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Kraken is one of the internet’s largest cryptocurrency trading platforms and a very popular one indeed, attracting customers from around the globe and considered by many as the successor of the late Mt. Gox. Kraken has been rapidly gaining market share and is currently the crypto exchange with the largest Euro trading volume. Kraken’s popularity and access is largely attributed to a combination of factors, such as its low fees, which compare favourably with industry standards and are charged based on the frequency and volume traded, its advanced security features, as well as its large, wide and varied offering in terms of fiat currencies and crypto currencies supported. Offering several different cryptocurrencies, beyond the usual popular ones, and even more pairs up for trading, Kraken also accepts the main fiat currencies as well, meaning you can start your crypto journey directly from this exchange, without having to exchange your fiat for crypto elsewhere first.
Though Kraken is indeed popular and rapidly expanding, also through the acquisition of other smaller exchanges, there are some pain points faced by its users, which might lead them to consider other alternatives to this particular exchange, especially given the highly competitive nature of the current crypto exchanges landscape and the fact that new exchanges emerge daily, trying to find innovative and better ways to serve crypto enthusiasts and meet their needs and demands.
If you are indeed seeking an alternative to KRAKEN this is perhaps the result of the main cons of this exchange, namely:
Many complaints about KRAKEN center around the exchanges not impeccable customer service and support levels. Many KRAKEN users report difficulties in gaining access to customer support personnel, while there have also been complaints about delays, not only in getting answers and support, but also with the verification process and funds withdrawals. Delays are a usual phenomenon in the crypto exchanges niche, as providers are often simply swamped and overwhelmed by the sheer volume of new users they attract on a daily basis, meaning they cannot serve them all smoothly at the same time. This being said, a solid, easily accessible and truly helpful customer support team is really crucial, especially for beginners in the crypto world as cryptocurrencies and the way their trading works is often complex and hard to understand, and poor customer support may be a valid reason for one to look for better alternatives.
Crypto currencies are not a sport for the lighthearted and their volatile nature means that their trading carries, both immense lucrative opportunities, but also a very high risk of incurring substantial losses. The situation is further exacerbated by the fact that the crypto industry in general is inherently plagued constantly by hackers and crooks. The combination of these two factors places the issues the reliability, security, safety and transparency of any crypto exchange at the top of its users’ priority. Admittedly, KRAKEN has faced certain problems in this regard, with the exchange having to close completely in early 2018. Such incidents tend to undermine the faith and trust that users need to be able to have for their crypto exchange, especially if we are talking about casual, beginner users and those with low risk tolerance regarding their crypto exchange endeavours and might be reason enough to encourage them to look for alternatives for their crypto needs.
What you should be looking out for in an alternative depends largely on which KRAKEN features or part of their overall service level you are less happy with or make your own particular crypto exchange endeavor more complicated or difficult. Day traders have different need than casual traders or those who enter the crypto world with the intention of buying and holding amounts of crypto for a long time. Similarly, the needs of beginner crypto enthusiasts, centering around ease of the exchange environment and convenience in terms of payment and withdrawal methods, differ from the requirements of more seasoned and experienced users, who place more emphasis on additional features and tools that help them take their crypto game to the next level and fully maximize their potential in terms of portfolio diversification and value for money, as well as the return to be achieved from their investment.
Whichever, new or longer established, crypto exchange you may be considering as your better alternative to KRAKEN, make sure it is reliable and trustworthy, offering a satisfactory selection of crypto coins and methods of payment and withdrawal. Also, ensure that you understand its fee policies and structures and that these fees are not excessive according to the type of usage you will engage in. Finally, make sure it offers good quality customer support, especially if you are a beginner, as well as educational opportunities so you can learn to effectively exchange and trade in crypto.
Binance enjoys a huge popularity among online crypto exchange platforms with its main advantages being that it charges minimal withdrawal fees, while offering interested traders and investors the chance to purchase and exchange a great variety of different cryptocurrencies.
For those wishing to be part of the new digital reality when it comes to currency transactions, a relatively new entry on the scene, namely Zeply, presents an appealing option and should be seriously considered as your next venue for grabbing some Bitcoin. Zeply is a type of cryptocurrency exchange in the form of a platform where one can buy, exchange and store cryptocurrency using fiat currency.
Coinbase is one of the biggest cryptocurrency exchanges in the world and it is also extremely popular due its high levels of security, which have also earned a very good reputation in the crypto exchanges industry. As such, Coinbase is one of the world’s favourite venues for buy cryptocurrencies and especially Bitcoin.