Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 243. (Read 629033 times)

Thanks for the feedback about our new fee structure. Just so it's clear, the new fee structure is explained here:

https://www.kraken.com/help/new-fees-info

We sent all clients an email about this. If you didn't seem to get it, please check your spam folder. (Our email provider inexplicably sent all the emails out in about 10 minutes when they should have gone out over the course of hours, so many of the emails may have been marked as spam.)

The email didn't address the fact that the new fee structure is a substantial increase for our national currency pairs. As I've already said above, this should have been addressed in the email and I apologize for this omission. We don't expect anyone to be happy about the increase - who is going to be happy about paying higher fees?

It's been so long now that probably it's been entirely forgotten, but our current fees were originally intended as an introductory rate. From the OP of this thread made back when we launched:


Instead of offering the discounted trading fees for a month or two, we've kept the discount going for almost a year. We understand if the discounted rate has been in place so long that it now seems like a standard rate. But in fact it's always been a discounted rate that isn't sustainable long term given the resources required to run an exchange.

Could we somehow slash our operating costs and make the current fees viable? Even if this was possible, it's never been our goal to operate a bare-bones exchange service. It's always been our goal to offer an exceptional exchange experience at a reasonable rate. The new fee structure may seem high compared to the current deeply discounted rate, but it's still very reasonable compared to many other exchanges. Remember that it's not just trade fees that matter. When evaluating the true cost of an exchange, you also have to consider other factors, such as the cost of depositing and withdrawing from your account. We still have the same low fees we've always had for depositing and withdrawing euros from your account (basically free for SEPA).  

Again, we always appreciate your feedback because we're always striving to better understand and meet your needs. There are of course limits, however, when it comes to fees. We're here for the long-term and we need to have a sustainable fee structure that better reflects the true costs of our services.

here you can see the limits and requirements:
https://bitcointalksearch.org/topic/m.4621645

With german bank accounts you have to be tier 3 and send an ID selfie to deposit. (just to say everything important, even if you are from poland)

This is not a good way I think. Please think about it again.
There are a lot of alternatives.

I was also a bit pissed when I read the email. Remember, your target group are intelligent people who are capable of doing some math so don't try these cheap marketing tricks on them. Who the fuck needs "fee credits"?

ok kraken! im out, put that new feesystem up your ass
kraken has been my #1 exchange before this...

it's more than doubling the fees !!  from 0,11% to 0,23%  with a volume a bit higher than 100,000$ a month. With no volume it's just from 0,2% to 0,35% so you punish the ones with good volume, are you insane?
That's NOT okay!! Why you do this??? What can we do, to stop this rubbish?

edit:
and don't say you have to raise the fees because of the high costs for support staff! You could save alot of work, if you do things right and tell everybody about all "on hold" things before the money is on hold!

Edit2:
Instead of doing this, you should make a "maker-taker" fee structure. Like all makers have to pay the same fee as it is now, and all takers have to pay higher fees (of course I wish you would lower the fees instead of raising them).

Hi Dargo,
Withdrawal ACCHWFK-RG6XSJ-HUFK2D.
I got my money today.

Thank you for all.

WTF, my fees are going to double?
i'll be moving to another exchange.
thanks for being there Kraken. Best wishes.

Hi ICFielder - thanks for your feedback and I think you make a good point. The improvement talk was intended to be directed at the simplified fee structure, not any fee increases. But I think it would have been better to address the increase head-on rather than to basically ignore it. I've always tried in this thread to talk very straight to people without any sugar coating, and I think that's gone a lot further with the community than any "marketing speak" might have. I assure you that I will take your point to our team and advocate for an adjustment in light of it. 

Kraken just sent out an email announcement on their fee structure:
 

Reads this: "Effective September 1st, 2014, we double our prices of trading. And in order to obscure that from our dumb customers we hand out some lollipops."

@Dargo and the kraken team: You do a very very good job with your site and I appreciate it a lot. If you need to increase your fees to finance all that, well, I am not happy about that but I understand it. However, I really do not like the way you communicate this decision. Especially when I read "better client experience"! Such words a red flag for me and probably many other bitcoiners. After all, the bitcoin market is still far from being one of those dumb consumer markets.

Hi Dargo,
CRO means Operative Code Reference. Each sepa has a different CRO. A customer, with the CRO number, is able to investigate if something goes wrong with the withdrawal.
If the kraken status "success" on the tab "witdraw" means that the SEPA has been sent, tomorrow (UTC +1) I could call my bank asking if FIDOR bank (I have the bank account data) has transmitted a swift message.
Thanks again for your replies.

Bitcoin withdrawals should be fixed now - let us know if you still have an issue. 

Hi hashman - we're in this game very long term, so we're taking the time to do everything with full legal compliance. We don't want to get shut down or slapped with a huge fine later on. Also, we're still working on going live with a solid banking partnership for USD. Both the regulatory and banking aspects are slow and unpredictable, so it's not something we can give a reliable ETA for. But I assure you that we are working to get operational in the US with USD funding as quickly as possible. 

Hi kitano - thanks for this suggestion. I'm not familiar with the term "CRO" but I assume it means something like a transaction reference code. I'll suggest the idea to our developers. It may not be available through Fidor's API and if so we couldn't offer it until Fidor offered it.   

Some bitcoin withdrawals are stuck and not getting broadcast to the network (it doesn't appear to be affecting everyone though). Thanks for your patience - we're working on the issue and will get it resolved ASAP.

Hi Dargo,

Having Bitcoin withdrawal issues again, any help appreciated!
Ticket ID: 30196

Thanks in advance

Hi,

 yesterday's withdrawals were resolved. But today I tried to withdraw BTC and again withdrawal is stucked. Same symptoms like yesterday. Ticket  #30145.

Is it save to withdraw BTC now?

Thanks for reply.

Hi Dargo,
the withdrawal in question has actually marked "success".
I have a tip: Kraken could tell the CRO number as soon as the SEPA is executed by FIDOR bank. So if there were a problem, a customer might investigate. I used different exchangers and noone gives this information.

Props to the Kraken team for a great exchange.  However I am unable to verify to Tier 3 in USA.  Any chance of an update or so on availability for US users?  Coinbase paying you off or something?   

In the case of a bank withdrawal, "sending" basically means we're sending your withdrawal request to our bank. Since you just requested the withdrawal today, the earliest that you can expect it in your account would be tomorrow. But it can take longer in some cases. The status of the withdrawal in your Kraken account isn't a great indicator of what is happening with it, since we don't get very much feedback through the banking system on transfers. Even if the status is "Success," it doesn't necessarily mean that the withdrawal has arrived in your account.