[ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH

[VintageBazaar]

Clearly

AVOID KRAKEN (wish i could make that text flashing also and big red alarm sound) at all costs!

It is a total disgrace customers are having a really terrible time not only trying to deposit funds,
but even more shocking, trying to get THEIR OWN MONEY back!

Last company to act so shady was Cryptsy........  Highly recommend EVERYONE to withdraw any funds from Kraken and ask for total account deletion.

[BadAss.Sx]

I stop using Kraken now also....they can't be trusted. I hear a lot more rumours lately

[Wasda]

I signed up on Kraken couple days ago and was going to deposit and start using them but with these kinds of BS I'm no longer touching them with a 100 ft pole. thank you for the heads up and sorry to all the people that are being scammed by them.

[Khilone7]

Due to the things I have heard lately about Kraken, I will not touch it.

Thanks for the heads-up.

[D3m0nKinGx]

i have sent USD transfer using synapsepay

i have tried to contact synapsepay but all i get is google voice  

seriously Google voice? thats the place you guys are directing me to send my funds too?

im also verified 3rd tier

but you guys are asking me to send more info after the 3rd tier verification?

why are you holding my money for no reason?

it took you guys 2 days to answer me after i posted on redit?

i do not want 4th tier verification

i was going to use your exchange as alternative to coinbase but you guys are worse then them

credit my account or send my money back to my bank account

If you PM me your ticket number I can escalate your case with support.

i was verified 3rd tier now it says 3rd tier processing again?
why make me send funds by telling me i was 3rd tier verified and now you guys have the funds and lower me back to 2nd tier?
this is just some bull shit you guys are pulling
just send my funds back to may account including the fees i payed

still nothing!! i want my money back or credit my account

Make sure you have all your ducks in order, copies of any/all transactions you've made with them, including screenshots etc, do you have their legal business address?
Find out about the appropriate agency (law enforcement) etc you can report them to that can further assist you.  

Secondly, Thank you for informing the community of their actions, I will be avoiding them !

[Kunfu]

DAMN, I thought Kraken was a reputable exchange. It doesn't seem like it after seeing so many people having their funds held for MONTHS. STAY FAR AWAY!!!

[TheStuhlman]

I have invited Idol to use kraken after using it myself for months, I had a good experience myself, but hearing what idol had to go through is creating an uneasy feeling about it.
Idol is a respected member of the bitcoin community and Kraken has the responsibility of making sure he gets his deposit returned promptly. Kraken uses Synapse and they should have big influence on how the company deal with their customers funds. I know kraken is not out to scam people, but I am very displeased by the fact they are not giving the customer issue a much faster resolution.

[Dargo]

i have sent USD transfer using synapsepay

i have tried to contact synapsepay but all i get is google voice  

seriously Google voice? thats the place you guys are directing me to send my funds too?

im also verified 3rd tier

but you guys are asking me to send more info after the 3rd tier verification?

why are you holding my money for no reason?

it took you guys 2 days to answer me after i posted on redit?

i do not want 4th tier verification

i was going to use your exchange as alternative to coinbase but you guys are worse then them

credit my account or send my money back to my bank account

If you PM me your ticket number I can escalate your case with support.

i was verified 3rd tier now it says 3rd tier processing again?
why make me send funds by telling me i was 3rd tier verified and now you guys have the funds and lower me back to 2nd tier?
this is just some bull shit you guys are pulling
just send my funds back to may account including the fees i payed

still nothing!! i want my money back or credit my account

Make sure you have all your ducks in order, copies of any/all transactions you've made with them, including screenshots etc, do you have their legal business address?
Find out about the appropriate agency (law enforcement) etc you can report them to that can further assist you.  

Secondly, Thank you for informing the community of their actions, I will be avoiding them !

OP's frustration is justified and I understand how his experience can make others wary. Our payment partner SynapsePay held up the deposit and requested further verification information that needed to be uploaded to the account. My understanding is that the account had to be set back to tier 2 to allow the upload since no further uploads are possible once an account is at tier 3. But OP requested instead that we just return the deposit and we have requested that SynapsePay process the return (this generally takes a few business days). We responded in the ticket on Thursday and again Friday (yesterday) confirming our request for the return and also the request for tracking numbers on the return. We do not blame our payment partners for issues and trust that they only require extra verification steps when necessary and try to process our requests as soon as they can. However, we also want clients to understand that we are working in a partnership and this means that we can only request certain actions, not process them ourselves, and hence do not have full control over every step. At this point we are doing everything we can to return the deposit as soon as possible.

