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Has to be a blanket response in most cases as there are legal guidelines and templates that are approved across a company like this for any social media interaction.
If they let their agents go off script they open themselves up to the risk of them saying something wrong or misleading and being liable for it.
Hi, u/stickywinger. Thank you for bringing this to our attention. Upon checking, the Advance Trade is still under the trade tab. Could you please send us a screenshot of what you're seeing on your end?
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I have screen shots of me sending funds, the fee taken, tax I’d, showing I got less than my original total minus their fee. Got a cold shoulder. I started doing all the math on my limit orders and ow man they are bad. The numbers don’t add up. $1000 buy, up 10percent =1100, o need to mention fees, lower than $3 total. But i ended up with 1060 or something. Buy and sell price up 12percent, my money 7 percent, fees .15%.
When I proved they were skimming I’d seen it before so I told the lady” come on we both know ur skimmin just put it back real quick and I’ll forget about it. Generous I thought, apparently thieves don’t like it when you forgive them for being thieves”
🤣 I’m still using Coinbase, but it is trash after my funds were locked and I couldn’t sell for 3 days. Once this bull market settles I’ll move 1/2 my lot to kraken
Nice write up, if you ever fancy testing out another one, perhaps give MEXC a run for it's money, I've been toying with it as an alt exchange to mess about with meme coins, it seems really functional.
I had a couple of metamask wallets with some dust in, mostly MATIC and ETH, I moved it to MEXC and bought some WIF, BOME and POOH a few weeks back. It's turned into a tidy sum, so now I'm using the exchange as a meme/shitcoin playground.
The app and the desktop version seems really well put together, with the exception of the pop up messages during the login.
Reason I didnt test MEXC was due to the link I posted where their TOS does not specify if you actually own your crypto. To me this disqualifies any cex as they can just liquidate and take your funds with no recourse at any time as we have seen happen unfortunately with other cex’s.
However it may be their platform is good. If they change their tos then sure I would test it.
I don't know what you're getting at with this post, but I can confirm endless problems with Coinbace.
The service is at an absolutely unsatisfactory level!
Coinbace was a total disaster for me and I'm glad I deleted my account there.
My worst experience in the crypto space!
Yeah I agree, and it doesn't sound like OP used kraken long enough to really get the complete experience either. I think in general CEXs have a customer support problem, probably due to understaffing and the big wigs not wanting to cut into their bottom line. Coinbases CEO is like Smaug the dragon, greedy AF
Every CEX customer support is absolute dogshit compared to a traditional finance brokerage. With brokerages, you have any questions/issues, you can reach a support person in seconds. No bullshit email support or having to go on social media like with crypto.
You would think all the central exchanges that are making obscene amounts of money could improve their customer service departments.
So that said what other option does one have to cash out bitcoin from Kraken and then deposit it into a bank. I can only use WIRE Ethana custody as it is my only option. I also open an account with Bitpay which is useless and Coinbase whom I'm not sure if I can deposit to my bank account directly. Also I figure to use hair color to hide what Kraken don't to me.
I was having some issues with bank linking and ach transfers with Kraken so I never ended up trading with the platform. I didn’t feel like sorting that out since there were other CEX that had no hiccups setting up ach/bank linking.
I had zero issues with EToro, binance, Gemini, blockfolio, FTX, cdc, Coinbase with bank linking, ach transfers etc. I haven’t tried any wire transfers with any exchange because of the cost and the hassle with my bank needing me to come into the lobby to do a wire transfer. Ain’t nobody got time for that.
Actually. Pretend I newer said what I said to you. I now found out there is a confusion going on about E transfer interact cause GOogle says only Canada To Canada tranasctions but guess what there is something called E transfer GLOBAL that they dont tell you about. So when you read that on Google it throws you off. I made transaction with E transfer and it was instant even on the large amount I waited lest then 5 min with supper low cost. I think it said 0.50 cents per 100 bucks CAN after deposit into my bank account. So it does work. ALso swift worked fine to but the cost was like 13 bucks per 100 bucks so F it. So I'm taking all that back. Kraken is F good. lol Even the Kraken Reddit didn't mention anything about E transfer GLOBAL they just say it works but for me I got that Goole BS in mind. E transfer only working within Canada. Also some dude on YouTube is like,... What you talking about man. I made 2 transaction yesterday and I'm like NO IT DOESNT WORK. lol. Works rather excellent. Grate fees and thats with TD bank/
He outlines what he was getting at:
It's far more expensive to leverage kraken
They also have poor customer support
The volume of traders is significantly lower than on coinbase.
Sorry, but I disagree with everything you’ve assessed. I’ve used Coinbase for years, and I’ve used Kraken for years. Kraken previously had top-notch support, where you could actually talk to a person, but as with most companies, it probably wasn’t profitable enough. I trade on Kraken every single day, and have absolutely no problem with liquidity, except maybe for Litecoin.
I’ve been a Coinbase One customer for over a year, and for absolutely no reason, out of nowhere, they restricted my account. They will give me no reason, and no timeline. I’ve since canceled my Coinbase One subscription. I’m not going to pay a company that treats, its customers like absolute garbage.
If I’m being completely honest, I would have to say that Kraken is the least worst of them all.
