Kraken refers to a prominent exchange for cryptocurrencies. You get to trade a plethora of Kraken crypto-monetary pairings, not just with the main coin items like Ethereum or bitcoin, but also with numerous altcoins like XLM, Zcash, Ripple, Monero, etc.
But, Kraken also has several disadvantages. First, a wide range of documents is necessary for checking all your details and information; second, it isn’t possible for everyone to provide all these details easily.
Kraken requires a passport or any other ID proof, residential proof, security number, photograph matching with that on the ID proof.
Apart from requiring a lot of details and information to check your identification, sometimes Kraken may be slow for verifications too.
It might require just a few moments, but you may need to check the account many times to see for the pending verifications. The inhabitants of New York State and Washington do not have access to Kraken.
It indicates that in the United States, 26 million+ people are unable to use this software and they require suitable Kraken alternatives.
You can’t use it or withdraw money even if you open an account as must check and verify identity with a residential certificate first.
Finally, although Kraken has a huge choice of pairs for trading, there are some commercial pairings that cannot be purchased or traded currently. The US, Canada, Australia, and Japan are particularly affected by several constraints, and are unable to trade, deposit, or maintain a large number of altcoins.
And Kraken does not support coins and tokens like Safemoon or HOGE that are smaller and newer.
You can only access its website, not the application if you live in the United States. Finally, the Binance Smart Chain and the BNB are not supported by Kraken too.
But fortunately, many fantastic Kraken alternatives are available, as described below.
Best Kraken Alternatives: Our Top Pick👌👌
1. Coinbase Pro
Between Coinbase and Coinbase Pro people are often confused. Coinbase Pro is completely free despite the “Pro” on behalf of the project.
The distinction is straightforward. Coinbase does not refer to an exchange platform. It is an application and a website that you may use for purchasing, shopping, receiving, and sending certain important cryptocurrencies like Ethereum, Bitcoin, or any other popular and prominent ones.
Trading any cryptocurrency via Coinbase is also not a possibility. On the other side, Coinbase Pro is a trading platform. You can trade crypto-monetary pairs, check out several charts, and do much more with Coinbase Pro.
Coinbase Pro is among the few prominent bitcoin exchanges for the Washington State citizens and those from New York, unlike Kraken.
Particularly, New York is known for its exceptionally rigorous exchange legislation, which prevents the acquisition of a license from smaller exchanges.
The bank transfer allows you to deposit money into your Coinbase Pro account and start trading instantly. Unlike Kraken’s mobile app, Coinbase Pro’s mobile app is available to US residents.
In a couple of seconds, this allows you to go with the trading of any of the prominent cryptocurrencies too, thus being the best Kraken alternatives present.
Coinbase Pro vs Kraken has another advantage: Coinbase features a cryptocurrency card, which lets you spend on daily shopping assets from your crypto portfolio.
The card is supplied with Visa in collaboration. In order to spend your money with your card, you have to transfer some amount from your Coinbase Pro account to your Coinbase account. However, cryptocurrencies are transferred instantaneously from Coinbase Pro to Coinbase.
Download App on Google Play Store
Download App on Apple App Store
2. Binance
Binance is among the most popular, the largest, and the most reputable exchanges of cryptocurrencies and also one of the best Kraken alternatives.
Two Binance sites and applications available for the people are Binance and Binance US. The Binance US platform is for the residents of the United States.
In contrast to Kraken, it gives US residents a mobile app, and Washington residents have access to it too (but not the people belonging from New York, Connecticut, Hawaii, Idaho, Louisiana, Texas, and Vermont).
A key reason for using Binance in place of Kraken is to buy BNB on BINANCE. Binance’s own blockchain is the Binance Chain and BNB is the native cryptocurrency of the blockchain.
A parallel link with the main financing chain, the Binance Smart Chain enables users to trade altcoins and new tokens utilizing smart contracts.
To trade smart contracts in the Binance Smart Chain, you will need BNB. PancakeSwap, though there are many others, is a popular decentralized exchange in the Binance Smart Chain.
A token for the Binance Smart Chain can be launched by anyone. After adding liquidity to PancakeSwap, anyone with a BNB on the BSC can connect the PancakeSwap to its BSC wallet and swap its BNB in real-time for the new token.
