Should you trust Kraken? Absolutely NOT. They can do whatever they want with your account, and you won’t be able to prove anything. Here’s my personal experience:
Part 1 is detailed in this post: link
Next, I created a new account as instructed in their email. To do this, I had to create a new email address since I couldn’t register with my old one—it kept saying an account was already associated with that email. Minor inconvenience, but I moved on. I registered the account and began the KYC process.
Currently, I’m a resident of the European Union, having moved here almost three years ago, and I hold a temporary residence permit in one of the EU countries. I uploaded the required documents and waited. The response I got was that my documents were not acceptable—specifically, my temporary residence permit. They stated that they require either a passport from the country of residence or a permanent residence permit.
I argued that what they were asking that it's impossible: you can only obtain a permanent residence permit in my country after living here for five years, and citizenship is not handed out to just anyone. I even sent them references proving that a temporary residence permit is an official document granting the same rights as a permanent one.
For reference, my documents have successfully passed KYC verification on all major crypto exchanges (Binance, Coinbase, OKX, KuCoin, Gate, and others) as well as with brokers offering stock trading services. All of them accepted my documents—except Kraken.
Communicating with them felt like talking to a brick wall. After 1–2 weeks, they sent me an email simply stating that my new account had been closed with a tone that essentially said, “Get lost and stop wasting our time.”
At this point, I’m completely done with Kraken. Their absurd requirements and disrespectful attitude toward customers make their exchange absolutely irrelevant to me now.
There are plenty of similar or even better crypto exchanges out there that are reasonable and value their customers. Think twice before dealing with this one. They can suddenly hit you with absurd demands that are impossible to fulfill and do whatever they want with your account. Do you really need that kind of hassle?
n.exchange
n.exchange
I havent used my account for a while, but with the recent surge, I decided to jump on the wagon! I still find it to be one of the most user-friendly platforms, and their list of crypto coins has increased :-) woohoo
Pros:Very security conscious and their support has improved ten-fold!
Cons:They recently changed verification requirements for fiat funding, makes sense, but very little notice was given. The process was quick tho!!
n.exchange
Overall a good product, but many technical problems + the company is taking a position against the clients by disabling trading at times, suspending market order execution, or creating an artificial slippage which they then take to their own pocket.
Pros:Liquid market
Cons:Website is not responsive at least several times a week, execution is slow and there is quite a lot of (artificial)lippage in market trades!
it is not letting me even sign up . keeps throwing errors .
Pros:has ripple and other currencies
Cons:very buggy
I've had a terrible time with Kraken. I have attempted to get through their verification process 4 times. Each time it can take a week or more to receive a response. The response is usually very difficult to interpret. There is lots of boilerplate text. I signed up sometime over the summer, it is now January and I still am not verified. I've switched to Gemini and won't be looking back.
Pros:I can't think of anything Kraken does better than other exchanges.
Cons:Impossible verification process. Website crashes after 50% of clicks. Website is very slow.
I‘ve been using Kraken as a professional trader and account manager since 2016 and I‘m positively surprised about the recent changes. The new UI is really nice and shows quite a lot of improvements in regards to usability and overall performance. While Kraken is great for advanced users, it can be hard for beginners at times. But it looks to me like the company is listening to feedback and does a lot of improvements, sometimes more obvious ones, sometimes tweaks behind the scenes. Now, what really makes Kraken my go-to exchange is their customer support. Since last year, I‘ve had a number of issues (my own fault) and had to contact them to restore my access, check my security settings etc. I always received a friendly reply within hours at most. Impressive! If you‘re able to fulfill some of the wishes many people have, such as releasing a good mobile application, then I‘m sure Kraken will be very far ahead, compared to the other exchanges these days.
Pros:The trading platform; real customer support; most reliable exchange on the market; good for the industry
Cons:Not so beginner friendly as some of the competitors; amount of coins can be too low for people with very diversified portfolios
Keep up the good work!
Pros:Live Chat API support Trading limits
Cons:New site design, to nitpick. It's a bold move and not that bad