Denmark based CASP4.8/5Penning vs Kraken — the MiCA-licensed Danish alternative
Kraken is a US-headquartered crypto exchange founded in 2011 that serves EEA customers through Irish MiCA-authorised entities and a Cypriot MiFID entity for derivatives. Danish customers comparing Kraken usually weigh three things: there is no DKK deposit or withdrawal rail, so funding means converting DKK to EUR at your own bank; the retail "Instant Buy" flow prices differently from Kraken Pro; and assets are custodied by default. Penning is the Denmark-headquartered comparison — DKK straight in and out, and crypto delivered to a wallet you control.
Comparison
Penning vs Kraken — feature by feature
Kraken is based in United States (EEA customers via Ireland). The comparison below reflects published information about each platform's product offering.
| Penning | Kraken | |
|---|---|---|
| Regulatory status | CASP (Danish FSA, FTID 10902) — authorised 15/01/2026, MiCA across the EU | CASP via Payward Europe Solutions Ltd (Central Bank of Ireland), authorised 25/06/2025Source: ESMA CASP register · checked 17 Jul 2026 |
| Portfolio management | Authorised for MiCA service (i) and offers it — Penning Invest, actively managed, FSA-supervised | Its Irish entity is authorised for service (i); no retail discretionary product is marketed to EU customersSource: ESMA CASP register · checked 17 Jul 2026 |
| Custody | Not held — crypto delivered to your own wallet on every trade | Custodial by default; withdrawal to an external wallet is user-initiatedSource: Kraken EEA Terms of Service §8.6 · checked 17 Jul 2026 |
| Fiat rails | DKK via Danish bank + EUR via SEPA | EUR via SEPA, plus USD/GBP/CHF/CAD/AUD and others — DKK is not a supported deposit or withdrawal currencySource: Kraken fiat deposit/withdrawal help pages · checked 17 Jul 2026 |
| Pricing model | Transparent fee shown pre-trade; no monthly fee | Kraken Pro uses maker/taker tiers; the retail Instant Buy flow adds a 1% fee plus a spread, and Kraken’s fee overview states it may retain any excess spreadSource: Kraken fee schedule + overview of fees · checked 17 Jul 2026 |
| Native cross-chain swap | Native Swap — settles in the destination asset on 28+ chains | Not advertised on the exchange; the separate self-custody Kraken Wallet app offers swaps routed via third-party DEXs and bridges on EVM chainsSource: Kraken Wallet swaps help page · checked 17 Jul 2026 |
| Who you contract with | Penning Financial Services ApS, Copenhagen — supervised by Finanstilsynet | Payward Europe Solutions Ltd (Ireland) for EEA spot; derivatives via a Cypriot MiFID entitySource: Kraken licensing page · checked 17 Jul 2026 |
Good fit
Who Penning is a good fit for
Penning fits if you want DKK in and out without an FX detour at your own bank, crypto delivered to a wallet you control, and the option of a managed strategy from a Danish-supervised firm. Kraken remains a strong choice for active traders who want deep order books, a large asset range and derivatives, and who are comfortable funding in EUR.
Alternatives
Other comparisons
Ready to try Penning?
Open a free Penning account in minutes. MiCA-licensed in Denmark, crypto delivered to your own wallet, no monthly fees.