How trustworthy are coinbase and kraken?

[mr_teaser]

Hi guys,

I am looking for a trustworthy trading platform with a European SEPA withdrawal service. Doing the KYC is no problem at all. Kraken and coinbase seem to be the two biggest player.
The only thing I am worried about is, that people in reviews and ratings on the internet are complaining about deposits and withdrawals above $10k (fiat & crypto). In particular, they are complaining that their accounts got frozen for further review, although they did full KYC.

What is your experience? Can you recommend coinbase and/or kraken for cashing out bigger amounts? Or any other exchange?

Thanks in advance for your opinions.

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[Upgrade00]

they are complaining that their accounts got frozen for further review, although they did full KYC.

One of the clauses in the terms and conditions you sign up for on centralized exchanges is that they can freeze your account if they have any reason to do so, which basically means they can do that when they want and request for additional information from you. Depositing a certain amount can also result in the exchange reporting your account to financial agencies and could lead to it getting locked.

What is your experience? Can you recommend coinbase and/or kraken for cashing out bigger amounts? Or any other exchange?

I have personally not used kraken and my definition of big amounts may be different from yours. If however, you have no problem with kYC and possibly revealing more information and your funds have not passed through a mixer, you can use one of the top "reputable" exchanges.
You could also try a P2P platform with higher liquidity.

[TinaK]

In my own, Coinbase is much worst than the Kraken and if you are going to ask me where I am going to choose, I prefer to use Kraken since there is a minimum that you don't need to fill up requirements like KYC. There is nothing to trust for me either which exchange when it comes to a centralized exchange, sometimes they will turn into shady as hell exchange which h I don't think that's their nature.

Try to p2p exchange like Hodlhold or Bisq, for sure they are trustworthy enough but I don't think SEPA there is available. Read carefully the TOS before using it.

[adaseb]

Both are reputable exchanges and you won’t get any issues with them. Usually the people who get issues with frozen deposits are people who got tainted coins.

Also it matters where your deposits are coming from. If you are in USA and you are getting deposits from an exchange you shouldn’t be using like Bitmex, Bybit, etc you might get issues. People use these exchanges everyday and never get issues.

[tranthidung]

Check with coinmarketcap and coingecko, the two biggest marketcap websites

• Coinmarketcap
• Coingecko

They are all the top of ranking tables and the Exchange score (on coinmarketcap) or Trust score (on Coingecko) are all good. It makes sense that they are trusted exchanges.

Important reminders

• Not your keys, not your coins
• So don't store all of your crypto capital on exchanges and it is very risky if you store it all in a single exchange.

[michellee]

I think Coinbase and Kraken are good exchanges, but I left both Coinbase and Kraken a long time ago, so I can not suggest you use those exchanges. I suggest you use Binance, Hotbit, FTX, Bittrex, KuCoin (you can select only one if you want). I often use Binance and KuCoin but I do not use them for daily trading as I trade only if I think the market moves good. All of the exchanges I mention is allow you to withdraw big funds but of course, you need to verify your account. Bittrex needs a Passport to verify while the other exchanges can use your local identity.

[tranthidung]

I think Coinbase and Kraken are good exchanges, but I left both Coinbase and Kraken a long time ago, so I can not suggest you use those exchanges. I suggest you use Binance, Hotbit, FTX, Bittrex, KuCoin (you can select only one if you want). I often use Binance and KuCoin but I do not use them for daily trading as I trade only if I think the market moves good. All of the exchanges I mention is allow you to withdraw big funds but of course, you need to verify your account. Bittrex needs a Passport to verify while the other exchanges can use your local identity.

I would prefer to use and suggest Binance, FTX and Kucoin. Amongst these three exchanges, I like the UI of Binance and Kucoin that are convenient to use.

I don't like the UI of FTX but if you are finding an exchanges with potential good growth, FTX is good and FTT is the FTX token that is cool for your investment too.

Hotbit was hacked months ago and even their security was improved, you must be careful a bit. Obviously, Binance was hacked years ago but no more in last two years. I mean we need more time to see how Hotbit security is improved and how secured it is now.

Bittrex has bad reputation because of their KYC policy and implementation years ago. This bad policy and implementation caused to their lost leading position to Binance.

[mk4]

They are legitimate and highly regulated exchanges. Expect high unlikeliness that you aren't going to get screwed over, but probably don't expect the best customer support(especially for Coinbase) due to the huge number of users they have.

