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No one will be surprised to learn the Kraken exchange is not doing too well these days. More specifically, the exchange can’t keep up with the trading volume on the platform. Those issues have been prevalent for quite some time now. For some unknown reason, the company isn’t able to improve their infrastructure. Considering how Kraken handles millions of dollars every single day, such a situation is not fun to deal with. Nor does it bode well for the general trust in this exchange’s capability.
Every time we see some major cryptocurrency trading action, the same exchanges suffer from issues. In most cases, the platform having issues is either Poloniex or Kraken. For some unknown reason, neither company is capable of handling large amounts of volume. Kraken has a lot of issues right now as we speak, which isn’t good to see. All day, the company’s front-end, API, and charts have been very spotty, at best. Accessing the information you want has become a painstaking challenge rather than a convenient solution.
Kraken Woes Have Cryptocurrency Users Concerned
Several users are complaining about these issues on Reddit as well. Having 404 and 520 errors on one of the world’s oldest exchanges is never a good experience. Moreover, the company hasn’t even acknowledged these issues on social media either. That latter part is not uncommon, though. Kraken has one of the most unusual social media presences of all cryptocurrency companies. Even opening a support ticket won’t help much, as users get standard replies back.
The main reason for these outages is the growing Bitcoin Cash volume. A lot of people want to take advantage of the situation but are unable to do so. Placing orders works – with a lot of patience – but there’s no guarantee the order will be filled accordingly. That is a major problem which has been present on the exchange for a few years now. So far, this has never been fixed, although the incidents have become less prevalent lately. THis company really needs to spend some money and improve their backend and frontend alike, to be fair.
Unless these issues are resolved, people will nove away from this company altogether. There are plenty of other exchanges who provide nearly the same functionality and trading markets. Then again, Kraken has more flexible withdrawal limits for most users once they are verified. Centralized exchanges are problematic, and Kraken is a primary example of why these situations need to be rectified ASAP. Otherwise, people will move away from cryptocurrency altogether.
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