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Author Topic: What is your experience of using Kraken exchange?  (Read 58 times)
coolbaughandrew
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August 01, 2020, 01:12:34 PM
 #1

Kraken exchange is famous for its low fees. Is it really so? I will be pleased to see only honest reviews here. 
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August 01, 2020, 01:21:01 PM
 #2

Kraken exchange is famous for its low fees. Is it really so? I will be pleased to see only honest reviews here. 

Not a user friendly and not recommend to beginners because it has a lot of complicated features which even I sometimes finding it hard to used when I do leverage trading. The only thing I liked them is they are regulated which typically I feel comfortable to trade there rather than other exchange. So far, there system has no history of hacking event so this really gives them an edge compared to other exchange.

If you are a beginner then go to coinbase and Binance. But if you are a Pro-trader that looking for a safe exchange then you can give a shot to kraken.


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August 02, 2020, 04:50:35 AM
 #3

Kraken exchange is famous for its low fees. Is it really so? I will be pleased to see only honest reviews here. 

The most used exchange in Europe, quite good to be used. It is fantastic if you can open an account at fidor.de. deposits and withdraws will be instant
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August 02, 2020, 05:00:41 AM
 #4

The fees are not extreme low, but competitive.
The rates are quite low.
The userinterface is also only average and use to lag.
At Kraken BTC is called XBT, dont ask me why  Undecided Undecided Undecided
The Interface is better than Binance. Its more easy to see your past tradings.
Binance is NOT more beginnerfriendly.
Coinbase is in my view very bad.
Its not real transparent with the fees and rates, loves to lock your funds, and in the end your trades are more expensive.
Kraken is reliable, has a real and not faked high volume.
If you deposit Fiat the first time expect delays until you can trade and withdraw.
The API is top.
Kraken is reliable.

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August 02, 2020, 11:39:55 AM
 #5

It's the oldest regulated exchange, running since 2011.
What i like the most in Kraken is that even it's a centralised exchange, KYC is not enforced to trade cryptocurrencies with a withdraw limit of 2500$ paer week, but it's mandatory for Fiat deposits/withdrawals.
Kraken also has one of the greatest support service throughout a variety of channels, working 24/7.

If you are a beginner then go to coinbase and Binance. But if you are a Pro-trader that looking for a safe exchange then you can give a shot to kraken.
Coinbase is not a good suggestion imo with the worst support ever. Binance is not friendly use for beginners who will be confused with a crowded interface while Kraken has only 20 pairs .

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August 02, 2020, 12:57:53 PM
 #6

Coinbase is not a good suggestion imo with the worst support ever. Binance is not friendly use for beginners who will be confused with a crowded interface while Kraken has only 20 pairs .

I'm not talking about the number coins which makes them hard to used but the user interfaced. There is a search function on all exchange to browse token. I used kraken 4 years ago and there UI is really complicated for me compared to Binance and Coinbase which I can easily determine how to trade because order book is alrwady open once you click buy/sell.

This the picture when you open kraken: https://ibb.co/yqsrH20

Proof that I'm not chitchatting on my experience:
https://ibb.co/Mn7BHNs

During my newbie days, I really don't know how to used it because I can't see easily the order book. I usually choose on the order book when buying and selling coin. Maybe you used kraken while you have already experienced on using exchange.

Blog review about kraken which telling that it was complicated: https://www.buybitcoinworldwide.com/exchanges/kraken/

Maybe it depends to the user perspective tho.


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August 02, 2020, 07:47:30 PM
 #7

The fees are not extreme low, but competitive.
The rates are quite low.
The userinterface is also only average and use to lag.
At Kraken BTC is called XBT, dont ask me why  Undecided Undecided Undecided
The Interface is better than Binance. Its more easy to see your past tradings.
Binance is NOT more beginnerfriendly.

with the exception of binance's fiat exchanges (binance.us etc) aren't they basically the cheapest fiat exchange?

something that irks me about kraken is the abundance of complaints where users say they got hacked w/ 2fa activated. there have been lots of these cases reported on the forum if you search for them. they have some very questionable security options. for example, you can activate "2fa" with a 2nd static password, which is not real 2-factor authentication and provides users with a false sense of security.

What i like the most in Kraken is that even it's a centralised exchange, KYC is not enforced to trade cryptocurrencies with a withdraw limit of 2500$ paer week, but it's mandatory for Fiat deposits/withdrawals.

the daily withdrawal limit for starter accounts is $5k, unless they recently changed the limit and haven't updated their site.

there is KYC on a starter account though---name, DOB, phone number, physical address. you just don't need to provide actual documents at that level.

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August 02, 2020, 09:21:46 PM
 #8

I've used it since 2014 without any problems at all. I don't make use of its advanced features and I do find it to be a badly designed site.

Their USD options in the past have all been crappy third party processors. I don't know if that's improved in recent times but unless it had I wouldn't use Kraken for USD. The EUR options are very solid.


something that irks me about kraken is the abundance of complaints where users say they got hacked w/ 2fa activated. there have been lots of these cases reported on the forum if you search for them. they have some very questionable security options. for example, you can activate "2fa" with a 2nd static password, which is not real 2-factor authentication and provides users with a false sense of security.

This has been reported too many times by too many different people for it not to be something potentially on their side and not one other exchange has had these problems as far as I can see. I would like to see this identified and solved before feeling more confident in it.

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August 02, 2020, 09:59:55 PM
 #9

My experience with Kraken was such that I completely forgot about them until I saw this thread.  I did (and might still) have an account with them, but I never did a lot of trading because they only offered several altcoins and I never got approved to use fiat.  I tried to go through their KYC procedure with a selfie holding my drivers license and they kept telling me it wasn't clear enough--so I gave up.

I used kraken 4 years ago and there UI is really complicated for me compared to Binance and Coinbase which I can easily determine how to trade because order book is alrwady open once you click buy/sell.
Good to know I'm not the only one who thinks their UI sucks, and I think I've written about that in some previous threads.  I always felt that the site was completely unintuitive and since they certainly weren't the only game in town, I decided to use other exchanges.

It's the oldest regulated exchange, running since 2011.
What i like the most in Kraken is that even it's a centralised exchange, KYC is not enforced to trade cryptocurrencies with a withdraw limit of 2500$ paer week, but it's mandatory for Fiat deposits/withdrawals.
Kraken also has one of the greatest support service throughout a variety of channels, working 24/7.
I'll give them props for surviving that long in a very competitive environment, and I agree that their customer service is top notch compared to some other exchanges.  They're not the worst one out there, but Kraken is definitely not on my list of favorites.

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