Kraken Referral Code: tfjb824w
Trusted Exchange With Signup Rewards

Why Kraken stands out — 13 years, never hacked

In an industry marked by exchange collapses, hacks, and regulatory failures, Kraken occupies a rare position: it has operated continuously since 2011 without suffering a major security breach. For context, Bitfinex lost 120,000 BTC in 2016, Binance was compromised in 2019, and FTX collapsed entirely in 2022. Kraken has navigated more than a decade of increasingly sophisticated attack vectors — DDoS campaigns, social engineering attempts, and security research challenges — without a single instance of customer fund loss due to a platform breach.

This track record is not accidental. Kraken has invested heavily in security infrastructure since its earliest days, employing a dedicated security team, running a continuous bug bounty program, and maintaining cold storage for the substantial majority of customer funds. The exchange's "security-first" philosophy — which founder Jesse Powell articulated publicly and repeatedly — has shaped product decisions throughout the company's history, often at the cost of adding features more quickly than competitors.

US-regulated and accessible to American traders

Kraken holds money transmission licenses across US states and is registered as a Money Services Business with FinCEN. It operates Kraken Bank — a Wyoming-chartered special purpose depository institution — making it one of the only crypto exchanges with genuine bank-level regulatory standing in the United States. This directly contrasts with Binance.com, Bybit, and OKX, which are blocked from serving US residents. American traders who want a full-featured exchange with major altcoins, margin trading, and staking have very few regulated options — Kraken is among the strongest available.

Proof of reserves — verify your balance independently

Kraken publishes regular proof-of-reserves audits conducted by third-party accountancy firms using Merkle tree cryptographic verification. This allows any Kraken user to independently confirm that their account balance is backed one-to-one by assets actually held by the exchange. Kraken was among the first major exchanges to implement this practice — and among the loudest voices calling on competitors to adopt it — following the FTX collapse in November 2022, when the absence of such verification proved catastrophic for FTX's 1 million+ customers.

How to apply the referral code

1. Open the signup page via the referral link Navigate to kraken.com/sign-up?ref=tfjb824w. The referral code tfjb824w is embedded directly in the URL parameter — you do not need to type it separately. Enter your email address and create a strong, unique password. Kraken will send a verification email to confirm your address before allowing you to proceed.
2. Verify your email and set up two-factor authentication Click the confirmation link in Kraken's verification email to activate your account. Before depositing any funds, navigate to Security settings and enable two-factor authentication. Kraken supports authenticator apps (Google Authenticator, Authy) and hardware security keys (YubiKey). For any account holding meaningful value, a hardware key is the gold standard — it cannot be phished the way software 2FA can. Kraken also offers a Global Settings Lock feature that prevents account setting changes for a configurable lockout period.
3. Complete identity verification (KYC) Kraken uses a tiered verification structure. Starter tier (email only) allows limited functionality. Intermediate tier requires your full legal name, date of birth, residential address, and phone number — this unlocks fiat deposits and most trading features. Pro tier adds a government-issued photo ID and proof of address document, unlocking the highest deposit and withdrawal limits and all funding methods. Complete at minimum Intermediate verification to access the full platform. Pro verification is recommended for any serious trading volume.
4. Fund your account and start trading Kraken supports bank wire, ACH (US), SEPA (EU/UK), and cryptocurrency deposits. Go to the Funding section to see deposit options available in your country. Once funded, you can trade on the standard Kraken interface or switch to Kraken Pro for access to the advanced trading terminal, lower fees, and the full order book. Consider activating staking on eligible assets to earn yield on idle holdings while you trade.

Kraken fee structure — spot, Pro, and futures

Kraken operates two distinct fee schedules depending on which trading interface you use. The standard Kraken interface targets casual users and has higher fees. Kraken Pro — the professional trading terminal — uses a maker-taker model with substantially lower rates that decrease further with volume. Both interfaces share the same account, so switching between them requires no separate registration.

Kraken Pro vs standard Kraken

The standard Kraken interface charges a flat fee for "instant buy" and "simple order" functionality that is significantly higher than Kraken Pro rates — often 1.5% or more on instant purchases. For any user who places more than a handful of trades per month, switching to Kraken Pro is one of the single highest-leverage fee optimizations available. The professional interface is accessible via pro.kraken.com or by toggling "Pro" in the Kraken mobile app. No additional verification or account setup is required.

How Kraken fees compare to competitors

At entry-level volumes, Kraken Pro's 0.16% maker fee compares favorably to Coinbase Advanced (0.40% maker) and is competitive with OKX (0.08% maker) and Binance (0.10% maker, or 0.08% with referral discount). For high-volume traders on Kraken Pro hitting the 0.00% maker tier, Kraken becomes one of the lowest-cost venues for spot trading among regulated exchanges available to US users.

Kraken vs Coinbase — the two leading US-regulated exchanges

For US residents, the practical choice of regulated exchange most often comes down to Kraken or Coinbase. Both are legally compliant, both have operated for over a decade, and both offer robust mobile apps. The differences are meaningful for active traders.

Coinbase has advantages in brand awareness and regulatory transparency as a publicly traded company (NASDAQ: COIN). Its mobile app is more polished and arguably more accessible to crypto newcomers. Kraken's advantages are lower fees at every volume tier, a broader product suite (margin, futures, more staking assets), a longer operating history without incidents, and a Wyoming banking charter that gives it a unique regulatory standing. For cost-conscious traders who intend to use the platform actively, Kraken is generally the better long-term choice between the two.

