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UPDATE: At the moment ( August 2017 ) the support of Kraken is totally overloaded, it takes weeks and months to get an answer – sadly also if you wait for the verification of your documents. The support is pretty bad nowadays.  In case you want to buy your crypto currency fast, its better to choose a different exchange.

They also disabled all “advanced” order types like Stop Loss, Stop Limit and many more – Kraken gets crappier every week it seems. We do not recommend to trade on Kraken anymore.


Kraken is the largest Bitcoin exchange in euro volume and liquidity. After trying to help MtGox recover from the hacking attack, Jesse Powell decided to offer the world the first professional BTC exchange – that’s how Kraken was born. The company was founded in San Francisco on 28th of July, 2011 and remains based in California.

The platform is an excellent choice for European users, but after a number of acquisitions in the last couple of years, their focus seems to be shifting from Europe to Worldwide market. kraken-cover


The verification process is straightforward, but Kraken can be a bit strict when it comes to the higher tier verifications. There are four tiers. Tier 1 and 2 take only a few minutes, but it can take longer if the application requires manual review. Tier 3 verification usually takes a couple of days to complete.

Kraken doesn’t allow deposits, withdrawals or trading without verification. Here’s how the user’s limits increase with tiers:

Tier 1 – Deposits and withdrawals are available in digital currency only. Trading, on the other hand, can be performed with digital as well as fiat currencies. Tier 1 verification requires:

  • Full name
  • Date of birth
  • Country of residence
  • Phone number verification

Tier 2 – Deposits, withdrawals, and trading in digital currency are available. Depending on the country of residence, some users can get access to fiat currency deposits and withdrawals. Tier 2 verification requires only the user’s address.

Tier 3 – fiat currency deposits and withdrawals are available, and the funding limits are way higher than Tier 2. Tier 3 verification also allows margin trading. The verification requires:

  • Valid government ID
  • Recent proof of residence

In order to deposit fiat currency in the US, Canada, Japan, Germany and other countries depending on the type of currency, Tier 3 verification is necessary.

Tier 4 – Tier 3 with higher funding limits. Tier 4 offers both individual and corporate accounts. Verification for an individual account requires the KYC documents and a signed application form. Corporate account verification requires contacting support.

Deposit and withdrawal limits are sorted per tiers:

Tier 1 – Fiat deposits and withdrawals are not possible. Deposits in digital currencies don’t have a limit, while withdrawals are limited to $2,500 per day and $20,000 per month. Verification for Tier 1 requires some basic personal information.

Tier 2 -Deposits and withdrawals in FIAT currency are limited to $2,000 per day and $10,000 per month. Cryptocurrency withdrawals are limited to $5,000 per day and $50,000 per month. Verification requirement for Tier 2 is address verification, which can be confirmed with a utility bill on the user’s name.

Tier 3 – Fiat deposits and withdrawals are limited to $25,000 daily and $200,000 monthly. Withdrawals in digital currencies are limited to $50,000 per day and $200,000 per month. Tier 3 verification requires address verification from Tier 2, National ID card photo, Social Security number for US residents, and ID confirmation photo for German residents.

Kraken accepts the following fiat currencies:

  • US dollar
  • Canadian dollar
  • GB Pound
  • Euro
  • Yen

And users can trade these cryptocurrencies:

  • BTC
  • The DAO
  • ETC
  • ETH
  • DOGE
  • DASH
  • ICN
  • LTC
  • REP
  • XLM
  • XRP
  • ZEC

Possible trading pairs and fee schedule for each pair can be found here.

Kraken Fees Analysis

When it comes to fees, Kraken has reduced its prices drastically in order to stay ahead of the competition and currently is one of the cheapest trading platforms. The exchange charges the following fiat withdrawal fees:

EUR SEPA Withdrawal – EEA countries only €0.09
GBP PayCash Wire Transfer – 0.19% with £10 minimum fee
USD PayCash SEPA – EAA countries 0.19% with $15 minimum fee
USD SWIFT Withdrawal – all other countries 0.19% with $15 minimum fee
USD SynapsePay – available in 37 US states + DC, $5 flat fee
CAD EFT Withdrawal – Canada only, $10 CAD flat fee
JPY Domestic Withdrawal – Japan Only, ¥300 flat fee

