Nothing is perfect. Neither is Kraken
Kraken enjoys rave reviews, not least because its customer service staff answer enquiries at lightning speed. FTX was my go-to exchange whenever I needed to move my shitcoins accumulated on Kucoin to somewhere else. But since FTX has bitten the dust, I decided to find out more about Kraken since it is so well loved here. The following details my DYOR - I specifically zeroed in on the cons associated with Kraken so that I open an account with my eyes open and don’t get any unnecessary shocks later on. May my notes be of some use to you.
Areas of Improvement
1. Limited crypto availability in comparison to other exchanges.
2. Kraken does not support the Polygon network, so you will have to send MATIC through the Ethereum blockchain. We all know how prohibitively expensive ETH gas fees are. Worse still, it isn’t all that apparent on the app that Kraken doesn’t employ the Polygon network, so it’s quite usual for people to lose their funds as they mistakenly send MATIC on the wrong network.
3. Recurring buys are not automated as yet. You have to create an API-Key within your account and incorporate python script in order to set up recurring buys yourself.
4. Trading platform can be made more comprehensive. Features like “order triggers order” and “order cancels order” could make trading more intuitive for inexperienced traders. On the other hand, serious and seasoned traders may find that the platform lacks features that they can leverage (pun intended).
5. No instant free ACH deposits and withdrawals. ACH deposits of USD are not available yet; one has to buy individual coins with ACH.
6. For people in certain states like Texas, depositing fiat incurs more fees compared to doing so for other exchanges because they can only currently onboard fiat through wire transfers.
7. Do not support the Binance Chain (BNB) or the Binance Smart Chain (BSC) (BEP20/BEP2 Tokens), which may limit opportunities for some investors.
How else do you think Kraken can do better?
originally posted on r/cryptocurrency
