Kraken: information and detailed review

Kraken is one of the oldest crypto exchanges. For a trader it is useful for one specific thing: if your firm pays you in crypto, you can send it to Kraken, sell it for euros and transfer it to your bank.

None of the firms we cover names Kraken as a payout method. But the vast majority offer crypto payouts, and for that you need a reliable place to turn it into money.

We read its fee schedule, its articles on deposits, withdrawals and stablecoins in Europe, and 885 Trustpilot reviews from 2026.

Most important: in Europe, get paid in USDC, not USDT

Because of the European crypto-asset regulation (MiCA), Kraken no longer allows its European Economic Area clients to trade USDT. You can deposit and withdraw it, but not sell it. Kraken itself advises against depositing it.

If you live in the EU and your firm pays in stablecoins, ask for USDC. If it only pays in USDT, you will have to convert it somewhere else first.

Who is behind it

Kraken was founded in 2011. In Europe it serves clients through an entity authorised by the Central Bank of Ireland under MiCA, present in all 30 European Economic Area countries. It is not a bank: what you hold on Kraken is not covered by a deposit guarantee scheme.

How you collect a payout with Kraken

1. Open the account and verify your identity.
2. In Kraken, choose Deposit, the coin (USDC) and the network. Copy the address.
3. Give that address to your firm, on the same network. If the network does not match, the money is lost.
4. When it arrives, sell it for euros. Preferably on Kraken Pro, which is cheaper.
5. Withdraw the euros to your bank by SEPA.

Fees

Item	Cost
Depositing crypto	Depends on coin and network; shown before you confirm
Selling USDC for euros on Kraken Pro	0.20%
Selling other crypto on Kraken Pro (first tier)	0.40% maker, 0.80% taker
Instant buy or sell in the app	1%
Custom orders in the app	1.5%
Withdrawing euros by SEPA	€1 (minimum €2)
Withdrawing euros by SEPA Instant	€0.90 to €1
Withdrawing by SWIFT	€5 (minimum €100)

Source: Kraken fee schedule and help articles, checked on 9 October 2026.

Example: a 2,000 USDC payout sold on Kraken Pro costs about $4 in fees, plus €1 to move the euros to your bank. In the regular app you would pay $20. Use Kraken Pro.

Timing

• SEPA: 0 to 5 business days, depending on the partner bank.
• SEPA Instant: almost immediately.
• Holds: some deposits trigger a 72-hour to 7-day withdrawal hold, for crypto and cash.

What users say

Kraken scores 3.2 out of 5 on Trustpilot, from 9,119 reviews, and Trustpilot shows a high-risk investment notice. Eight in ten reviews we read arrive through company links, and six in ten are from the US. Our review analysis above breaks it down.

• Withdrawals on hold for weeks and accounts restricted under review, sometimes with thousands of dollars inside. One user says they were given a 35 business day timeline.
• AI chat that does not let you reach a person.
• Those without problems describe an easy, reliable platform.
• Kraken now also offers its own prop trading accounts, with complaints about their trading fees.

How to use it well

1. Ask to be paid in USDC, and confirm the network with your firm.
2. Do a small test the first time.
3. Sell on Kraken Pro, not with the app's instant buy.
4. Withdraw to your bank as soon as you sell. Do not leave money on the exchange.
5. Keep the payout receipt handy in case Kraken asks where the funds come from.

Verdict

Kraken is one of the most serious options in Europe for turning crypto payouts into euros: MiCA licence, cheap Kraken Pro for stablecoins and SEPA withdrawal for €1. Its downsides are withdrawal holds, which fill its 2026 reviews, and that in Europe it no longer works for USDT.

Who it is for: traders in Europe paid in USDC or other crypto who want to convert to euros cheaply.

Who it is not for: anyone paid in USDT and anyone needing the money the same day with no room for a possible review.

Alternatives

• Bybit: another exchange, with a card, widely used to receive USDT outside Europe.
• Revolut: a bank that also accepts some crypto deposits.
• Wise: if your firm pays by dollar transfer.