Cryptocurrency withdrawal fees are even lower:

  • Bitcoin ฿0.00050
  • Ether Ξ0.00500
  • Ether Classic ξ0.00500
  • Ripple Ʀ0.02000
  • Litecoin Ł0.02000
  • Dogecoin Ð2.00
  • Stellar STR 0.00002
  • Iconomi ICN 0.200
  • Zcash ⓩ0.00010
  • Augur (REP) Ɍ0.01000

When it comes to deposits, Kraken doesn’t charge fees for the majority of transfers, but wire transfers carry the €5 fee for EU countries and 0.19% fee for USD and GBP deposits with the minimum of $20 and £10 respectively. All digital currency deposits are free as well, with the exception of Ripple which carries a fee of 50XRP.

Trading Fees

Trading fees are charged for both maker and taker, and they start at 0.16% for the maker and 0.26% for the taker. As the trading volume increases, fees percentage steadily drops all the way to 0.00% for the maker and 0.10% for the taker.


Kraken offers less than ten different cryptocurrencies for trading, but it is possible to make direct trades between all available pairs. Together with five fiat currencies, the exchange gives enough trading options for everyone.

For those who are looking to have maximum control over their trades, Kraken remains the best choice.


The exchange doesn’t support derivates or futures trading, but it has all the functions that can be found in the forex trading markets. Users can use limit orders, advanced orders with predefined triggers, leveraged positions, margin trading as well as short selling.

Margin trading is available on these currency pairs: XBT*/EUR, XBT/USD, ETH/XBT, ETH/USD, ETH/EUR, ETC/XBT, ETC/ETH, ETC/USD, ETC/EUR, REP/XBT, REP/ETH, REP/EUR.

XBT is Kraken’s short for Bitcoin, used instead BTC.

Ease of Use

Kraken software is highly rated for both professional and beginning cryptocurrency trading. The interface offers simple, intermediate and advanced templates, helping beginners to get their bearings and at the same time allowing expert traders to use all the advanced options they need.

The trading platform has official iOS application. Android app exists, but it’s unofficial version, made by Bitrocket IT.


Kraken offers 24/7 support, with instant email and chat responses. The support isn’t very highly rated and it can take a couple of days to react, so some people were forced to act like this guy.

Other than that, no serious complaints were posted. Security Check

Kraken is probably one of the most secure online cryptocurrency exchanges in the world. In the aftermath of the Mt. Gox collapse, Kraken was the first company to create a cryptographically verified proof of reserves which shows that the exchange holds 100% of customer funds, as it should. They hold the majority of funds offline in cold storage. Their servers are held in secure facilities with armed guards, retina scanners, and top-notch video surveillance.


The company has two-factor authentication, PGP encryption for email communication and global setting lock, which prevents any account changes in a particular time period.

So far Kraken hasn’t been hacked, but there were cases where careless users got their accounts hacked due to lack of 2fa security.

But even if their security is top notch, it happened to a lot of traders that kraken has capacity problems when there is a  lot of volatility in the market. That is problem when you want to react quickly to a market change or you want to buy/sell but the exchange is not responding.

Kraken Review Conclusion

The Kraken is a real industry leader, and one of the best bitcoin exchanges today.


  • Low fees
  • Excellent liquidity in EUR markets
  • Margin trading supported
  • Only exchange platform selected to support investigation into Mt. Gox’s stolen Bitcoins


  • Weak support for mobile platforms
  • Often has uptime problems when market gets hot
  • The support is slow and crappy, verifications take ages
  • Volume lags a bit in BTC/USD

If you’re looking for a safe exchange with low fees (especially if you’re in Europe), then Kraken is an obvious choice. Post your experience with Kraken exchange in the comments, we would love to hear from you.

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32 User-Reviews for
  1. Jordan, 15. March 2017

    I created an account on Kraken ,and made directly the verification until trier 3 for make deposit without problem but since 6 days my deposit of 410 euros is still “in hold”.

    I sent in first 1 request and they never answered. I sent a lot after cause I want to know where is my money but nobody answer on their support.

    If you want lose your money go there.

    This website isn’t serious and not professional.

  2. Duane, 27. April 2017




  3. Steve Hunt, 6. May 2017

    Kraken Support is horribly NON RESPONSIVE. I have reported problems with their software that are preventing “validation” and sent in three support tickets.