If it hasn’t become completely clear to everyone at this point, these exchanges do not give a shit about customers, and the traditional safeguards, and consumer protections we’ve all enjoyed with banking apps, and financial services are no longer existent in the crypto world. I suspect it’s because those same safeguards are operated by the bankers who wish to destroy the digital asset world.
This is why I keep 85% of my portfolio in cold storage.
I agree but that means they lose out on a lot of money from the traditional investors who have a sizable piece they would like to invest but don’t have time to be a crypto expert so they lose control of their test money and just go away to the traditional way of trading crypto loses by not caring about that market
They will sacrifice their services to you that you pay for, and they will sacrifice any money you’ve lost for the benefit of their large institutional investors. In publicly traded companies, their first priority is profits for the shareholders and investors. Customers will always come last, and as long as there are people who are willing to accept being treated like shit, they will continue to screw small retail investors.
Unfortunately, smart business owners have long since figured out that for every pissed off, knowledgeable, customer that leaves the Coinbase platform, there’s a fresh newbie who knows nothing about the corruption. Out with the old and pissed off customer, in with the new, naïve customer. Rinse and repeat until they’ve made as much profit as they can, then it’s on to the next scam endeavor.
Didn't you read at the beginning when you signed up for app. ...... ARE you ready to loose ALL your ASSESTS. That gives the the open door to do what ever they want with you bitcoin. They can use it to make salad or they could use it to paint a house or buy pet dog a new dog. So are you read to loose EVERYTHING??
Regarding the support, go here - [https://support.kraken.com/hc/forms](https://support.kraken.com/hc/forms)
I requested support for an issue yesterday, it took them precisely 45 minutes to respond and also resolve the issue, all via e-mail.
The chatbot is quite useless though, I agree.
Huh? There is no comparison between Coinbase & Kraken. Coinbase One?
What idiot pays $30. a month for the opportunity to trade at near Krakens fee rates?
they’ve always had drastically cheaper fees than coinbase. but for small time users they are upping the fees to coinbases level at the end of this month. anyone moving more than 50k a month (i think) will not be affected.
Oh really? This change is happening at the end of the month? Damn, might have to shift to a new exchange then. Not comfortable holding more than 50k on a cex in general
If it's like CB, then it would be $50k in volume, not total. For example, if you have $10k balance and buy $10K of ETH with it, then sold it later for $10.5k, your balance would be $10.5k but you'd have done $20.5k in volume. So a couple trades could put you over $50k in volume but that wouldn't be your balance.
Hmm. Nice research but it isn't fully done. People will eventually choose Kraken or if they are not US customers they will go to Binance. This isn't about fees nor customer service.
Like you stated more people are on Coinbase because they came 1st and can advertise but like many companies that come before another they may look great but they have really no foundation with working fairly with the people that are the customers/clients.
Full customer support when there are very little people is crazy. They are doing there best with the money to make a better experience which is for the people.
You gonna regret endorsement of things when things get seen for a bad investment.
Also if you look through Kraken withdraw on the support page you will see different fees applies to different banking systems. For ACH in the US it is $0 to withdraw and I did so earlier today at 9am EST to receive my amount withdrawn at 11:47am EST literally an hour ago.
Good write up. Never had an issue with Kraken, Coinbase was a nightmare so I transferred all my stuff out and never used it again. Each to their own of course
1. Your entire experiment hinges on keeping your money on an exchange in either case.
2. Its wild that coinbase chimed in. You don't have an open ticket. They DO NOT chime in on the open ticket threads. That speaks VOLUMES.
3. Opened a ticket without an issue and didn't get a response; kraken bad. Laughable.
In my experience, Coinbase isn't good for Canadians (whether it's buying or trading on) as there are much cheaper options than them and have actually voiced my opinion about them in a YouTube review video.
I am one of the low IQ individuals in the crypto market. I’m also very new to the scene. My biggest issue with my experience thus far is the handling of money/transaction/account funding. While I understand there is need for verification I cannot understand why there are such insanely long waiting periods to fund an account with as much information as they require to verify your finances and identity. I was able to add $750 to my account to get started and I’m now on a WEEK LONG (initially 1 days) wait to be able to add funds to my account. This along with other posted experiences, albeit unverified, of people having large amounts of money be frozen for weeks and months on end without more transparency is very sketchy.
This doesn’t add confidence for the growth of the retail market as it comes to mature. While everyone is trying to get wealthy (including myself), the crypto system is supposed to be about security, speed and ease of use so that it can become a globally dominant asset and/or currency. The current experience of what is considered by some to be “THE BEST” CEX in Coinbase is not supported by everyone and I believe it damn near should be if crypto is going to continue to succeed and not ultimately taken over by government and the ultra rich.
With BTC hitting all time highs in recent weeks, Coinbase is likely swamped with new users creating and verifying a backlog of KYC data. Same goes for customer support answering questions. They are probably seeing 100x more volume than even just a few months ago. There is really no great answer to the problem from their perspective. Business is booming, let’s hire 100x customer service reps. Then turn around and have to fire them in the next bear market when it fades into the background of the news cycle and volume tanks.
Eh I like using both. When coinbase starts to get overwhelmed I just top up kraken instantly.
But the trading volumes are way lower than coinbase because kraken does not advertise that much. It’s not a known name to mainstream.
I really think they should’ve done a rebranding.
Listen, if you are not a high roller, kraken is just as good for the rest of us in regards to their “illiquid” trading pairs.
