Kraken is a US-based cryptocurrency exchange which started quite early in 2011.
In the last great bull run of cryptocurrencies, Kraken processed most of the EUR trades and was the number exchange in terms of EUR liquidity.
Of course, things have changed now, but still, Kraken appeals to the most.
However, some are like you who are smart and want to diversify even in terms of their exchange usage, which is a good thing.
So here is the list of cryptocurrency exchange which I think are the best alternative to Kraken exchange:
7 Best Kraken Alternatives In 2020
|Sites Like Kraken||Quick Links|
Cex.io has served millions of crypto-users since 2014 and is an excellent alternative for Kraken if you want to get your hands dirty with popular cryptocurrencies.
As of now, Cex.io is based out of the UK and provides you trading pairs of BTC, ETH, LTC, etc. against USD/EUR like currencies. There are many more as I speak, precisely 50+ trading pairs with decent liquidity.
Apart from that, Cex.io has a simple registration process and easy to do KYC, which lets you buy/sell cryptocurrencies through credit cards or bank wires.
The trading fees are on the lower side, and I find their UI easy to adapt. Surely, there can be more tools for doing technical analysis, but as of now, Cex.io does the job for newbies and intermediate users.
Lastly, they also have mobile apps for users who would like to trade cryptocurrencies on the go, and they are present in almost all the countries of the world except a few !!
Looking for a vast amount of liquidity with an ample amount of cryptocurrencies to trade?
Well, you must look at Bitmax- another good alternative to Kraken.
BitMax came to the crypto party in late 2018 and is based out of Singapore. In this short period, it has garnered enough support from users around the world to put itself in the category of top 50 crypto exchanges.
But a thing to note, unlike Kraken, BitMax is purely crypto to crypto exchange with no relation to fiat money. But fiat money’s equivalent like USDC or USDT is very well supported by BitMax.
The KYC process is fast and not mandatory if your trade volumes are less. Apart from that advanced as well as beginners get access to sophisticated trading strategies for technical analysis on BitMax.
Coinbase is the reason millions of cryptocurrency users in countries like the US, UK, Canada were able to jump-start in the cryptosphere.
Coinbase started very early in 2012 and is based out of the US. Having served millions of customers around the world, Coinbase provides a decent place to trade popular cryptocurrencies.
However, KYC is a must on Coinbase, and it might take a day or two to get verified in some cases; otherwise, it is quite fast.
In terms of liquidity, also you shouldn’t worry too much as Coinbase has an enormous amount of cash. Furthermore, their mobile app is very user-friendly for users who want to trade crypto on the move.
This is the most popular crypto exchange which allows you to trade popular cryptocurrencies like BTC, ETH, LTC, ETH, BCH, etc. against fiat pairs.
If you don’t like Coinbase and are also searching for a decent alternative to Kraken, I must say Bitpanda is the place to be.
Bitpanda is a Europe based cryptocurrency exchange, and here you can easily buy/sell 50+ cryptocurrencies with many payment options.
Having been here since 2014. Bitpanda has seen it all and hs served millions of customers in the Euro region especially. So, if you are willing to exchange cryptocurrencies in Euro or UK region, you want to look at Bitpanda.
Singing-up at Bitpanda is easy, and you can use your email to get started to go on to complete your KYC. KYC is mandatory when dealing with cryptocurrencies with fiat currencies.
Lastly, Bitpanda has several payment options from which you can freely choose between SOFORT-Transfer, Visa / MasterCard, NETELLER, Skrill, GIROPAY / EPS, Amazon.de Voucher, Euro Wallet, and Bank Transfer.
CoinSwitch is another service which lets you exchange one currency to another that too quite quickly.
The exchange is based out of Bangalore, India and lets you dabble with 200+ cryptocurrencies. However, it is the only crypto to crypto exchange and doesn’t support fiat yet.
The best part is there is no KYC requirement while using this service, and it is not mandatory also.
It gets better:
Binance.je (Binance Jersey exchange) is a leading sister exchange of Binance.com launched and registered in Jersey Island, a part of the British Isles.
Binance.je offers a stable and safe fiat-to-crypto trading platform built on the same technology developed by Binance and thus enabling the Europe & UK residents to buy/sell BTC, ETH, LTC, BCH, & BNB for fiat currencies like GBP and EUR.
In terms of liquidity, Binance.je has low liquidity, but if you want something with cheap transaction fees, Binance.je is the way to go !!
Last in this list of popular Kraken alternatives is BitBay which is based out of Poland, Europe since 2014.
BitBay lets you trade cryptocurrencies in EUR and USD and as we speak has a decent amount of liquidity on its exchange. As of now, there are more than 80 trading pairs listed on it.
KYC is mandatory on BitBay if you want to touch fiat pairs, but the process is quite fast.
Lastly, for users who want a cryptocurrency trading platform like Kraken, which is accessible from mobile apps, BitBay is the one they should look at.
Alternatives To Kraken Cryptocurrency Exchange
No doubt, all the listed exchanges are best in their way, but none of them, including Kraken, is suitable for storing your cryptocurrencies for the long term.
So if you want to avoid being a future victim of an exchange hack, I suggest never using any of these exchanges to store cryptocurrencies for the long term.
On the other hand, what you should use is a crypto hardware wallet.
Hardware wallets like Ledger Nano S or Ledger Nano X are being sold for less than $100, and I think it is worth a price to pay for the long term security of your currencies.