    After 1 WEEK … there has only been a “were sorry for the delay” … and NO help at all.

  4. s2ao, 1. June 2017

    I tried Kraken for the first time a few weeks ago, and had a terrible experience.

    I was planning to use them to build a portfolio of a few cryptocurrencies as an investment. First of all their various membership tiers where confusing, but that seemed OK. I set up an account and verified myself up to tier 2. I then tried to deposit some money through SEPA in Euros (one of only two options open to me, if I wanted to deposit in fiat currency).

    I am based in the UK, and my bank charges fees and stings me on the exchange rate, so normally, I use a third party service to do Euro transfers (something I have done for business many times before). It’s normally faster, I get a better exchange rate, and it’s simpler and all done online.

    2 days later, my deposit showed up on the account, but said it was ‘on hold’. I looked at what that meant and looked at the FAQs, it said it might take a couple of days to clear because of money laundering/fraud checks. Fine. I waited. 5 days later, still on hold. So I look at the help section and the FAQs. None of the reasons for the deposit being on hold apply to me. So, I fire an email up to Kraken support.

    My email goes into a black hole, I nudge Kraken every couple of days, no response. Finally, 8 days after my first email, I get a (possibly automated) message saying “sorry it took us so long to respond, but we think your deposit is no longer on hold”.

    I write back to them and say, no, actually, it’s still on hold.

    The write back saying “oh, you can’t send us deposits from a business account, you have to be tier 4 for that. Do you want to upgrade to tier 4”.

    At this point, I am fuming, due to the delay and useless customer experience. In the meantime, I had also decided to buy Ether through a different route (I decided to buy some about 4 days before it shot up, but instead got bogged down in this customer experience nightmare with Kraken).

    My response was, no I didn’t send it from a business account, I used a third-party service. It doesn’t say anywhere that I can’t use a third-party service, but if it does and I missed it, show me. Also, I really don’t want to deal with you after this experience, except to get the €500 that I sent you and that have been sitting in your account for nearly two weeks back.

    They have promised to refund the deposit now, but I still don’t have my money.

    In summary, useless customer service. Annoyingly complex service. Information on their website is incomplete. There are far better ways of buying holding cryptocurrencies out there.

  5. John, 6. June 2017

    I have a deposit more than 2 weeks ago and it’s on status on hold since then. I have uploaded the requested documents for tier-3 verification but it takes ages to get verified. Sending support tickets doesn’t help at all.

    I get the feeling this is becoming a scam.

  6. Meerten Rongen, 12. June 2017

    I am very sorry but with already TWO times the Stop Loss Market and the Trailing Stop Market orders do NOT trigger. I have lost 85% of my equity because of the following process: 1. Servers stop responding in the heat of the moment, needs an upgrade. 2. Stop Loss Market and Trailing Stop Market orders do NOT work as intended and WILL NOT save your money. Everything is gone, and it is not my fault. My only fault was to choose to be my exchange provider. Never again.

  7. Meerten Rongen, 12. June 2017

    I am very sorry but with already TWO times the Stop Loss Market and the Trailing Stop Market orders do NOT trigger. I have lost 85% of my equity because of the following process: 1. Servers stop responding in the heat of the moment, needs an upgrade. 2. Stop Loss Market and Trailing Stop Market orders do NOT work as intended and WILL NOT save your money. Everything is gone, and it is not my fault. My only fault was to choose to be my exchange provider. This company’s website has an extremely unprofessional blueprint. Never again.

  8. Andrea Piras, 13. June 2017

    After I get verified tier 3 i made a bank transfer of 3000 euros. after 2 weeks I’m still waiting to get my money from kraken! possible scam?? I don’t know!

  9. Justin DeBlois, 15. June 2017

    Kraken initially deposited my wire transfer in my account, then removed the funds from my account saying that the transfer failed. They later acknowledged that the transfer was successful, but have refused to provide the funds for several weeks. I do consider this a scam.

  10. Djulz, 20. June 2017

    I only had issues with them, now I get 504’s error on the website, cannot retrieve my LTCs!! Stay away from them!