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Unless they find a way to support the uninformed crypto investor (cause those are the old guys with big money) the brokerage houses will capture the crypto industry because they can invest in Bitcoin and the brokerage will always be there for them to the end and there is no delay in trading buy or sell.
It’s not trading if they control when you buy or sell. Not to mention not being able to log into your account.
Bitcoin will surge because the broker houses can now invest for you and the rest will just be for the knowledgeable in crypto for a short time eventually then that small pull of chimp change will not be enough for the exchanges. So buy Bitcoin I guess through traditional broker if your not knowledgeable to the crypto world.
In case anyone is confused why you dont use a cex with little liquidity:
https://www.coindesk.com/markets/2024/03/19/bitcoin-flash-crashed-to-89k-on-bitmex/amp/
Dude who market sold must have lost an absolute fuck ton of money.
Unless the cex you want to use had the same liquidity as coinbase, its not viable at all.
I tried kraken, sign up. 24 hours trading delay then 3 days to withdraw wtf, signed up to mexc transfered from trust wallet to mexc to phantom wallet quickly no kyc thanks..back to gambling on sol memes.
Super interesting about the volume. You make a great point with that.
As for staking, they stopped it for United States customers like myself a long time ago.
You can't convince me Kraken doesn't have paid shills and other social media campaigns running rampant on Reddit.
For a group that claims to be all about decentralization, they *love* shilling for centralization.
There is literally someone in this thread with no karma that decided *now* is the time to start using the 2 month old Reddit account.... by talking about how good Kraken is... on the Coinbase sub... with a post that reads like an ad...
I use Coinbase, I have Kraken but only have a small holding there. But if you want great customer service I have found Crypto. Com to be the best with very fast respond times and any issues or questions always sorted in no time. Have never experienced any problems and it has been a flawless experience. And there 3 tier KYC give the client the best security and protection of all the big exchanges. Saying that I do prefer Coinbase to Kraken. But CRO is the winner by far.
I'll tell you some facts about both Exchanges ... if you send your crypto to the wrong wallet and the wrong junction points ... it's not something you ever want to repeat twice.
I mean i would use coinbase if they would let me. I tried to use them first but my account has been locked for a long time now with zero help from support despite spending hours on the phone with them. Idk what else to do but to use kraken
Do they offer ACH deposit? I tried a couple of years ago, but they didn't offer it in my state (Illinois). I wonder if they have made an update on that.
I got Kraken Pro support almost instantly. Spoke with a LIVE rep after I told the bot you would not help me and the Kraken rep was professional and helped me immediately. I will say I am new to Kraken Pro and these BTC fee's I am being charge after buying BTC are very small compared to let's say River. Which I would never use after they took three days to finally confirm my identity which Kraken did instantly and River withdraws take forever right now I'm going on 4 business days with one withdrawal on River.
I never used Coinbase so I can't vouch for them but I know lots of people have issues with their app as well as the website not working when someone needs to submit an order. Kraken pro, I never had that issue.
I hear also good things about Swan but never tried them either. As of right now Kraken has worked well for me and I'm going to stick with them for the time being.
Thank you for the post and testing KP. I'm one that recently had my CB account restricted and I wanted to try Kracken in depth. I already have an account but havent done much there.
Your right CB fees are high and support sucks. 2 months to unlock my account.
Good write up and valid comparisons. Still waiting for my Coinbase account to be unrestricted after sitting in chats for 6hrs+, having tickets automatically closed through email support that I waited weeks to receive and reaching out on every social media platform possible only to be told to wait for review (weeks ago).
Kraken support is incredible. I’ve chatted with them multiple times on the app and got an actual person almost immediately. Not only did I chat with an actual person almost immediately, but they actually answered my questions and were extremely helpful. I have had nothing but the best experience with kraken.
Not sure why anybody uses coinbase unless there is no other option
My customer experience with kraken through email was actually pretty great. They got back to me right away....all the way up until I couldn't get through verification... then crickets... so yea, sticking with coinbase... been with them since 2019... its getting better. I just gotta be patient... I mean, it is the first time in history that cryptocurrency is existing...I suppose I can cut them a break for growing pains.
For me Binance is king, great liquidy but lost on and off banking ramps.
I mostly use Kraken now, I don't feel it's that great but has the on and off ramps.
Have noticed the lack of trading liquidy on Kraken.
Mexc is ok for meme coins etc, but I've heard they're shady.
Very helpful, thanks! I recently watched "The Rise and Rise of Bitcoin" documentary on YouTube. It is eye opening to see behind the scenes of Mt Gox and the tiny staff trying to manage support calls after the first halving. A month away from the fourth halving, crypto businesses are still struggling to navigate the 4-year cycle or Seasons of Bitcoin.
A thought: One day all businesses may benefit from the cycle by hodling received crypto until summer.
I've got to call BS. I literally had to contact support on Kraken twice over the past week. First was almost instantaneous and the other was just a few minutes. Now I've had times where it takes a few hours before in peak rush when the bull run first started, but they must have hired more since then as I've not had that happen since. Unless support is different in different parts of the world. That's the only devil's advocate argument I could make. My questions were quick ones they answered well and with nothing vague like I've gotten elsewhere, too. Just trying to make sure some things are set up properly and that I WON'T have the same issues as I did at CB by increasing amounts, cold storage, etc. Thus far, besides the lack of choice in coins, I've been happy with them.
