Kraken Review: A Tale of Unsolved Withdrawal Issues & Poor Customer Support Service

Does Kraken disallow you from withdrawing your trading capital, including profits? Does it demand extra deposits in exchange for fund withdrawals? Is the customer support service inept in solving your forex trading queries involving deposits and withdrawals? In this Kraken review guide, we have discussed these complaints. Read on to explore the complaints against the US-based forex broker.

Explaining the Top Forex Trading Complaints Against Kraken

A Long and Failed Fund Withdrawal Process

A trader recently reported being approached by Kraken‘s officials on completing a series of trading tasks. Each task completion had a certain commission attached to it. The task changed over time from zero to minimum margin requirements. Secondly, to withdraw, you need to keep investing without actually knowing whether you would be able to access your funds. The long trail concerning fund withdrawals understandably left the trader annoyed. The trader vented out by sharing the Kraken review on WikiFX, the world’s leading forex regulation inquiry app. Check out the complaint screenshot below.

Deposit 20% of Total Assets for Withdrawals, The Trader Alleges

A trader even alleged that, to secure fund withdrawals, one needs to deposit as much as 20% of total assets in the Kraken forex trading account. Imagine if the total asset count remains humongous, the 20% deposit amount would be massive in absolute numbers too. Check the complaint screenshot below for confirmation.

Alleged Scams Through Activities

The broker is accused of deceiving traders through activities involving a gift to them. As per a trader, it is simply a ploy to trick traders into depositing funds. After a successful deposit, the Kraken customer support service would say that withdrawal access is possible as deposit requirements are met, and the transaction amount is 50% of the trading account balance. However, despite meeting these requirements, traders never see withdrawals! A trader shared a painful story through this Kraken review.

The Fund Scam Complaint Against Kraken

A trader imposed serious allegations against Kraken, saying that the broker took a heavy 12,000 USD from his bank account and was about to siphon another $5,000 before the client‘s bank stopped it from doing so. The event has also led to the loss of the trader’s earnings worth $5,005. Here is the full complaint against Kraken.

The Poor Customer Support Service Does Not Help Traders Either

The alleged lacklustre approach of Kraken‘s customer support service on pending withdrawals hurt traders the most. Recently, a trader complained that the broker locked his funds despite his verified account. The concerned customer service executive seemed to have swayed away by saying that the department will escalate an email to get his queries resolved. However, as per the trader’s admission, he could not find any emails.

Even after a year, the trader is struggling to catch up with the right executive and is somewhat annoyed with seemingly cliched AI bot messages. Here is a painful recount of the trading journey.

Kraken Review by WikiFX: Score & Regulatory Supervision Status

The above complaints point to a serious operational glitch that often stems from a lack of oversight by competent financial regulators. While investigating Kraken, the WikiFX team found that it is unregulated, proving many traders bad experiences with the broker. The team thus gave Kraken a score of 1.57 out of 10.

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