Kraken
Best for verifiable reserves and EU authorisation
How it rates
- Per-account Merkle verification, not just an aggregate attestation
- MiCA authorisation held, not pending
- Fee rates and volume tiers both displayed publicly
- Entry-tier spot fees are the highest in this comparison
- Deposit and withdrawal costs sit on separate pages
- 24h volume is the lowest of the top-ranked venues here
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetAuthorisation from a recognised financial regulator, evidenced publicly
MiCA authorisation from the Central Bank of Ireland, June 2025.
www.kraken.com/europe-switch - MetProof of reserves with per-account verification
Merkle proof issued per account.
www.kraken.com/proof-of-reserves - MetMost recent reserve publication within 12 months
December 2025 round published; programme is quarterly.
blog.kraken.com/news/december-2025-proof-of-reserves - MetReserve method documented publicly
Merkle-tree construction and scope described.
www.kraken.com/proof-of-reserves - MetNo unremediated custody-loss incident on the public record (24 months)
None identified in public reporting at this check.
www.kraken.com/proof-of-reserves
- MetFee page at a documented public URL
Reachable without an account.
www.kraken.com/features/fee-schedule - MetEntry-tier maker and taker rates displayed
0.40% maker / 0.80% taker at the base tier.
www.kraken.com/features/fee-schedule - MetVolume tiers with thresholds displayed
Tiers published from $0 to $500m+ 30-day volume.
www.kraken.com/features/fee-schedule - PartialDeposit and withdrawal costs addressed
Referenced on the fee page; priced on separate method pages.
www.kraken.com/features/fee-schedule - MetFee documentation readable without an account
Retrieved and read at this check.
www.kraken.com/features/fee-schedule
- MetListed with an independent trust score
CoinGecko exchange dataset, trust score 10.
api.coingecko.com/api/v3/exchanges - Met
- Met
- Met
- Met
- MetRegulatory status stated on the provider's own domain
MiCA status published by the company.
www.kraken.com/europe-switch - Met
- MetReserve or financial disclosure on own domain
Reserve programme hosted on the company's own site.
www.kraken.com/proof-of-reserves - MetAttestation independently verified
Independently verified per the published round.
blog.kraken.com/news/december-2025-proof-of-reserves - PartialEnforcement or incident history on the public record
No material action identified at this check; absence is not proof.
www.kraken.com/legal
- MetHelp centre reachable without an account
Reachable without an account at this check (HTTP 2xx).
support.kraken.com/ - Met
- Met
- MetPublic fee documentation
Reachable without an account at this check (HTTP 2xx).
www.kraken.com/features/fee-schedule - MetPublic legal and terms documentation
Reachable without an account at this check (HTTP 2xx).
www.kraken.com/legal
Kraken is the only exchange in this group that clears every indicator on the pillar carrying the most weight: an EU authorisation held rather than pending, quarterly reserve proofs a customer can verify against their own balance, and a fee schedule that publishes its rates in full. Its entry-tier pricing is the highest here, and it is the only one that tells you so on the page.
Our assessment
Kraken is the exchange in this comparison that gives an outsider the most to check. It publishes quarterly proof of reserves with a per-account Merkle proof, holds a MiCA authorisation from the Central Bank of Ireland, and puts its entire fee ladder on one public page. It is also the most expensive entry-tier venue here, and it tells you so before you sign up.
Reserves you can verify against your own balance
Most exchanges that advertise proof of reserves publish a wallet total and ask you to believe it. Kraken issues each customer the cryptographic proof needed to confirm their own balance was inside the attested figure — a different claim, and a materially stronger one. The programme runs quarterly rather than annually, and rounds are published with independent verification, so the gap between marketing and evidence is unusually narrow here.
An EU licence held, not pending
Kraken obtained its MiCA authorisation from the Central Bank of Ireland in June 2025, ahead of the July 2026 enforcement date that removed several competitors from the European market entirely. For a reader inside the EEA that is not a compliance footnote — it is the difference between an account that keeps working and one that stops accepting deposits.
The cost of that transparency
Entry-tier spot fees are 0.40% maker and 0.80% taker, the highest of any venue in this table. They fall with 30-day volume across a published ladder running to $500m, so an active trader converges with the group, but a first-time buyer pays a visible premium. The schedule itself is complete and readable without an account, which is what our cost pillar actually measures — transparently expensive still scores well on disclosure and poorly on price.
Who it suits
Kraken fits readers who weight counterparty risk above headline pricing: people holding meaningful balances between trades, European users who need an authorised venue, and anyone who wants the ability to check reserves rather than trust them. Active traders chasing the lowest taker fee will find cheaper venues in this table — and should read what those venues publish before deciding the saving is free.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| Binance | 9.7 | lowest published spot fees, outside the EU | Read → |
Frequently asked
Can I verify my own balance in Kraken's proof of reserves?
Yes. Kraken publishes a Merkle root and gives each account the proof needed to confirm its balance was included, without exposing other customers' data.
Is Kraken authorised in the EU?
It holds a MiCA authorisation obtained from the Central Bank of Ireland in June 2025, covering the European Economic Area.
Why are Kraken's fees higher than competitors?
Its base tier is 0.40% maker and 0.80% taker, falling with 30-day volume. The schedule is transparent; it is simply priced above the group at the bottom tier.