Kraken Under Fire, It’s Unusable Say Traders

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One of the biggest crypto exchange is under heavy criticism, with both bitcoiners and ethereans expressing frustration now for months. A bitcoiner says:

“Anyone having the same message when trying to withdraw your XBT or fiat?

“This action is not available for tier level 3 Your current funding tier level (3) is insufficient for this functionality. Please further verify your account to increase your tier level and funding limits.”

We use to have a different message in the previous daysweeks, months, something like “This functionnality is currently unavaillable” but this time is different.”

The reply he received was the now upgraded turn it off and on again. That being, press CTRL+R or F5 until the thing comes back to its senses. Or as a bitcoiner puts it: “Refresh. It will show up after 15 cloudflare errors.”

With withdrawals perhaps that is bearable, although completely unacceptable, but the same refresh torturing applies to placing or cancelling orders.

The trading exchange is a nightmare even in calm times, but when there is any fast movement you might be forgiven for breaking three or five laptops trying to refresh your sell or buy order.

The thing just doesn’t work, and sometimes when it works it doesn’t even tell you. So you might stand there refreshing and refreshing, then when you check the main page it tells you it has actually gone through.

So, once you learn the “trick,” next time you have to refresh both pages. And if you were so unfortunate to be sweating thanks to any fast price movement while refreshing a trillion open tabs, then the best you can do is to pray to whatever crypo god because physics and science hasn’t quite made it yet to Kraken, so superstition is your best bet.

The exchange came to some prominence only last year for being one of the first to offer eth trading, which encouraged many ethereans to flock to it, making it a thing.

It launched all the way back in 2013 when it became apparent that MT Gox was a big problem and the ecosystem needed new exchanges. Bitstamp and Bitfinex rose at the same time, with Kraken trying to differentiate itself by offering, or at least claiming, super high levels of security.

On that end they might have delivered because we are not aware of any hacks of Kraken, but on some aspects it hasn’t because its trading exchange has flash crashed before.

The exchange remains unregulated, as far as we are aware, having no license from US or European authorities. Why, remains unclear, but perhaps their almost unusable trading engine might have something to do with it.

Which goes to show that despite the importance of competition between exchanges gaining prevalence since at least 2013, little has actually been done towards that end in the west.

The only real choice, right now, is Bitstamp, which despite considerable growth has been able to navigate without problems. Gdax comes a close second, but they have had flash crashes, with the exchange somewhat struggling under stupendous growth.

The only other choice is Gemini, which lacks liquidity. Neither of the three offers any margins, making them somewhat less appealing, but even without margins this $300 billion market has only three reasonable exchanges. A number far too low.

Competition, therefore, might hopefully increase as cryptonians look out for usable exchanges which can hold the ground in fast price movements and, of course, which can keep their assets safe.

 

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