Kraken is a safe and respected cryptocurrency exchange. The exchange was launched in 2011 in the US. Despite being one of the most popular platforms for crypto trading in terms of security, liquidity, and functionality, some traders prefer other exchanges. In this article, we will show what makes people seek other options on the market and what are the ten best alternatives to Kraken right now.
- Why Do People Choose Other Exchanges?
- Kraken Alternatives That Are Accessible in the US
- Kraken Alternatives That Are Not Accessible in the US
Why Do People Choose Other Exchanges?
Kraken is a good platform. It's fair to say that it is one of the best cryptocurrency exchanges. However, some people use other platforms and are not going to use Kraken. Why?
First off, Kraken is simply not available in certain regions. Although the exchange is launched in the US, it doesn't provide service in two states: New York and Washington. The residents of the following countries cannot use Kraken at all: Afghanistan, Congo-Brazzaville, Congo-Kinshasa, Cuba, Iran, Iraq, Libya, North Korea, Syria, and Tajikistan. More than that, there are countries where funding of the Kraken account can turn up impossible. These countries are The Central African Republic, Eritrea, Guinea-Bissau, Lebanon, Mali, Namibia, Somalia, South Sudan, Sudan, and Yemen. Additionally, certain currencies cannot be traded or deposited in some regions. For instance, US residents cannot trade XRP on Kraken.
Many traders that can use Kraken without any troubles, however, choose other options. The reasons can be very different: some people find the design of other platforms more convenient. We shouldn't underestimate how important the design is because it contributes to ease of use a lot and seriously influences the overall impression.
Another thing that can be the reason for choosing a different platform is fees. Kraken has relatively trading low fees however there are a number of decent exchanges that charge lower fees per trade. Some of these platforms are top-quality exchanges with huge user bases.
We’ve completed our investigation into the large market movements on Kraken yesterday & determined systems operated correctly. If you feel your account was unfairly impacted, please follow the link in our blog post to submit a support ticket.https://t.co/fLoIDfiX4H
— Kraken Exchange (@krakenfx) February 23, 2021
Moreover, there are problems with the stability of Kraken's work. Some of the other top exchanges provide smoother operations which is a critical factor for many traders. On February 22, 2021, a tech issue on Kraken led to catastrophic consequences resulting in losses of customers worth millions. Cases like this make people seek other trading platforms.
Kraken Alternatives That Are Accessible in the US
Fitting all the American laws associated with cryptocurrencies is not an easy task for many exchanges. Some of them decide not to allow the US traders at all to avoid law problems. In this chapter, we will mention only those exchanges that don't prohibit Americans from using them.
Coinbase
Just like Kraken, Coinbase is an American cryptocurrency exchange. It was launched in 2012, only a year after Kraken. Currently, Coinbase has better liquidity at the same time providing twice as few trading pairs as Kraken. Coinbase supports 43 coins while Kraken users can choose from 53 options. As for security, both exchanges have excelled in it. It's worth mentioning though that Coinbase doesn't have such problems with uptime.
In general, users who like to trade on fully regulated platforms providing their personal info for a sake of safety can move to Coinbase sacrificing some of the Kraken trading pairs that are not supported there. Another Coinbase downside is that it will charge higher fees. Nevertheless, considering all the benefits of this exchange, Coinbase is still a good alternative.
Gate.io
Gate.io is one of the best exchanges in terms of the number of trading pairs and reputation. The exchange supports over 480 coins and provides a margin trading feature.
Although the trading volume is twice as low as the Kraken's is, it is still big enough to provide a smooth trading experience. The main downside is the lack of fiat money support.
Freewallet
Freewallet is a company providing single- and multi-currency wallets. The wallets by Freewallet are very user-friendly. Apart from storing money, it serves for nearly instant coin swaps supporting dozens of currencies. The transactions are quite cheap. Cryptocurrencies can be bought via credit/debit cards, as well.
Gemini
Gemini is the US cryptocurrency exchange founded in 2015. The exchange is fully regulated and has a high security level. The transactions are insured. The cons are high fees and a small number of supported coins.
Cex.io
Cex.io is a British crypto exchange. It is notable for high liquidity, cross-platform trading, margin trading, and the diverse options of depositing fiat money. There are over 60 coins supported on Cex.io. The exchange strives to get fully regulated.
Kraken Alternatives That Are Not Accessible in the US
Some of the exchanges that cannot be used by the US residents are actually the industry leaders. Without a doubt, you will find decent Kraken alternatives among them.
HitBTC
HitBTC was launched in 2013. Currently, the exchange is registered in Seychelles. This platform has at least three huge reasons to be on the list. First off, it supports a whopping 444 currencies that makeup over 1000 trading pairs. On HitBTC you will likely find a currency you want to trade. The second reason is that the exchange collects the smallest trading fees compared to other exchanges with similar or higher liquidity. The registered users pay 0.09% per trade at maximum. Those who trade in big volumes pay less or don't pay fees at all.
And, finally, the exchange provides wide functionality. Unlike Kraken, HitBTC doesn't offer fiat-to-crypto pairs, however, users can easily buy crypto for fiat money there. More than that, the OTC desk and margin trading are in place. As for security, to date, HitBTC doesn't have a track record of hacking incidents.
Binance
Binance is an exchange founded in Hong Kong in 2017. It is the platform with the highest trading volume in the industry. On Binance, trades are completed as quickly as nowhere else. Another advantage is the ability to trade over 280 coins. In general, Binance has a strong reputation and can be a good option for traders outside the US.
Bitfinex
Bitfinex is an exchange with a trading volume close to Kraken's one. However, unlike the latter, Bitfinex offers much more currencies — 150 coins. Fiat money can be deposited via wire transfer. The platform suits professional traders very well, providing them with all sorts of functions.
Changelly
Changelly is a trading orders aggregator. The platform founded in 2015 automatically selects the pairs at the best prices over numerous markets. The platform is easy to use and it supports hundreds of coins. Changelly's non-custodial nature makes trading safe.
Crypto.com
Crypto.com is a Hong Kong crypto exchange launched in 2019. It is a trusted platform. Although Crypto.com has smaller liquidity than Kraken, it is easy to use. The platform supports numerous payment methods for fiat money deposits. The fees are lower than on Kraken. More than that, Crypto.com offers such rare features as staking, etc.