This is DeFi’s (Decentralized Finance) epitome. This is because, contrary to typical exchanges, PancakeSwap operates in a completely decentralized way.
Think of it as a trade peer to peer. Because you need BNB to exchange with a bond or a bond on Pancake Swap. The US account is a fantastic idea because BNB can be obtained at the lowest price.
Finally, Binance (not Binance.US) also does not have any requirements of KYC to be deposited, traded, or deleted for verification. If your IP address is in the United States, you are still prohibited from the usual Binance site or app.
Download App on Google Play Store
Download App on Apple App Store
3. KuCoin
KuCoin is a superb trade platform and is also considered among the market’s top exchanges. Contrary to Kraken, KYC (identity verification) is not necessary.
It is available to inhabitants of the United States also; it will not prohibit you from using your IP address. If you have a credit card, trade cryptography, a deposit crypt, and the US cryptography can be purchased, without any mandatory KYC.
You will be able to check your identification and access larger withdrawal limits and other cryptographic purchasing methods if you live outside America.
KuCoin is also used for Kraken because the KCC or the KuCoin Community Chain just was introduced by KuCoin. It is KuCoin’s own smart contract blockchain and its also the KCS is its native token.
On the KuCoin Community Exchange, there are several decentralized exchanges. KoffeeSwap is popular, but Kandy Swap and others are also available. These are all fairly new exchanges! Just a few weeks old, or less.
In fact, only on June 16th, 2021 was the KuCoin Community Chain released. Shortly to a few weeks after decentralized exchanges were released. It is one of the best Kraken alternatives available globally.
KCC is also yet in its early stages, but it appears promising and very popular in the near future. You must hold KCS on all the decentralized KCC exchanges, such as KoffeeSwap, and KCS is exclusively on KuCoiin.
Either you may deposit a crypto-month like Bitcoin or BNB in KuCoin and exchange it with KCS or you can buy KCS with your credit card straight with KuCoin. The price for KCS is only about $10, albeit this swings a lot, so check your latest CoinGecko price.
When the KCC is still in the early days, the time to buy KCS now is, open a KuCoin account and buy a bag.
Download App on Google Play Store
Download App on Apple App Store
4. Bisq
Bisq, while it was completely decentralized, is one of the attractive Kraken alternatives in the market. It is fully centralized while Kraken is not a horrible exchange.
Precisely because they are decentralized, the fundamental reason for people using cryptocurrencies is. There’s no Bitcoin CEO, and no bank on the blockchain has any control of your money.
Centralized trade like Kraken goes against the ideals of Satoshi Nakomoto, the creator of Bitcoin. Satoshi imagined that nobody could control a decentralized currency, yet if you have cash on your Kraken Account they can control the funds and decide to prevent your funds. Bisq is different than that.
It works as a peer exchange platform; all of its users can run it on their own devices, like Bitcoin, where each of the nodes will help in tracking the transactions.
Bisq doesn’t have your money so that there won’t be any restrictions on its access. Rather, 2 out of 2 multi-purpose wallets are your funds (multi-signature wallets need two of the private keys for the fund transfers instead of just a single private key, so none of the people can have control over the funds kept in their wallets).
Unlike Kraken, you don’t have to give Bisq with identity verification. The Bisq software is also an open-source one. In contrast to Kraken, you may check your source code for problems.
Download App on Google Play Store
Download App on Apple App Store
5. Bitstamp
Bitstamp is among those few of the BitLicense exchanges that permit it to operate across for the people of New York and to provide its services to New York residents, as opposed to Kraken.
Since 2011, it has been around and is a trustworthy alteration with affordable charges. With your line of credit and cash on your bank account, you can directly purchase crypto-currency on Bitstamp. Thus, it is one of the best Kraken alternatives present.
The app enables you to trade cryptography on the go; if your telephone supports one of the methods you can unlock the Mobile App with your face ID or fingerprint.
It’s doesn’t offer many currency pairs as Kraken does, but if you’re living in New York it’s one of the few good possibilities. To use Bitstamp you will have to check your identification.
Download App on Google Play Store
Download App on Apple App Store
6. Gemini
Gemini is a highly secure, safe, and ideal substitute for Cryptocurrency exchange. It owns a BitLicense, as opposed to Kraken; it was one of the first cryptocurrency exchanges in the state of New York.
