On Nov. 21, 2023, the Securities and Exchange Commission (SEC) sued Kraken, a US-based cryptocurrency exchange, for allegedly violating multiple infractions. Kraken is accused of commingling customer funds with company funds and operating an unregistered securities exchange, clearing agency, dealer, and broker. Both allegations may impact the operation of the cryptocurrency exchange and its customers’ investments. To go with the lawsuit, on Feb. 9, 2023, Kraken agreed to pay $30 million in fines and closed its staking operation to settle with the SEC. However, Kraken is allowed to continue its staking process through its subsidiary for non-U.S.
- More experienced traders, even outside of cryptocurrency, may prefer the lower-cost active trading platform Kraken Pro.
- It also lets you stake coins to earn interest if you leave that currency untouched in your account.
- The sum of weighted values across all or some of these key factors was calculated for each ranking to award each brokerage or exchange its overall rank.
- I sent 2 wires to Kraken via Customers Bank 35k an 15k to buy coins.
Beginners can get by with the main Kraken platform, while advanced and expert crypto enthusiasts may prefer Kraken Pro and the advanced margin and futures features. However, with a 0.9% fee on stablecoins and a flat 1.5% fee on all other cryptocurrencies, Instant Buy fees can quickly start adding up. Most beginning users would be better served placing only one or two trades before learning how to decipher maker/taker fees and upgrading to Kraken Pro. Once you’re verified, you can fund your account with fiat currency, such as U.S. dollars, and start purchasing cryptocurrencies.
Kraken closed the account I’d just opened.
Customer service team lacks emotional intelligence, zero empathy with customers. They reply after more than three hours and with zero care to the stress they have caused. Unless you need extra stress on top of your trading stress!!
I was looking for an exchange to…
I think I was a little unkind when I said their exchange was a little tricky to use in my last review . Kraken does have some good educational resources for investors who are new to cryptocurrency trading. This includes individual currency guides and a series of explainer videos. However, with all of its advanced features, the site is designed for more experienced traders. With so many coins and so much functionality, beginning investors will find it difficult to adjust.
Damn thieves is vad this company is
This crypto exchange boasts 24/7 customer service, and has an easy-to-navigate help center. That said, it only scores 2.2 out of 5 on Trustpilot. It’s always difficult to know for sure how trustworthy those reviews are, but you want to trust the people you’re transferring your hard-earned cash to. You can deposit U.S. dollars using FedWire but only once you’ve provided ID and verified your account. If you live in the U.S., credit and debit cards can’t be used as a deposit method.
Kraken has a poor 2.2-star rating on Trustpilot with 68% bad reviews. Some of the more positive reviews like Kraken’s smooth service and low fees when using Kraken Pro. To help secure your Kraken account you can use two-factor authentication.
Had what should have been a simple security concern that blocked my account. Any company dealing with peoples money should address this timely especially considering I had open trading positions at risk of losing thousands of dollars. I emailed the appropriate response multiple times as well as have made 4 phone calls all while being told they would reach out via email. No one ever contacted me back my account is locked and losing money and no one seems to give a crap or have any interest in resolving the issue. Not one person has responded to my requests to resolve the problems.
Terribly inadequate suppport customer service
Miraculously after contacting Trustpilot and writing a negative review Kraken was quick in not only finding but returning my “lost”funds. is kraken legit All they can tell you is contact email support team. “Whatever your query is, contact email support team due to security reasons”.
Kraken takes its commitment to security seriously, ranking second on the crypto exchange security review site CER. Notably, Kraken has not had any major hacking events. That said, there are user complaints about Kraken on online forums about hacked individual accounts. For users who opt for Kraken Pro, fees are considerably lower. It charges a 0.16% maker fee and a 0.26% taker fees for trades of $50,000 or less based on activity within the last 30 days.
Kraken also has an instant buy function, which — as with other exchanges — charges much higher fees. I don’t live in the U.S. so I am able to buy using a debit card, but the fees are steep. For example, when I first bought Ethereum on the platform, I paid a 1.5% Kraken fee plus a 3.75% card fee plus an additional 0.25 euro. This can be significantly reduced if you deposit fiat money via a bank transfer and use the pro platform, nonetheless those costs can add up. Several reviews complain that their money didn’t arrive in their account and that the support desk hadn’t responded. That said, I appreciate the fact that Kraken has both live support and a phone number you can call.
Full Review
When I first logged on, I found it difficult to find my way around the site as it isn’t as intuitive as other platforms. Kraken has over 160 coins and deals with seven fiat currencies. That’s not the biggest selection of digital currency you’ll find, but it’s comparable to some of the best cryptocurrency exchanges. And it’s a step up from many brokers that only offer a handful of well-known coins. Kraken also boasts a high liquidity, meaning it is easier to buy and sell at a fair price.
Coins on Hold when depositing money via…
Beginners will do best with the main Kraken platform, while advanced and expert crypto enthusiasts may prefer Kraken Pro and the advanced margin and futures features. The combination of platforms and services makes it likely that Kraken can handle your cryptocurrency needs. We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation.
We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the investing methodology for the ratings below. You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Kraken’s apps for iOS and Android have high average ratings among users. Kraken also supports a handful of stablecoins including Tether USD, USD Coin, and Dai.
I tried 46 days to contact someone I had absolutely no luck. I called 6 times waited on hold for 1 hour and then I was disconnected. I missed all the significant trades and entry points and lost potential profit due to their irresponsible delays!!
She began her editorial career at a financial website in the U.K. Over 20 years ago and has been contributing to The Ascent since the summer of 2019. But it’s also part of what makes Kraken secure and allows it to offer those advanced features. Kraken works using currency pairs and not all of its currencies are exchangeable for the others. Imagine you’re taking a vacation in Germany and you need to exchange your dollars for euros.