Okay, I’ve had it with Kraken!
Getting verified with them, I found to be as close to impossible as getting struck by lightning twice in a row. All right, it has happened to some people, but you really have to be standing in the middle of a golf course in a thunderstorm!
But bear in mind that Kraken is San Francisco based, and the United States government, and it almost goes without saying, the Federal Reserve are doing everything possible to to make life difficult for cryptocurrency exchanges operating out of the USA, so perhaps I got lucky? I mean lucky not getting involved with Kraken. I can’t imagine that they will escape the government clutches for long. the USA has already shut down two exchanges and frozen others. They want the ‘good ole’ dollar’ to be the currency of the common man, not the Bitcoin, which they have no control over.
Has Kraken been Infiltrated?
So perhaps it’s not all Kraken’s fault. Perhaps the US government has already imposed so many rules on them that they themselves are frustrated by what will satisfy the regulations for verification purposes. Or perhaps they have already infiltrated Kraken, and are trying to bankrupt them, like they have others by making new customer acquisition next to impossible.
What do you have to do to get Tier 3 verified with Kraken? Which you have to be to do any decent sized cryptocurrency purchase or exchange with them… This is my experience – yours may be different. Do feel free to comment.
- Repeat everything you’ve done to get Tier 1 and 2 verified.
- Get told that the high detail scanned passport in which you could see everything except the blank page next to your photo is no good and you need to do it again.
- Grab something to eat.
- Perfectly follow the instructions in the ID Refused email they send you.
- Rescan your household bill again.
- Get another more vague email saying you are refused again and that what you sent last time was different to what you previously sent – even though it wasn’t, or even though they actually asked for different.
- Use 3 different cameras to try and get the detail to be seen on the photo of you actually holding your passport and other ID, against a sheet of paper that gives your name, the date, and your signature, and contains the words that this ID sheet is only for use to identify you for Kraken, whilst adhering to their ridiculously constricting image physical and MB size.
- Realise that they are now objecting to a photo you sent that they previously approved.
- Feed the cats.
- Grab something to eat again because you’ve been doing this for four hours and the frustration is making you hungry.
- Get another email refusing your ID for different reasons that they did not previously specify.
Decide you’ve had it with Kraken – and you’ll use your existing platforms where you had no problem getting verified, plus others you find that don’t give you the same level of hassle. So they have your utility bill, your passport details, your driving licence details and the words and date required. You decide you are not going through it all again and try to immediately cancel your account on their website.
- Oops – you can’t. They have no way of doing that online. You have to respond to another email from them, after your furious email telling them you want to close your account, confirming that you actually do want to close your account.
- You continue to get emails from them after your account is closed, making you wonder if it is actually closed, and what will now happen to all the personal stuff you sent them – enough to let anyone steal your identity – until you report them for spam, and block their account from sending to you.
So to reiterate, or just to continue this rant, anyway, their prices are not very competitive.
The information above is perfectly true, and I have the emails and screenshots to prove it. So Kraken, they do say all publicity is good publicity. What? You don’t think my publicity is good publicity? To bad! Sorry about that, but it is my job to inform people.
Based upon my own experience, Kraken is not worth the trouble!
You can buy your crypto cheaper elsewhere, and you will be able to use your time more wisely than spending half a day or more repeatedly submitting ID verification which they may well reject for reasons not mentioned on their website or on previous emails. Do you really need all that hassle just for the privilege of trading through a company whose name sounds like a Glasgow word for shit, and whose logo looks like a 70’s era space invader from an early games console? No? Nor me!
Definition of Kraken
But just because that usually works out well for me, that doesn’t mean you should copy me. It might mean though, that you should do your own thing and go with your gut instincts after doing due diligence. I have found this to be true when researching cryptocurrency: you don’t get good advice in the financial columns of the big broadsheets, or the fake journalists who copy and sensationalise what they say in the pulp-fiction that most people read as their daily newspaper.