Staking on Kraken — earn yield on crypto holdings

Kraken offers on-chain staking for more than 20 cryptocurrency assets, allowing users to earn yield on holdings without actively trading. Staking rewards are distributed directly to your Kraken account, typically on a weekly basis, with no lockup periods required on most assets. This makes Kraken one of the more flexible staking platforms for users who want yield without full capital commitment.

ETH staking and the US restriction

Kraken's Ethereum staking service — which previously allowed US users to stake ETH and receive the liquid staking token ETH.S — was suspended for US customers in February 2023 following an SEC settlement in which Kraken paid $30 million and agreed to cease offering crypto staking services to US retail investors. ETH staking remains available to non-US users. US Kraken users can still stake a wide range of other assets not covered by the settlement. Non-US users can access the full ETH staking product, including the liquid ETH.S token that can be traded while staking rewards accrue.

On-chain vs custodial staking

Kraken's staking is on-chain where possible, meaning your assets are actually delegated to network validators rather than being lent out in a yield-generation program. This matters for risk: on-chain staking carries only protocol-level risk (slashing, which Kraken covers), whereas custodial yield programs carry counterparty risk against the platform. Kraken's commitment to on-chain staking is consistent with its broader security philosophy and distinguishes it from platforms that offer higher nominal yields via lending programs with different risk profiles.

Kraken's security track record — a detailed look

Kraken's zero-hack record over 13+ years is the most distinctive element of its reputation. Understanding how it has achieved this — while operating at scale in an industry where attacks are relentless — helps explain why security-conscious traders choose it over alternatives with lower fees or higher trading volumes.

Cold storage and fund segregation

The large majority of Kraken customer funds are held in cold storage — offline hardware that is not accessible via the internet. Hot wallets (online, used for processing withdrawals) hold only the minimum required for operational liquidity. This architecture means a successful compromise of Kraken's online systems cannot access the bulk of customer funds. Cold storage private keys are geographically distributed, with multi-signature requirements for access, and are protected by physical security measures that Kraken does not publicly detail.

Bug bounty program and penetration testing

Kraken operates one of the crypto industry's most active bug bounty programs, paying security researchers for responsibly disclosed vulnerabilities. The program has been running since the exchange's early years and has resulted in the identification and patching of hundreds of vulnerabilities across Kraken's web, API, and infrastructure layers. External penetration testing by third-party security firms is conducted on a regular basis. Kraken's Chief Security Officer has historically published detailed post-mortems of security incidents — even attempted attacks that failed — contributing to broader industry knowledge.

Global settings lock and master key

Kraken offers two account security features uncommon among exchanges. Global Settings Lock (GSL) prevents changes to security settings (2FA method, withdrawal addresses, API keys) for a configurable time period after login — protecting against scenarios where an attacker gains temporary account access and attempts to lock you out or add unauthorized withdrawal destinations. Master Key is an additional authentication layer that must be entered for the most sensitive account operations, independent of your regular 2FA. These features demonstrate that Kraken has thought carefully about attack vectors beyond the simple "password + 2FA" model.

Regulatory compliance as a security layer

Kraken's comprehensive regulatory compliance — FinCEN MSB registration, state money transmission licenses, and the Wyoming banking charter — subjects it to regular examination by financial regulators. Regulatory examinations include reviews of operational controls, including security practices. This creates an external accountability layer that purely offshore or unregulated exchanges lack. The cost of compliance (licensing, reporting, audits) is real, but the benefit is a demonstrably more robust control environment than self-regulated alternatives.

About Kraken — Jesse Powell, 2011, San Francisco

Kraken was founded in 2011 by Jesse Powell, a tech entrepreneur who had previously co-founded Lewt, an online gaming items marketplace. Powell began developing Kraken after personally witnessing the aftermath of the Mt. Gox hack — at the time the world's largest Bitcoin exchange — and concluded that the industry needed an exchange built to the security standards of traditional financial institutions rather than as an afterthought. Kraken was incorporated in San Francisco, California, where its headquarters remains today.

The exchange launched publicly in 2013 and was among the first to offer EUR/BTC trading pairs with genuine EUR banking, which helped establish its strong user base in Europe. Kraken also played a significant role in the aftermath of Mt. Gox's collapse in 2014, partnering with the bankruptcy trustee to assist victims of the hack — a decision that cemented Kraken's reputation as a responsible industry actor even at the cost of significant operational resources.

In 2023, Jesse Powell stepped back from the CEO role. Dave Ripley, who had served as Kraken's COO since 2021, assumed the chief executive position. The leadership transition was smooth and did not interrupt Kraken's operational trajectory. Powell remains involved with the company as a board member and strategic advisor. Under Ripley's leadership, Kraken has continued its compliance-focused expansion and launched NinjaTrader (a traditional futures brokerage acquisition), signaling a push toward becoming a broader multi-asset financial platform beyond pure crypto.

Today Kraken operates as one of the top five cryptocurrency exchanges globally by volume, serves millions of users across more than 190 countries, and employs several thousand people across offices in San Francisco, London, Dublin, and other locations. The company has remained private — unlike Coinbase, which went public via direct listing in 2021 — and has considered but not yet executed a public offering.

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