Kraken is one of the leading and oldest cryptocurrency trading platforms in the world.
It has a number of great strengths such as the fact that it supports an incredibly wide range of cryptocurrencies and fiat currencies, is available in most countries across the globe, and has a very low transaction fee. However, it’s not a platform meant for beginners due to its complicated and sophisticated functionality and interface.
Kraken is also a highly trustworthy site, having withstood various attempted hacks, even when several of their competitors often caved in. This has won them a great deal of public good will.
However, for all their advantages, they aren’t perfect and come with their own share of problems. In this article, I’ll outline all the problems with Kraken and highlight a few alternatives you can try out.
PART 1: Kraken Problems
To be completely fair, Kraken is pretty close to perfect. Even its imperfections aren’t a very big deal for most people. However, we’re mentioning them anyway in case they’re a dealbreaker for you.
Even seasoned cryptocurrency traders have trouble getting a hang of its user interface. It’s extremely sophisticated, however, it can get quite confusing and unnecessary for beginners who are looking to simply buy bitcoins.
Long Processing Time
It takes a long time for them to process your withdrawal request.
A lot of customers have recently been complaining that their service and helpline is down most of the time. Furthermore, they’ve also been complaining about lack of proper problem resolution.
PART 2: 5 Best Alternatives to Kraken
Now that you know about the major hangups with Kraken, you can look for a platform that doesn’t suffer from those same problems. All platforms will come with their own set of drawbacks, however, it’s all about choosing the problems that you can deal with.
You can check out the table below to narrow down your pool of best Kraken alternatives. If you like one of these, you can read more about it below.
|Kraken Alternatives||Security||Fees||Payment Supported||Cryptocurrency Supported||Check Reviews|
|Great||3.75%||Credit Card + Bank Transfer||Bitcoin, Ethereum, and Litecoin||Coinbase Review|
|Moderate||0.1%||Only Cryptocurrencies||Bitcoin, Bitcoin Cash, Ethereum, EOS, LiteCoin + many more||Binance Review|
|Risky||0% to 1%||Cash + Bank Transfer + Pay-Pal + Gift Cards + many more||Over 300 cryptocurrencies||LocalBitcoins Review|
|Risky||0% to 1%||Cash + Bank Transfer + Pay-Pal + Gift Cards + many more||Over 300 cryptocurrencies||Paxful Review|
|Great||0.50% to 2%||Credit Cards, Bank Transfers||Bitcoins, Ethere-um, and Dash||CEX.IO Review|
Kraken Alternative: Coinbase
Coinbase is the ideal alternative for Kraken as it excels at all the areas in which Kraken stumbles. However, before getting into that, a brief intro:
Coinbase is one of the best cryptocurrency exchange platforms in the market. It can be used for active trading, however, due to the high transaction fee, it’s generally used by beginners. Coinbase is the ideal platform for beginners because they are super safe, have all the important cryptocurrencies, come with a very simple user interface and their service is very efficient.
Kraken Alternative: Binance
Binance, one of the world’s biggest exchanges, was only recently launched in 2017. Their shot to popularity came because of their high-risk high-reward ICO model which also attracted a low transaction fee.
However, Binance is even more complicated than Kraken, thus not an entirely ideal solution to the problem. However, if complexity isn’t an issue, then Binance does have a great support team and withdrawals are immediate, thus serving as a good alternative to Kraken.
While it addresses some of Kraken’s problems, it has bigger issues of its own. Binance is only meant for crypto-crypto transactions.
Kraken Alternative: LocalBitcoins
LocalBitcoins is a peer-to-peer cryptocurrency exchange platform. As such, it’s simultaneously more flexible and a lot more risky than Kraken.
As a p2p platform, LocalBitcoins have a wide range of cryptocurrencies available, even really discreet ones. Furthermore, they also accepted the widest range of payment methods as it all depends on the seller.
However, what makes it a great alternative for Kraken is that it has a very simple user interface that anyone can handle and that you get the withdrawals almost immediately.
Kraken Alternative: Paxful
Paxful is just the same as LocalBitcoins and comes with the same sets of advantages and disadvantages. It has a simple User Interface and the withdrawal time is very short so it can easily serve as an alternative to Kraken. However, it’s a free-market system so it’s not ideal for beginners who may get easily duped by fraudulent sellers.
To avoid getting fooled, you should read our Paxful review.
Kraken Alternative: CEX.IO
CEX.IO is a London-based cryptocurrency exchange platform that can trade in Bitcoins and Ethereum only. It’s pretty rigid in terms of the number of cryptocurrencies it can deal with, however, it’s available in most countries around the world and you can instantly and easily purchase coins with your debit or credit cards.
It’s a good alternative to Kraken because the service is exceptionally fast and the user interface is simple enough for most beginners to be able to navigate. However, it also attracts a high transaction fee of up to 7% so it’s not ideal for active trading.
You can learn more about CEX.IO by reading our detailed review.
PART 3: Best Kraken Alternative – My Choice
With so many different alternatives to choose from, it can be hard to decide which one meets all your needs while also circumventing some of Kraken’s drawbacks. However, below is my personal choice of the ideal alternative.
My Choice – Coinbase
According to me, Coinbase is the ideal alternative that can remedy some of Kraken’s worst issues. It’s an extremely user-friendly and secure platform that can allow you to trade in the most important cryptocurrencies, and they have a very good support team to help you!
If you’re a beginner, that’s all the more reason to use Coinbase. Of course, they don’t have as low a transaction fee as Kraken, so if that’s a priority, you can also try Binance.
PART 4: Conclusion
In this article, I’ve given you a complete run down of all the issues that can arise out of using Kraken. I’m not saying that Kraken is a bad platform. To the contrary, it’s quite a good platform. However, if you can’t look past its flaws, you should try out the alternatives I’ve mentioned, out of which Coinbase is my primary choice.
Whatever you decide to use, feel free to comment about it down below.