NooB - I got rejected by Kraken - Suggestions for other exchanges please

[Flyswatter]

Back story. For some reason, on Chrome my camera wouldn't take a pic of my DL, etc. so I uploaded. Got verified, transferred funds from my bank, contacted support because I didn't see the withdrawals, and they said my account was canceled for security reasons and wouldn't say why.

Trying BitCoinWell and they also are reviewing before I can continue to Verify?

I'm an older guy, own my home and property, multiple bank accounts and investments, etc. What could be the problem?

Anyway, still searching for an Exchange that won't "steal/loose" my funds/coins.

I've spent days researching the recommended Exchanges and, as an example, on Trust Pilot, they ALL have lousy reviews of being locked out and unable to recover their investment.

Searching the r/reddits - Google - Investopia - etc. It seems almost every exchange has either been hacked, filed for bankruptcy - sued by the FTC, etc..

This is for investment purchases (buying and holding)

So my wish list would be:

Trustworthy - Stable with no funny business

Not forced to use an App on my phone but able to use my laptop online. - Flexible on this

Reasonable Fees - We all need to make a profit

Am I forgetting something?

Thanks in advance.

[Upgrade00]

Back story. For some reason, on Chrome my camera wouldn't take a pic of my DL, etc. so I uploaded. Got verified, transferred funds from my bank, contacted support because I didn't see the withdrawals, and they said my account was canceled for security reasons and wouldn't say why.

So you lost your deposit with the account? Their support team should be able to facilitate a refund if they are not dubious, if it's a high enough amount you can keep messaging their support team also get their attention by posting in active communities where they have some representation.

Anyway, still searching for an Exchange that won't "steal/loose" my funds/coins.

I've spent days researching the recommended Exchanges and, as an example, on Trust Pilot, they ALL have lousy reviews of being locked out and unable to recover their investment.

• As long as it's a custodial exchange there is always that risk that they steal or lose your funds. Not your keys; not your coins. You can trade with exchanges like Binance, but you shouldn't leave your funds there after making a transaction, always move them to a non custodial wallet.

• Almost all centralized exchanges at one point have been involved in a hack, seized funds (at different levels) or lost personal data.

So my wish list would be:

Trustworthy - Stable with no funny business

Not forced to use an App on my phone but able to use my laptop online. - Flexible on this

Reasonable Fees - We all need to make a profit

I will recommend P2P exchanges like bisq, but I am not aware of their fees, you'll have to do your own research. With a decentralized P2P exchange, you do not have to trust, the exchange does not hold your funds at any point. You also don't have to go through KYC process. The downside is decrease in liquidity when compared with centralized services.

[Bitcoin Smith]

Your verification accepted then rejected? It seems odd though.

There are tons of other exchange coinbase if you're from US and Binance if you're from others countries where you can have reasonable fees as well as enough liquidity for pairs.

Even though if you can find an exchange that's never been hacked doesn't mean it will not be hacked in future and you don't have to worry about that. All you need is buy crypto from exchange then move funds to your wallet, if it's for Bitcoin then say Electrum and that's it, you have your coins in your custody and no need to worry about exchanges being hacked.

Repeat this whenever you want to buy and sell, exchange is not meant for holding your crypto assets.

[BitMaxz]

I never heard of bitcoinwell about Kraken there must be a reason why you got rejected.

Why not tell us where you live? It's better to use a local exchange in your country than using another exchange to make sure the exchange you are using is allowed in your country.

I have two options for now if you are living in asia then you can try Binance or Bitget and avoid OKX exchange.

[Amphenomenon]

-snip-

I would advise you go through these threads to get a better understanding on what wallet is better to use and also spend time here on this forum to better, the truth are easily gotten here than searching online:
 Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained
Best Crypto Wallet
[Guide] Searching effectively
https://bitcointalk.org/index.php?board=37.0
[ANN] kycnot.me | Open-source list of non-kyc services

This is for investment purchases (buying and holding)

So my wish list would be:

Trustworthy - Stable with no funny business

Not forced to use an App on my phone but able to use my laptop online. - Flexible on this

Reasonable Fees - We all need to make a profit

Am I forgetting something?

Thanks in advance.

This if you're trying to invest i.e buying and HODLing, I hope you were only thinking of buying through these exchanges and not HODLing your coins there because I see that you already have some idea and experience with inaccessible funds on exchanges and possibly legal issues.
No matter what it's inevitable for centralise exchanges not to have such cases even those who don't have with time they will when they become popular and I won't even advise anyone to use those unpopular exchanges since there have been  quite of a lot of news when they shutdown due to hacks or the owner running with customers funds or other reasons and the bitcoinwell, which I haven't about before is no exception here, be careful.
Non-custodial wallets like Electrum and Bluewallet are better while the most secured are the hardware wallet like Trezor brand.

I think you should take  Upgrade00 advise and use the BISQ exchange which is decentralise and require no kyc and also from the fact that all it features are even on PC rather than mobile devices.

