HomeKraken Review – Is it a Scam or Legit Broker (2024)

Kraken Review – Is it a Scam or Legit Broker (2024)

Information source:
The source of this information is the website and the broker's trading platform listed in the Web section of this review. The operator of this website does not verify this information and is not responsible for its accuracy, completeness, timeliness, truthfulness or the compliance of a broker with legal regulations. Please verify whether the broker is authorized to provide its services in your country of residence in accordance with the legal regulations that apply to its business.

In this Kraken Review, we are going to take a look at the offer that this broker prepared for its traders. Kraken operates on the financial market since 2011. When it comes to trading platforms, the broker features Web trader. The Kraken minimum deposit is 1 USD.

Between 74-89% of retail investor accounts lose money when trading CFDs You should consider whether you can afford to take the high risk of losing your money

Basic information from this Kraken Review

Website address:kraken.com
Operated by: Payward, Inc.
Licensed and authorised by regulatory bodies:AML BSA
Supported languages:English, Spanish, French, Italian and Portuguese
Customer support available via:E-mail, live-chat
Contact details:[email protected] N/A
Available deposit methods:Bank transfer, Etana Custody, bank transfer
Available withdrawal methods:Bank transfer, Etana Custody, bank transfer
Minimum deposit:1 USD
Min. trade in lots:0.01
Spreads:Variable
Tradable assets:
Might be a CFD.
Forex, cryptocurrencies
Mobile app: Yes
MetaTrader 4:No
Other trading platforms:Web trader
Social trading:No

Random reviews of competing FX & CFD brokers: TemplerFx, FXVC, BPPrime and ProfitsTrade

Frequently Asked Questions

🧐 Is Kraken a Scam?

In accordance with our research, Kraken is a broker licensed and regulated by the AML and BSA. While it is a good thing that the broker is regulated, the AML and BSA regulatory agency is in comparison to 1st tier regulatory bodies like the CySEC one of the weaker regulatory authorities when it comes to investor protection. In order to be sure that Kraken is not a scam, read our trader reviews and check other popular trading related websites and forums.

🆓 What is the Kraken minimum deposit?

In order to start trading with Kraken, you have to deposit at least 1 USD (Trading accounts can also be held in USD, EUR, GBP, JPY, CAD, CHF).

📵 What deposit and withdrawal methods Kraken supports?

Kraken allows funding your account via Bank transfer, Etana Custody, bank transfer.

⚖️ Would you recommend me choosing Kraken?

We don’t have our own personal experience with Kraken. However, the broker is regulated by the AML and BSA which does not provide as strong protection to traders as 1st tier regulatory bodies (Like the British Financial Conduct Authority). Considering that there are hundreds of brokers with stronger regulation and quite highly possibly with better trading conditions too, it makes little to no sense to trade with Kraken.

Should you be looking for a highly reliable broker featuring forex trading and CFDs, you can get your hands on our marketing broker Etoro – (77% of of retail investor accounts lose money when trading CFDs with this provider), which is a CySEC regulated company that allows trading from as little as $50 and charges highly competitive fees on all assets.

Broker Regulated by Regulatory agencies ensure that brokers operate in a transparent and honest way. They protect the best interests of clients and also feature an investor compensation scheme which protects trader´s deposits up to a certain limit. Some of the major regulators in the industry include the CySEC in Cyprus, the FCA in the UK and the ASIC in Australia. Min. deposit Trading platforms A trading platform is a computer or mobile software program used to execute transactions within the financial markets. Spreads Spreads of the following companies can be as low as Special features A list of features that provide a given broker with a competitive edge. Ad Disclosure The table below contains links to 3rd party websites of our top partners from whom we receive compensation at no additional cost to you.
CySEC FCAFSCA $ 10 MT4 & MT5 0.3 PIPs ¹
  • Competitive spreads
  • International support
 Start tradingRead a review
CySECASIC £/€/$ 100 MT4 & MT5 1.0 PIPs¹
  • Competitive spreads
  • Great customer support
 Start tradingRead a review
FCACySECASIC £/€/$ 0 MT4, MT5 & TradingView 1.0 PIPs¹
  • Competitive spreads
  • Great customer support
 Start tradingRead a review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading CFDs You should consider whether you can afford to take the high risk of losing your money

¹ Variable spreads, spreads recorded for the EUR/USD on 11.01.2024 at 11:42 GMT.

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