Kraken

Disclaimer: These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy.

Payward Canada Inc., operating as Kraken, has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Payward Canada Inc., operating as Kraken, obtains registration, Payward Canada Inc. has agreed to abide by the terms of an undertaking available at the following page: https://www.securities-administrators.ca/wp-content/uploads/2023/04/20230324-Kraken-PRU-publication-version.pdf.

Canadian Regulations

Kraken is registered with FINTRAC in Canada as a Money Services Business and operates legally for Canadian users. Kraken is also registered with the Ontario Securities Commission and the other securities regulators in each Canadian province and territory as a Registered Dealer.

Kraken follows strict AML and KYC requirements (Canadian users of Kraken must verify their identity to use the exchange) and allows Canadians to fund accounts with CAD through Interac e-Transfer or wire transfer.

Available Cryptocurrencies

Kraken supports over 200 cryptocurrencies, including all major coins such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), XRP (Ripple), Dogecoin (DOGE), Avalanche (AVAX), and many others.

Kraken offers Canadian Dollar trading pairs for the following cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• USDC
• XRP
• SOL
• DOGE
• XDC
• PEPE

Security and Transparency

Kraken is widely regarded as one of the most secure exchanges in the world. It has never been hacked since launching in 2011.

Key security features include:

• 95%+ of client funds held in offline cold storage
• 2FA (two-factor authentication) on all accounts
• Email confirmations for withdrawals
• Global Settings Lock for additional protection
• Proof of Reserves audits for transparency

Kraken’s strong emphasis on cybersecurity and compliance makes it one of the safest options for Canadians.

Fees

Kraken charges fees on all trades, as well as on some Canadian dollar deposits and withdrawals (Canadian Dollar Interac e-Transfer deposits and cryptocurrency deposits have no fee). Kraken’s fees are transparent and competitive.

Deposits and Withdrawals

Below I list the Canadian Dollar deposit and withdrawal options at Kraken with fees and minimums.

Deposits

• Interac e-Transfer – NO FEE – $5 minimum deposit
• Bill Pay (Apaylo) – 0.25% fee – $1 minimum deposit
• Wire Transfer Deposit – NO FEE – $100 minimum deposit

Most cryptocurrency deposits are free.

Withdrawals

• Interac e-Transfer – $10 fee – $50 minimum withdrawal
• EFT Wire Transfer – 0.35% fee – $50 minimum withdrawal

There are small set fees for most cryptocurrency withdrawals.

Trades

Trade fees range from -0.02% to 0.4% of the trade amount.  The fee percentage depends on a users 30-day volume (higher volume users receive lower trade fees), the currency pair that is traded, and whether the order is a maker or taker (maker orders have lower fees compared to taker orders).

Customer Service

Kraken offers 24/7 support through live chat and email, in addition to having a detailed Help Centre that can answer most basic questions.

Kraken’s support quality is considered above average for a global exchange.

Ease of Use

Whether you are new to crypto and just want to make a quick buy or sell, or you’re an avid crypto trader who plans to make a lot of trades, Kraken has an option for you.

Kraken provides both beginner and advanced interfaces:

• Kraken App (Simple): Quick and easy option for buying or selling cryptocurrency with Canadian Dollars.
• Kraken Pro: Offers everything an advanced trader would want including order books, charting tools, and advanced order types.

Both platforms are available on desktop and mobile (iOS & Android). The interface is clean, fast, and reliable.