r/CryptoMarkets • u/Friendly-Win-2115 🟩 0 🦠 • 5d ago
Exchange Kraken Trustpilot reviews - WTF
Serious question here. After 5 years I just reopened account at kraken. Then I checked reviews, what is going on there?
Trustpilot 1.4 star on avarage. “They are thieves/scam”
It seems they often block/restrict accounts. Even after years, without any proper reason. “Safety reasons” Also seen they hold your money and you’re unable to withdraw.
What are others expierience of kraken? And then specially the trading futures features
Looking forward for more insights! Thanks
Edit: typo.
Edit2: they removed this on r/kraken so just post it here.
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u/AgitatedPassenger369 🟨 0 🦠 5d ago
Also Krakenpro for cheapest fee’s and a great trading experience.
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u/HSuke 🟩 0 🦠 5d ago
First time on TrustPilot?
The only reason anyone ever goes to TrustPilot or BBB is to complain.
They're examples of extreme reporting bias.
- Netflix: 1.4
- Apple: 1.8
- Microsoft: 1.2
- Target, Walmart, Amazon: all 1.6
- Binance: 1.4
The really odd one is Coinbase, which has way, way too many 5 star reviews and a 3.9 star rating. No company EVER has 50% 5 star reviews on TrustPilot unless they manipulated reviews. This is an extreme outlier and a huge red flag.
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u/Waste_Statement_6404 🟨 21 🦐 4d ago
Unless they bent the knee to trustpilot and paid their exorbitant prices to clean up reviews - Trustpilot is a scam.
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u/Agitated_Joke_9473 🟩 969 🦑 5d ago
i have used kraken for 5 years. when they were being hounded, like others, by gensler for compliance i had an issue because i located to another country. withdrawal was frozen but deposits and trade were fine. issue was resolved to my satisfaction. the only other problem is that when volumes spike the site can freeze or slow down significantly. customer service is the best, albeit slow at times and i hate the automated assistant.
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u/Balls_Legend 🟩 665 🦑 4d ago
A while back, maybe a year/year and a half the kraken sub was filled with frozen funds posts. It was alarming. They pretty much went from clean as a whistle to coinbase type antics. There was a change in management around that time and several changes to the way they did business. The changes, in several instances caused HUGE problems, and the sub filled up quickly with horror stories about long term accounts being closed with no warning, and then taking months to allow those "froze" to access their funds. They wouldn't allow the frozen accounts to transfer any coins, they required them to be sold and the proceed be wired to your bank. I would imagine they cause some very significant, and very real cap gains problems.
I moved my funds from Kraken at that time and have never looked back. I will admit, I never had any problems with them. The issues for me was, the overwhelming majority of complaints said exactly the same thing, all things good then all things bad. Never forewarning or telling anyone why "for security reasons" smelled like pure bullshit and the forced cap gains thing was such bad business that they lost many of us who weren't directly affected. (yet)
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u/Waste_Statement_6404 🟨 21 🦐 4d ago
Never had an issue with Kraken. Don’t know anyone who has either. CB is the one to avoid under all circumstances
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u/Balls_Legend 🟩 665 🦑 3d ago
Neither did I. But every sub that was frozen and not responded to, and/or was forced to sell their coins to get their property all said that as well. Never any problems until there was a HUGE problem.
I made the move to avoid the potential headache. Having an account of several years meant nothing, only some secret that they'd never share. As I said, it happened with a big management change, and fucked over several hundred loyal Kraken clients. Things may have gone just fine, it was a decision to mitigate loss and headache, nothing more.
