Kraken.com Review 2020 – Scam or Not?

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Kraken is leading cryptocurrency exchange since 2011, the platform provides options to buy and sell bitcoin and altcoins against USD and other fiat currencies, as well as margin trading options for both spot and futures market up to 50x. Enhanced security features ensure your funds are safe 24/7 while their fee schedule enables smart trading at low costs. Kraken is one of the few exchanges which offers margin trading with bitcoin for US residents, however their focus is not limited to this region only and supports customers worldwide.

Review Contents

Kraken is one of the largest and oldest Bitcoin exchange in terms volume and liquidity. After trying to help MtGox recover from the hacking attack, Jesse Powell, a serial entrepreneur 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.

You can follow updates related to Kraken’s services on their own blog, this is where they provide an overview of new features and services. On the social media channels, like Facebook, Twitter and Linkedin Kraken frequently engage with their followers and share stories from the industry.  Jesse Powell, CEO of Kraken presents and explains services and concept himself in video messages and often engages with the public. In Kraken’s podcast, Jesse talks with various guests about interesting topics beyond blockchain and cryptocurrencies. 

The platform is an excellent choice for European users, but after a number of acquisitions in the last couple of years, their focus has shifted from Europe to Worldwide market. Since 2017 they support USD deposits and they have introduced futures trading in early 2019.

Kraken.com has all the content on its website in English – even more, you can choose between US and British English to best suit your needs. Furthermore, the site is available in eight other languages, including Spanish, French, Italian, Portuguese, Russian, Turkish, Chinese and Japanese (even though Japan is currently not on the supported countries list). 

Kraken logo

Verification

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 take only a few minutes and performed automatically if everything is submitted corretly. It can take longer if the application requires manual review. Tier 2 abd 3 verification usually takes a couple of days to complete. Tier 4 (corporate verification) take currently more than 5 days due to increased demand.

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

Tier 1 (Starter) – 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 and physical address
  • Phone number verification

Tier 2 (Intermediate) – Deposits, withdrawals, and trading in digital currency are available. Margin trading is also available for verified accounts. Intermediate verification requires:

  • Valid government ID
  • Recent proof of residence
  • Occupation
  • Social Security Number (for US clients)

Tier 3 (Pro) – fiat currency deposits and withdrawals are available, and the funding limits, API call limites are way higher than in the intermediate verification. Tier 3 verification also allows margin trading. The verification requires a KYC to be filled out and signed.

Tier 4 (Pro Corporate) – Corporate account verification requires contacting support and providing company specific documents to support the application.

Deposit and withdrawal limits are sorted per tiers:

Tier 1 (Starter) – Fiat deposits and withdrawals are not possible. Deposits in digital currencies don’t have a limit, while withdrawals are limited to $5000 per day and $150,000 per month. Verification for Tier 1 requires some basic personal information without providing any supporting documentation.

Tier 2 (Intermediate) -Deposits and withdrawals in FIAT currency are both limited to $100,000 per day and $500,000 per month. Cryptocurrency withdrawals are limited to $500,000 per day and $15M per month. The verification requirement for Tier 2 is a government-issued passport and a proof of address..

Tier 3 (Pro) – Fiat deposits and withdrawals are limited to $10M daily and $100M monthly. Withdrawals in digital currencies are limited to $10M per day and $300M per month. There is no deposit limit for Pro users. Tier 3 verification requires and additional KYC questionnaire to be filled out and signed.

Kraken dashboard

Kraken accepts the following fiat currencies:

  • US dollar (USD)
  • Canadian dollar (CAD)
  • GB Pound (GBP)
  • Euro (EUR)
  • Japanese Yen (JPY)

And users can trade these cryptocurrencies:

Augur (REP), Basic Attention Token (BAT), Bitcoin (XBT), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Cosmos (ATOM), Dash (DASH), Dai (DAI), Dogecoin (XDG), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Gnosis (GNO), ICON (ICX), Litecoin (LTC), Watermelon (MLN), Monero (XMR), Nano (NANO), OmiseGO (OMG), PAX Gold (PAXG), QTUM (QTUM), Ripple (XRP), Siacoin (SC), Stellar Lumens (XLM), Tether (Omni Layer) (USDT), Tezos (XTZ), Waves (WAVES), Zcash (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 SWIFT Wire Transfer – 0.125% with £35 minimum fee

