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Author Topic: Got verified on kraken - then found out about the fees  (Read 1692 times)

Offline dragononcrypto

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Got verified on kraken - then found out about the fees
« on: February 14, 2018, 08:28:50 PM »
So signed up, went through their KYC verification upto Tier 3. Strangely enough you can trade fiat-crypto without ID, just your name & address basically, so it's really not a proper KYC compared to the likes of Coinbase and Bittrex - but moving on!  I was just about to deposit a chunk of money, in order to "short-track" investments that I usually make in Bittrex from base pairs traded out of GDAX with 0% fees (the world of pounds/euros folks). Had checked their trading fees which looked pretty standard, then just before pressing the commit button, I went to check their withdrawals and was shocked. I can't believe they are charges these rates, it's insane!

Here's a breakdown with some conversion to $ (value as of posting):

Bitcoin (XBT) - ฿0.001 - $9.26
Ether (ETH) - Ξ0.005 - $4.54
Ripple (XRP) - Ʀ0.02
Stellar (XLM) - *0.00002
Litecoin (LTC) - Ł0.02 - $4.08
Dogecoin (XDG) - Ð2.00
Zcash (ZEC) - 0.00010 - $0.04
Iconomi (ICN) - ICN 0.2
Augur (REP) - Ɍ0.01
Ether Classic (ETC) - ξ0.005
Melonport (MLN) - M0.003
Monero (XMR) - ɱ0.05 - $13.47
Dash (DASH) - Đ0.005 - $3.30
Dash Instant - Đ0.01
Gnosis (GNO) - Ğ0.01
Tether (USDT) - USD₮ 5
EOS (EOS) - Ȅ0.50000
Bitcoin Cash (BCH) - ฿0.001

Note the huge difference between Zcash and Monero? XMR is 300x more expensive to withdraw than Zcash. It's ridiculous. They're not even trying to estimate a reasonable price. Do people use this exchange who never want to withdraw crypto? As otherwise their fiat fees seem reasonable, it's only 9 cents for a SEPA withdrawal. They do charge on some deposits though which is odd.

Reference: https://support.kraken.com/hc/en-us/articles/201893608-What-are-the-withdrawal-fees-

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Got verified on kraken - then found out about the fees
« on: February 14, 2018, 08:28:50 PM »

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Re: Got verified on kraken - then found out about the fees
« Reply #1 on: February 14, 2018, 08:30:59 PM »
you will need to check mercatrox, it's even worse i've heard
At your service.

Offline dragononcrypto

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Re: Got verified on kraken - then found out about the fees
« Reply #2 on: February 16, 2018, 12:23:26 PM »
After writing a lengthy complaint about their withdrawal fees I got this copy & paste reply  ::)
Trying to claim they no control over fees...  ???

Quote
   
Hello [dragononcrypto],

All fees you pay sending from one exchange or wallet to another are paid out to the miners and network to confirm your transaction and secure the network of that coin. We have no control over the blockchain and, unfortunately, sending a transaction with lower fees could potentially lead to delayed transfer times -- if they make it into a block at all. All transactions sent from one location to another will always deduct a transaction fee that is paid to the miners.

Thank you for your patience and understanding! I hope you enjoy your day.

Best,

Walker
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