Kraken is a US-based cryptocurrency exchange that started quite early in 2011.
In the last great bull run of cryptocurrencies, Kraken processed most of the EUR trades and was the number #1 exchange in EUR liquidity.
Of course, things have changed now, but still, Kraken appeals to me 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 exchanges that I think are the best alternative to Kraken exchange:
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|
Alternative for Kraken in 2022
| Sites Like Kraken | Quick Links |
| Cex.io | Try Now |
| CoinSwitch | Try Now |
| Coinbase | Try Now |
| Bitpanda | Try Now |
| BitMax | Try Now |
| BitBay | Try Now |
#1. Cex.io
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.
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 technical analysis tools, but 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 !!
#2. BitMax
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. This short period has garnered enough support from users worldwide 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.
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The KYC process is fast and not mandatory if your trade volumes are less. Apart from that, advanced and beginners get access to sophisticated trading strategies for technical analysis on BitMax.
#3. Coinbase
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.
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In terms of liquidity, 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.
Lastly, Coinbase new users can get an additional bonus of $10 in BTC when they signup using this link and do a transaction of atleast $100 !!
#4. Bitpanda
If you don’t like Coinbase and are 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 has 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.
Complete a fiat deposit of at least €25 and trade a minimum of €25. You will receive €10 extra if you do it now using this link.
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.
#5. CoinSwitch
CoinSwitch is another service that 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:
If you exchange any cryptocurrency worth more than $100 using CoinSwitch, you will automatically get a $5 extra reward in BTC; how cool is that?
#6. Binance. je
Binance. je (Binance Jersey exchange) is a leading sister exchange of Binance.com launched and registered in Jersey Island, British Isles.
Binance. je offers a stable and safe fiat-to-crypto trading platform built on the same technology developed by Binance, thus enabling the European & UK residents to buy/sell BTC, ETH LTC, BCH, & BNB for fiat currencies like GBP and EUR.
Binance.je has low liquidity in terms of liquidity, but if you want something with cheap transaction fees, Binance.je is the way to go !!
#7. BitBay
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.
Adios !!
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