Hi, I opened a Kraken account "recently." I wanted to buy some crypto, and I have to say, this has been quite a complicated and frustrating process. We don't have direct access to Kraken Pro, meaning we can only buy crypto through a kind of swap system, which incurs a lot of fees. To buy crypto the same way we can through most exchanges, we need to be validated for Pro. I applied for Pro. They asked where the money came from and the sources of funding I would use. I found the questions a little intrusive, but it's for AML purposes, I suppose.
I thought that would be enough, but no—they waited almost a month to finally send me an email asking for additional information. It's really unclear as they asked for more details about the source of funds I plan to use. I mean, WTF, I just have a salary and some savings. What more is there to say? They also want more details about my employment, like my job title and the name of my current employer. I'm almost sure I provided this information already, but anyway, I can write it again. The thing is, I actually lost my job shortly after applying, but I'm still in the notice period.
This process is taking a lot of time, especially when crypto prices fluctuate so much. I also find it quite intrusive. I’d rather they ask for documents directly instead of slowing down the process so much. This worries me because now I wonder if, when I want to sell when prices are higher, they will not pull some similar crap, which could make me miss some opportunities with such long delays, or even temporarily freeze my account and make it complicated to retrieve my funds.
Let's be clear: at the end of the day, I can prove the origin of my funds in the sense that it was/is just the savings in my account and part of my wage, but I don't want to risk going through the stress of Kraken withholding my funds or costing me a lot of money due to the time they take when it comes time to sell.
**Are there any exchanges that make the KYC process not too long or complicated and don't seem to be on the verge of freezing your assets whenever they please? For new accounts**
I used Kraken years ago and it was way smoother now I feel uneasy about transferring more funds there.
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