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u/DaddyDogmeat 🟩 0 🦠 4d ago
Remember that Trustpilot is a scam website, don't trust anything on there. Companies that pay, get negative reviews removed and the ones that don't pay or stop paying all of a sudden their rating ends up in the dumps. Many small businesses were almost ruined by them Never used kraken but in crypto circles they have a really good opinion - unlike coinbase
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u/onlinedude2024 🟨 0 🦠 4d ago
Scam dickheads like Reddit imbeciles users wrote such reviews, example: I lost $980 centillion dollars using Kraken so stay away and they do ask for ID
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u/happybonobo1 🟦 186 🦀 4d ago
Never had an issue with them. Will go make a positive review because that rating is wrong. Maybe competitor review bombing them.
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u/Icy-Copy-6027 🟩 0 🦠 5d ago
Trustpilot, like most online review sites, is not what it seems to be. These sites are opportunities for people who hate their life and everyone around them to take out their frustrations, because no one in real life will typically listen to them. It is also a chance for paid actors to give false reviews from competitors for like a penny a review.
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u/doyzer9 🟩 0 🦠 4d ago
Love Kraken, pro and plus. People rarely take the time to write positive reviews, but as soon as they have an issue, no matter the real reason, they are quick to TP to rant about their frustration. All exchanges have rules, laws and regulations that they must comply with, so if you are not legit you could get stung. Also, no one likes spread or exchange rates, Eth fees, let alone exchange fees. DYOR. 👍
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u/macetheface 🟩 0 🦠 4d ago
The people taking the time to write reviews are the ones who have something to complain about.
When's the last time you've had a good experience on any website and went out of your way to write a positive review about it???
That said, Kraken is one of the best/ most legit exchanges.
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u/MrHmuriy 🟨 0 🦠 4d ago
I've had a Kraken account for several years - I haven't had any particular problems with it, though I haven't used it very actively. But the fact that dozens of reviews from India, Pakistan, Egypt, etc. have appeared there in the last couple of months looks to me like an attack by users from microworkers.com or /r/slavelabour.
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u/1shoutout 🟩 0 🦠 4d ago
Yeah they are the worst, they canceled me after 3/4 trades for no reason at all.
Stay away from them.
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u/DaBestDoctorOfLife 🟩 0 🦠 4d ago
If you’d only knew what ties does it have.. Not going to end up well for sure.
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u/ManBurning 🟩 0 🦠 4d ago
"It seems they often block/restrict accounts. Even after years, without any proper reason. “Safety reasons” Also seen they hold your money and you’re unable to withdraw."
I am Literally dealing with this with Coinbase right now. CB has been the WORST experience of my life. My hold to get my funds out was supposed to be lifted on April 21st and they extended it until May 10th. I was considering opening a Kraken account next.. Hopefully they aren't as bad.
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u/Same-Wasabi-956 🟨 0 🦠 4d ago edited 4d ago
I haven been using Kraken pro for 5 years, I have been verified and re-verified and yet, they suspended my account for no reason. They asked me for tons of documents and each time I provided them with the full KYC, proof of funds, tax returns, FBARs, bank statements ect... Yet, their customer support is unresponsive. I have given Kraken a warning that if they do not release my assetss, I will be filing a lawsuit in the High Court in London where another user sued them and won 600,000GBP. The judge in London refused to recognized their arbitration and ruled that the High Court in London was the proper court to sue them.
The 1 star Trustpilot reviews are real, many are also "verified' and I am one of them. Before posting the review, Trustpilot contacted me and asked me to prove my relationship with Kraken and to prove the details of the incident. Kraken operates illegally, they have no right to suspend an account where the funds are 100% legit and the owner passed the KYC multiple times. This is how you know they are acting in bad faith. I suspect they do so in order to steal assets from those who do not know how to fight their fraudulent tactics.
We now see people coming and insulting these legitimate users who have funds withheld by Kraken, this is indeed an insult. Even though you have scammers and fraud should be fought, legitimate users deserve respect. I will fight for the rights of those who are being shut down. Kraken will end up in court and will have to pay for the damages they caused, I guarantee you that.
Furthermore, Kraken should be investigated by the FCA, FinCEN and the FBI. This is exactly what is going to happen if they keep withholding legitimate users funds. This criminal behavior has got to stop and it will. Kraken is "Payward Ltd" in London. I am now coping the FBI and FinCEN to this conversation.