[Stalker22]

Hey Flyswatter, welcome to the forum. I suggest you try local exchanges, as BitMaxz suggested. They generally have better customer support if they are reputable, especially if you need to contact them over the phone.  Go to the local section of this forum, if there is one for your country, and ask which local crypto exchange is reputable. People familiar with your region can provide specific recommendations based on their experiences and knowledge of the local market.

As for the cancelled account, its difficult to say without more information. Security reasons can vary widely. Have you tried contacting the support team again?

[dkbit98]

How about you just stop using centralized exchanges and stop sending your personal information to anyone?
There are several decentralized and p2p exchanges you can use fine without any verification like Bisq, PeachBitcoin, Robosats, etc.
You can find decent list of exchange services recommended at kycnot.me website.

[JeromeTash]

For a start it would be better for us to know which country you are from which you haven't specified. Some exchanges prohibit users from specific countries for different reason, but there are dozens of trustworthy crypto exchanges that you can use to purchase crypto.
Just make sure you don't keep your coins long term in an exchange. You will need to use an open source a noncustodial wallet or hardware wallet, I hope you are aware of this.

[Potato Chips]

Most likely OP is either from USA or Canada because bitcoinwell is only serving those two countries. Sadly, this significantly shrinks op's choices if they're gunning for the typical custodial exchange since a lot of CEX restricts these two places and/or some states. Please do tell us which of these two places is you, though @op.

As for an exchange with no kyc required for trading, there's also localcoinswap. Good for beginners and volume is comparable with agoradesk--at least from my place though I reckon currencies like CAD or USD would probably get more. I started using the exchange and had a good experience thus far.

[SilverCryptoBullet]

Use centralized exchanges is risky.
Reminder: do not keep your money in online accounts

You can fail with KYC verification and lose money but even you successfully KYC, this is basically useless and dangerous.
Why KYC is extremely dangerous – and useless

You can use these websites to find exchanges you want with trading fees, withdrawal fee information.
Guide on finding centralized exchanges by nation, fees.
https://www.cryptowisser.com/exchanges/
https://exchangewar.info/
https://withdrawalfees.com/
https://blockspot.io/exchange/
https://cryptoradar.com/exchanges

[Flyswatter]

Just wanted to say that I guess I didn't have my notifications set correctly.

Anyway, Thanks for all the replies and I'll post back in a while.

I'm in the USA

[Pokapoka124]

Just wanted to say that I guess I didn't have my notifications set correctly.

Anyway, Thanks for all the replies and I'll post back in a while.

I'm in the USA

I take it that the support team has responded and given you a reason for “cancelling” your account. If I am mistaken and the matter is still unresolved, you can take the complaint to their official thread and hopefully you can get a quicker response.

Here's the official thread: https://bitcointalk.org/index.php?topic=290799.6960

It’s fine to use exchanges for buying crypto but for hodling, I strongly advise you move your coins to a non custodial wallet like Electrum, Blue wallet or Unstoppable. Always verify before downloading any of these wallets.

[Flyswatter]

Just wanted to say that I guess I didn't have my notifications set correctly.

Anyway, Thanks for all the replies and I'll post back in a while.

I'm in the USA

I take it that the support team has responded and given you a reason for “cancelling” your account. If I am mistaken and the matter is still unresolved, you can take the complaint to their official thread and hopefully you can get a quicker response.

Here's the official thread: https://bitcointalk.org/index.php?topic=290799.6960

It’s fine to use exchanges for buying crypto but for hodling, I strongly advise you move your coins to a non custodial wallet like Electrum, Blue wallet or Unstoppable. Always verify before downloading any of these wallets.

Thanks @Pokapoka124

I did as you suggested and posted on the Kraken thread just now. But their email advising me that they were closing my account said

Unfortunately, we must inform you that we will be closing your Kraken account. For security purposes, we cannot disclose the reason for this action.

I'll try to respond to each reply as time permits, but just to say, I was able to open an account with CoinBase. Hoping that was a good choice. I'll be purchasing a hardware key soon but for now I'm using Sparrow.  But I would like to choose one more exchange to continue to learn the ins and outs of trading.

So you lost your deposit with the account? Their support team should be able to facilitate a refund if they are not dubious, if it's a high enough amount you can keep messaging their support team also get their attention by posting in active communities where they have some representation.

Sorry, I should have said they reversed my ACH. So they are not holding my funds.

• As long as it's a custodial exchange there is always that risk that they steal or lose your funds. Not your keys; not your coins. You can trade with exchanges like Binance, but you shouldn't leave your funds there after making a transaction, always move them to a non custodial wallet.

Understood about the wallet. Is Binance good fo a NooB?

I will recommend P2P exchanges like bisq, but I am not aware of their fees, you'll have to do your own research. With a decentralized P2P exchange, you do not have to trust, the exchange does not hold your funds at any point. You also don't have to go through KYC process. The downside is decrease in liquidity when compared with centralized services.

Thanks I'll research that aspect.

