Kraken Krak: features and fees

Original illustration: two Krak payment screens connected across a globe, with a spending card and currency symbols

Krak is Kraken’s app for everyday payments. In one account you can send money to people, hold cash and crypto, and spend eligible balances.

Product overview

Kraken launched Krak on June 26, 2025. At launch it offered payments in more than 160 countries with over 300 assets; cards were promised for later. Today, the app advertises over 600 assets, with availability varying by region and function. Existing Kraken users can use the same login, but the Krak Everyday spending balance is separate from the trading portfolio.

Payments through Kraktags and links

A Kraktag is a payment identifier that replaces bank details when paying another user. Paylinks let you send a payment link through a message; recipients without Krak must create an account to claim it. Transfers between Krak users have no transfer fee, but converting assets can incur instant buy/sell fees. Verification affects limits, and completed payments cannot be reversed.

A card with a spending order

Krak Card spends from Everyday. You choose the asset order and can block assets from spending; crypto is converted to cash at payment. In the UK and EEA, the Mastercard card advertises up to 2% cashback based on your average combined holdings across Krak, Kraken and Kraken Pro; the top rate requires an average of £/€50,000. Conversion spreads and third-party ATM fees can apply. In the US, the Visa card is for eligible residents, is not available in all states and charges a 1% foreign transaction fee. Check the terms where you live before relying on any offer.

Optional yield products

Krak Vaults allocate supported USDC or Bitcoin to lending strategies. Returns vary, capital can be lost, and withdrawal timing depends on the strategy and network conditions; Advanced strategies may take 24 hours to 3 days. Kraken says Vaults are not a regulated financial product and may not benefit from regulatory protections. Fees and regional restrictions apply.

Krak, Wise and Revolut compared
Product	Main use	Important trade-off
Krak	Cash and crypto payments, with a separate spending balance.	Paylink recipients need Krak; card eligibility and conversion costs vary. The Everyday balance is not a bank deposit: in the UK and EEA it is e-money not covered by the FSCS or similar schemes, and in the US it is not FDIC-insured.
Wise	Transfers to bank accounts or other Wise accounts.	Fees and arrival estimates depend on the route. Wise accounts cannot be used to buy or trade crypto or to send money to crypto exchanges or wallets; card rules differ.
Revolut	An everyday account with cards, transfers and crypto services where available.	UK terms offer free and paid plans. Transfer and crypto costs depend on the plan and transaction; other regions have their own terms.

If the recipient expects money in a bank account, start with Wise’s quote for that route. If you want one everyday account with cards and transfers, check Revolut’s plan where you live. Krak makes more sense when both sides already use it or you already hold assets with Kraken. None of this ranks providers by price; compare the final amount received, conversion costs and whether you are eligible locally.

Sources

KRAKEN REFERRAL CODE 2026

Product	Trading Rebate
Spot Trading	20%
Margin Trading	20%
Futures	20%
Tokenized Equity	20%
PTL Trading	20%
Prop, first purchase	20%
Rollover	20%
Options	20%

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