Gemini can also make a maximum of ten free removals per month, of any size. For any withdrawal afterward, you will have to pay a minimal fee.
On the other side, Kraken does not give free cancellations; you must pay a cancellation charge for every asset you cancel.
Gemini allows you to avoid withdrawal costs if you just have to make a few significant withdrawals a month. You won’t be forced to pay any fees when you transfer GUSD, Gemini Dollar, irrespective of how often you withdraw each month.
GUSD is also a highly stable currency linked to the USD price. One GUSD always amounts to one USD. In cold storage, Gemini holds most of your valuables.
In other words, it isn’t digital wallets that hold your funds, but hardware wallets that are mainly kept offline and safe from predators.
You are fully protected for the portion of your asset in digital wallets so that you do not have to worry about ever losing your cryptography.
Download App on Google Play Store
Download App on Apple App Store
7. Crypto.com
Crypto.com is one of the greatest methods for purchasing and using cryptocurrency. In contrast to Kraken, it gives a credit card connected to the crypto-monetary holdings that can let you spend your Bitcoin on daily shopping, like grocers.
The card offers some amazing features, including a huge reward of 8%, 100% cashback on Netflix, Spotify, and Amazon Prime, 10% cashback while making any reservations via Expedia and Airbnb.
Free access to airport lounges at over 400 airports, free withdrawals from ATM services (up to $1,000 a month, etc.). In other terms, if you have a Crypto.com card, you may freely use a plethora of amazing services.
Crypto.com handles many coins, Binance Coin (BNB) is also among them. If you are searching for one of the best Kraken alternatives to buying BNB, please use Cypto.com (keep in mind that BNB purchases on Crypto.com are not available in a few of the states). LINK, ALGO, DOT, ZRX, DOGE, and some 100 other coins can be purchased with it.
Download App on Google Play Store
Download App on Apple App Store
8. bitFlyer
BitFlyer is established in Japan and is built on Japan’s #1 crypto-currency volume trading platform. But it is also quite popular across the United States. As opposed to Kraken, bitFlyer provides US consumers with its mobile apps.
Although BitFlyer cannot accept all the Altcoins, it supports MonaCoin or MONA, and a lot of other altcoins. As long as Kraken is not currently offering that feature, bitFlyer permits you to make recurring purchases. This makes DCA more optional for bitFlyer.
When you split the investment and purchase any crypto coin or token at various price points to average your investment, DCA, or dollar cost average.
Let’s just imagine that you want $1,000 to invest in Bitcoin, and Bitcoin prices are $40,000. If you placed all your $1,000 at $40k prices, you can lose it if the Bitcoin price drops to $30k.
But, you can also lose out if Bitcoin’s price increases to $60K if you wait. Dollar-cost averages are the remedy to the challenge. Purchase $200 of Bitcoin and then put additional money in at a cheaper price point if Bitcoin’s price goes down to $30k.
Another option to DCA is to buy Bitcoin worth $100 each month (or any other quantity). In this way, part of your bitcoin will undoubtedly be delivered at lower prices as the price often swings.
One more thing: in New York as well as Washington, bitFlyer is licensed and available but in these two places, Kraken is not available. For the inhabitants of New York BitFlyer is a wonderful choice. It is one of the best Kraken alternatives.
Download App on Google Play Store
Download App on Apple App Store
9. Paxos (itBit)
ItBit is licensed by Paxos and, unlike Kraken, is available to residents of New York. Only some of the coins are available but are highly secure and dependable.
Paxos Standard (PAX), as well as Paxos Gold (PAXG), may also be bought from Paxos. On Kraken, there is only the possibility of Paxos Gold to be purchased, not Paxos Standard. A stable USD coin is Paxos Standard or PAX.
One US dollar is equal to one PAX. Paxos would like to see PAX utilized for daily purchases in the future exactly like the dollar.
Even more unique is Paxos Gold. It’s a steady coin linked to the gold price. This is a digital asset, no real gold is owned by you. However, all gold tokens of Paxos in Paxos’ reserves are supported by solid actual gold.
One oz of natural gold is supported in each PAXG token. PAXG’s advantage is that you do have an asset connected to gold prices without having to have real gold.
Golden ETFs exist, but for a large number of retail investors they are often difficult to purchase and out of reach; PAXG can be easily purchased and can be purchased directly without any dealer.