USD SWIFT Withdrawal – all other countries 0.125% with $35 minimum fee

USD FedWire – available in the United States, $5 flat fee

CAD EFT – Canada only, 0.25%

JPY SWIFT – worldwide, 0.125% with $35 minimum fee

Cryptocurrency withdrawal fees and minimum amounts are different between each coin. Here are some examples, always refer to Kraken’s updated fee schedule for the current withdrawal fees.

  • Bitcoin ฿0.0005
  • Ether Ξ0.005
  • Ether Classic ξ0.00500
  • Ripple Ʀ0.02000
  • Litecoin Ł0.02000
  • Dogecoin Ð2.00
  • Stellar STR 0.00002
  • Zcash ⓩ0.00010
  • Augur (REP) Ɍ0.01000

When it comes to deposits, Kraken charges flat fees for the majority of transfers. ACH  and Fedwire cost 5 USD, SWIFT deposits cost 35 USD / EUR and SEPA transfers are free if sent through Fidor bank. Most of the deposits performed in cryptocurrency are free, except for the smaller, less liquid coins. You can find the updated fee schedule for crypto deposits here. For some coins, Kraken also charges a small address setup fee. 

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.

Futures fees are charged between -0.020% (instant rebate for makers) and 0.075% for takers.

For margin trading, Kraken charges an opening fee of 0.01%-0.02% and a rollover fee of 0.01%-0.02% after every 4 hours until the leveraged position is open in the trading platform.

Trading

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.

Kraken trading platform

Margin trading is not available on all of the currency pairs, but only on the following most liquid altcoins:

Augur, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Monero, Ripple, Tether. 

You can trade these coins with margin against the USD and EUR or against Bitcoin and Ethereum. The amount of leverage depends on the coin, which varies between 2x and 5x (Bitcoin and Ethereum).

The exchange recently introduced futures trading where you can trade on leverage up to 50x. Futures trading is available for verified users only outside of the US. Perpetual futures are available for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin and quoted in USD.

Users can use various order types to manage risk like limit orders, advanced orders with predefined triggers, leveraged positions, margin trading as well as short selling.

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 an official iOS application and an Android application which include all the features you need for trading. Note that you need to connect your API key to the app, so familiarize yourself with the setup instructions before installing the app. Kraken Futures plafrom is currently running in a different applicaion for mobile devices, you can find the app in the Google Play store here or join the beta testing of the iOS app here

You can also use trade.kraken.com directly from your mobile as the platform is fully mobile-optimized already.

Kraken Pro Mobile App

Support

Kraken offers 24/7 support, with instant email and chat responses. The support used to be low rated as it sometimes took a couple of days to react, so some people were forced to act like this guy couple of years ago to post on Reddit to get heard. Other than that, no serious complaints were posted.

Since then Kraken opened its own Reddit thread where they try to respond to user queries public where applicable.

Kraken also runs a unique call back system. You can leave them a message over a ticket on the platform and they call you back on your previously registered phone number. They do not have a direct hotline to avoid scam. The hours of operations are between Monday to Friday, from 12:00 to 24:00 UTC time. Note however that the phone support is not able to help in case of issues with verification, login or trading, can only provide general updates and help related to crypto deposits.

Kraken.com 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.

Kraken screenshot

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 account

Supported Payment Methods

  • Wire Transfer
  • Cryptocurrency

Supported Countries

Kraken offers its services to more than 180 countries worldwide on 4 continents, including Europe, America, Asia, and Australia. There are only a handful of countries that are currently not supported. 

