Support Center | Kraken (2024)

FAQs

How is Kraken support? ›

90% client satisfaction score, for a reason. Kraken's support team has a proven track record of providing prompt and exceptional customer service.

Where can I use Kraken? We welcome clients from all over the world, with a few specific exceptions due to international and local financial & cryptocurrency regulations. Depending on your verified residency, you may have certain restrictions on your account.

Our dedicated support specialists are here to help you 24/7. “Kraken's support team is the best in the industry. Issues that take weeks to solve on other exchanges are usually solved within 24 hours by your support team.”

Kraken's top-notch security, low trading fees and solid range of available cryptos makes it a good choice for investors who are just experimenting with crypto as well as more experienced traders.

Overall, Kraken is an excellent choice for cryptocurrency trading and investing. Make sure you understand all costs and risks involved and take steps to secure your account with two-factor authentication. If you do, you should have a positive experience buying and selling cryptocurrency through Kraken.

Crypto exchange Kraken agreed to shut down its U.S. cryptocurrency staking service and pay $30 million in penalties to settle U.S. Securities and Exchange Commission charges that it failed to register the program, the agency said on Thursday, in a move that could cause headaches for platforms with similar offerings.

Crypto exchange Kraken said Wednesday that it will stop operations in Japan next month, blaming a “weak crypto market globally.” The company will deregister from Japan's Financial Services Agency on Jan. 31, 2023.

Yes, Kraken reports to the IRS. If you're a US resident and you earn more than $600 in income via Kraken (from staking rewards and so on), Kraken will issue you a 1099-MISC Form.

MVB Bank funding method supports domestic USD deposits and withdrawals via Fedwire. To use MVB Bank your Kraken account must be associated with a US (except Texas) address. Before you deposit or withdraw with MVB bank, please review our article for additional requirements.

Why can't i withdraw from Kraken? ›

Certain instant purchases, such as first time ACH Online Banking, debit or credit card or digital wallet purchases, will trigger a withdrawal hold for up to 72 hours. Withdrawal holds may also be triggered by deposits from certain banks as well as security reasons.

The daily limit works on a 24-hour sliding window, while the monthly limit works on a 30-day sliding window. What that means is that you have to wait 24 hours for the daily limit to reset and 30 days for the monthly limit to reset. Example: Your daily deposit limit is 100,000 USD.

While both Coinbase and Kraken are highly trusted cryptocurrency exchange platforms, Coinbase's benefits are more specific to U.S. traders, while Kraken is the best for international traders overall. It has some of the lowest fees in the industry and offers robust security for users.

Withdraw cash

Select Withdraw. Choose the currency you'd like to withdraw and input the amount. In the Withdraw To section, select an existing withdrawal address or click Enter a new bank account. To add a new bank account, select your preferred funding method.

Feb 8 (Reuters) - Cryptocurrency exchange Kraken is under investigation by the U.S. Securities and Exchange Commission for the sale of unregistered securities, according to a Bloomberg report.

About Kraken

The company allows users to trade international currencies and other digital currencies. It was founded in 2011 and is based in San Francisco, California.

Kraken has never been hacked and is considered a reliable crypto exchange.

The profession data and SSN are required for verification. This level grants no access to the Kraken Invest app, no support for crypto deposits, and withdrawals and fiat deposits are limited to a $ 9,000-lifetime limitation.

Kraken is an exchange, not a wallet service. We provide clients the ability to deposit funds to our corporate wallet for safekeeping while the funds are being exchanged or used for trading or staking*, but we do not provide a personal wallet service.

How do you make money on the Kraken? ›

Kraken gives users access to 180+ digital assets they can buy, sell and store in their account. You make money as the price of your crypto holdings rise, which you can then sell for a profit.

Kraken remains one of the very few leading regulated exchanges that has never been breached. Nevertheless, it's recommended that users never hold all their funds on any single crypto exchange.

How Long Does It Take to Withdraw From Kraken? On average, bank transfers and ACH withdrawals take about 2 business days to process, but they can take up to 5 business days, according to Kraken.

Kraken vs Robinhood Comparison Result Analysis

It's also very useful to look at the number of active users. Clearly, if comparing Kraken vs Robinhood, the bigger active user base is gathered by Robinhood with around 31M users. Whereas Kraken has around 4M active users.

In April 2018, Kraken refused compliance with an investigation by the New York Attorney General's Office regarding the measures taken by cryptocurrency exchanges to protect their customers from market manipulation and money laundering, finding the associated expenditure to be bad for business.

Kraken has settled charges with the U.S. Securities and Exchange Commission (SEC) and is shutting down its on-chain staking program, the government agency shared on Thursday.

Owners. The team is owned by Seattle Hockey Partners, an organization consisting of David Bonderman, Jerry Bruckheimer and Tod Leiweke.

Yes, the IRS can track crypto as the agency has ordered crypto exchanges and trading platforms to report tax forms such as 1099-B and 1099-K to them. Also, in recent years, several exchanges have received several subpoenas directing them to reveal some of the user accounts.

Yes, the IRS can track cryptocurrency, including Bitcoin, Ether and a huge variety of other cryptocurrencies. The IRS does this by collecting KYC data from centralized exchanges.

IRS Guidance

For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.

What states does Kraken work in? ›

Binance: Access. Kraken is available to all U.S. residents, except those living in Washington and New York.

Bank of America: Does not permit crypto purchases with any of its credit cards. Barclays: Does not permit crypto purchases with any of its credit cards. Chase: Does not permit crypto purchases with any of its credit cards. Discover: Does not permit crypto purchases with any of its credit cards.

While the investments made through the bank will not be insured by the Federal Deposit Insurance Corporation (FDIC), Kraken says all assets will be available as cash or the least risky, most liquid cash equivalents.

After account confirmation, all crypto deposits are credited to your account instantly. You'll be ready to trade in under 10 minutes. With a quick and convenient verification process, Kraken makes it easy to deposit your crypto funds so you can focus on the market.

Holding period. If you've recently purchased crypto via card, ACH or Open Banking, your crypto may be subject to a holding period. During a holding period, you cannot withdraw from your cash (GBP, EUR, or USD) account, send funds to your DeFi Wallet, or send to an external wallet.

Final Verdict

While both Coinbase and Kraken are highly trusted cryptocurrency exchange platforms, Coinbase's benefits are more specific to U.S. traders, while Kraken is the best for international traders overall. It has some of the lowest fees in the industry and offers robust security for users.

As one of the largest and oldest Bitcoin exchanges in the world, Kraken is consistently named one of the best places to buy and sell crypto online, thanks to our excellent service, low fees, versatile funding options and rigorous security standards -- but this is only part of the story.

Kraken provides 24/7 live chat support for any questions you have about getting started.