Getting started with xStocks

Kraken offers access to xStocks, digital tokens that follow the price of real stocks or ETFs. While Kraken does not issue these tokens directly, we make it easy for you to buy, sell, convert, and securely hold them all in one place.

Interested? Follow the steps below to get started.

Before you begin, make sure that:

•
You have a verified Kraken account
•
You are located in an eligible region

Note: xStocks are distinct from traditional stocks and are not available to clients in the United States (U.S.) or U.S. Persons (as defined under Regulation S under the U.S. Securities Act of 1933).

Unlock xStocks trading on the Kraken app:

1
Open the Kraken app and go to the Buy section.
2
Search for any token and tap on it. xStocks are identified by an "x" appended to the stock ticker, setting them apart from traditional stocks.
3
A Get started popup will appear, tap Continue.
4
Accept the updated Terms of Service, and confirm that you are not located in the U.S. or a U.S. Person.
5
Confirm your current address. 

If your address has changed from what's displayed in the app, or requires verification, you may need to upload a new proof of address.
6
Once you’re approved, you’ll be ready to start trading xStocks!

Frequently asked questions

What are xStocks?

xStocks are digital tokens that follow the price of real stocks or ETFs. Each xStock is backed 1:1 by the underlying equity and issued as an SPL token on-chain.

How are xStocks different from traditional stocks?

xStocks do not confer shareholder rights like voting or dividends. They offer price exposure to the underlying asset, but do not carry the same rights as the actual security itself.

Unlike traditional brokerage models, xStocks remove friction, costly fees, limited market hours, and complex onboarding, offering instant settlement, fractional investments, 24/5 market access, and self-custody. Stocks are built on blockchain technology and use smart contracts for transparency, automation and cost-efficiency.

Feature	Traditional Stocks	xStocks
Trading Hours	Limited to market hours	24/5 on Kraken
Settlement Time	1 business day	Instant or near-instant via smart contracts
Accessibility	Limited by geography and intermediaries	Investors can withdraw xStocks to a compatible on-chain wallet for full control
Transparency	Relies on third parties	Immutable records on blockchain

Who can buy xStocks?

xStocks are only available to non-U.S. retail clients in select countries. They are not accessible in the US (or to US Persons), Canada, UK, or Australia.

When can I trade xStocks ?

xStocks can be traded 24/5, providing access outside of traditional market hours. Weekend trading availability is in development. When withdrawn to a self-hosted wallet, xStocks can be traded 24/7 onchain.

Can I withdraw xStocks to a crypto wallet?

Yes – self-custody is supported. You can withdraw your xStocks to a compatible on-chain wallet for full control.

Can I withdraw my xStocks and trade them on tradfi like IBKR?

No. Holding xStocks is not the same as buying a share of the underlying company. xStocks provide synthetic exposure to the value of the stock. Holders of xStocks have no voting rights, and no legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation. An investment in xStocks does not entitle holders to receive any information from the respective issuer or sponsor of the underlying stocks or shares.

How do I fund my account to buy xStocks?

You can buy xStocks using fiat (cash). Kraken handles the conversion during the trade.

What’s the minimum investment for xStocks?

xStocks allow clients to purchase fractional shares of the underlying assets with as little as a $1 USD investment.

Are there any trading fees?

There are no trading fees when purchasing xStocks with USDG or USD on Kraken. Standard Instant Buy trading fees apply when purchasing xStocks using other assets. To lock in a price, a spread may be included in the asset price for each transaction.

How do xStocks track the price of the real stock?

xStock prices are tied to the execution price of the underlying equity. Kraken updates prices based on the real-time price when buying or selling tokens.

Do I receive dividends from xStocks?

Dividend payouts will be automatically reinvested into more of the same token. Rather than receiving a cash dividend, your xStocks balance will increase to reflect the dividend.

Are xStocks safe to use?

Kraken and Backed utilize secure custody, audited reserves, and blockchain infrastructure to ensure the safety and transparency of xStock holdings. Still, investing in xStocks involves an element of risk. Read Kraken’s xStocks Risk Disclosure as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.