Kraken has introduced its own multichain crypto wallet, supporting major cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin, alongside several Layer 2 and EVM-compatible chains. This Kraken Wallet review dives into its functionalities, security measures, and overall user experience to help you decide if it’s the right choice for your crypto needs.
Key Takeaways
- Non-custodial & open-source: Users control private keys; no Kraken account required.
- Multichain support: Bitcoin, Ethereum, Solana, and select EVM/Layer 2 chains (e.g., Polygon, Arbitrum).
- Security-first: Biometric authentication, password protection, and audited by Trail of Bits.
- Basic DeFi integration: Built-in dApp browser and NFT gallery but lacks advanced features like cross-chain swaps.
- Exchange connectivity: Seamless Kraken integration for easy funding (subject to withdrawal delays).
Our Verdict
The Kraken Wallet excels in security and simplicity, making it ideal for beginners or Kraken exchange users. However, its limited blockchain support and absence of third-party purchasing options may deter advanced users.
Pros
✅ Non-custodial
✅ User-friendly interface
✅ Biometric authentication
✅ Direct Kraken exchange integration
Cons
❌ Limited to 12 chains (vs. competitors like Best Wallet’s 60+)
❌ No cross-chain swaps or third-party purchases
❌ Inaccurate DeFi balance tracking
👉 Explore Best Wallet for advanced features
What Is Kraken Wallet?
A non-custodial, mobile-only wallet by Kraken, supporting:
- Major coins: BTC, ETH, SOL, DOGE.
- EVM chains: Avalanche, Polygon, Base, Arbitrum.
- Open-source code: GitHub repository available for audits.
Key Distinction: Unlike Kraken’s custodial exchange wallet, this app gives users full asset control via seed phrases.
Supported Cryptocurrencies
| Blockchain | Supported Assets |
|----------------------|-------------------------------|
| Bitcoin | BTC |
| Ethereum | ETH, ERC-20 tokens |
| Solana | SOL, SPL tokens |
| EVM-compatible | AVAX, MATIC, USDC (on L2s) |
Missing: Support for 60+ chains available in rivals like Best Wallet.
Security Features
- Biometric login: Fingerprint/Face ID.
- Password protection: Optional PIN/transaction passwords.
- End-to-end encryption: Private keys secured via iOS Keychain/Android Keystore.
- Audit: No critical vulnerabilities found in Trail of Bits review.
Fees & Funding
- Network fees: Paid to blockchains (e.g., Ethereum gas fees).
Kraken exchange costs:
- 4.95% + spread for debit card purchases.
- 72-hour withdrawal holds.
Alternative: Best Wallet offers lower fees and instant third-party funding.
User Experience
Setup Process
Interface
- Three-tab layout: Portfolio, dApp browser, QR scanner.
- NFT gallery: Auto-detects collections but misses spam filtering.
- DeFi shortcoming: Balances sometimes inaccurate.
Kraken Wallet vs. Alternatives
| Feature | Kraken Wallet | Best Wallet |
|-----------------------|---------------------|---------------------|
| Chains Supported | 12 | 60+ |
| Cross-Chain Swaps | No | Yes |
| Third-Party Purchases | No | Yes |
| NFT Management | Basic | Advanced |
👉 Try Best Wallet for broader chain support
FAQs
1. Is Kraken Wallet free?
Yes, but network fees apply for transactions.
2. Can I stake crypto in Kraken Wallet?
Only via connected dApps (e.g., Compound on Base).
3. How do I contact Kraken support?
Via help center or email tickets.
4. Does Kraken Wallet support hardware wallets?
No, but it’s non-custodial with similar security.
Final Thoughts
Kraken Wallet is a secure, simple option for Kraken users or crypto beginners. However, its limited chain support and missing advanced features make alternatives like Best Wallet preferable for power users.
Ready to explore more? 👉 Discover Best Wallet’s full features
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