Kraken does not provide services to residents in the following countries:

  • Afghanistan
  • Cuba
  • Guinea-Bissau
  • Iran
  • Iraq
  • Japan
  • North Korea
  • Tajikistan
  • Washington and New York states in the US

FAQ – Frequently asked questions about Kraken


Can you buy bitcoin on Kraken?|Yes, you can buy bitcoin directly on Kraken using bank wire transfers. In order to buy bitcoin on Kraken you need to verify your account first and then you can deposit into your account and place an order for buying bitcoin. Note that bitcoin is represented with XBT symbol on Kraken.
Is Kraken better than Coinbase?|In terms of fees Kraken definitely beats Coinbase. Coinbase charges a flat fee of $1.99 +3.99% for transactions with credit card. In contrast, Kraken only charges 0.26% trading fee for buying bitcoin. Although the fees are better on Kraken you might need to consider other aspects as well: Coinbase is more suitable for beginner users and also allows credit card purchases which are currently not an option on Kraken.
Can a US citizen use Kraken?|Yes, most US citizens can use Kraken as the company has complied with local regulations. Kraken, however, does not provide services to residents of Washington (WA) and New York (NY) states. Additionally, residents of New Hampshire (NH) and Texas (TX) states are not allowed to deposit, hold, trade EUR denominated trading pairs.
Has Kraken been hacked?|No, Kraken hasn’t been hacked so far. Although some individual users reported that their accounts have been compromised due to the lack of 2FA security, in general, the exchange did not suffer any major security breach. Still, Jesse Powell, the CEO of Kraken often warns the public to avoid storing crypto on exchanges.
Who owns Kraken?|Kraken is owned by Payward Inc., a San Fransico based startup, founded by Jesse Powell. Payward Inc. is private company, registered in the United States, California and was founded in 2011. Before founding Kraken, Jesse Powell ran other online businesses in the gaming industry, he is also passionate about art.
Is Kraken good for trading bitcoin?|Yes, Kraken is an exchange where you can trade bitcoin and several other cryptocurrencies. Their fees are reasonably low and you can also try margin trading at Kraken. Currently there are more than 30+ different trading pairs are availabe on Kraken exchange.
How do I withdraw USD from Kraken?|You can withdraw money from Kraken using bank wire transfer only. There are a couple of options you can choose from if you want to withdraw USD from Kraken depending on your geographic location. US clients can opt for ACH and FedWire, while the rest of the world can use SWIFT transfers. The fees vary between 5 USD to 35 USD depending on the amount and the processing time. Note that all first-time deposits go through a temporary 72-hour lockdown period and you can only withdraw funds after that. In order to withdraw funds from Kraken, go to withdraw in your account and select the option you need.
Does Kraken require an ID?|Not necessarily. When registering at Kraken, you need to provide them an email, your full name, date of birth, phone number and physical address, however, for the starter account this information is not verified by documents. You can start using the platform with cryptocurrency deposits right after registration. Although the crypto deposits are unlimited, without an ID verification, you can only withdraw 5000 USD worth of cryptocurrency on a daily basis, and 150 000 USD during a month. There is no option to use Kraken with fiat currency without submitting ID.
How can I get verified on Kraken?|There are two levels of verification available now on Kraken. For the intermediate verification, you need to provide a valid government-issued ID card (like passport, driving license, national identity card) and a proof of residence document aged less than 3 months (this can be a bank statement or utility bill). US clients also need to provide an SSN or an ITIN. In certain countries, you will be also asked to provide a confirmation photo of you holding your ID card. For the highest level of verification, on the pro level beyond the above-listed documents, you will be asked to fill out a KYC questionnaire.
How long does Kraken withdrawals take?|Withdrawal time on Kraken depends on the type of funding method you have chosen. Generally speaking, you should receive your withdrawal within 5 business days. The quickest options are FedWire transfers and SEPA transfers which usually take 0-3 days, while SWIFT transactions can take up to 5 business days to be processed.
Can I short bitcoin on Kraken?|Yes, you can short bitcoin on Kraken, so it is possible to sell bitcoin on Kraken without actually owning it. In the case of an XBT/EUR short position, Kraken sells XBT from their margin pool for EUR on the market. In order to settle this short position, you need to have sufficient XBT on your acount to cover the volume of the order opening.
How do you trade with leverage on Kraken?|You can trade with leverage on Kraken using intermediate and advanced order forms. Note that currently not all supported coins can be traded on margin, only a selected number of cryptocurrencies, including Augur, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Monero, Ripple and Tether. Margin trading is available against the USD, EUR and XBT and in some cases against ETH. To be able to open a leveraged position, you must hold enough balance on your account to satisfy the margin requirement. Don’t forget that during margin trading you also have to pay the margin rollover fee for open positions beyond the usual trading fees.
What are the fees on Kraken?|Kraken applies a maker-taker fee model, where with the increase in volume the fees are decreasing. The standard maker-taker fee is 0.16%-0.26% up to 50000 USD monthly trading volume. For margin trades, Kraken charges a margin opening fee and a margin rollover fee after every 4 hours when the trade is open. Depending on the chosen payment method, Kraken also charges deposit fees for some type of SWIFT and ACH transfers.
Can you use a credit card to buy bitcoin on Kraken?|No, credit cards are not among the supported methods on Kraken for buying bitcoin. The reason for Kraken not allowing credit card purchases is Kraken does not want to risk any fraudulent deposits coming from unauthorized credit card usage. You can still buy bitcoin using bank wire transfers at Kraken.
[/faq]

