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I’m saying it: Kraken is whack

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by COINS NEWS 156 Views

When I first signed up for Kraken I was pretty stoked. It was one of the only places you could buy DOT and other alts that I was interested in, the trading fees were dirt cheap, and the APRs on their staking products were pretty robust. While I do enjoy their monthly newsletter, unfortunately my experience has led me to believe that there are far better options out there (especially now that above mentioned alts are more widely available). Here are my main issues of grievance:

  1. No Electronic Funds Transfer - if you want to deposit fiat then you will have to send a wire, which is typically not practical unless you are moving larger sums of cash. Each time I funded my account I needed to buy XLM on Coinbase Pro and go through the pain in the ass of sending it over.

  2. Bogus withdrawal fees - why are they even charging withdrawal fees when all you should be paying is network fees? And some of them are pretty steep. don't believe me? Check them out here: https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimums

  3. Bad spreadsheets for record keeping - Kraken bot, I know you lurk this forum. Y'all ought to fix this one ASAP. When you export the ledger in a .csv file it does not include the spot price for staking rewards. Do you know how time consuming it is to find historical prices for any given asset when it hits your account multiple times a week?

All in all I would recommend Coinbase, Gemini, or Crypto dot com over Kraken. Maybe they do better for their wealthier clients, but it's not the brokerage for a small timer like me. I'll be with them for the foreseeable future because a chunk of my ETH is locked up there for 2.0. With the benefit of hindsight, I would not have made the same choice.

Edit: for clarity, this is USA specific

submitted by /u/papercut07
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