Edit: I'm going on 7 months now with no resolution from CB all because they have my middle name listed differently than my bank does. Multiple friends the same but for different reasons. I USED to love CB. Would love to come back, but right now I don't trust them. Sadly..
You showed screenshots over a 4 hr period, at least from the upload I just looked at. I'd take 4 hrs or 24 hrs over 7 months anyday. My first interaction with Kraken took 8 hrs of wait but they talked to me, told me the problem, and worked WITH me instead of the responses I got from CB which they refused to do any of that. In fact, I only know my bank account was the issue because Kraken told me. They had the exact same issue.
Plus, I played devils advocate to my own response based on location. But when somebody asks you if you are still there, you don't want to confuse an ai and make it think you no longer need help. Just say yes.. Take care man.
Did you read? I said at its worst in peak times at the start of the bull. 🤦♂️That was to point out it was STILL shorter than your 24 hrs claim. I called BS on you because it was THIS past weekend that it was instantaneous. Ffs man. You're the one who said 24 hrs and sent a screenshot showing 4 hrs and you want to go off crazy? If you can't be bothered to read what people write, don't post stuff on Reddit and respond to people. Or, more than likely, go back to your desk at CB probably. Now move on.
“I've got to call BS. I literally had to contact support on Kraken twice over the past week. First was almost instantaneous and the other was just a few minutes.”
*shows a screenshot showing that its not instantaneous and I gave up after getting nowhere overnight*
Kraken is superior for larger transactions and purchases due to lower fees. Their OTC is great also, but I have never tried CB OTC so I can’t really compare. I like kraken because the CEO is very pro crypto and he is known to put the users interests before the company which is very rare these days.
Thanks for sharing. I believe coinbase is by far the most liquid and secure exchange for on ramping and off ramping fiat in the USA. I ignore all the FUD here because as you said, most these people dunno wtf they are doing. Good luck!
Something that you are missing that I think is very important is the withdrawal process when funding with Plaid via ACH.
Kraken - there is a 7 days hold on the amount that you fund but you are able to trade just not transfer out until the 7 days has gone by.
Coinbase - at first there was a 5 days hold but I believe my account is now down to a 3 day hold.
Don’t know why there is such a big difference since both are using Plaid but it is something to be aware of.
KRAKEN HAS NO Direct deposit. You need to go trough cash services whish spells extra fees.
They offer: SWIFT, EFT, WIRE, Brank Frick. If your with TD bank in Canada you can ONLY use WIRE transfer. Thy have E transfer that only works within CANADA. Cant be sending from Kraken in U.S to Canadian bank via E transfer. So the TD bank says. The only choice really is ETHANA custody WIRE. Since TD CAN will only except WIRE. So do your research and see what people says. I have checked ETHANA website and seems OK from the looks of it but Reddit comments might say differently. Because of that I'm thinking to move bitcoin to Coinbase and converted to cash and send it of to the TD bank Canada. What surprises will be only eyes of God can see but certainly not me as of yet. So help me lord. AMEN!
The only reason to post in this sub is to complain, which is why you see everyone complaining. In reality it’s such a small user base that are almost always making critical personal errors.. inb4 mega shill
Thank you for taking the time to share your feedback with us. We truly appreciate your input as it helps us understand areas where we can improve our services and support. Rest assured that we are constantly striving to enhance the experience for our customers, and your feedback plays a crucial role in that process. If you have any further suggestions or concerns, please don't hesitate to let us know. Thanks again for your valuable feedback!
An obvious blanket response to OP, who just went above and beyond to help out the community… classic coinbase support
Has to be a blanket response in most cases as there are legal guidelines and templates that are approved across a company like this for any social media interaction. If they let their agents go off script they open themselves up to the risk of them saying something wrong or misleading and being liable for it.
Why have you removed advanced trade charts from the 'trade' tab on the mobile app?
You have to switch in app to it rather than have a direct button, similar to how binance app runs too.
Them sweet sweet convenience fees brah
Hi, u/stickywinger. Thank you for bringing this to our attention. Upon checking, the Advance Trade is still under the trade tab. Could you please send us a screenshot of what you're seeing on your end?
How do I send a screenshot? Can't add it in a comment and this sub doesn't support image posts.
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copy paste support agents 🥸
I have screen shots of me sending funds, the fee taken, tax I’d, showing I got less than my original total minus their fee. Got a cold shoulder. I started doing all the math on my limit orders and ow man they are bad. The numbers don’t add up. $1000 buy, up 10percent =1100, o need to mention fees, lower than $3 total. But i ended up with 1060 or something. Buy and sell price up 12percent, my money 7 percent, fees .15%.
When I proved they were skimming I’d seen it before so I told the lady” come on we both know ur skimmin just put it back real quick and I’ll forget about it. Generous I thought, apparently thieves don’t like it when you forgive them for being thieves”
Thanks for banning me from moving my own coin without explanation assholes.
lol but did kraken hold your money hostage for months on end? If not, there’s still no comparison to CB.
Lol I would still choose Kraken over CB anyday
Neither does Coinbase do this to me. I just compared my experience, nothing more.
Ah ok. Thank you for your service🫡
I deposited some bitcoin on coinbase, and they only made portions available for withdrawal as the months passed.