[Dargo]

Hi idolacchacked, welcome to the club!

I have been waiting on my money from kraken since February 2nd.
First, they told me they need more ID-proof, then they would release the funds.

I sent all photo-ID they asked for, then they told me that there is more but they cannot say what and I have to wait for MANY WEEKS for them to finish their investigation and they told me the best I can do is to keep my mouth shut and WAIT!

Until, one day, maybe, they will release MY MONEY back TO ME.

More then 5 weeks I have been waiting now, no communication anymore. They simply took a few thousand Euros from me and prefer to remain silent. And tell me I should NOT contact police because KRAKEN is so very good and I MUST be BAD, because the GOOD GUYS would not simply steal my money... no... they only do what is "surely legitimate".

What can I do? I have no money for a lawyer... and it seems that I was the only one they kept the money from...

Best wishes to us all
BS

I'm not sure if we have any update for you on this case, but I'm looking into it. I didn't ask you to keep your mouth shut, I only said that it's probably best to allow more time for an informal resolution instead of going with more formal recourse, which is what you seemed to be saying you wanted to do.

[idolacchacked]

i have sent USD transfer using synapsepay

i have tried to contact synapsepay but all i get is google voice  

seriously Google voice? thats the place you guys are directing me to send my funds too?

im also verified 3rd tier

but you guys are asking me to send more info after the 3rd tier verification?

why are you holding my money for no reason?

it took you guys 2 days to answer me after i posted on redit?

i do not want 4th tier verification

i was going to use your exchange as alternative to coinbase but you guys are worse then them

credit my account or send my money back to my bank account

If you PM me your ticket number I can escalate your case with support.

i was verified 3rd tier now it says 3rd tier processing again?
why make me send funds by telling me i was 3rd tier verified and now you guys have the funds and lower me back to 2nd tier?
this is just some bull shit you guys are pulling
just send my funds back to may account including the fees i payed

still nothing!! i want my money back or credit my account

Make sure you have all your ducks in order, copies of any/all transactions you've made with them, including screenshots etc, do you have their legal business address?
Find out about the appropriate agency (law enforcement) etc you can report them to that can further assist you.  

Secondly, Thank you for informing the community of their actions, I will be avoiding them !

OP's frustration is justified and I understand how his experience can make others wary. Our payment partner SynapsePay held up the deposit and requested further verification information that needed to be uploaded to the account. My understanding is that the account had to be set back to tier 2 to allow the upload since no further uploads are possible once an account is at tier 3. But OP requested instead that we just return the deposit and we have requested that SynapsePay process the return (this generally takes a few business days). We responded in the ticket on Thursday and again Friday (yesterday) confirming our request for the return and also the request for tracking numbers on the return. We do not blame our payment partners for issues and trust that they only require extra verification steps when necessary and try to process our requests as soon as they can. However, we also want clients to understand that we are working in a partnership and this means that we can only request certain actions, not process them ourselves, and hence do not have full control over every step. At this point we are doing everything we can to return the deposit as soon as possible.

i understand the part about needing more info for Kyc/Aml requirements but i have never heard of Kyc /Aml asking for income tax return or pay stub
i sent in my SS card and my bank statement thats far as i go with this synapsepay
synpasepay is just a processing company that  acts as middle man to send funds to Kraken
if i am verified 3 rd tier which means i met all the requirements for Kyc Aml  ...did i not?

its was kraken that fail to warn users about deposit amount that will cause this kind of bull shit to happen
and you guys saying you dont have any control of what synapsepay dose? then you should not direct your customers to send money using Synapsepay
or maybe you should get a another processor  

[D3m0nKinGx]

Very odd ... already the customer was verified tier 3, and then they requested documents again   Why would doing a deposit after already being verified trigger another request for identification documents?

I'm a customer on Gemini and this just doesn't happen regardless of the deposit amounts after a verification is completed

I'm curious why synapse/kraken is doing that.  Is there something in the policy that further verification is done when deposits are made?

[BadAss.Sx]

Strange story indeed...get a better payment processor instead of projecting these problems to your customers. Maybe he has been helped now, but there are many more with problems. I'm not sending any money to it again when you keep using Synapsepay. Crypto world is all about time and timing. What looks cheap now can be expensive within an hour. And sending ID and all kind of stuff are privacy related issues. Better not act like verification is a no big deal voor Kraken, because it is for your customers.

[Ducknaldo]

Kraken are stealing customers money and not answering support tickets.

