Founded in 2011, the cryptocurrency exchange Kraken is a well-known option, but it may not be the right fit for everyone, with some users citing a challenging platform and slow support. This guide will cover the essentials of Kraken, the common reasons users look for alternatives, and a breakdown of other platforms for your banking and global payment needs.
What is Kraken?
Kraken is a U.S.-based cryptocurrency exchange founded in 2011, offering a wide range of digital assets for both new and experienced traders. The platform provides advanced options like margin and futures trading, staking services, and is known for its strong security measures.
The exchange's pricing structure varies, with fees for spot trading starting at 0.26% and decreasing with higher volume. While praised for low fees and security, some user reviews mention a challenging interface and slow customer support.
What to Consider When Selecting a Kraken Alternative?
When searching for a platform to replace Kraken, it's important to evaluate your specific needs against what different services offer:
- Fees and Pricing Structure: Understand the costs associated with transactions, conversions, and account maintenance to avoid unexpected charges.
- Fiat and Crypto Support: Ensure the platform handles both the traditional currencies and the specific digital assets your operations require.
- Business-Focused Tools: Look for features tailored to business needs, such as payroll processing, expense management, and multi-user access.
- User Experience: A platform should have an intuitive interface that simplifies, rather than complicates, your financial tasks.
- Customer Support: Consider the availability and quality of customer service, as responsive support is vital for resolving issues quickly.
If these considerations resonate with your priorities, take a look at the alternatives we've detailed in the next section.
10 Best Alternatives to Kraken
1. OneSafe
OneSafe is a finance platform designed to modernize banking for businesses, particularly those operating in the Web3 and crypto sectors. We provide the essential tools to streamline fund management, payments, and access to both traditional and digital assets.
Our platform enables direct 1:1 conversion from USD to USDC on Polygon, simplifying payroll and expense management for global teams. Businesses also experience straightforward onboarding, rapid transfers, and dedicated customer support tailored for the digital asset space.
Pricing
Here's a look at our straightforward pricing structure:
- Free Account Services: We offer free account opening, maintenance, and card issuance with no monthly subscriptions or minimum balance requirements.
- Low-Cost Domestic Transfers: Move funds within the US for just 0.1% per transaction for ACH and standard wires, or a flat $25 fee for Fedwire.
- Competitive International Payments: Send SEPA payments for 0.2% per transaction and international wires for 0.2% plus a standard $50 SWIFT fee.
- Straightforward Crypto Fees: Benefit from a simple 0.1% fee on USDT transactions. Our fiat-to-crypto conversions come with no hidden charges, just market rates.
- Flexible Card Spending: Use your corporate card globally with a 3% foreign exchange fee on non-USD spending.
Reviews
Clients often highlight our outstanding customer support and our platform's ability to solve complex banking headaches for modern businesses.
- "OneSafe has the best customer support I've ever experienced from a bank." – Amit Chu, Investments @ Celo Foundation
- "OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it." – Marco, CEO of Ensuro
Want to learn more? Check us out here.
2. Primis Bank
Primis Bank, originally founded as Sonabank in 2005, is a Virginia-based financial institution that offers a variety of banking services for both business and personal use. With over $3.4 billion in assets, the bank operates with FDIC insurance and provides services such as high-yield savings accounts and CDs.
Accounts at Primis Bank do not have monthly fees, overdraft fees, or minimum balance requirements, and they permit unlimited transactions. The bank also provides free business insights and offers 24/7 customer support from human representatives.
Pricing
Primis Bank accounts have no monthly fees, overdraft fees, or minimum balance requirements, and they allow for unlimited transactions. The bank does not publicly list a detailed pricing structure for its services, so contacting them directly is necessary for specific information on account fees and interest rates.
Reviews
Customer reviews mention challenges with long customer service wait times, difficulties accessing accounts, and business account applications being denied without explanation. Check out more Primis Bank reviews here.
3. Credem
Credem, also known as Credito Emiliano S.p.A., is an Italian banking group established in 1910 and headquartered in Reggio Emilia. The institution offers a variety of financial services, including retail and corporate banking, insurance, and investment solutions.