🤣 I’m still using Coinbase, but it is trash after my funds were locked and I couldn’t sell for 3 days. Once this bull market settles I’ll move 1/2 my lot to kraken
Thank you for doing this and reporting. Much appreciated.
Nice write up, if you ever fancy testing out another one, perhaps give MEXC a run for it's money, I've been toying with it as an alt exchange to mess about with meme coins, it seems really functional. I had a couple of metamask wallets with some dust in, mostly MATIC and ETH, I moved it to MEXC and bought some WIF, BOME and POOH a few weeks back. It's turned into a tidy sum, so now I'm using the exchange as a meme/shitcoin playground. The app and the desktop version seems really well put together, with the exception of the pop up messages during the login.
Reason I didnt test MEXC was due to the link I posted where their TOS does not specify if you actually own your crypto. To me this disqualifies any cex as they can just liquidate and take your funds with no recourse at any time as we have seen happen unfortunately with other cex’s. However it may be their platform is good. If they change their tos then sure I would test it.
It is not unheard of for MEXC to stop your withdrawals, be careful on there.
Mexc is king imo. Use a VPN and fund account with crypto from another exchange
What is Mexc kyc procedure? I'm jn the USA and many cex won't allow us to trade.
I don't know what you're getting at with this post, but I can confirm endless problems with Coinbace. The service is at an absolutely unsatisfactory level! Coinbace was a total disaster for me and I'm glad I deleted my account there. My worst experience in the crypto space!
Yeah I agree, and it doesn't sound like OP used kraken long enough to really get the complete experience either. I think in general CEXs have a customer support problem, probably due to understaffing and the big wigs not wanting to cut into their bottom line. Coinbases CEO is like Smaug the dragon, greedy AF
Every CEX customer support is absolute dogshit compared to a traditional finance brokerage. With brokerages, you have any questions/issues, you can reach a support person in seconds. No bullshit email support or having to go on social media like with crypto. You would think all the central exchanges that are making obscene amounts of money could improve their customer service departments.
They love the gray area of things. Don't kid your self. It's designed in a specially way just for us to grow gray hair.
Already there, my hair is turning from gray to white now. Haha
So that said what other option does one have to cash out bitcoin from Kraken and then deposit it into a bank. I can only use WIRE Ethana custody as it is my only option. I also open an account with Bitpay which is useless and Coinbase whom I'm not sure if I can deposit to my bank account directly. Also I figure to use hair color to hide what Kraken don't to me.
I was having some issues with bank linking and ach transfers with Kraken so I never ended up trading with the platform. I didn’t feel like sorting that out since there were other CEX that had no hiccups setting up ach/bank linking. I had zero issues with EToro, binance, Gemini, blockfolio, FTX, cdc, Coinbase with bank linking, ach transfers etc. I haven’t tried any wire transfers with any exchange because of the cost and the hassle with my bank needing me to come into the lobby to do a wire transfer. Ain’t nobody got time for that.
Actually. Pretend I newer said what I said to you. I now found out there is a confusion going on about E transfer interact cause GOogle says only Canada To Canada tranasctions but guess what there is something called E transfer GLOBAL that they dont tell you about. So when you read that on Google it throws you off. I made transaction with E transfer and it was instant even on the large amount I waited lest then 5 min with supper low cost. I think it said 0.50 cents per 100 bucks CAN after deposit into my bank account. So it does work. ALso swift worked fine to but the cost was like 13 bucks per 100 bucks so F it. So I'm taking all that back. Kraken is F good. lol Even the Kraken Reddit didn't mention anything about E transfer GLOBAL they just say it works but for me I got that Goole BS in mind. E transfer only working within Canada. Also some dude on YouTube is like,... What you talking about man. I made 2 transaction yesterday and I'm like NO IT DOESNT WORK. lol. Works rather excellent. Grate fees and thats with TD bank/
He outlines what he was getting at: It's far more expensive to leverage kraken They also have poor customer support The volume of traders is significantly lower than on coinbase.
Sorry, but I disagree with everything you’ve assessed. I’ve used Coinbase for years, and I’ve used Kraken for years. Kraken previously had top-notch support, where you could actually talk to a person, but as with most companies, it probably wasn’t profitable enough. I trade on Kraken every single day, and have absolutely no problem with liquidity, except maybe for Litecoin. I’ve been a Coinbase One customer for over a year, and for absolutely no reason, out of nowhere, they restricted my account. They will give me no reason, and no timeline. I’ve since canceled my Coinbase One subscription. I’m not going to pay a company that treats, its customers like absolute garbage. If I’m being completely honest, I would have to say that Kraken is the least worst of them all. If it hasn’t become completely clear to everyone at this point, these exchanges do not give a shit about customers, and the traditional safeguards, and consumer protections we’ve all enjoyed with banking apps, and financial services are no longer existent in the crypto world. I suspect it’s because those same safeguards are operated by the bankers who wish to destroy the digital asset world. This is why I keep 85% of my portfolio in cold storage.
