Is Kraken legal in Canada?
Updated November 2026. Checked against the regulators' registers and each platform's own pages.
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Kraken homepage, cropped to logo and menu
What this proves: Kraken's Canadian site says Payward Canada Inc. is registered as a Restricted Dealer with the Ontario Securities Commission and the securities regulators in each province and territory.
1 more screenshot of its own pages in the review below
Yes. Kraken operates in Canada through Payward Canada Inc., a restricted dealer in every province and territory. Interac e-Transfer deposits carry no fee, but its simple buys cost 1% plus a spread, and in most provinces it caps yearly purchases of coins other than Bitcoin, Ether, Bitcoin Cash and Litecoin.
- Registered as
- Restricted dealer
- Company
- Payward Canada Inc.
- Interac deposit
- No fee, from $5
- Instant buy fee
- 1% plus spread
- Crypto protected by CIPF
- No
Good
- Registered in every province and territory
- No fee on Interac e-Transfer deposits from $5
- At least 80% of client crypto held by outside custodians
- Kraken Pro charges a stated maker and taker fee
Watch out
- Instant buys cost 1%, plus a spread
- Restricted dealer, not yet a CIRO member like Shakepay or NDAX
- Yearly purchase limits on most coins other than Bitcoin and Ether
- Your account isn't insured against losses
Opens the official Kraken site · Crypto is high risk and prices can fall to zero
Kraken has the 5th lowest stated cost of 8 platforms that publish one
$8 on a $1,000 buy using Kraken Pro (taker), by its own fee page.
See every platform
- NDAX$2
- Bitbuy$5
- Wealthsimple$5
- Coinsquare$5
- Kraken$8
- Robinhood$9.50
- Webull$10
- Newtonup to $11.50
- ShakepaySpread, size not published
- CoinbaseSpread on simple buys; Advanced rate shown only after sign-in
- Crypto.comSpread on app buys; Advanced base rate not published
- Netcoins0.5% fee plus a market spread of unpublished size
From each platform's own Canadian fee pages. Full table: crypto fees compared.
Kraken is legal in Canada. It serves Canadians through Payward Canada Inc., which is registered with the country’s securities regulators, so it’s allowed to hold crypto for you.
Is Kraken registered in Canada?
Yes. The regulatory notice on Kraken’s Canadian site says Payward Canada Inc., operating as Kraken, is registered “as a Restricted Dealer with the Ontario Securities Commission and the securities regulators in each of the provinces and territories of Canada.” The same notice gives its FINTRAC money services business number, M19343731.
The regulators’ register lists “Payward Canada Inc. and Payward Inc.” as a restricted dealer, with its latest decision dated 1 April 2025. Kraken’s Canadian disclosures point to that same decision and say Payward is still seeking an exemption from registering as a marketplace.
A restricted dealer is registered under terms and conditions set by the provincial regulators. That’s a step short of the investment dealers on the list, which are also CIRO members. Both are legal. You can see where Kraken sits on our registered list.
How Kraken holds your crypto
Kraken’s Canadian disclosures say a custodian “will hold, at all times, at least 80% of client assets”, and that Payward will keep no more than 20% in hot wallets it runs itself. It names Anchorage Digital Bank and BitGo Trust Company Inc. as its current custodians. Client crypto is held in trust, or in accounts set aside for clients.
Kraken is plain about what isn’t covered. Its disclosures say “Payward is not a member of the Canadian Investor Protection Fund (CIPF)”, that crypto in your account isn’t protected by CIPF or CDIC, and that your funds and crypto “are not insured in any way by us.”
What it costs to buy crypto
Kraken’s fee page on its Canadian site sets out the cost of the simple buy and sell screen:
- Instant and recurring trades: a 1% fee, plus a spread built into the price.
- Small instant trades: a fee of up to $2 instead of the 1%.
- Custom orders: a 1.5% fee.
- Debit and credit card purchases can carry extra fees.
Kraken Pro, its trading screen for active traders, charges a maker and taker fee instead. At the lowest volume tier, that’s 0.40% for orders that add to the order book and 0.80% for orders that fill straight away. The fee falls as your 30-day trading volume rises.
