Exchanges · Review
Kraken Review
Kraken review: company and registration in the US, UK, EU, Canada and Australia, fees, security record and what to check before you deposit (October 2026).
How to choose a crypto exchange
What to compare before you open an account, how the main kinds of platforms differ and the warning signs of a scam.
Written with AISources checked How our guides are made
Three kinds of platforms
They all sell crypto. The big differences are who holds your coins and whether you have to verify your identity.
Centralized exchange
A company matches buyers and sellers and holds your funds while they are on the platform.
- Who holds your coins
- The platform
- ID check
- Usually required
- Good for
- Most beginners. Compare coins, fees and withdrawal rules before you choose.
Broker app
You buy crypto inside a finance or payment app, usually at a price that includes a wider spread.
- Who holds your coins
- The app
- ID check
- Usually required
- Good for
- Small, occasional purchases in an app you already use.
Decentralized exchange
Smart contracts swap tokens straight from your own wallet, with no company holding your funds.
- Who holds your coins
- You
- ID check
- Usually not
- Good for
- Swapping tokens once you already own crypto and a wallet.
What to check before you sign up
Eight checks in three groups. Our exchange reviews use the same list.
Safety
- Authorized where you live
- Look the company up in your financial regulator's public register. In the EU, crypto platforms need a MiCA license, and ESMA publishes a register of authorized providers.
- Security features
- Two-factor authentication, withdrawal address allowlists and clear information about how customer funds are stored.
- A clean track record
- Search for past hacks, frozen withdrawals and regulatory actions before you deposit any money.
Cost
- Total cost per purchase
- Add up the trading fee, the spread and any deposit fee. The lowest headline fee is not always the cheapest purchase.
- Payment methods
- Check that your bank transfer, card or local payment method works in your currency, and what each one costs.
Access
- The coins and networks you need
- Make sure the coin is listed and can be withdrawn on the network your wallet uses.
- Withdrawals to your own wallet
- You should be able to move your crypto out. Check withdrawal fees and limits before you buy.
- Support you can reach
- Look for clear help pages and a way to contact support from inside your account.
Exchange reviews
Red flags that point to a scam
If you see any of these, stop. Crypto payments usually cannot be reversed and do not have the legal protections of card payments.
Guaranteed profits
The FTC puts it plainly: only scammers guarantee profits or big returns.
A fee to unlock your withdrawal
Fake platforms show growing balances, then block withdrawals or demand high fees before you can take money out.
Investment tips from strangers
Be wary of anyone who contacts you out of the blue, including on dating apps or social media, and steers you to a platform.
Requests for your recovery phrase
No real exchange or support agent will ever ask for your wallet's recovery phrase or private keys.
Celebrity endorsements
Endorsements and testimonials are easy to fake. They say nothing about whether a platform is safe.
Exchange questions
What is the safest crypto exchange?
No exchange is risk-free. Choose one that is authorized where you live, offers strong security features and lets you withdraw to your own wallet, and keep only what you need on it.
Can I use more than one exchange?
Yes. Some people use one platform for everyday purchases and another for coins the first one does not list. Each account needs its own identity check and security setup.
What is the difference between an exchange and a wallet?
An exchange is where you buy and sell crypto. A wallet is where you hold it. Most exchanges hold your coins in an account for you, while a wallet you control gives you the private keys.
Do I need an exchange to buy crypto?
Not always. Broker apps also sell crypto, and some self-custody wallets let you buy through built-in payment partners. For most beginners, an exchange or broker app is the simplest place to start.
Sources
- Statement on the End of Transitional Periods under MiCA, European Securities and Markets Authority (ESMA). Accessed .
- Markets in Crypto-Assets Regulation (MiCA), European Securities and Markets Authority (ESMA). Accessed .
- What To Know About Cryptocurrency and Scams, U.S. Federal Trade Commission. Accessed .
- Some things you need to know, Bitcoin.org. Accessed .
This page was researched and written with AI using the sources above. How our guides are made. It is general information, not financial advice.