I stop using Kraken now also....they can't be trusted. I hear a lot more rumours lately

Due to the things I have heard lately about Kraken, I will not touch it.

Thanks for the heads-up.

DAMN, I thought Kraken was a reputable exchange. It doesn't seem like it after seeing so many people having their funds held for MONTHS. STAY FAR AWAY!!!

OP's frustration is justified and I understand how his experience can make others wary. Our payment partner SynapsePay held up the deposit and requested further verification information that needed to be uploaded to the account. My understanding is that the account had to be set back to tier 2 to allow the upload since no further uploads are possible once an account is at tier 3. But OP requested instead that we just return the deposit and we have requested that SynapsePay process the return (this generally takes a few business days). We responded in the ticket on Thursday and again Friday (yesterday) confirming our request for the return and also the request for tracking numbers on the return. We do not blame our payment partners for issues and trust that they only require extra verification steps when necessary and try to process our requests as soon as they can. However, we also want clients to understand that we are working in a partnership and this means that we can only request certain actions, not process them ourselves, and hence do not have full control over every step. At this point we are doing everything we can to return the deposit as soon as possible.

i understand the part about needing more info for Kyc/Aml requirements but i have never heard of KycAml asking for income tax return or pay stub
i sent in my SS card and my bank statement thats far as i go with this synapsepay
synpasepay is just a processing company that  acts as middle man to send funds to Kraken
if i am verified 3 rd tier which means i met all the requirements for Kyc Aml  ...did i not?

its was kraken that fail to warn users about deposit amount that will cause this kind of bull shit to happen
and you guys saying you dont have any control of what synapsepay dose? then you should not direct your customers to send money using Synapsepay
or maybe you should get a another processor  

Strange story indeed...get a better payment processor instead of projecting these problems to your customers. Maybe he has been helped now, but there are many more with problems. I'm not sending any money to it again when you keep using Synapsepay. Crypto world is all about time and timing. What looks cheap now can be expensive within an hour. And sending ID and all kind of stuff are privacy related issues. Better not act like verification is a no big deal voor Kraken, because it is for your customers.

Hi,
I am new to Bitcoin after being a passive but very interested reader of bitcoin and altcoin news for years.
I decided now to invest some money into altcoins b/c I believe that especially Ethereum has a big potential w/ smart contracts in terms of further and ongoing digitalization and also micropayments (Internet of Things and Services).
But also Monero seems to have an interesting concept...

Starting with setting up an Ethereum and one Monero wallet, buying some altcoins via Anycoin Direct and also doing some - even command line based - mining was fun.
Pretty fast I realized that buying altcoins on Anycoin is on the one hand very fast and simple but on the other hand very expensive b/c of very bad exchange rates and (way too) high fees.
So I was looking for another solution w/ low fees, big volumes but nevertheless, audits and good security. I figured out that kraken.com would in my case (funding w/ EURO) the best platform for altcoin trading.
Now the part started which was so far very nasty. Creating an account at kraken.com and going through verification process (until tier 3) took ages. I wrote several emails to the support to ask for speeding up the process.
None of the emails was replied but suddenly I was a verified tier 3 customer.
So I created a FIDOR bank account b/c there was no available alternative funding EURO possible. Again I had to verify my new bank account, sending money to it and afterwards sending money to kraken.com from my FIDOR bank account.
This whole process took days again. Finally (and from an overall process perspective over 1 week later) my funding arrived on kraken.com but is now, since several days "on hold".
I did not exceed my funding limits, I am a verified tier 3 customer so why do I again have to wait that my already transfered money is available for trading?

@Dargo, I wrote you a PM to ask you to take a look on my (again unreplied) support tickets but besides that I am posting my experience in this forum.
Why? No, not to blame kraken, just to provide some feedback that from an "User Experience" perspective digging into altcoin trading is currently NO FUN AT ALL, and at least in my scenario way to complex and takes too much time.
If altcoins want to be successful one day, there is a strong need to simplify and speed up the whole process w/o making it unattractive from a cost perspective (like I experienced w/ Anycoin Direct).

The support tickets you have created come from an email address that doesn't match any account in our system - please reply to one of the tickets and provide your public account ID (found under Account > Settings) or the email associated with the account.  Edit: My mistake - the account wasn't showing up for me under the email, but support sorted it out and has replied to your ticket.  

Just because Kraken uses a FIDOR bank account doesn't mean you have to have an account at the same bank. I don't have a FIDOR account and i've been transferring EUR back and forth between Kraken and my bank for years without problems (except for that one time i forgot to include my Kraken account ID as a refenence in my deposit, but that was my own fault and quickly resolved).

The last time has been a while ago though. Just because of all the stories here the last weeks i'll do a test EUR withdrawal and a deposit to test how long it takes. In my past experience it has never taken longer than 1-2 business days (SEPA). Kraken is still the exchange that i trust the most.

edit: deposit from my bank entered on the 16th at 03:15, arrived at Kraken at 10:40 (7.5 hours). I just sent the same amount from Kraken back to my bank (17th 00:56), let's see how long it takes.

Could you also do a Bitcoin test withdrawal to a newly added Bitcoin address? Each time a new Bitcoin address is added for withdrawal from Kraken there should be a confirmation email message. This had worked without problems up to several weeks ago. This time Kraken never sends me any of these messages, and all the withdrawal attempts had been set to "On hold". And yes, I did check all the spam and filter settings and actually deactivated all those. Then tried again several times without any success.
Withdrawals to old existing Bitcoin addresses still work, though.


Only 4 days in my case. It used to be 4 hours on average in the past. The thing that worries me most: it took them 4 days just to send me a standard excuse that the confirmation email messages may have ended up in my <facepalm mode>spam folder</facepalm mode>

Are we witnessing the beginning of another slow death of an exchange, just like Cryptsy, Vircurex, ...