Kraken Review Conclusion

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

Pros

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

Cons

  • Sometimes has uptime problems when market gets hot
  • Verifications take time
  • No credit card deposits or withdrawals

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.

Go to kraken.com
Share your Experiences about Kraken.com:

166 User-Reviews for Kraken.com
  1. jim, 14. December 2017

    BTC withdrawl fee is crippling! 502 errors more often than not.
    I’d like to like it, but its pushing all my wrong buttons.
    Get your sh%t together Kraken!

  2. Poor Man, 13. December 2017

    TERRIBLE!!!!
    I lost 20% of my total investment.

    Scam platforms like Kraken will be the reason why the Crypto bubble will burst. Just sad!

  3. Gareth, 13. December 2017

    Its a SCAM !!!! Don’t use this platform. You cant get your currency out.

  4. Damian, 13. December 2017

    Worst company ever!! Stay away from
    This scam!! Had a rep remotely access my computer in order to verify my account for tier 3. Instead, he deliberately bought 5.24 LTC’s on my account without my consent or even telling me. The screen was completely black. I’m not sure what type of scam artist they have working there but I suggest you find another platform to trade on!

  5. Patrick Clayton, 12. December 2017

    Kraken is most definitely a scam – they allow you to open margin positions, lots of time you don’t place the order but they’ll open the position for you anyways, then they literally shut down every avenue you have to close the position. From there, they simply wait for the market to turn, then they liquidate your funds – this has happened multiple times to myself and over 20 other individuals I’ve spoken with.

    Whatever you do, DO NOT USE KRAKEN – they will place false orders then shut down trading abilities with the sole purpose of liquidating your funds. STAY AWAY FROM KRAKEN!

  6. Torbjorn Enger, 12. December 2017

    I managed two days ago to get my coins over to Coinbase 🙂 But would not recomend Kraken now. To busy!!

  7. James, 11. December 2017

    euro rates for bitcoins on Kraken are generally 400-600 € lower than anywhere else at the moment. Around 20€ Lower for eth and ripple is about 0.01-0.02 lower. I’m not stingy but that is almost 5%, have been asking the support team about this and haven’t got any response yet.

  8. Michel, 11. December 2017

    If the website didn’t have every new page Error 520, 525. Web server is returning an unknown error. Might OK to work with. Send 2 transfers after 7 days still on hold. Verification of the website went smooth everything else horrible. Didn’t even think of trying them! I already made that mistake for you.

  9. AMZ, 11. December 2017

    i thankfully was able to spend the last of my funds on Litecoin yesterday without any page loading failures… but I’m definitely moving to Bitfinex now for future transactions.

  10. torbjørn, 11. December 2017

    And now I was able to log in and buy bitcoin fot 20$ ;-). But will not recommend it anymore anyway.

