‘Kraken is more than just a Bitcoin trading platform,’ according to the company. Come discover why our crypto exchange is the greatest way to buy, sell, trade, and learn about crypto’ and is a Bitcoin & Cryptocurrency app.
For a range of platforms, including Online / Web-based, Android, iPhone, Mac, and Windows, there are more than 50 Kraken alternatives. Electrum, which is both free and open source, is the best option. Coinbase (Freemium), Bisq (Free, Open Source), Exodus (Free), and LocalBitcoins.com are all excellent alternatives to Kraken (Free).
Trading in cryptocurrencies is the new frontier of finance. Major coins like Bitcoin and Ethereum, as well as smaller coins like TRON and Ripple, have established themselves, and there has never been a better time to get into cryptocurrency trading.
Kraken is a U.S.-based cryptocurrency trading and exchange platform. Kraken provides a number of benefits (including lower fees and a wide coin selection). Some users have expressed their dissatisfaction with the platform’s difficulty. If you’re new to cryptocurrency trading, one of our recommended Kraken alternatives might be a better option.
We’ll go through Kraken, one of the largest cryptocurrency trading platforms on the internet, as well as some of the qualities you should look for in a Kraken replacement and a few of the top alternative exchanges.
Kraken advantages
Kraken is a cryptocurrency exchange that allows users to buy, sell, and trade a variety of cryptocurrencies. The site now supports over 15 cryptocurrencies and 5 fiat currencies, making it more diverse than many other cryptocurrency exchanges.
Kraken takes pride in its robust security features, which include cutting-edge encryption methods and two-factor authentication to keep your funds secure. This might be beneficial for traders who are hesitant to return to the market following Binance’s 2019 attack, in which high-tech criminals took $40 million USD from traders’ crypto wallets.
Disadvantages
Kraken’s poor customer service is a common source of consumer complaints. Long wait periods, inadequate verification, and difficulties registering an account are all common complaints with Kraken. These problems may be quite damaging to a rookie trader, especially if you’ve never built a bitcoin wallet before.
Alternatives to Kraken
Looking for a simple-to-use cryptocurrency platform with enough coins for professional traders? These Kraken substitutes are worth a look.
Coinmama
Coinmama, another of the world’s largest bitcoin exchanges, has over 1.6 million customers and is growing every day. Though Coinmama falls short in terms of currency offers (you can only buy 8 of the most prominent cryptocurrencies right now), it is presently working to increase its choices.
Coinmama is also one of the world’s most accessible exchanges, with compatibility in over 130 countries.
If you value customer care, Coinmama could be the ideal fit for you. Its customer care Happiness Heroes are accessible 24 hours a day, 7 days a week to help you with verification issues and transfer snags. Since Coinmama has larger spending restrictions than most other platforms, it is particularly popular among professional and high-balance investors. Coinmama is a responsive and user-friendly Kraken replacement that anyone can pick up fast.
Binance
Binance is the largest cryptocurrency trading platform in the world, with more cryptocurrencies than any other exchange. Binance offers dealers quick order executions, with a platform that can handle 1.4 million orders per second. Although you can’t link fiat cash to Binance directly, you may import Bitcoin or any other popular cryptocurrency into the platform’s wallet.
You may then exchange your money for virtually any cryptocurrency available. Binance’s vast variety will appeal to serious traders who are constantly on the hunt for the next great thing.
If you live in the United States, you will be unable to open an account on Binance’s primary exchange. Binance’s new US-based exchange, “Binance US,” will be available in late 2019.
Though this may be inconvenient for traders who want to get started right away, early glimpses of Binance US appear to be quite promising. The site intends to debut with 30 cryptocurrencies, ranging from well-known coins like Bitcoin to newer ones like Ravencoin.
CEX.io
CEX.IO is one of the safest places to trade the world’s most popular currencies, as well as buy and store your coins. CEX.IO says that no user funds have ever been stolen, and it offers complete encryption security against DDoS assaults and other types of hacking. CEX.IO’s platform is also fully compliant with PCI DSS standards, which are a stringent set of requirements for ensuring the highest level of website security.
