I need a new exchange.
I used to use Kraken, but today they held my money without any notice. It’s terrible.
What happened?
Well, I deposited money into my Kraken account using SEPA Instant Transfer. Normally it takes about 5 to 15 minutes for the funds to show up in my account.
Not this time. After 2 hours, I started to worry and reached out to support. I found out that after 7 years as a customer, my proof of funds was suddenly not enough anymore and Kraken just took my money without a word - no warning and no email to let me know I needed to update my documents. Nothing!
Now, I submitted a current payslip, but now it’s stuck in verification along with my funds and everything that is still open.
Come on Kraken.
I really hope my money gets credited soon, or I might have to take legal action to get it back.
Anyway, back to my main question: which exchange do you trust? Is Kraken still the best option despite their huge drop in being user-friendly and the sketchiness I feel lately?
Help me out please.
I don’t want anyone including myself to face this kind of hassle again.
Thanks for reading my rant.
Update: this is resolved. I called DLT finance directly and they got back to me an hour later, and my verification was completed. After that, it took another 30 minutes through a chat with Kraken support to finally get my money back. So it seems like my money was still with Kraken and not DLT finance. DLT finance just decides which transactions clear. Anyway, I’m glad this got sorted out pretty quickly.
It’s concerning how many posts there are about money being held and accounts getting locked for German users on Kraken. It’s best to avoid deposits there as this issue seems widespread in Germany.
Caiden said:
It’s concerning how many posts there are about money being held and accounts getting locked for German users on Kraken. It’s best to avoid deposits there as this issue seems widespread in Germany.
Totally. It makes me want to leave Germany, it’s so frustrating. Everything was working just fine until DLT finance started causing these issues.
And it’s not fair to lower income people. I only moved a thousand bucks. It’s not like I moved 100k or more. And it was meant for a quick trade. Now that chance is gone…
I’m worried about what happens when I sell everything and try to move it out. I bet it’s going to be the same issue again.
I’m convinced that these guys are just holding customer funds for their own gain. I can’t think of another reason why this keeps happening.
Caiden said:
It’s concerning how many posts there are about money being held and accounts getting locked for German users on Kraken. It’s best to avoid deposits there as this issue seems widespread in Germany.
I just shared a similar experience in another comment. It really stinks, but it’s because of regulations around DLT. This happened to me once; I provided the necessary documents, and there were no issues after that.
Their article mentions this is only for German users.
@Firth
I’ve been a customer for 5 years too, and it happened to me twice. I had to provide documents in July and again now. When will it happen a third or fourth time? Will my funds be frozen next time I log in? This uncertainty is unbearable. I can’t save money like I used to. Time to switch as well.
Try the Crypto.com exchange with its app. It’s one of the few exchanges that has tried to follow all regulations, survived a crazy bank run in the bear market, and is this year’s fastest-growing exchange. Recently, they also overtook Coinbase in spot volume for the first time.
Their exchange has low trading fees that can even go negative if you stake some CRO. However, there are three different apps to be aware of. The regular one is for casual users with one-click buying and higher fees, the exchange app and website for active traders with almost no fees, and the DeFi app. It has various features similar to Binance for earning passive interest on crypto, like 4 to 6 percent on Bitcoin.
@Sadie
I use this one, and it works well for me. But I only buy Bitcoin and Ethereum, so I can’t speak for other coins. Their fees are low and it’s regulated.
@Sadie
The regular app is confusing to users to a degree that seems legally questionable. It even claims to have zero fees, but you end up paying a lot. It may work well for people who aren’t good with numbers or who the company thinks are not very smart.
Understood. Only beginners get fooled by CDC, but I don’t feel sorry for them.
I see your point, but you should consider it from a different angle. It’s one of the easiest crypto apps for beginners. Even an 80-year-old could buy crypto in one click. But this ease comes with a price.
For mass adoption, buying crypto has to be easier. Many people won’t have the experience to use complicated trading interfaces or the patience to learn them. While fees can be high on the app for less liquid coins, until better options come along that simplify buying crypto, this app can charge those fees without consequence. For those worried about fees, I suggest using the CDC Exchange or the CDC DeFi app. They have some of the lowest fees around!