  11. Torbjørn, 11. December 2017

    Hurray, got in this morning and got my coins over to coinbase. Puh, now not able to login again……

  12. Makke, 10. December 2017

    I think they already solved some problems,because i just logged in and everything works fine now for me! Trade platform works,orders goes in etc.etc. Im happy now,i almost lost my faith because there was so many problems all the time. Good luck for everybody and happy trading!

  13. Torbjørn Enger, 10. December 2017

    Hurray!!!!!Today just now i got in, got a few this activity is not enabled for tier 3 when i tried to withdraw , but i got them out. Holy shit!!!!Try now!!! Seems to work now.

  14. torbjorn, 10. December 2017

    New error today, not looking good…..
    404

    Page Not Found

    We apologize for not finding the page you requested that may not exist or was recently moved. To find what you are looking for we recommend looking at the FAQ, Trading Guide, Support Center, API or Fees.

  15. Torbjorn Enger, 10. December 2017

    Hi. Yesterday i actually managed to log in, i traded btc for 10eth and i also managed to send one of the eth to my coinbase account, but after that i have not been abl to do anything. Are there any other people managing to do something in there?

  16. Oscar, 9. December 2017

    Continuous issues with the website. I never know if my order went in or not hence I often end up with double/triple orders.
    I’m moving to a different exchange. Cannot recommend kraken anymore.

  17. Michel Heinst, 9. December 2017

    If the website didn’t have every new page Error 520, 525. Web server is returning an unknown error. Might OK to work with. Send 2 transfers after 4 days still on hold. Verification of the website went smooth everything else horrible. Didn’t even think of trying them! I already made that mistake for you.

  18. Cryptotrader, 9. December 2017

    This is not funny any more…when I try to withdraw it’s ether “Error 520” or it’s “Invalid Request” or it’s “not available for tier level 3” ….somehow it seems they really do not like to part from my funds. =(

  19. vicheth, 8. December 2017

    kraken is scam. I have verified tiel3 but it does not allow me to withdraw my BTC.

  20. Rib, 7. December 2017

    ‪Totally scam are stealing money of errors because you cant open and close possition. Only errors they stole from my money!!! Never use this!!!‬

  21. paul, 7. December 2017

    Awful.

    Worked months ago but now just non stop cloudflare erros.
    Very slow.
    Trades dont go through so you miss a good price.

    No support response.
    This is a paid for service and a financial one. It has to work. Not acceptable. AVOID!

    p.s. same goes for genesis mining. started very good ( regular pay good return ) but turning to nothing. As value of BTC goes up payments are reduced so no benefits. maybe it WAS a scam after all????

  22. Yeak, 7. December 2017

    Keep on getting bad gateway errors, been trying for hours. Not when I eventually got through I get a Feature Disabled – This feature is not currently available message.

    Bad new, rather use Bitrex or Poloniex

  23. Megan, 7. December 2017

    Well here we are in December and the very same problems with logging in, buying coins and getting the error messages are still occurring. I found this website after online searching for “kraken complaints”, to see who else is experiencing the same problems. I sent a wire transfer 3 days ago and am still waiting for news of it’s arrival to my account. The first and 2nd time I used Kraken it went well about 3 months ago but now it’s gone downhill. I sent a complaint to Kraken support this morning, but from the reviews I won’t hold my breath.

  24. cashif, 7. December 2017

    Not recommended at all! It is now impossible to even place an order, site is down all the time!

  25. Matt, 6. December 2017

    basically their system is based on take (from users),pump(the market) and dump(algorithm is checking when is the perfect time to steal from people ekhym i mean dump Huge amount on market where ppl loosing anyway , where is the money ? on their account:)

    from where i know ? ive been a student which has wrote that algorithm, of course I didn’t know it is for that ….

  26. Lenz, 6. December 2017

    The Homepage of Kraken is collapsing STEADILY. I had to login 20 times and had to try appr. 40 times to fulfil a simple withdrawal. The bad work of Kraken.com is really driving you crazy, if you´re losing gains because of their homepage not working. By the way: I´m using Kraken for half a year now and it doesn´t get better at all. The support isn´t reacting. Its just embarassing. Go to bitfinex if you want quality work!

