Kraken vs. Kraken Pro: The biggest differences
Kraken is a global crypto exchange serving more than 9 million clients in nearly 200 countries. The platform currently offers more than 100 cryptocurrencies, including bitcoin, ethereum, and dogecoin. In addition to serving individuals, Kraken offers a vast array of services for businesses and institutions.
But its two main accounts — Kraken and Kraken Pro — serve different types of crypto traders. The basic Kraken account is a good option for beginners or intermediate traders who aren't in need of too many features besides regular trading or staking. If you're looking for an advanced interface, margin trading, and additional order types, Kraken Pro is your best bet.
Kraken and Kraken Pro's features and account options also vary.
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Kraken |
 Kraken |
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Account types
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Account types
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Investment choices Cryptocurrencies |
Investment choices Cryptocurrencies |
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Account perks
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Account perks
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Human advisors available? Yes — OTC trading individuals get access to one-on-one service and assistance from experts. Advanced traders can also upgrade to Account Management to get an ongoing personal account representative. |
Human advisors available? Yes — OTC trading individuals get access to one-on-one service and assistance from experts. Advanced traders can also upgrade to Account Management to get an ongoing personal account representative. |
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Robo-advice? No |
Robo-advice? No |
Is Kraken right for you?
How Kraken works
You'll get access to more than 100 cryptocurrencies with both Kraken basic account and the Kraken Pro account. But the standard Kraken account is a better choice for beginners who don't need to access features like margin trading, advanced order types, and charting tools.
When it comes to account funding, you can do so with fiat currencies (e.g., USD or EUR), cryptocurrencies, and you'll be able to trade fiat-to-crypto 24/7. Plus, the basic account lets you make purchases with ACH bank transfers or debit/credit cards.
Kraken also uses account verification levels to determine which features traders can access. It currently has four: Starter, Express, Intermediate, and Pro. Each level is simply based on how much documentation you provide when setting up your account. For instance, those who provide all of the following are considered to be at the pro level: email, full name, date of birth, phone number, address, occupation, valid ID, social security number, proof of residence, face photo, KYC questionnaire, and 2FA sign-in.
Those who don't provide all of the above typically fall into lower levels, limiting how much they can use on Kraken. Each level can use the Kraken Pro app, but only express, intermediate, and pro users can take advantage of the basic Kraken app (visit this link for more information on what you can do with each verification level).
Both the basic and Kraken Pro accounts additionally allow for staking (staking is a process whereby crypto holders receive interest rewards for holding specific amounts of certain cryptocurrencies for set periods of time). You can currently earn up to 23% annually on your crypto balances, but the rates you receive ultimately depend on the cryptocurrency you're staking. See more on Kraken's staking rewards here.
Kraken will also launch a beta version of its own NFT marketplace soon (you can join the waitlist here). The Kraken mobile app is available on both iOS and Android devices.
Read Personal Finance Insider's complete review of Kraken here »
Is Kraken Pro right for you?
What does Kraken Pro do?
Kraken Pro is best for experienced, active traders who want to take advantage of additional account perks like margin trading, charting tools, and advanced order types. Just as with the basic Kraken account, you'll get access to 100+ cryptocurrencies, staking, and over-the-counter trading (if you're a high-net-worth client).
Kraken's futures aren't currently available to US traders, but those residing in countries that aren't on its list of geographic restrictions will have access to futures through Kraken Pro. As for Kraken Pro's order types, you'll be able to utilize market, limit, stop-loss, and take-profit orders. Plus, you can easily stake and unstake cryptocurrencies through the app.
Its margin trading perks are best for individuals who want extra buying power. You can trade with up to five times leverage at Kraken (i.e., you can borrow up to five times your account balance to trade cryptocurrencies). The margin fee you'll pay depends on the cryptocurrency you're using (see more details on Kraken's margin fees here).
Users can set up the Kraken Pro mobile app on iOS or Android devices.
Read Personal Finance Insider's complete review of Kraken here »
Kraken vs.Kraken Pro — Frequently asked questions (FAQ)
Is Kraken any good?
That depends on what you're looking for in a cryptocurrency exchange. Kraken is a global exchange offering 100+ cryptocurrencies, staking, over-the-counter (OTC) trading, futures trading, margin trading, and a range of other services for individuals and institutions.
The exchange is best for those who want easy access to cryptocurrencies like bitcoin, ethereum, litecoin, and others.
Are Kraken and Kraken Pro linked?
Yes. To set up the Kraken Pro app, you'll need to log in either using your current name and password, or an API key. If you choose the API route, you'll need to follow these instructions after downloading the app.
Is Kraken Pro free?
No. Kraken Pro users are still responsible for Kraken's trading fees.
Is Kraken Pro legit?
Yes. Kraken has been in business since 2011, and the business is regulated by FinCEN.