With that said, if you were to use Coinbase, learn how to use a non-custodial wallet. https://cryptosec.info/wallets

[Naficopa]

Hi guys,

I am looking for a trustworthy trading platform with a European SEPA withdrawal service. Doing the KYC is no problem at all. Kraken and coinbase seem to be the two biggest player.
The only thing I am worried about is, that people in reviews and ratings on the internet are complaining about deposits and withdrawals above $10k (fiat & crypto). In particular, they are complaining that their accounts got frozen for further review, although they did full KYC.

What is your experience? Can you recommend coinbase and/or kraken for cashing out bigger amounts? Or any other exchange?

Thanks in advance for your opinions.

Unfortunately I did not use kraken, at least not with large amounts. As for Coinbase, I've been using it for several years and have never had problems. Of course, I try not to keep amounts higher than $10k there, but over the years I have had to withdraw slightly more amounts from there several times.
I think that people who like to play at online casinos have problems with payouts. Several times I have heard that such accounts were controlled for money laundering.

[Beparanf]

Hi guys,

I am looking for a trustworthy trading platform with a European SEPA withdrawal service. Doing the KYC is no problem at all. Kraken and coinbase seem to be the two biggest player.
The only thing I am worried about is, that people in reviews and ratings on the internet are complaining about deposits and withdrawals above $10k (fiat & crypto). In particular, they are complaining that their accounts got frozen for further review, although they did full KYC.

What is your experience? Can you recommend coinbase and/or kraken for cashing out bigger amounts? Or any other exchange?

Thanks in advance for your opinions.

Those negative review is not new, all exchange even top exchange like Binance has a lots of negative comment because no company can please everyone, There's always  an isolated cases that will result to this negative feedback but the most important is the majority of feedback is positive. Kraken and coinbase are both regulated exchange meaning you are protected by the law if ever they do shady things out of there ToS. If you are willing to provide KYC and follow the ToS without doing shady activity in there, I think its safe to assume that are safe on using that exchange.

[adaseb]

Hi guys,

I am looking for a trustworthy trading platform with a European SEPA withdrawal service. Doing the KYC is no problem at all. Kraken and coinbase seem to be the two biggest player.
The only thing I am worried about is, that people in reviews and ratings on the internet are complaining about deposits and withdrawals above $10k (fiat & crypto). In particular, they are complaining that their accounts got frozen for further review, although they did full KYC.

What is your experience? Can you recommend coinbase and/or kraken for cashing out bigger amounts? Or any other exchange?

Thanks in advance for your opinions.

Unfortunately I did not use kraken, at least not with large amounts. As for Coinbase, I've been using it for several years and have never had problems. Of course, I try not to keep amounts higher than $10k there, but over the years I have had to withdraw slightly more amounts from there several times.
I think that people who like to play at online casinos have problems with payouts. Several times I have heard that such accounts were controlled for money laundering.

Yes if you read most of the complaints about people getting their funds frozen its usually because they didn't understand their terms and conditions. Most of Coinbase clients are from US and USA has lots of restrictions, especially when it comes to crypto.

The quickest way people got their accounts frozen is when they were gambling on bitcoin casinos using a VPN and then sending their gambling profits into Coinbase to withdraw. Another is what I mentioned above. In the USA you can't trade bitcoin derivatives. And many people were using exchanges like Bitmex, trading 100x, using a VPN, and they withdraw their profits into Coinbase and Coinbase had no choice but to freeze it. Since if you got an Coinbase account registered in the USA, why are you withdrawing from a VPN you are not suppose to use.

[Sweetbtc]

Out of these two, I think there will be another slight option of binance through which you can withdraw many amount at once, whether you can check at binance too, and in my opinion it is too easy to use and so secured as compared to other exchanges as well, but you should go there and get some information first.

[tulusikhlas]

Because both are CEX exchanges so I don't really like to trade even if it's instant. So far, I have used Coinbase because of the good and reliable rewards. For kraken myself I never use it. As for now, I prefer to use Kucoin, Binance, and other available exchanges in my country to convert to fiat money.

[Wexnident]

Pretty sure they're trusted. I guess the reviews are because of the huge amount of users that they have, I'd reckon you can give them time to review your account and you'd be fine and dandy. Though afaik Kraken is on the better side of things compared to coinbase? I've heard my fair share of the complaints about coinbase and they're far more than what Kraken has afaik. You can also try Binance if it's available in your country, it's what I use personally and have had no complaints so far.