  27. dennis, 5. December 2017

    My personal advise is not to use this exchange for trading. Over the months the responsiveness has been terrible. Multiple orders have been returning errors. Sometimes they come through (delayed) which results into multiple purchases. I’ve lost serious money due to overbuying/selling or simply not being able to place any orders. The support staff keeps apologizing, but no improvements have been seen so far. I can imagine being the largest exchange for Europe customers brings alot of growing pains, but the lack in communication leaves their customers in the dark.

    If you need Kraken for withdrawing to a euro bank account i would recommend to create an account and get verified to the needed tier. Do traiding of crypto on another exchange and as soon as u want to convert crypto to fiat, only then, deposit funds in kraken and withdraw them. This saves u alot of frustration not being able to use the exchange during volatile times.

  28. Yuri, 3. December 2017

    The current fee to transfer BTC out of Kraken is currently ฿0.00100. As it stands that about $10 USD, which is quite a lot considering you might want to do it more than once. Additionally, Kraken is very slow. The pages need to be clicked 3 to 6 times sometimes to load and for the function to complete. When you’re doing a transaction it will fail about 4-5 times (sometimes more, sometimes less) which can cause a lot of problems when you’re trying to buy or sell.

  29. Nico, 2. December 2017

    I’ve heard about people who trade and when they wanted to get all the money off the platform they could not. The answer was that they could’t take out more money than they invested. Did anyone meet this problem? (for example: you invest € 10,000, after trading you have € 13,500 and you can only get 10,000 and not all). Tnx.

  30. marin, 1. December 2017

    Shity exchange holding deposits on hold for no reason other then to use your money. Stay away from kraken.

  31. Katie H, 30. November 2017

    I am having major trouble w Kraken. Put in an order and a wire over 2 weeks ago and nothing yet. Repeated phone calls dropped and not returned. No emails showing my wire received or trade made.
    Very very disappointed.
    Won’t continue unless situation fixed.

  32. Sand, 29. November 2017

    Hi everybody! Keep out of this crappy shitty broker! I am having error of every kind (login error 520, then for trading and even transfer) everyday! This afternoon I just try to login during 4H and impossible! When I got it in the evening I had another error and could not make a transfer, this is a nightmare! I have sent them many messages, emails and got only silence!
    I really need to find another broker, more serious, more reliable! Any suggestion?

  33. Mark, 29. November 2017

    Stay away!! Deposited $25K over a month ago. Apparently, I exceeded my monthly limit by 3 days and now I can’t get the money deposited or sent back. Support is weak to say the least and now I’ve missed out on a month of trading with no end in sight. This company is SERIOUSLY messed up!

  34. Andy, 28. November 2017

    My funds were deposited same day. Impossible to place an order. Website has connectivity issues for months, keep away if you dont want to lose your money

  35. Nico, 27. November 2017

    At this moment i use Kraken and I loose a lot of money because it take a lot of time to put the order, i push many many times and the price change, i’m thinking to use another platform but i don’t know wich is good for trade, i mean when i push the buttom for order-to take it, not like in Kraken where i push around 10 times minimum and maybe will take…please tell me one good platform for TRADING, not for losing. Tnx

  36. Filip Poulsen, 25. November 2017

    It takes anything from 15 min to 60 min to make a trade.

    Use only kraken to get a SEPA from your bank. Then buy some crypto, and then transfer to do the trading somewhere else.

  37. Joel Brentman, 24. November 2017

    Kraken is the WORST exchange available today. I’ve personally lost over $30,000 trading on their platform, because I simply wasn’t able to buy or sell when I wanted. To be totally clear, I would set a limit order, and 5-10 minutes after clicking confirm (half a dozen times), it would then post in the order book, and by then, the price would have changed drastically, forcing me to cancel the order, and place another, which took another 5-10 minutes. The other option would be to place a market order. One time I placed a market order to sell something at $2,200, which turned out to be a disaster, because it waited 7 minutes to fill, and got me “the best price available” when the token had dropped to $1,500, costing me a bundle of money. Heed my warning and steer clear of these crooks!

