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Australia FAQ

Why use Kraken?

Kraken is one of the oldest, most secure cryptocurrency exchanges in the world. We were founded in 2011 in the US and now serve over ten million clients globally, including tens of thousands of Aussies.

In Australia, we maintain local operations as a registered Digital Currency Exchange Provider (DCE) with AUSTRAC (‘Bit Trade Pty Ltd.’, ABN 42 163 237 634 & ACN 163 237 634, source). Bit Trade was Australia's first successful crypto exchange and was acquired by Kraken in 2020.

If you’d like to learn more about our new one-stop destination for advanced crypto traders, try our Kraken Pro platform. Or perhaps you’re more interested in trading NFTs? Learn more about our best-in-class NFT marketplace. Otherwise, see below for our top Australian frequently asked questions, including how to verify and how to fund your account and why your AUD deposit may be delayed.

Does Kraken have a referral program?
Yes! You can earn up to US$100 ( ~$150 AUD) in Bitcoin by inviting your mates to Kraken. See our Crypto Referral Program for more information and to get started.
How can I verify my account?
Welcome aboard the mighty Kraken! If you'd like to sign up for an individual account, follow these step-by-step instructions to get started or click the Create individual account button below.

Remember to have handy a valid Australian Government Issued ID (passport, drivers licence or photo card) and Proof of Address documentation (bank statement, mobile phone or utility bill from the last three months) to complete our Intermediate verification process. All Australian clients are required to complete Intermediate verification to fund their account and trade.   

Create individual account
 

If you are a business, Self-Managed Super Fund (SMSF) or other structure follow this guide to sign up for a business account with Pro limits or click the Create business account button below.  

Create business account

How can I deposit or withdraw Aussie Dollars?
Australian clients can deposit and withdraw Aussie Dollars instantly and for free with PayID and Osko bank transfers. We recommend using your unique PayID email address to deposit AUD into your account. The minimum deposit amount is $5 AUD and your bank account must be registered under the same name as your Kraken account. For more information on our fees, minimums and funding instructions, visit our AUD bank transfers with Osko and PayID article.

To learn how to make a deposit or withdrawal, follow the guides linked below:

Why is my AUD deposit delayed?

Your deposit could be delayed for several reasons including (but not limited to):

  • New payee hold: certain banks hold first-time payments to new payment addresses for up to 1-2 days as a security measure. Your bank may also hold the first larger deposit (e.g., they let through $500, but then hold $5,000) for a similar timeframe. After your first PayID deposit, future deposits are typically much faster, often taking only a few minutes.
  • Fraud prevention: Your/our banks’ transaction monitoring systems may place a hold on your deposit if it appears to be fraudulent (only in rare instances)
  • Multiple payments: Sending multiple PayID/OSKO payments of the same size and during the same day might cause delays as banks may hold the funds for a security check.
  • Your bank may not support OSKO, so your deposit defaults to the standard EFT rails (1-2 days deposit time).

In most instances, delayed deposits will resolve and reflect in your account within 1-2 days. Please reach out to our 24/7 support team for a quick and efficient resolution on outstanding deposits.

What alternative payment methods are available?

Instead of depositing Aussie Dollars instantly and for free, you can:

For purchases made by credit or debit card, and Apple or Google Pay, an additional fee of 3.75% + 25c is applicable (on top of our regular fee structure).

*Only available on the Kraken app and The Buy Crypto widget   **You can also use Etana Custody to fund your account with USD

How can I raise my funding and trading limits?
Australian clients can apply to increase their verification level to Pro to raise their funding and trading limits. See here for more information, including the benefits of Pro verification.
What crypto can I buy in Australia?
Australian clients can instantly buy and sell over 200 different crypto. For an up-to-date list of available cryptocurrencies see this article, with the notable exceptions of Dash, Monero and Zcash.
What Aussie Dollar trading pairs are available?

We offer 13 Aussie Dollar trading pairs, including:

  • BTC/AUD
  • ETH/AUD
  • USDT/AUD
  • USDC/AUD
  • XRP/AUD
  • LTC/AUD
  • ADA/AUD
  • BCH/AUD
  • XTZ/AUD
  • LINK/AUD
  • AUD/USD
  • EUR/AUD
  • AUD/JPY

To learn more about currency pairs on Kraken, visit Currency pairs available for trading on Kraken.

What Aussie Dollar pairs can I trade with margin?

Australian clients can trade with margin on hundreds of global pairs, as well as these four AUD pairs:

  • BTC/AUD
  • ETH/AUD
  • USDT/AUD
  • USDC/AUD

See here for a complete list of global pairs and here for applicable fees. The availability of margin trading services is subject to certain limitations and eligibility criteria.

What fees will I be charged?

Our fees vary depending on whether you use the Kraken App or Kraken Pro. For a comprehensive breakdown of fees, visit our fee structure article.

For purchases made by credit or debit card, and Apple or Google Pay, an additional fee of 3.75% + 25c is applicable.

Do we offer futures trading?
No, unfortunately, we’re unable to offer futures trading to Australian clients at this time - but we’re working on it!
Do we offer an over-the-counter (OTC) service?
Yes, see here for an overview of our world-class OTC service and to get in contact.
Can I trade with an API?
Yes, we have both REST and WebSockets APIs available to trade with.
Can I buy crypto using a SMSF?
Yes, to buy crypto using your SMSF you must first open a business account with pro limits. See here for a handy guide to get started.
How do I set Aussie Dollars as the default currency on our mobile apps?
  • For the Kraken App, go to App settings (3rd menu option & scroll down) and set Currency to AUD
  • For the Kraken Pro App, go to Account (4th menu option & scroll down) and set Default currency to AUD
How do I protect myself from Scams?
Kraken has robust internal controls to monitor and restrict fraudulent activities on our platform. However, it is also important for each of us to be aware of scams and how they operate. If something sounds too good to be true, it probably is. You can find provided additional information about common scams and how to identify them in our support guide and the ACCC guide.
How do I get in touch for media enquiries?
For all Australian media enquiries, visit our Press Room.