What is Kraken?
Kraken is one of the oldest cryptocurrency exchanges, founded in 2011 in San Francisco by Jesse Powell. It has never been hacked and has built a sterling reputation for security and transparency. Kraken was one of the first major exchanges to publish proof-of-reserves audits, allowing users to verify that the exchange holds sufficient assets to cover all customer deposits.
For NZ users, Kraken offers a solid trading experience with 200+ cryptocurrencies, competitive fees, and staking rewards. Direct NZD deposits are not available, but you can fund your account via international bank transfer (SWIFT) or credit card. The platform offers both a simple buy interface and an advanced Pro trading view.
Kraken holds multiple licences globally and is known for its 24/7 customer support — a rarity in the crypto exchange space. The exchange also offers futures trading and margin up to 5x for experienced traders.
Pros & Cons
Pros
- +Excellent security track record
- +Proof of reserves audits
- +Good range of cryptocurrencies
- +Staking rewards available
- +24/7 customer support
Cons
- -No direct NZD deposits
- -Higher fees than Binance
- -Verification can be slow
Fees
| Maker Fee | 0.16% |
| Taker Fee | 0.26% |
| Instant Buy | 1.5% |
| Card Purchase | 3.75% |
| SWIFT Deposit | Free (bank may charge) |
Staking on Kraken
One of Kraken's standout features is on-chain staking. NZ users can earn passive income by staking supported cryptocurrencies directly on the platform. Popular staking options include:
ETH
3-5% APY
SOL
5-7% APY
DOT
8-12% APY
Our Verdict
Kraken is a rock-solid choice for NZ users who value security and transparency. The proof-of-reserves audits set it apart. Best for intermediate to advanced traders who want a trustworthy platform.
FAQ
Can I deposit NZD on Kraken?
Not directly. Kraken supports deposits in USD, EUR, GBP, AUD, and other major currencies via SWIFT transfer. NZ users typically deposit USD and then trade. Your NZ bank will convert NZD to USD at their exchange rate.
Has Kraken ever been hacked?
No. Kraken has never suffered a security breach since its founding in 2011. This makes it one of the few major exchanges with a perfect security record spanning over a decade.
What is Kraken's proof of reserves?
Kraken publishes regular cryptographic proof-of-reserves audits that allow anyone to verify the exchange holds enough assets to cover all customer balances. This transparency measure was introduced after the FTX collapse to rebuild trust in centralised exchanges.