  11. Eva, 23. June 2017

    I am writing this to warn others who are considering buying coins for money through Kraken. I deposited 2000 canadian dollars in May, weeks later no coins so I opened support ticket. I confirmed with my bank that the wire was successfull and I provided all documentation to Kraken support. After going back and forth a few times, six weeks later I am still waiting for some resolution, although at this point I am sure they got the money and I will most likely never hear from them again. Stay away

  12. Distressed, 28. June 2017

    I have a Kraken account. I have been unable to make a deposit to my account for over 3 weeks. The only option when one needs support is via email, no phone number listed. I’ve been hung out to dry. Kraken support is really bad!

  13. Antonio, 30. June 2017

    The support is tragic

  14. Evgeny, 3. July 2017


  15. Dirty, 20. July 2017

    This is the worst piece of sh!t site EVER !
    Customer service is almost nonexistent…
    They will tie up your funds with some bogus password failure, make you wait in a customer service Q, and away goes your coin.
    You been warned.. I was warned and didn’t listen.

  16. Arthur, 27. July 2017

    The reviews on Kraken from users here are very bad and full of complains. For fairness I want to share my experience. I am a Tier 3 Verified User from Europe since 2013, when the exchange started operating. I use it occasionally but in the last 2 months I used it very frequently.
    Here is my experience:
    – I never had problems with SEPA deposits; in one occasion my deposit was put On Hold but it was my fault (I deposited the exact same amount of money in the space of 48 hours and this situation triggered the On Hold status on the second deposit, like explained in the Help of the site), the problem was resolved in 5 days after I opened a ticket, solicited attention through Twitter, and responded to an e-mail from the customer service.
    – I had problems with the trading engine for some currency pairs (ETH/EUR in particular); market orders don’t always execute immediately, sometimes it takes MINUTES; I complained about this in a ticket, the customer service responded after approximately 24 hours,acknowledged the problem and apologized. They said that they are working on a new trading engine to fix the problem and, as a compensation, they credited to me 5000 KFEE after 2 weeks.
    – I had a problem one year ago with my first and only STOP LOSS ORDER; I don’t remember the details but It didn’t trigger. I never used it again.

    tl;dr, My experience is aligned with the one in the article above. From my experience the list of Pros and Cons is correct. I’m not linked to Kraken or paid by them. My suggestion: if you opened a ticket and they are not responding try soliciting it through Twitter, they will ask you to PM them the ticket number, so that they can speed it up. I used it and it worked.

  17. John, 1. August 2017

    I read the reviews posted here and just do not get it as my experience is so much different.
    For me, Kraken is a fantastic exchange which is dependable and provides excellent support.

    Am I then only customer who has a good experience? I doubt it. The way it worked for me:
    I registered April 15th 8am CET, enabled 2FA, put in my information for Tier2 which was confirmed at 9.12am. Fast enough right? Made some small BTC deposit to check out the services before going for Tier 3.
    On Monday I put in the additional Tier3 required information which took 7 days end to end to get verified.
    My first submission was declined as I cropped the ID scan a bit too tight. Support wrote: “..We must be able to see your entire ID including the edges…”
    OK, this was my fault as the requirement to see the edges was clearly stated. I uploaded a new document full A4 and got verified in an hour.

    My mistake: I had transferred more than the tier 2 limit to Kraken in the mean time to get some XRP. These funds were now on hold for 24 hours after Tier 3 verification.
    Even though this was annoying, I should have known better not to send before verification but I expected the transfer to take at least a day and not 2 hours.
    However, the support team was great, I explained to support that I really needed to buy something asap after which support transferred to finance and the finance unlocked the situation in a few hours so I could buy my XRP before it mooned. 🙂
    Perhaps it was a slow day or a slow time, perhaps it was the amount transferred, perhaps I was lucky but the support experience was great.

    In any case, ever since April I make a substantial deposit each month (SEPA transfer). My bank transfers the money to the German bank of Kraken and it takes about an hour for Kraken to show the balance credited.
    When I withdraw, it is as fast as the deposit. Crypto withdrawals like BTC needs 2 confirmations so that takes a little bit these days but that’s normal. A withdrawal address needs also an email confirmation before it can be used. Admin stuff but I like it a lot.

    Cherry on top, my account will be automatically credited BCH(Bitcoin Cash) as per my XBT balance. Just wished it was higher but I am also highly invested in ALTS.
    So, take it as you will but Kraken does not need to provide a bad experience.