  38. Michael Jackson, 23. November 2017

    I’ve had it with these incompetent clowns. This system malfunctions ALL the time. Look elsewhere because this is a nightmare!!!

  39. Lucas, 21. November 2017

    First the wire Deposit (earyly Nov.2017) was very slow and delayed, money was on hold for several days at that time BTC had dropped more than more than 20% but I was not able to buy anything.

    And during this month login was very slow or shows a failed to login.

    Finally got my fiat at near end of Nov. BTC had gone up already lose thousands $$$$.
    Tried buying some BTC, and there is a bug where you hit buy and it could double buy so much issues. Never again moving my BTC and funds else where.

    In this day and age 2017 how to you still have issues with double buy/sells and long delays? Ridiculous.

  40. Lenz, 21. November 2017

    When I started to use Kraken.com it was a very simple and good working exchange platform for cryptocurrencies. But now it´s just horrifying! Emails for verification of withdrawals don´t arrive, the site collapses every 5 Minutes, the support doesn´t answer to requests (or way too late) and I´m not able to send my bitcoin to another platform/wallet whatsoever. I only want to leave kraken, because they don´t take other peoples money serious. But right now I can´t because of their fucked up HP. I can recommend bitfinex or bittrex, they´re professional…

  41. Erwin Fern, 21. November 2017

    Not only do they like to sit on your money (LONG Deposit times, 2-3 weeks), but their orders fail 95% of the time.

    My internet and equipment are fine, it’s their buggy trade platform. I’ve lost thousands and they just say they’re sorry to hear that and are trying to fix it, but no means of compensation, even though they’re making money off our fees while having us run into so many errors.

    No other platform does this for me. Despicable. The owners can hide behind their site for now.

  42. pippo, 15. November 2017

    I have been using kraken for a few months but now it has become unusable. As others said, orders will go through randomly, most of the time they won’t but you’ll know minutes later, and they have (rightly) removed many currency pairs and decimals but things are just getting worse!! They have also eliminated stop orders and things got even worse! How is that possible?? Can they have such a surge in customres/trading to be unable to manage the simplest orders? Again, most of the time when you click the final BUY utton nothing happens and when it happens you’ll know much later! And this is the aanswer I got from support “Unfortunately at this time, the engine is obviously having issues accepting new orders. There is not a quick fix to this. The best option for now is to wait and try the order again. There is no way circumvent the current trading engine issues, they are affecting everybody.” So there in no way out, unless you move to another exchange…

  43. Alex, 14. November 2017

    I lost 13000 € on 12.Nov. with a trade that at the beginning did not went trough, XBT/BCH…sent my XBT TO THEM TWO DAYS BEFORE ON Friday to switch btc into BCH but since the funding took 90 minutes to get crediited i had to do the trade on Sunday morning…then since Sunday until now I am not even able to withdraw my cash funds or any other cryptos, site always down or they block withdrawal requests, only funding is possible…who knows how much they lost that Sunday??? Now they try to compensate their losses with customer funds…I hope they don‘t take the rest of my funds…no answers from their support, even with escalation…most of the exchanges have bad support but „stealing“ money and not letting you cash out, goes far beyond…I will host a website with screenshots by the end of the week „krakenscam.com“ if i don’t hear back by the end of this week.

  44. Mick, 13. November 2017

    I was not able to log in into my online account from Kraken. At that moment I looked into the app and saw that all my funds + coins were gone.
    My account is completely empty without doing anything. Kraken support only replies with “I am sorry for hearing this” without doing anything.
    I had the 2FA, is there anyone who can help me?

  45. Yurik, 10. November 2017

    Yurik here again — last posted on 20th of October, 2017. It is now November 10th, 2017.

    My USD wire deposit saga is now over. The funds appeared with a reassuring “Deposit credited” email on 11/2. This wire was initiated on 9/15, so about 1.5 months.