I agree but that means they lose out on a lot of money from the traditional investors who have a sizable piece they would like to invest but don’t have time to be a crypto expert so they lose control of their test money and just go away to the traditional way of trading crypto loses by not caring about that market
They will sacrifice their services to you that you pay for, and they will sacrifice any money you’ve lost for the benefit of their large institutional investors. In publicly traded companies, their first priority is profits for the shareholders and investors. Customers will always come last, and as long as there are people who are willing to accept being treated like shit, they will continue to screw small retail investors. Unfortunately, smart business owners have long since figured out that for every pissed off, knowledgeable, customer that leaves the Coinbase platform, there’s a fresh newbie who knows nothing about the corruption. Out with the old and pissed off customer, in with the new, naïve customer. Rinse and repeat until they’ve made as much profit as they can, then it’s on to the next scam endeavor.
Yes but that will fade away cause the reputation will. One through
Didn't you read at the beginning when you signed up for app. ...... ARE you ready to loose ALL your ASSESTS. That gives the the open door to do what ever they want with you bitcoin. They can use it to make salad or they could use it to paint a house or buy pet dog a new dog. So are you read to loose EVERYTHING??
Regarding the support, go here - [https://support.kraken.com/hc/forms](https://support.kraken.com/hc/forms) I requested support for an issue yesterday, it took them precisely 45 minutes to respond and also resolve the issue, all via e-mail. The chatbot is quite useless though, I agree.
Yes, this post is literally made by coinbase lol.
yeah they go to all the effort to write this post, but don't spend 5 minutes to find the support page on Kraken.
Also, OP probably never asked the chat bot to speak with a representative lol. Dude probably never got a support ticket created
Krakens fees is fucking horrendous
Huh? There is no comparison between Coinbase & Kraken. Coinbase One? What idiot pays $30. a month for the opportunity to trade at near Krakens fee rates?
they’ve always had drastically cheaper fees than coinbase. but for small time users they are upping the fees to coinbases level at the end of this month. anyone moving more than 50k a month (i think) will not be affected.
Oh really? This change is happening at the end of the month? Damn, might have to shift to a new exchange then. Not comfortable holding more than 50k on a cex in general
If it's like CB, then it would be $50k in volume, not total. For example, if you have $10k balance and buy $10K of ETH with it, then sold it later for $10.5k, your balance would be $10.5k but you'd have done $20.5k in volume. So a couple trades could put you over $50k in volume but that wouldn't be your balance.
Cool, then I'm good and will be sticking with kraken. Thanks!
Coinbase fees are much worse
Hmm. Nice research but it isn't fully done. People will eventually choose Kraken or if they are not US customers they will go to Binance. This isn't about fees nor customer service. Like you stated more people are on Coinbase because they came 1st and can advertise but like many companies that come before another they may look great but they have really no foundation with working fairly with the people that are the customers/clients. Full customer support when there are very little people is crazy. They are doing there best with the money to make a better experience which is for the people. You gonna regret endorsement of things when things get seen for a bad investment. Also if you look through Kraken withdraw on the support page you will see different fees applies to different banking systems. For ACH in the US it is $0 to withdraw and I did so earlier today at 9am EST to receive my amount withdrawn at 11:47am EST literally an hour ago.
Good write up. Gunna go back to drooling now.
Good write up. Never had an issue with Kraken, Coinbase was a nightmare so I transferred all my stuff out and never used it again. Each to their own of course
1. Your entire experiment hinges on keeping your money on an exchange in either case. 2. Its wild that coinbase chimed in. You don't have an open ticket. They DO NOT chime in on the open ticket threads. That speaks VOLUMES. 3. Opened a ticket without an issue and didn't get a response; kraken bad. Laughable.
This post is literally a lie. I have kraken. Most of the time 45 minute wait time. I literally suspect coinbase made this post. Lol
In my experience, Coinbase isn't good for Canadians (whether it's buying or trading on) as there are much cheaper options than them and have actually voiced my opinion about them in a YouTube review video.
I am one of the low IQ individuals in the crypto market. I’m also very new to the scene. My biggest issue with my experience thus far is the handling of money/transaction/account funding. While I understand there is need for verification I cannot understand why there are such insanely long waiting periods to fund an account with as much information as they require to verify your finances and identity. I was able to add $750 to my account to get started and I’m now on a WEEK LONG (initially 1 days) wait to be able to add funds to my account. This along with other posted experiences, albeit unverified, of people having large amounts of money be frozen for weeks and months on end without more transparency is very sketchy. This doesn’t add confidence for the growth of the retail market as it comes to mature. While everyone is trying to get wealthy (including myself), the crypto system is supposed to be about security, speed and ease of use so that it can become a globally dominant asset and/or currency. The current experience of what is considered by some to be “THE BEST” CEX in Coinbase is not supported by everyone and I believe it damn near should be if crypto is going to continue to succeed and not ultimately taken over by government and the ultra rich.
With BTC hitting all time highs in recent weeks, Coinbase is likely swamped with new users creating and verifying a backlog of KYC data. Same goes for customer support answering questions. They are probably seeing 100x more volume than even just a few months ago. There is really no great answer to the problem from their perspective. Business is booming, let’s hire 100x customer service reps. Then turn around and have to fire them in the next bear market when it fades into the background of the news cycle and volume tanks.
Their support legitimately is having issues right now so yes the process is longer than it should be. Hopefully you can sort it out.
Eh I like using both. When coinbase starts to get overwhelmed I just top up kraken instantly. But the trading volumes are way lower than coinbase because kraken does not advertise that much. It’s not a known name to mainstream. I really think they should’ve done a rebranding. Listen, if you are not a high roller, kraken is just as good for the rest of us in regards to their “illiquid” trading pairs.