    Kraken can improve however on the speed of their interface.
    I realize that exchanges are under constant attacks but it is annoying when the site is so slow that you miss out on buying the dip due to buy order being delayed when clicking submit order.
    This happened quite a few times in May that I had to chase the lowest price by placing an order, finding the price has gone up too much, cancel it, submit new, cancel, submit new, leave it as it just jumped 10%.
    You get the point, it is frustrating but I have also learned not to chase the lows and make my own decisions on what low I want to buy before it happens.

    To make your experience better:
    Tip on support:
    I have managed support teams in the past so know a little bit on how they work. Please be kind to them when you write to them.
    These are people you are dealing with and you will find that a little politeness, will go a long way in getting your issues resolved.

    Tip on 2FA if you do not have a HW solution:
    Use it always and use it for everything. Login, deposit, withdrawal, purchase etc.
    When you setup, ensure you enable on 2 different devices. You do not want to lose your 2FA codes even though there is a master password unlock option.

    Tip on passwords:
    Make your passwords as strong as possible and use a password vault/manager like keepass, lastpass, a HW vault or any top online solution.

    Take care,


  18. Bob, 7. August 2017

    Unfortunately the same as others have posted. Paid wire transfer fees when depositing and lost another 14% in ‘other’ fees from the deposit and took almost 2 weeks for the deposit to appear. Verification is on par with most other exchanges, but in the time I’ve been waiting for my deposit, I’ve deposited, invested and turned a profit on another exchange. Requested a withdrawal this morning and don’t expect to see it anytime soon. However when I requested an update on my deposit their support answered me within 12 hours, quite surprised.

  19. Mark, 22. August 2017


    Sorry to hear this about Kraken. It seems like a big big warning to me since I am in the trier-3 verification, and just sent them a mail for verification 4.
    Maybe I should consider another exchange. I trade futures and it’s going pretty well even though markets hardly move eversince Trump came to office (except for the past few days). Thanks for the review and warnings, I think I’ll take my money somewhere else.
    Kraken, so many bad reviews in here and you guys act as if you don’t even care???

    Good luck people!!!

  20. Chris, 23. August 2017

    I understand people have issues with Kraken but I have had the opposite experience. Kraken support ALWAYS e-mails me back within 24 hours, usually less then 12 hours. I was verified within a week from Tier 1 – Tier 3. I have made multiple wire transfers and they show up within a day and the platform has been running smooth for the last week with the changes they made.

    I recommend this site/exchange but obviously everyone has a different experience.

  21. Alan James, 26. August 2017

    Don’t even think about sending money to Kraken if you’re from the UK. They knowingly accept GBP deposits when you can’t actually do anything at all with GBP on their exchange. You can’t buy cryptocurrency with it or convert it to any other currency. Then they charge you £60 for a withdrawal. Appalling attitude and one of the reasons these exchanges need regulating.

  22. George, 1. September 2017

    Do they even care about their clients? Two weeks ago wired money to Kraken and they still havent posted to my account. After many emails, Kraken finally wanted the wire transfer details. Sent the details and no reply and its been almost a week. Kraken stated it takes 1 to 5 business days for a fiat USD money transfer to post not two weeks. This is highly unprofessional. I dont understand at all how they expect to keep customers. It should take them no more than 1 or 2 days to check the transfer. Frankly its ridiculous.

  23. Aymeric, 2. September 2017


    the support answers me regulary during the day

    just error messages by buying and selling regullary 4/5star

  24. EB, 5. September 2017

    I’ve been trading with them for about a month, and have spent quite a bit of time and energy working on their API. Here are my findings:

    The good:
    1) Opening, upgrading, and funding an account is pretty easy. Takes about a week.

    2) Support is prompt, and has answered my questions within a couple business days. (Not counting their bug reporting email, which gets completely ignored).

    The bad:
    1) Their server craps out in all but the quietest of market conditions. I have a counter on my application that tell me the percentage of API requests out of the last 100 that made it through successfully. This will drop to 40% at times.

    2) I have been unable to actually place any orders at times. Not only during volatile markets, but also during moderately quiet ones. The server will just refuse to speak with you. You might be able to log into their site, but good luck actually getting an order into the order book. I’d say this happens half the time I’m interested in trading. If you’ve got a position on, you are at the mercy of the market until things cool off.