[tr14d]

Hi,
I am new to Bitcoin after being a passive but very interested reader of bitcoin and altcoin news for years.
I decided now to invest some money into altcoins b/c I believe that especially Ethereum has a big potential w/ smart contracts in terms of further and ongoing digitalization and also micropayments (Internet of Things and Services).
But also Monero seems to have an interesting concept...

Starting with setting up an Ethereum and one Monero wallet, buying some altcoins via Anycoin Direct and also doing some - even command line based - mining was fun.
Pretty fast I realized that buying altcoins on Anycoin is on the one hand very fast and simple but on the other hand very expensive b/c of very bad exchange rates and (way too) high fees.
So I was looking for another solution w/ low fees, big volumes but nevertheless, audits and good security. I figured out that kraken.com would in my case (funding w/ EURO) the best platform for altcoin trading.
Now the part started which was so far very nasty. Creating an account at kraken.com and going through verification process (until tier 3) took ages. I wrote several emails to the support to ask for speeding up the process.
None of the emails was replied but suddenly I was a verified tier 3 customer.
So I created a FIDOR bank account b/c there was no available alternative funding EURO possible. Again I had to verify my new bank account, sending money to it and afterwards sending money to kraken.com from my FIDOR bank account.
This whole process took days again. Finally (and from an overall process perspective over 1 week later) my funding arrived on kraken.com but is now, since several days "on hold".
I did not exceed my funding limits, I am a verified tier 3 customer so why do I again have to wait that my already transfered money is available for trading?

@Dargo, I wrote you a PM to ask you to take a look on my (again unreplied) support tickets but besides that I am posting my experience in this forum.
Why? No, not to blame kraken, just to provide some feedback that from an "User Experience" perspective digging into altcoin trading is currently NO FUN AT ALL, and at least in my scenario way to complex and takes too much time.
If altcoins want to be successful one day, there is a strong need to simplify and speed up the whole process w/o making it unattractive from a cost perspective (like I experienced w/ Anycoin Direct).

[D3m0nKinGx]

Hi,
I am new to Bitcoin after being a passive but very interested reader of bitcoin and altcoin news for years.
I decided now to invest some money into altcoins b/c I believe that especially Ethereum has a big potential w/ smart contracts in terms of further and ongoing digitalization and also micropayments (Internet of Things and Services).
But also Monero seems to have an interesting concept...

Starting with setting up an Ethereum and one Monero wallet, buying some altcoins via Anycoin Direct and also doing some - even command line based - mining was fun.
Pretty fast I realized that buying altcoins on Anycoin is on the one hand very fast and simple but on the other hand very expensive b/c of very bad exchange rates and (way too) high fees.
So I was looking for another solution w/ low fees, big volumes but nevertheless, audits and good security. I figured out that kraken.com would in my case (funding w/ EURO) the best platform for altcoin trading.
Now the part started which was so far very nasty. Creating an account at kraken.com and going through verification process (until tier 3) took ages. I wrote several emails to the support to ask for speeding up the process.
None of the emails was replied but suddenly I was a verified tier 3 customer.
So I created a FIDOR bank account b/c there was no available alternative funding EURO possible. Again I had to verify my new bank account, sending money to it and afterwards sending money to kraken.com from my FIDOR bank account.
This whole process took days again. Finally (and from an overall process perspective over 1 week later) my funding arrived on kraken.com but is now, since several days "on hold".
I did not exceed my funding limits, I am a verified tier 3 customer so why do I again have to wait that my already transfered money is available for trading?

@Dargo, I wrote you a PM to ask you to take a look on my (again unreplied) support tickets but besides that I am posting my experience in this forum.
Why? No, not to blame kraken, just to provide some feedback that from an "User Experience" perspective digging into altcoin trading is currently NO FUN AT ALL, and at least in my scenario way to complex and takes too much time.
If altcoins want to be successful one day, there is a strong need to simplify and speed up the whole process w/o making it unattractive from a cost perspective (like I experienced w/ Anycoin Direct).

You're now the 2nd confirmed user having issues with deposits on kraken, if i were you use https://gemini.com and or https://bitstamp.net, they are very quick and have excellent support service, highly recommended.

Kraken seems to be going down a very bad road lately... when problems start happening with deposits.... that's a HUGE RED FLAG, STAY AWAY

[Dargo]

Hi,
I am new to Bitcoin after being a passive but very interested reader of bitcoin and altcoin news for years.
I decided now to invest some money into altcoins b/c I believe that especially Ethereum has a big potential w/ smart contracts in terms of further and ongoing digitalization and also micropayments (Internet of Things and Services).
But also Monero seems to have an interesting concept...

