Is Kraken legal in Canada?

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.

Kraken’s registration

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.”

Fees

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

Kraken’s cash deposit page lists these options for Canadian dollars:

• Interac e-Transfer: no fee, from $5, in up to 1 business day or instantly.
• Domestic wire: no Kraken fee, from $100, in 1 to 5 business days. Kraken notes a $13.74 fee charged by the intermediary bank.
• Debit card: $0.25 plus 3.75%, from $10.
• Bill payment through Apaylo: 0.25%, up to $30 per deposit.

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.

Purchase 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.

Kraken also says it “does not lend money, extend credit or provide margin” to Canadian clients.

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.

Does Kraken work in Ontario and Quebec?

Yes. Kraken 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.

• 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