The bank has a notable practice of accepting wheels of Parmigiano Reggiano cheese as collateral for loans. This approach to lending highlights its alternative methods within the financial sector.
Pricing
Here is a glance at their pricing:
- Starts at €4/month Account Maintenance: Fees are applied for account upkeep, varying by product.
- Free Card Issuance: The bank does not charge for the initial issuance of cards.
- Free ATM Withdrawals: Withdrawals made at Credem ATMs do not incur a fee.
- Custom Investment Services: Pricing for investment-related services is determined on a case-by-case basis.
Reviews
User feedback often points to issues with the delivery of debit and credit cards, a lack of digital card options, and the responsiveness of customer service. Check out more Credem reviews here.
4. Payhawk
Payhawk is a spend management platform that integrates corporate cards, expense management, and accounts payable into a single system. It is designed to give businesses more visibility and control over company expenditures through real-time tracking and reporting.
The platform offers multi-currency Visa cards, automated receipt collection, and AI-powered data extraction in over 65 languages. It also supports multi-entity management for companies with multiple subsidiaries and provides integrations with various accounting systems.
Pricing
Payhawk does not publicly disclose its pricing structure on its website. Potential customers must schedule a personalized demo to receive pricing information tailored to their specific needs.
Reviews
User feedback points to issues such as mobile app synchronization problems, delays in transaction updates, challenges with the initial setup, and a need for clearer explanations in some settings. Check out more Payhawk reviews here.
5. Currensea
Currensea is a UK-based financial technology company that provides a travel debit card intended to lower foreign exchange fees for users. The card links directly to an individual's existing UK bank account, eliminating the need to pre-load funds before making international purchases.
The service offers real-time exchange rates and sends immediate notifications detailing transaction amounts and calculated savings. It operates on a subscription basis with several plans that determine the monthly limits for fee-free card spending and ATM withdrawals.
Pricing
Here is a glance at their pricing:
- Free Essential Plan: This plan is free, with a one-time £4.95 card delivery fee. It includes £500 in monthly card spending at the real-time rate and £200 in fee-free monthly ATM withdrawals, with fees applied beyond these limits.
- £39.95/year Pro Plan: This plan provides unlimited fee-free card spending, up to £500 in fee-free ATM withdrawals per month, and includes additional perks like global data and car hire discounts.
- £150/year Elite Plan: This option includes all Pro features, raises the fee-free ATM withdrawal limit to £750 per month, and adds enhanced benefits like increased global data and luxury hotel perks.
Reviews
User reviews generally discuss the card's usability and exchange rates, with some feedback noting issues around card acceptance in certain locations and customer support responsiveness. Check out more Currensea reviews here.
6. Finom
Finom is a European financial technology company established in 2019, offering digital banking and financial management services for small to medium-sized enterprises and freelancers. The platform provides online accounts with local IBANs, invoicing, accounting integrations, and expense management.
The service issues free physical and unlimited virtual debit cards, provides up to 3% cashback on business purchases, and supports multiple currencies for international payments. Finom is designed to streamline financial operations for businesses throughout Europe via its user interface and customer support.
Pricing
Here is a glance at their pricing:
- Free Solo Plan: This plan is for freelancers and includes one user, a personal IBAN, and basic invoicing features.
- €9/month Start Plan: This plan is for small businesses and includes two users, a personal IBAN, and advanced invoicing features.
- €28/month Premium Plan: This plan offers five users, a personal IBAN, and invoicing and accounting integrations.
- €149/month Corporate Plan: This plan is for larger businesses and provides ten users with advanced invoicing and accounting features.
- €339/month Enterprise Plan: This plan includes fifteen users and all features available in the Corporate Plan.
Reviews
User feedback points to concerns about unexpected fees, account management issues like account closures, and occasional technical problems with transaction processing. Check out more Finom reviews here.
7. Vivid Business
Vivid Business is a financial platform offering services for personal, business, and freelance accounts. It combines banking, investment, and card services into a single application.