Starting with setting up an Ethereum and one Monero wallet, buying some altcoins via Anycoin Direct and also doing some - even command line based - mining was fun.
Pretty fast I realized that buying altcoins on Anycoin is on the one hand very fast and simple but on the other hand very expensive b/c of very bad exchange rates and (way too) high fees.
So I was looking for another solution w/ low fees, big volumes but nevertheless, audits and good security. I figured out that kraken.com would in my case (funding w/ EURO) the best platform for altcoin trading.
Now the part started which was so far very nasty. Creating an account at kraken.com and going through verification process (until tier 3) took ages. I wrote several emails to the support to ask for speeding up the process.
None of the emails was replied but suddenly I was a verified tier 3 customer.
So I created a FIDOR bank account b/c there was no available alternative funding EURO possible. Again I had to verify my new bank account, sending money to it and afterwards sending money to kraken.com from my FIDOR bank account.
This whole process took days again. Finally (and from an overall process perspective over 1 week later) my funding arrived on kraken.com but is now, since several days "on hold".
I did not exceed my funding limits, I am a verified tier 3 customer so why do I again have to wait that my already transfered money is available for trading?

@Dargo, I wrote you a PM to ask you to take a look on my (again unreplied) support tickets but besides that I am posting my experience in this forum.
Why? No, not to blame kraken, just to provide some feedback that from an "User Experience" perspective digging into altcoin trading is currently NO FUN AT ALL, and at least in my scenario way to complex and takes too much time.
If altcoins want to be successful one day, there is a strong need to simplify and speed up the whole process w/o making it unattractive from a cost perspective (like I experienced w/ Anycoin Direct).

The support tickets you have created come from an email address that doesn't match any account in our system - please reply to one of the tickets and provide your public account ID (found under Account > Settings) or the email associated with the account.  Edit: My mistake - the account wasn't showing up for me under the email, but support sorted it out and has replied to your ticket.  

[tr14d]

Hi Dargo,
thanks for your support.
Kraken support contacted me and told me yesterday that a payment specialist has to review.
Now I am checking several times a day but it's still on hold.
Can you imagin how it feels, when a whole bunch of hard earned money are "on hold" at an (at least for me) unknown financial portal for almost a week and you get worried more and more, if it was the right decision to transfer money to it?
This especially sucks b/c there was no where the clear information that AFTER tier 3 confirmation and WITHIN my limits I am not able to directly access MY money after I transfer it.

Best regards

[Bonez0r]

So I created a FIDOR bank account b/c there was no available alternative funding EURO possible.

Just because Kraken uses a FIDOR bank account doesn't mean you have to have an account at the same bank. I don't have a FIDOR account and i've been transferring EUR back and forth between Kraken and my bank for years without problems (except for that one time i forgot to include my Kraken account ID as a refenence in my deposit, but that was my own fault and quickly resolved).

The last time has been a while ago though. Just because of all the stories here the last weeks i'll do a test EUR withdrawal and a deposit to test how long it takes. In my past experience it has never taken longer than 1-2 business days (SEPA). Kraken is still the exchange that i trust the most.

edit: deposit from my bank entered on the 16th at 03:15, arrived at Kraken at 10:40 (7.5 hours). I just sent the same amount from Kraken back to my bank (17th 00:56), let's see how long it takes.

[stereotype]

5 full days, and no response from support other than to say they have many support tickets to deal with.

Again, Kraken on occasions, does not trigger stop orders. In my case, it was 36 hours after it traded through my stop price, until it was executed. You shouldnt be trading if this is happening on your engine. In fact, i think you guys should be reported.

You owe me money Kraken. How many others do you owe money to? And, why are there so many support tickets to deal with?

[pat1900]

i'll do a test withdrawal and a deposit to test how long it takes

Could you also do a Bitcoin test withdrawal to a newly added Bitcoin address? Each time a new Bitcoin address is added for withdrawal from Kraken there should be a confirmation email message. This had worked without problems up to several weeks ago. This time Kraken never sends me any of these messages, and all the withdrawal attempts had been set to "On hold". And yes, I did check all the spam and filter settings and actually deactivated all those. Then tried again several times without any success.
Withdrawals to old existing Bitcoin addresses still work, though.

5 full days, and no response from support

Only 4 days in my case. It used to be 4 hours on average in the past. The thing that worries me most: it took them 4 days just to send me a standard excuse that the confirmation email messages may have ended up in my <facepalm mode>spam folder</facepalm mode>

Are we witnessing the beginning of another slow death of an exchange, just like Cryptsy, Vircurex, ...