    Not being one to give up, I decided to give it a shot a few more times, because the support rep — Damien — promised such problems were behind them and would not happen again. I must say, he is right. All subsequent wire deposits worked like absolute clockwork: I set up wire, next morning my bank wires it, and that afternoon around 5pm Pacific I receive the “Deposit credited” email. One day I even set up wire around 2pm; and since my bank was able to wire immediately, Kraken actually accepted the deposit that very same day around 5pm.

    So, no complaints on the deposit front since then.

    As to trading, well, it’s a different story — though nothing insurmountable. There are just annoying problems. If I want to buy Bitcoin, just a simple limit order, I must be ready to try this order between 1 and 5 times. Each click of “Buy” is a gamble: the button grays out for the next 10 seconds, and then one of the following happens: a red box with NO message appears, button ungraying; a cryptic error message appears; or (rarely) success is reported. If I refresh after the bizarre “errors,” 50% of the time I discover the order went through; the other 50% it has just disappeared into the aether. But if I try enough times, it goes through, after which things generally work.

    That TRADING of bitcoin is this glitchy is certainly cause for concern.

    That said, they seem to be trying earnestly and, at times, succeeding. I just worry about how well their tech is standing up to the demands of their users.

  46. Peter, 8. November 2017

    Same problem. Site errors on daily base. Today even I cannot login from 9 a.m., now is 4.30 p.m.
    This site is a bad joke not a trading platform. Avoid Kraken!

  47. Vega, 7. November 2017

    Just to mention, my verification all the way up to Tier 3 took less then 5 hours. Not sure if it was a slower day for support, but they were quick to respond and help me get verified. So it is not as bad as some say, or it could be that Kraken has increased their support staff. I don’t like the Wire transfer fee of $5 on top of my bank charging me an Arm and Torso, but meh what can you do. I rather use something with more security that has some kinks, then something unsecured that runs a little bit smoother. Encryption methods user can choose is one of the main reasons why I have a Kraken account.

  48. Mawhrin Skel, 7. November 2017

    These guys are really good at accepting the money that you deposit and then sitting on it for weeks. They put my deposit on hold. It has been 3 weeks now. I requested the refund but I got only automated messages as a response. What a scam… Stay away!

  49. Chris, 6. November 2017

    ANY SUGGESTIONS on new TRADE PLATFORMS???

    LOST $2,000 due to site errors…

    I had planned to make over $1,000 yesterday. It was easy, the plan was set, and I had the bitcoins to do it. Unfortunately, when bitcoin was 7575 and dropped to 7450, I had to press the order button 12 times… after none of my limit order attempts for 7500 went through, I then placed a market trade, hoping it would go through (all within 30 seconds). The market said I was buying at 7511 (61 dollars higher due to the delay). After the purchase, I immediately sold when the Market went right back up to 7560 (I had 3 coins) on a market order and of course, it immediately went through. Now, I am completely frazzled in this case. I actually bought and despite all the limit orders I attempting, only the market orders would go through and I ended up taking a loose of over $50+ per coin. Meaning, they had me buy at 7560 and sell at 7511… What kind of sense does this make???

    So, I basically lost $150 right off the bat. Not to mention, I planned to by at 7500 and sell at 7575, which would have been a $225 profit.

    Next, every time I try to place an order, it WILL NOT GO THROUGH. I sent an email days ago and still have not heard back from Kraken. They are taking there time on this and it is really beginning to cause problems on my end.

    I have some type of 5:1 Margin trade going and it will not let me take it off.

    To put the icing on the cake, I had a limit order to sell ($26,000 worth) and it only partially filled it for ($12,000). Of course, Bitcoin has now dropped $300… and of course, my money is tied up in the previous trade.

    I thought this was a great site to trade on, but after losing most of my gains due to malfunctions with the site, I need to send my money somewhere else.

    ANY SUGGESTIONS on new TRADE PLATFORMS???

  50. Steve, 5. November 2017

    Does anyone know of an exchange that allows shorting Bitcoin? Kraken is the only one I know of, but their orders fail 90%+ of the time for me. I’d really appreciate any help. Thank you, Steve