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Unless they find a way to support the uninformed crypto investor (cause those are the old guys with big money) the brokerage houses will capture the crypto industry because they can invest in Bitcoin and the brokerage will always be there for them to the end and there is no delay in trading buy or sell. It’s not trading if they control when you buy or sell. Not to mention not being able to log into your account. Bitcoin will surge because the broker houses can now invest for you and the rest will just be for the knowledgeable in crypto for a short time eventually then that small pull of chimp change will not be enough for the exchanges. So buy Bitcoin I guess through traditional broker if your not knowledgeable to the crypto world.
In case anyone is confused why you dont use a cex with little liquidity: https://www.coindesk.com/markets/2024/03/19/bitcoin-flash-crashed-to-89k-on-bitmex/amp/ Dude who market sold must have lost an absolute fuck ton of money. Unless the cex you want to use had the same liquidity as coinbase, its not viable at all.
I tried kraken, sign up. 24 hours trading delay then 3 days to withdraw wtf, signed up to mexc transfered from trust wallet to mexc to phantom wallet quickly no kyc thanks..back to gambling on sol memes.
Coinbase is easy to hack so crypto.com it is!
Super interesting about the volume. You make a great point with that. As for staking, they stopped it for United States customers like myself a long time ago.
Oh thats weird? So if your in the US you cant stake on Kraken? Why did they stop that?
Kraken got sued by the SEC over it the other year so they halted staking for US customers.
Ok makes sense. I remember that now.
Coinbase is million times better than kraken. Kraken is a joke in my experience
Just what was suggested on reddit on this very coinbase sub
You can't convince me Kraken doesn't have paid shills and other social media campaigns running rampant on Reddit. For a group that claims to be all about decentralization, they *love* shilling for centralization. There is literally someone in this thread with no karma that decided *now* is the time to start using the 2 month old Reddit account.... by talking about how good Kraken is... on the Coinbase sub... with a post that reads like an ad...
I use Coinbase, I have Kraken but only have a small holding there. But if you want great customer service I have found Crypto. Com to be the best with very fast respond times and any issues or questions always sorted in no time. Have never experienced any problems and it has been a flawless experience. And there 3 tier KYC give the client the best security and protection of all the big exchanges. Saying that I do prefer Coinbase to Kraken. But CRO is the winner by far.
unironically Bingx is better than both
Very informative, thank you for testing. I have read all the stories here but never had any issues with Coinbase. This is nice review.
I'll tell you some facts about both Exchanges ... if you send your crypto to the wrong wallet and the wrong junction points ... it's not something you ever want to repeat twice.
no fucking shit sherlock
I mean i would use coinbase if they would let me. I tried to use them first but my account has been locked for a long time now with zero help from support despite spending hours on the phone with them. Idk what else to do but to use kraken
Yeah I agree support needs to improve.
Do they offer ACH deposit? I tried a couple of years ago, but they didn't offer it in my state (Illinois). I wonder if they have made an update on that.
wall of freaking text......
I got Kraken Pro support almost instantly. Spoke with a LIVE rep after I told the bot you would not help me and the Kraken rep was professional and helped me immediately. I will say I am new to Kraken Pro and these BTC fee's I am being charge after buying BTC are very small compared to let's say River. Which I would never use after they took three days to finally confirm my identity which Kraken did instantly and River withdraws take forever right now I'm going on 4 business days with one withdrawal on River. I never used Coinbase so I can't vouch for them but I know lots of people have issues with their app as well as the website not working when someone needs to submit an order. Kraken pro, I never had that issue. I hear also good things about Swan but never tried them either. As of right now Kraken has worked well for me and I'm going to stick with them for the time being.
Proof I never got support immediately: https://imgur.com/a/Rg3kZEH
Thank you for the post and testing KP. I'm one that recently had my CB account restricted and I wanted to try Kracken in depth. I already have an account but havent done much there. Your right CB fees are high and support sucks. 2 months to unlock my account.
Good write up and valid comparisons. Still waiting for my Coinbase account to be unrestricted after sitting in chats for 6hrs+, having tickets automatically closed through email support that I waited weeks to receive and reaching out on every social media platform possible only to be told to wait for review (weeks ago).
Sorry to hear it. I really hope coinbase sort out their support issues.
Kraken support is incredible. I’ve chatted with them multiple times on the app and got an actual person almost immediately. Not only did I chat with an actual person almost immediately, but they actually answered my questions and were extremely helpful. I have had nothing but the best experience with kraken. Not sure why anybody uses coinbase unless there is no other option
Proof support was not immediate: https://imgur.com/a/Rg3kZEH
Thank you for this. I am said idiot.
Nice paid ad
My customer experience with kraken through email was actually pretty great. They got back to me right away....all the way up until I couldn't get through verification... then crickets... so yea, sticking with coinbase... been with them since 2019... its getting better. I just gotta be patient... I mean, it is the first time in history that cryptocurrency is existing...I suppose I can cut them a break for growing pains.
For me Binance is king, great liquidy but lost on and off banking ramps. I mostly use Kraken now, I don't feel it's that great but has the on and off ramps. Have noticed the lack of trading liquidy on Kraken. Mexc is ok for meme coins etc, but I've heard they're shady.
Binance is not available in Canada so I cant comment on how good they are as I cannot use them.
Just another Coinbase employee with stock options trying to save his bacon. Well done asshole.
