyers who prioritize safety above all else, this 13-year track record is unmatched. Kraken also offers some of the lowest fees in the industry, with maker fees starting at 0.26% on the Pro interface.
The platform caters to a broader range of users than Coinbase, with basic "Instant Buy" for beginners and Kraken Pro for experienced traders. Cash deposits via ACH or bank wire are supported. The verification process takes longer than Coinbase's, which is a minor friction for new users but is worth the wait.
Pros & Cons
Pros
Never been hacked
Low maker fees
Bank wire support
Advanced trading tools
Cons
Steeper learning curve
Slower verification
No credit card support
How to Buy Bitcoin on Kraken
1
Create an account at kraken.com with your email
2
Complete Starter verification (name, DOB, country) for basic trading
3
Complete Intermediate verification (photo ID) for higher limits and ACH deposits
4
Fund via ACH bank transfer (free) or wire transfer
5
Use "Instant Buy" for simple cash-to-Bitcoin or Kraken Pro for lower fees
Fee Breakdown
Instant Buy: 1.5% flat fee. Kraken Pro: 0.26% maker / 0.40% taker for under $50K/month volume (decreases with volume). ACH deposits: free. Wire transfers: $5 domestic, $10 international.
Security
Kraken holds 95%+ of assets in air-gapped cold storage. It publishes Proof-of-Reserves audits. Its security team is considered industry-leading, and the exchange has operated for 13+ years without a major hack. Two-factor authentication, master key support, and hardware key support (FIDO2) are available.
Verdict
Kraken is the right choice for buyers who care deeply about security and fees. The verification takes a bit longer than Coinbase, but the peace of mind from Kraken's 13-year clean record and the lower fee structure more than compensate. If you're buying more than a few hundred dollars, the fee savings alone pay for any inconvenience.
Frequently Asked Questions
Has Kraken ever been hacked?
No. Kraken has operated since 2011 and has never suffered a significant security breach — an impressive record in the crypto industry.
How long does Kraken verification take?
Starter verification is near-instant. Intermediate verification (required for ACH and higher limits) typically takes a few hours to 1 business day.
Does Kraken support cash purchases?
Yes — via ACH bank transfer (US) and wire transfer. Debit cards are not currently supported on Kraken.