After many years of using different Bitcoin exchanges I just want to outline why Kraken is the most underrated exchange and why it is superior to Coinbase and Binance (in my opinion).
Customer support: Have you ever tried to reach the customer support of Coinbase or Binance? It's horrible. Your funds got stuck? You can't verify? Got hacked? Lost 2FA? Good luck getting help from those two 'major' exchanges. Kraken customer support is there to help you, they are even active here on reddit and reach out to you without being asked for help. Love that service!
Fees: Especially for those who trade, deposit and withdraw often, fees are a major topic. Coinbase has super low withdrawal fees but quite high trading fees. Binance withdrawal fees are horrible but their trading fees are low. Kraken is a bit more expensive than Binance but their withdrawal fees are lower. To me, it's a very good tradeoff between those two major fees.
UI/UX: This point is more subjective than objective. Kraken had an old fashioned appearance for quite a long time. But this has changed a lot and navigating through their website is far easier compared to their competitors. They also provide two very decent Apps (Kraken and Kraken Pro) which are easy to use and still have good features.
Lightning integration: Okay, non of those exchanges I mentioned so far has integrated LN afaik. But Kraken seems to be the most progressive when it comes to LN integration. They announced that users will be able to use LN in 2021. Well, it's 2022 now... Let's see what's going to happen this year. Shout out to Coincorner.
S2X: Unlike Coinbase, Kraken did not push for S2X. Another reason to support them and stay away from Coinbase.
Verification of funds: Kraken recently made it possible to verify their funds. You now have the proof that your funds are actually held by the exchange.
EDIT: Additional information from the comments.
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