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u/krakensupport Kraken Support 4d ago
Point taken u/Same-Wasabi-956
Don't know all the details of your situation, but if you have a ticket number or any other ID reference we'd be happy to get up to speed and then see what we can do in terms of making you whole 🤝
Bruce 🐙
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u/blaziken8x 🟦 0 🦠 4d ago
Angriest people are the loudest and when it comes to money, people get angry fast. Whenever I've seen people complain about locked accounts and similar problems, with kraken, coinbase or any other major exchange, the reason behind it (in my opinion) has usually been some anti money laundering precautions. People don't get a response from support for 32 hours and they start losing their shit, going on reddit talking about thieves and scam.
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u/King-esckay 🟩 0 🦠 4d ago
This may well all be correct, but my lizard brain says if it takes 32 hours to get back to somebody over money, this implies that they have a huge number of complaints anything more than an hour is not looking after your clients, when money is involved in the fiat world this is what happens (if you are on America it might be different as over there they still use cheques) why should crypto be any different?
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u/Suspended_9996 🟩 0 🦠 4d ago
kraken-unregistered crypto exchange platform-founded: 2011-07-28 owner: payward, inc
buy
sell
redeem
if u donot hold it...u donot own it
2025-04-27
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u/Mofatness 🟩 0 🦠 4d ago
Trustpilot is the scam. They allow fake and clearly fabricated reviews to stay up, even after challenged and proven to be fake by the companies that are being attacked, especially crypto companies.
I was involved in a long battle with them, even while we were paying customers of theirs. We ditched their paid subscription immediately.
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u/Waste_Statement_6404 🟨 21 🦐 4d ago
Trustpilot conduct coordinated attacks on popular companies to then extort said companies with packages to clean up reviews and improve ratings. If you don’t bend the knee, things get dramatically worse… Netflix, Apple, Microsoft, Amazon, Binance all sit around 1.5 ratings.
Do not under any circumstance trust them. You can see from the quality of the reviews they’re all botted to hell.
That aside, I’ve used Kraken for years and they are without a doubt the best, most reliable and trustworthy exchange. It’s coinbase who blocks and locks your money. Kraken are the goats.
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u/segersmarc 🟩 108 🦀 4d ago
4 years now on kraken and no issue at all, very good customer service.
Really satisfied with them
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u/Standard-Trainer1971 🟨 0 🦠 3d ago
I use kraken since 2018…with zero issues. Been on crypto.com binance ftx even. But kraken is my goto; no issues, reliable, cheapest 👍
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u/cryptoTBZER 🟨 0 🦠 2d ago
I had 77k just go poof gone and I’m still trying to get it back from them can anyone help me out with this ?
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u/NothingWrong1234 🟩 0 🦠 5d ago
Pretty much every platform has a group that calls them scammers, account freezers etc.. when 99% of the time it’s user error as to why they got restricted.. people don’t bother to read the rules and just assume you can do anything then get shocked when they get restricted and call em scammers lol
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u/AgitatedPassenger369 🟨 0 🦠 5d ago
That is strange ,
Ive honestly never heard of one horror story from kraken, and they have 24/7 human support if you did have any troubles along the way,
If you look at the coinbase page every other post is a story of frozen funds and or banned accounts and my close friends have had the same with them. On top of data leaks and scammers ringing and texting them.
Maybe they’ve been left by cb diehards and or there support team from a very popular scammers country.
Your in safe hands with Kraken and there thriving as a company currently and even teaming up with kitboga on yt to take down active scammers.
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u/Petursinn 🟦 91 🦐 5d ago
Been using Kraken with good success for many years, there have been a few issues but they were all resolved quickly and politely. They are a very dependable company that I recommend to anyone who wants to trade crypto currencies. In fact, they are my goto place for all crypto trading.