Gold ETFs may also take some days to go to your account and have more minimum buys. You can buy as much or as little gold, and your account will be immediately reached.
The minimal price of Paxos Gold, depending on the price of gold, is just one percent of a token/ounce of gold that is roughly $15. The advantages of digital currency are combined with the solidity of gold-backed assets.
10. WhiteBIT
If you’re seeking more specialized cryptocurrencies and altcoins, WhiteBIT is a great option for Kraken. There is now a lot of hoopla surrounding Safemoon during the last few months, for example.
What’s so amazing about Safemoon? They were among the first to enter into the contract with the distribution. It is one of the best Kraken alternatives.
Whenever you are selling some Safemoon, your transactions are taxed by a set proportion of sales. It is delivered to all of the holders of Safemoon.
In other words, just hold Safemoon, you get free Safemoon tokens! You get some every time anyone sells Safemoon. It is a quite distinctive idea, and numerous different tokens have been cloned since then.
WhiteBIT also lists Safemoon and other fascinating tokens such as HOGE, but Kraken does not list these little tokens of niche.
A lot of fascinating new tokens can be found on WhiteBIT and no identity check is needed to remove crypto, as opposed to Kraken.
Download App on Google Play Store
Download App on Apple App Store
11. Cash App
The Cash App is the last one on this list of prominent and best Kraken alternatives. Cash App of Squares is the greatest replacement to Kraken for you to buy Bitcoin across the US without trouble.
It’s the ideal option for you. Kraken offers a lot of functionality, but for beginners, it can be complex.
In contrast, Cash App is exceptionally easy to use and makes it easy to buy and market Bitcoin at affordable rates. In the Cash App, you can hold your Bitcoin, sell it for USD or transmit it to an external wallet.
The cash app also lets you send and receive USD from pals, use your USD for purchasing and selling equities with your Cash App card. It is accessible solely across the US.
Download App on Google Play Store
Download App on Apple App Store
12. Okcoin
Okcoin is a globally licensed exchange. We are driven by the idea of decentralizing finance to help even the playing field for all. Our mission is to make crypto easily accessible to people all around the world.
As a way to facilitate this mission, we offer the lowest fees of any cryptocurrency exchange. Okcoin makes it easy for anyone to learn how to trade.
We are new user-friendly so whether you’re making your first investment or your millionth, we make it easy. All you have to do to get started is make an account, securely connect a bank account and start trading.
We have a mobile app as well as our desktop version making it accessible from anywhere at any time. Investing can be scary so we want to help make sure you understand what you’re buying.
Our blog has tons of resources on buying/selling crypto as well as market insights. We’ve teamed up with companies such as Roundly X, Technisys and Taxbit to give you the best trading experience.
Okcoin also offers all new coins on the market such as MiamiCoin and NYCCoin so you can get first dibs. Check out our prices page to find up to date information on coin prices.
We believe in the power of Bitcoin so much that we’ve started the Developer Grant. Recipients of our grant help make our mission of creating a more inclusive future for finance by maintaining and contributing to the Bitcoin code.
Grant recipients are chosen for their ability to articulate and demonstrate a vision for advancing the crypto ecosystem.
You can download our “Giving Back to Bitcoin” ebook for more information. You can join our affiliate program and when someone you refer to us buys or sells on Okcoin, you’ll receive up to 30% of their trading fees.
Download App on Google Play Store
Download App on Apple App Store
13. CoinTiger
CoinTiger is yet another great choice for less popular and emerging tokens, and this software is from Singapore. For instance, FSHIB, GSX, and OSM are included in recent listings (Supermoon).
14. Hotbit
Hotbit does not need the trading, depositing, and withdrawal of KYC or identity verification, unlike Kraken. It supports a number of tiny altcoins, like Safemoon.
Conclusion
Here are the top Kraken alternatives. Coinbase is the finest, so far, because even if you live in the US it’ll also be straightforward to register and build an account for people in New York.
Checking takes a short time and you can fund your account promptly with a cable transfer and business (you will only be able to withdraw five days after your wire transfer).
It enables a wide variety of monetary and commercial techniques and a smart and straightforward mobile application. You can also move assets directly to your Coinbase wallet and use the Coinbase card for daily shopping.
