What Account Types and Fees Does Kraken Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
User-friendly interface, access to basic trading features |
Suitable for traders looking to engage in cryptocurrency trading without advanced tools |
| Professional Account |
Experienced traders |
Higher deposit and withdrawal limits, advanced trading features |
Requires verification to pro limits, suitable for high-volume trading |
| Corporate Account |
Business clients |
Personalized limits, access to OTC trading desk |
Requires corporate documentation and is designed for businesses trading on behalf of a business entity |
| Demo Account |
New traders |
Practice trading without financial risk |
Ideal for those looking to familiarize themselves with the trading platform |
Account Opening Process
To open an account with Kraken, users need to follow a series of steps that include submitting personal information such as name, email address, and phone number. Employment and financial information may also be required to assess trading eligibility. Identity verification is necessary, which involves providing a valid government-issued ID and proof of address. Additionally, users have the option to upgrade their accounts from an intermediate level to a professional account later on, should their trading needs change.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
Varies |
$X per lot |
Competitive spreads available for major pairs |
| CFDs (Stocks, Indices, Commodities) |
Varies |
$X per lot |
Fees apply based on product and trading volume |
| Cryptocurrencies (BTC/USD) |
Varies |
$0.1 |
Variable fees based on market conditions |
Other Fees
Additional fees may apply for various services, including deposit and withdrawal fees, which can vary based on the method of transfer. Users should also be aware of potential inactivity fees, platform usage fees, and overnight interest (swap rates) for certain trading positions. Currency conversion fees may also apply when trading across different fiat currencies.