Deposits and withdrawals
Kraken’s cash deposit page lists these options for Canadian dollars. We couldn’t find a published table of Canadian dollar withdrawal fees, so we haven’t listed any. Kraken shows the fee before you confirm a withdrawal.
| Method | Deposit | Withdrawal | Limits |
|---|---|---|---|
| Interac e-Transfer | No fee, in up to 1 business day or instantly | Not published | Deposits from $5 |
| EFT / bank transfer | Not covered | Not published | Not covered |
| Domestic wire | No Kraken fee, in 1 to 5 business days. Kraken notes a $13.74 fee charged by the intermediary bank | Not published | Deposits from $100 |
| Debit card | $0.25 plus 3.75% | Not covered | Deposits from $10 |
| Bill payment through Apaylo | 0.25%, up to $30 per deposit | Not covered | Not published |
Moving crypto to your own wallet
You can send crypto from Kraken to an outside wallet for a network fee. We didn’t find a list of coins that can’t be moved, and we haven’t recorded Kraken’s withdrawal fee for each coin.
Coins and tools
Kraken Pro gives you an order book with maker and taker fees, alongside the simple buy screen. We haven’t recorded how many coins Kraken lists in Canada, and most coins come with the yearly purchase limits below.
Kraken also says it “does not lend money, extend credit or provide margin” to Canadian clients.
The app
Kraken runs two iPhone apps. On Apple’s Canadian App Store, as of 10 November 2026, Kraken Pro: Advanced Trading is rated 4.8 from 3,800 ratings, takes up 317 MB and needs iOS 16.4 or later. The main app, Kraken: Buy Bitcoin & Crypto, is rated 4.6 from 5,828 ratings, takes up 315 MB and also needs iOS 16.4. Our crypto apps comparison puts both next to every other registered platform’s app.
How to sign up
The Kraken pages we checked don’t set out its sign-up steps, so we haven’t listed any. As a registered platform, Kraken has to verify your identity under Canada’s anti-money-laundering rules, and it’s registered with FINTRAC as a money services business. Whether you qualify as an eligible or accredited investor, and which province you live in, decide which purchase limits apply to you.
Limits
Kraken caps how much of some coins you can buy. Its Canadian disclosures say that, apart from Bitcoin, Ether, Bitcoin Cash and Litecoin, your net purchases over 12 months are limited to $30,000, or $100,000 if you qualify as an eligible crypto investor. Accredited investors have no limit, and the limits don’t apply to residents of British Columbia, Manitoba and Quebec.
Platforms like Kraken
NDAX is an investment dealer and CIRO member, a step above Kraken’s registration, and charges a flat 0.20% on every trade. Read the NDAX review
Crypto.com is also a restricted dealer, with 400+ coins and its own trading app. It publishes a Canadian dollar withdrawal fee of $1.99. Read the Crypto.com review
Coinbase is a restricted dealer too, with 200+ assets, but simple buys add a spread plus a fee of up to 1.875%. Read the Coinbase review
Verdict
Kraken is a registered restricted dealer that keeps at least 80% of client crypto with outside custodians. Kraken Pro is the cheaper way to trade on it, at 0.40% maker and 0.80% taker at the lowest tier, against 1% plus a spread for instant buys. Outside British Columbia, Manitoba and Quebec, check the yearly purchase limits before you plan to buy anything other than the four exempt coins.
Frequently asked questions
Is Kraken safe in Canada?
Kraken is registered with Canada’s securities regulators, and it says at least 80% of client crypto sits with outside custodians. That’s not the same as insurance. Kraken says your account isn’t covered by CIPF or CDIC and isn’t insured against losses, and crypto prices can fall sharply.
Can Canadians use Kraken?
Yes. Kraken serves Canadians through Payward Canada Inc., which is registered as a restricted dealer in every province and territory. Interac e-Transfer deposits carry no fee from $5. Outside British Columbia, Manitoba and Quebec, there are yearly purchase limits on most coins other than Bitcoin, Ether, Bitcoin Cash and Litecoin.
Does Kraken work in Ontario and Quebec?
Yes. Kraken’s regulatory notice says it’s registered as a restricted dealer with the Ontario Securities Commission and the regulators in every other province and territory.
Is Kraken cheaper than other Canadian exchanges?
It depends on which screen you use. Instant buys cost 1% plus a spread, while Kraken Pro starts at 0.40% maker and 0.80% taker. NDAX charges a flat 0.20% per trade. Our comparison of registered exchanges sets out each platform’s published fees.
Sources
Checked 8 November 2026. App Store figures checked 10 November 2026.
- Kraken, Canadian homepage and regulatory notice
- Kraken, Canadian disclosures
- Kraken, Canadian terms of service
- Kraken, fee schedule
- Kraken, Pro fees
- Kraken Support, cash deposit options
- New Brunswick Financial and Consumer Services Commission, registered crypto asset trading platforms
Update history
- Added an answer on whether Canadians can use Kraken.
- Reorganised into our standard review layout, with a deposits and withdrawals table. No facts changed.
- First published.
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