    3) I have been unable to cancel orders at times. It takes about 15-20 tries in a row sometimes. I’m stuck in one of those loops right now, which is what prompted me to write this review.

    4) Sometimes your resting orders will mysteriously vanish into thin air. You can have a limit order sitting there for hours, and then the market moves to fill, and it’s just…gone.

    5) They had to cancel their stop order types, because their servers weren’t actually filling them. I programmed my own, but that doesn’t help if their server decides to go sulk.

    6) The expect you to program their API functions using a live account. There is no sandbox. Pretty sketchy.

    In conclusion, if you are an active trader, you have ZERO chance of being successful here because you won’t be able to even place half your orders in time. The slippage that happens because of that will be overwhelming. Whoever programmed their order matching engine is unfortunately completely completely out of their depth. I’m honestly surprised that they still have any customers left given these problems.

  25. Rich, 5. September 2017

    Fees are low, simple trading orders work fine that’s for sure. But that’s the only positive experience until now.

    Depositing money seems more difficult.
    First deposit took 2 days, fine…For the second one, I am now on day 4. Kraken says that a SEPA deposit may take 5 working days (which is ridiculous as deposits/withdrawals from my ‘traditional’ bank and trading platform does not take more than 1 business day)

    Their verification system suggests that they have to comply with regulatory demands. I am sure that most ‘traditional’ banks or trading platforms will receive serious feedback from regulatory organizations when they consistently are unable to process a simple SEPA payment within 1-2 days.

    I repeatedly asked Kraken as well as their partner Fidor bank about their regulatory status. Until now, no answer. But that seems to be the standard nowadays…

    Does anyone know an exchange/trading platform within the eurozone that is under regulatory control?

  26. Sinsji, 5. September 2017

    Very bad experience. No access to account/deposits. No response from customer service besides some bogus excuses.
    Would be happy to see somebody exposes this crap service and returns money to rightful owners.
    One word: FRAUDS

  27. Torbjorn Enger, 6. September 2017

    Tried to buy Bitcoin for my money yesterday and today, but it keeps on rejecting my orders for insufficient funds even though i try amounts way below my dollar holdings. Anybody knows this problem??

  28. Michael HIpolito, 11. September 2017

    customer care = absolutely disgusting . please please, stay away from this. So much time waiting for my deposit..still ON HOLD, and no answers. sounds as a big scam.

  29. manuel de leon, 11. September 2017

    I am a long time trader in Kraken and I want to justify that all the negative review you may read here are in my opinion are written by People who are connected with other exchanges. They want to make negative review trying to destroy Kraken’s reputation. I been trading with Kraken for years and never have any issues, frankly saying the only issue I can say right now is that when you are making orders it don’t usually go through and you need to try repeatedly, thus happens this week. I hope Kraken will address the issue, the new beta graph is great but it can’t be use to make orders for direct trading. For me Kraken is one of the best and trusted trading site.

  30. Larry, 14. September 2017

    Kraken Sux Ass

    Nothing works well.


    Stay away.

  31. brasco, 16. September 2017

    Kraken is big SCAM,
    he stole all the money from the my account
    In Italy we are many people in this situations, also in Canada end Australia
    the only answer they gave me was: we are sorry but we were attacked on the site and lost several accounts. INCREDIBLE. tell me if this is not a theft
    sorry for my english

  32. rach, 17. September 2017

    For a research project I deposited 60 euro in a kraken account on Monday. After three days I noticed that it was on hold, after which I contacted customer service. No reply, I filled in the google doc. No reply, emailed a new ticket and got a reply. They said my name on kraken was different from bank. if i could explain.
    Now my bank says all names full written, including baptising names. Kraken shows first letter of baptising letters. So i sent my ID, I sent my bank screens. Reply? Our finance department will get back to you. And then silence. Obviously they do not work in weekend.
    Now I have worked in payments for many years, and I know KYC procedures. For a deposit of 60 euro, including ID, and up to tier 3 verified this is bonkers. Especially the fact that there is no, or half a reply.
    Of course it was good that I could not buy during the drop of last week, but since this market is so volatile kraken should be up to fast solutions and replies. Even if they would have said, we are sorry but we cannot accept your deposit.

27 Total Ratings with 1.20/5 possible Rating Points. Bitcoin Exchange