CEX.IO is also more convenient than many other online exchanges, as it serves 99 percent of the world’s population. Cryptocurrencies may be purchased with a bank transfer, Crypto Capital, or even a Visa or Mastercard. When you utilize a bank transfer to deposit fiat into your account, there are no costs.
Even though CEX.IO only supports a few of the most popular currencies (such as Bitcoin, Ethereum, and DASH), there is no better option if you’re worried about security.
KuCoin
Michael Gan and Eric Don established KuCoin, a fantastic cryptocurrency exchange platform. Its headquarters are in the Seychelles. The founders have prior business expertise, having previously led initiatives such as Ant Financial and iBox PAY.
KuCoin was founded with the sole goal of providing a secure and simple platform for people all over the world to exchange digital currency.
Kucoin is also known as “The People Exchange.” It has a large number of trading pairs and crypto-related services. It was founded in 2017, and there are presently over 200 cryptocurrencies and 400 marketplaces on the platform.
Kucoin has its own cryptocurrency, which is known as Kucoin Shares (KSC). If you hold KSC coins, you will save a lot of money on trading costs and gain more cryptocurrency.
In January 2018, the KuCoin cryptocurrency reached its peak. It was valued at about $1.8 billion!
KuCoin has strong liquidity, over 6 million users, and a diverse variety of supported assets, fiats, and services. You won’t have any problems utilizing this platform if you’re new to the bitcoin trading industry. The solution to the question is KuCoin’s user interface, which is straightforward, efficient, and clear.
What to look for in an alternative
Not all bitcoin exchanges are the same. Before you establish an account on any exchange, look for essential qualities if you decide Kraken isn’t for you.
High-Level Security Features
Security Features at a High Level
When choosing a cryptocurrency exchange, one of the first considerations should be the platform’s security measures. The decentralized structure of cryptocurrencies makes it tough to keep your funds safe, and recovering them after a hack is nearly impossible.
Look for a site that has two-factor authentication and end-to-end encryption. These will assist you in keeping your money safe in your trade wallet.
It’s difficult to undo a bitcoin transaction after it’s been completed. This implies that you, as a consumer, must do your bit to protect yourself by double-checking any wallet addresses before sending coins and changing and updating your password on a regular basis.
Easy to Use Platform
If you can’t figure out how to buy and sell coins on it, then the finest cryptocurrency platform in the world will be meaningless to you. It’s critical to have an easy-to-use platform, especially if you’re new to bitcoin trading. Understanding your platform will make trading easier for you and provide you with a better understanding of the fundamentals. You can then progress to a more complex platform with additional features.
Before you sign up for a platform, read reviews, watch video demonstrations, and watch YouTube how-to tutorials. Open an account if you think you can figure out how to utilize the trading site’s fundamental features. Consider a tutor if you can’t follow the tutorials or don’t comprehend what’s going on.
How to choose the best Kraken alternative
Remember that the cryptocurrency market is volatile, regardless of which exchange you use or whose cryptocurrencies you buy. Unlike stock exchanges, which are overseen by the Securities and Exchange Commission in the United States, cryptocurrencies are unregulated. Most have no centralization, thus if you can’t sell your currencies, you won’t be able to obtain a refund.
On a daily or even hourly basis, the value of cryptocurrencies can vary dramatically. Swing traders can make a lot of money, but they can also lose a lot of money. Before you buy, understand about trading methods and never spend more than you can afford to lose.
Conclusion
Trading crypto derivatives entails more risks than spot trading; as a result, choosing the proper exchange with high liquidity, a solid risk management system, and quicker order execution capabilities is critical.
All of the exchanges mentioned above are among the top in the business. Despite this, Bybit, FTX, and Binance Futures stand out because to their extensive selection of tradable products and sophisticated platform features. The exchange is also ideal for both professional and retail dealers.
FAQ
Wat is Kraken?
Kraken is the first cryptocurrency exchange, having been established in 2011.
Is Kraken suitable for beginners?
Kraken is suitable for traders of all skill levels.
