Comparison · 2026 edition
FalconX vs Kraken: crypto liquidity compared 2026.
FalconX and Kraken side by side in the Crypto Exchange and Liquidity for Businesses Index 2026: scores, evidence, published facts and awards.
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FalconX and Kraken side by side in the Crypto Exchange and Liquidity for Businesses Index 2026: scores, evidence, published facts and awards.
In the Crypto Exchange and Liquidity for Businesses Index, Kraken scores higher overall: 4.5 out of 5 (90 out of 100) against 3.1 (63), ranking 1 and 4 of 12. Kraken also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | FalconX | Kraken |
|---|---|---|
| Score out of 5 | 3.1 | 4.5 |
| Score out of 100 | 63 | 90 |
| Overall rank | 4 of 12 | 1 of 12 |
| For payment and fintech firms (out of 100) | 64, rank 4 | 91, rank 1 |
| For funds and trading firms (out of 100) | 69, rank 2 | 90, rank 1 |
| For corporate treasuries (out of 100) | 57, rank 4 | 90, rank 1 |
| Type | Prime broker and OTC desk | Exchange with OTC desk |
Each score with the evidence behind it.
| Criterion | FalconX | Kraken |
|---|---|---|
| Regulatory standing | 5/5 EU MiCA licence, FinCEN registration, numbered US state licences and CFTC registration published. | 5/5 Licences and registrations in the EU, UK, US and Australia with numbers published. |
| Published pricing | 0/5 Not published on the pages read. | 5/5 Full maker and taker table to institutional volume tiers published; OTC spreads not published. |
| Asset and currency coverage | 5/5 400+ tokens and 120+ fiat currencies published. | 4/5 550+ assets and six major fiat currencies published. |
| Execution access | 5/5 OTC, RFQ and streaming, FIX API and 24/7 access published. | 5/5 OTC chat, RFQ, FIX API and 24/7 access published. |
| Settlement | 3/5 Margin loans and flexible settlement stated; payment rails not named. | 3/5 Settlement within 24 hours to account, bank or wallet stated; payment rails and settlement from a third-party custodian not stated. |
| Security assurance | 0/5 Not published on the pages read. | 5/5 ISO 27001:2022 and SOC 2 Type 2 published, with proof of reserves. |
Each criterion is scored 0 to 5 against the best published offer in the Crypto Exchange and Liquidity for Businesses Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 26 October 2026.
| Fact | FalconX | Kraken |
|---|---|---|
| Regulatory standing | FalconX Limited is licensed as a crypto-asset service provider by the Malta Financial Services Authority under MiCA; FalconX Delta, Inc. (NMLS ID # 2419717) is registered with FinCEN and licensed as a money transmitter in listed states, with licence numbers; FalconX Bravo, Inc. is registered as a swap dealer with the CFTC and is an NFA member. Its Singapore entities state they are not licensed by MAS. | Disclosures page: Payward Europe Solutions Limited, crypto-asset service provider regulated by the Central Bank of Ireland; Payward Services Limited, authorised by the FCA as an e-money institution (FRN: 1010381); Payward Limited, registered with the FCA as a cryptoasset business; Payward Interactive, Inc., US state money transmitter licences (NMLS ID 1843762); Bit Trade Pty Ltd, registered with AUSTRAC. |
| Pricing | Not published; the trading page cites "competitive pricing". | Spot maker and taker fees by 30-day volume, from Tier 1 ($0+): 0.40% maker, 0.80% taker, to Pro 5 ($500M+): 0.0% maker, 0.05% taker. Chat and RFQ trades: "the quoted price is all-inclusive and already reflects Kraken's spread and fees." |
| Asset and currency coverage | "Trade 400+ tokens"; electronic FX "across 13 fiat currencies"; "Access 120+ fiat currencies via OTC execution, supported by Tier-1 banking partners". | "550+ Supported assets across trading and custody"; OTC portal: "trade 150+ pairs in seconds". Fee page names USD, GBP, CAD, AUD, EUR and CHF as major currencies. |
| Execution access | "24/7 electronic and OTC trading"; "RFQ/Streaming"; "WebSocket, FIX, and REST" APIs; TWAP orders and smart order routing across "50+ trading venues". | OTC desk: "Chat or RFQ"; self-service RFQ portal; "Connect via API, WebSockets, REST and FIX 4.4"; "24/7 markets"; option to colocate. |
| Settlement | "Margin Loans & Flexible Settlement"; on and off ramps and cross-border settlement listed. Payment rails not named. | "Settle trades within 24 hours using your Kraken account, your bank and/or an external wallet." OTC lending: "a minimum loan size of $500,000". |
| Security | Not published on the pages read. | Site lists ISO/IEC 27001:2022, SOC 2 Type 2 for its qualified custody offering and SOC 2 Type 1 for custody and funding services; proof of reserves published. |
| Date read | 26 October 2026 | 26 October 2026 |
Not published or not stated by FalconX: pricing, settlement and security.
Not published or not stated by Kraken: published pricing and settlement.
Facts read on 26 October 2026 from: falconx.io/services/trading, falconx.io/licenses, falconx.io; and kraken.com/institutions, kraken.com/institutions/otc, kraken.com/features/fee-schedule, kraken.com/legal/disclosures.
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
Funds and fintechs needing wide token and fiat coverage through one counterparty.
Businesses wanting exchange, OTC and API access with a full published fee table.
Tell us what you need and where you operate.