[uchegod-21]

Re: NooB - I got rejected by Kraken - Suggestions for other exchanges please

How about if you make more efforts to understanding why you were rejected by Kraken and fix it, it will help you moving forward. Is it that the exchange has issue in your country or you personally could not pass KYC. If the later is the case, you could also encounter a similar problem in another exchange because the exchanges have similar KYC policies.

Why trying to sort yourself out, also try your hands out in some decentralized exchanges also and have a feel of privacy.

[Flyswatter]

Re: NooB - I got rejected by Kraken - Suggestions for other exchanges please

How about if you make more efforts to understanding why you were rejected by Kraken and fix it, it will help you moving forward. Is it that the exchange has issue in your country or you personally could not pass KYC. If the later is the case, you could also encounter a similar problem in another exchange because the exchanges have similar KYC policies.

Why trying to sort yourself out, also try your hands out in some decentralized exchanges also and have a feel of privacy.

Yeah. I think I'll use Truthfinder. Although all these background check sites seem shady. Talk about making you signup for a month and then charging your credit card for a year.

Not sure what else to do.

[Findingnemo]

Re: NooB - I got rejected by Kraken - Suggestions for other exchanges please

How about if you make more efforts to understanding why you were rejected by Kraken and fix it, it will help you moving forward. Is it that the exchange has issue in your country or you personally could not pass KYC. If the later is the case, you could also encounter a similar problem in another exchange because the exchanges have similar KYC policies.

Why trying to sort yourself out, also try your hands out in some decentralized exchanges also and have a feel of privacy.

Yeah. I think I'll use Truthfinder. Although all these background check sites seem shady. Talk about making you signup for a month and then charging your credit card for a year.

Not sure what else to do.

Sometimes you can't really find the actual reason but better try another exchange before jumping into any conclusion and you don't really need to do background checks cause it has nothing to do with it and if there is then you have known it already.

Try Binance.US or coinbase and let us know if you can got past the verification.

Another choice is Bisq which doesn't need KYC or anything at all but the liquidity is not much and you may have to pay premium price for the privacy thing.

[Hamza2424]

Yup! You are forgetting bro because you've forgotten the privacy factor, If you want to buy and hold funds to make profits in the long term, you should use the decentralized exchange and wallets, if your investment is a little high make sure to use the cold storage but you won't find it convenient in trading is best for holding funds. You can use the P2P platform for buying and selling as well.

For the loss of funds you can approach them on social media and their support team regularly you can ask some local crypto influences as well to support your social media request for much more attraction from the Platform. In most cases with good support on social media, you can claim your refund I've seen success in 70%+ legit cases.

[Potato Chips]

Yeah. I think I'll use Truthfinder. Although all these background check sites seem shady. Talk about making you signup for a month and then charging your credit card for a year.

Not sure what else to do.

That is indeed shady. I'll pass on that service lol. I've never heard of them but it's most likely just automated stuff like scamadvisor, no?

You can do the background checking yourself or ask people in the forum. Though I would highly suggest sticking with the known brands esp if you're new. Aside from coinbase and kraken, there's also binance.us, gemini, strike, etc. visit the websites and see if one of them suit your trading needs.

[Flyswatter]

You can do the background checking yourself or ask people in the forum. Though I would highly suggest sticking with the known brands esp if you're new. Aside from coinbase and kraken, there's also binance.us, gemini, strike, etc. visit the websites and see if one of them suit your trading needs.

I'm good with Coinbase so far. Made a handful of buys.

And I didn't mean for my post to take on this aspect. But as a final word on the subject, it just make me feel as tho there should be a constitutional amendment to "Habeas Corpus" to allow citizens to access these financial institutions decisions for denial.

<Flame Off>

Yup! You are forgetting bro because you've forgotten the privacy factor, If you want to buy and hold funds to make profits in the long term, you should use the decentralized exchange and wallets, if your investment is a little high make sure to use the cold storage but you won't find it convenient in trading is best for holding funds. You can use the P2P platform for buying and selling as well.

For the loss of funds you can approach them on social media and their support team regularly you can ask some local crypto influences as well to support your social media request for much more attraction from the Platform. In most cases with good support on social media, you can claim your refund I've seen success in 70%+ legit cases.

They are not holding my funds. They reversed the ACH so all is good there.

As for P2P, I'm not savvy enough yet. I don't feel confident buying from an unknown individual. But I will look into it as soon as I learn how to use my Wallet  

[armanda90]

I don't think problem with any exchange refused KYC process or denied you can try second time or several time later until all your document clearly and approved. I have used all top exchange and got experienced with Binance exchange need to get selfie many time because not clearly with my face when taking the picture.
Firstly, improving your picture qualities when uploading all exchange account required with KYC because have the same regulation will reject KYC if document not upload clearly. For your kraken exchange have been rejected still has opportunity submit your KYC again and make higher qualities of your picture than other document uploading. For me, more comfortable by using Binance because KYC progress instant without 5 minutes after uploading our KYC got result approve or reject.