The platform provides users with up to 30 German IBANs, along with both virtual and physical cards. Account holders can access interest rates on their balances, cashback rewards, and various investment options.
Pricing
Here is a glance at their pricing:
- €0/month Free Start: Includes 12 accounts, one team member, and an interest rate of 4% p.a. for the first four months, then 0.1% p.a.
- €7/month Basic: Includes 15 accounts, 15 team members, and an interest rate of 4% p.a. for the first four months, then 0.5% p.a.
- €19/month Pro: Includes 20 accounts, 30 team members, and an interest rate of 4% p.a. for the first four months, then 1.3% p.a.
Reviews
User feedback touches on the platform's interface and transfer speeds, though some reports mention issues such as frozen accounts or funds being held without explanation. Check out more Vivid Business reviews here.
8. RelayFi
RelayFi is a financial technology company that provides an online banking platform designed for small businesses. The service offers tools intended to help companies manage their financial operations.
The platform allows for the creation of up to 20 checking accounts and provides automated savings accounts with variable APYs. It also offers integrations with accounting software like QuickBooks and Xero and is built to support the Profit First methodology.
Pricing
Here is a glance at their pricing:
- $0/month Starter Plan: This plan is for solopreneurs and new businesses, including banking features, automated savings with a 1.03% APY, and integrations with QuickBooks and Xero.
- $30/month Grow Plan: This plan is for small teams and includes all Starter Plan features plus multi-step bill approval rules, customizable bookkeeping automation, and branded invoices.
- $90/month Scale Plan: This plan is for larger teams and includes all Grow Plan features, AI-powered automation, cash flow insights, and faster customer support.
Reviews
User feedback touches on the platform's interface and accounting software connections, while some reports mention transaction delays and issues with support responsiveness. Check out more RelayFi reviews here.
9. Kontist
Kontist is a German financial service provider offering business banking solutions tailored for freelancers and the self-employed. The company provides users with a business account that includes a German IBAN and a physical Visa debit card.
The service offers automatic tax estimation and real-time tax calculation to aid in financial planning. It also allows account holders to allocate and reserve funds specifically for tax obligations.
Pricing
Here is a glance at their pricing:
- Free Business Account: Provides a German IBAN, a physical Visa debit card, and real-time tax estimation.
- €11/month + VAT Start Plan: Adds subaccounts and includes 30 SEPA transfers.
- €25/month + VAT Plus Plan: Includes VAT return and business evaluation.
Reviews
User feedback indicates concerns regarding high fees, limited free transactions, and customer service responsiveness. Check out more Kontist reviews here.
10. Wise
Wise, formerly known as TransferWise, is a UK-based financial technology company established in 2011. The company specializes in international money transfers for its individual and business customers.
The platform offers a multi-currency account to hold and manage funds in over 40 currencies, along with a debit card for global spending. It processes transfers using the mid-market exchange rate.
Pricing
Here is a glance at their pricing:
- No Monthly Fees: Wise operates on a pay-as-you-go model with no subscriptions or monthly fees.
- From 0.57% Sending Fee: Fees for sending money vary by currency, starting at 0.57%.
- $9 One-Time Card Fee: The Wise Multi-Currency Card has a one-time issuance fee, with additional charges for ATM withdrawals over $100 per month.
- $31 One-Time Business Setup Fee: Businesses are charged a one-time fee to receive account details in multiple currencies.
- Variable Receiving Fees: Receiving domestic payments is free in some currencies, while international wire transfers have fixed fees.
Reviews
User feedback indicates the platform is used for international transfers, though some reports mention issues with account freezes and unresponsive customer support. Other reported concerns include delays in fund delivery. Check out more Wise reviews here.
Which One Should You Go With?
Choosing the right financial partner is a significant decision, and while any of the platforms listed can serve as a capable Kraken alternative, we believe OneSafe stands out for businesses navigating the digital asset landscape. Our platform is built to solve the unique banking challenges of modern companies. Ready to see the difference? Sign up for OneSafe today.