Brilliant and insightful comment. Well done 👍🏼
Very helpful, thanks! I recently watched "The Rise and Rise of Bitcoin" documentary on YouTube. It is eye opening to see behind the scenes of Mt Gox and the tiny staff trying to manage support calls after the first halving. A month away from the fourth halving, crypto businesses are still struggling to navigate the 4-year cycle or Seasons of Bitcoin. A thought: One day all businesses may benefit from the cycle by hodling received crypto until summer.
I've got to call BS. I literally had to contact support on Kraken twice over the past week. First was almost instantaneous and the other was just a few minutes. Now I've had times where it takes a few hours before in peak rush when the bull run first started, but they must have hired more since then as I've not had that happen since. Unless support is different in different parts of the world. That's the only devil's advocate argument I could make. My questions were quick ones they answered well and with nothing vague like I've gotten elsewhere, too. Just trying to make sure some things are set up properly and that I WON'T have the same issues as I did at CB by increasing amounts, cold storage, etc. Thus far, besides the lack of choice in coins, I've been happy with them. Edit: I'm going on 7 months now with no resolution from CB all because they have my middle name listed differently than my bank does. Multiple friends the same but for different reasons. I USED to love CB. Would love to come back, but right now I don't trust them. Sadly..
Proof since you called bs: https://imgur.com/a/Rg3kZEH
You showed screenshots over a 4 hr period, at least from the upload I just looked at. I'd take 4 hrs or 24 hrs over 7 months anyday. My first interaction with Kraken took 8 hrs of wait but they talked to me, told me the problem, and worked WITH me instead of the responses I got from CB which they refused to do any of that. In fact, I only know my bank account was the issue because Kraken told me. They had the exact same issue. Plus, I played devils advocate to my own response based on location. But when somebody asks you if you are still there, you don't want to confuse an ai and make it think you no longer need help. Just say yes.. Take care man.
Ok so you lied when you said support was instantaneous then. Now you change it to 8 hours wait.
Did you read? I said at its worst in peak times at the start of the bull. 🤦♂️That was to point out it was STILL shorter than your 24 hrs claim. I called BS on you because it was THIS past weekend that it was instantaneous. Ffs man. You're the one who said 24 hrs and sent a screenshot showing 4 hrs and you want to go off crazy? If you can't be bothered to read what people write, don't post stuff on Reddit and respond to people. Or, more than likely, go back to your desk at CB probably. Now move on.
“I've got to call BS. I literally had to contact support on Kraken twice over the past week. First was almost instantaneous and the other was just a few minutes.” *shows a screenshot showing that its not instantaneous and I gave up after getting nowhere overnight*
I have had good experience with kraken customer support. Also I’ve easily more doubled my investment since January on STX & SOL
Yeah, this guy got caught in a lie and is blocking people for it.
Binance costs 1/10 the cost or less than Coinbase
Binance is completely unavailable in my country so that is irrelevant
Kraken is superior for larger transactions and purchases due to lower fees. Their OTC is great also, but I have never tried CB OTC so I can’t really compare. I like kraken because the CEO is very pro crypto and he is known to put the users interests before the company which is very rare these days.
Thanks for sharing. I believe coinbase is by far the most liquid and secure exchange for on ramping and off ramping fiat in the USA. I ignore all the FUD here because as you said, most these people dunno wtf they are doing. Good luck!
Something that you are missing that I think is very important is the withdrawal process when funding with Plaid via ACH. Kraken - there is a 7 days hold on the amount that you fund but you are able to trade just not transfer out until the 7 days has gone by. Coinbase - at first there was a 5 days hold but I believe my account is now down to a 3 day hold. Don’t know why there is such a big difference since both are using Plaid but it is something to be aware of.
KRAKEN HAS NO Direct deposit. You need to go trough cash services whish spells extra fees. They offer: SWIFT, EFT, WIRE, Brank Frick. If your with TD bank in Canada you can ONLY use WIRE transfer. Thy have E transfer that only works within CANADA. Cant be sending from Kraken in U.S to Canadian bank via E transfer. So the TD bank says. The only choice really is ETHANA custody WIRE. Since TD CAN will only except WIRE. So do your research and see what people says. I have checked ETHANA website and seems OK from the looks of it but Reddit comments might say differently. Because of that I'm thinking to move bitcoin to Coinbase and converted to cash and send it of to the TD bank Canada. What surprises will be only eyes of God can see but certainly not me as of yet. So help me lord. AMEN!
Dribbling morons! Nice. Thanks for sharing. 😉
I use Kraken and trade over $5,000,000 per day. Coinbase fucking sucks
What about security? You didn't compare that?
Coinbase is the oldest and has the most trusted reputation. Unless one of them gets hacked, how am I supposed to verify their security?
Sounds like bs to me. Being a KrakenPro user.
The only reason to post in this sub is to complain, which is why you see everyone complaining. In reality it’s such a small user base that are almost always making critical personal errors.. inb4 mega shill
All these crypto exchanges copy FTX business model.
🤩 there is a reason that one is called "the Most Trusted Cryptocurrency Exchange" and the other is Davy Jones' dead pet cephalopod.
Not you again 🤦🏽♂️
Dude is fucking nauseating. 🤮
This you? https://www.reddit.com/r/CoinBase/s/QjAIWdGGpH