Top 10 Alternatives to Kraken

In this article, we will explore alternatives to Kraken, a leading cryptocurrency exchange known for its comprehensive suite of tools tailored for institutional traders. Kraken offers services such as trading, staking, custody, and more, designed to meet the needs of enterprises and large-scale investors. We will delve into what Kraken does and then examine other platforms that provide similar services.

Reviews

Users have shared a mix of positive and negative feedback about Kraken. Many appreciate its robust security measures, deep liquidity, and comprehensive suite of tools tailored for institutional traders. However, some users have expressed frustration with the platform's customer service response times and occasional technical issues. Overall, while Kraken is praised for its reliability and advanced features, there are areas where users feel improvements could be made.

• "Kraken's security is top-notch, and I feel confident trading large volumes here." - John D.
• "Customer service can be slow, which is frustrating when dealing with urgent issues." - Sarah K.

For more detailed reviews, visit the Kraken Reviews 2024 page on G2.

Best alternatives to Kraken

1. OneSafe

OneSafe is a financial technology company offering a blend of traditional and Web3 financial services, providing comprehensive account services tailored for companies that operate both in fiat and cryptocurrencies.

• Features: Simple onboarding, global payments, corporate cards, multi-currency support, global accounts, seamless payments, state-of-the-art security measures.
• Pricing: Account opening is free, no minimum balance, no monthly fees, corporate cards and invoices included, 0.1% fee for US domestic payments, 0.2% fee for SEPA payments, 0.2% fee + $25 for international wires, $20 for Fedwire, 1% FX fee on corporate cards, 0.1% fee for USDT transactions, fiat to crypto conversion included.
• Users rave about OneSafe's exceptional customer support and game-changing solutions. Testimonials highlight its seamless USD to USDC conversion on Polygon and its revolutionary impact on Web3 payroll and banking processes. For more details, visit the OneSafe website.

2. Primis Bank

Primis Bank offers business banking services with a focus on eliminating unnecessary fees and providing high-tech solutions. Their business accounts come with features like no monthly fees, no overdraft fees, no minimum balance requirements, and unlimited transactions. They also offer free cash flow analytics, high-interest rates on savings, and 24/7 customer support from real humans.

• Features: No monthly fees, no overdraft fees, no ATM fees, no minimum balance requirements, free business insights, high-interest rates, 24/7 human support, FDIC protection, unlimited transactions, refunds on wire fees.
• Pricing: Primis Bank emphasizes a fee-free structure with no monthly fees, no overdraft fees, no ATM fees, and no minimum balance requirements. They also offer high-interest rates on business savings accounts and refunds on wire fees.
• Testimonials: Users have mixed feelings about Primis Bank. Larry appreciated the CEO's personal outreach and found the experience positive, while Steve criticized the customer service, citing long hold times and issues with receiving a new debit card. For more detailed reviews, visit the Trustpilot page for Primis Bank.

3. Credem

Credem Banca offers a comprehensive range of financial products and services, including current accounts, credit and debit cards, loans, mortgages, and investment options. The bank emphasizes customer well-being, providing simple and transparent solutions tailored to individual and business needs.

• Unique Features: Wellbanking People, sustainability focus, innovative banking solutions, extensive customer support with nearly 600 branches, promotional offers like zero-fee online accounts and competitive interest rates on savings accounts.
• Pricing: Credem Banca offers a zero-fee online account with free internet banking and an international debit card for the first year. They also provide competitive interest rates on savings accounts, such as a 4% annual gross interest rate for six months on new deposits.
• Testimonials: Users have mixed feelings about Credem Banca. Steve Smith praised the courteous and professional service at the Citadella Del Capo branch, making banking easier for expats in Italy. On the other hand, Joseph Nkoro criticized the bank for discriminatory practices against international students, citing a negative experience with document requirements and perceived racism. For more detailed reviews, visit the Trustpilot page for Credem Banca.

4. Payhawk

Payhawk is a comprehensive spend management platform designed for multi-national businesses. It combines company cards, international bank payments, accounts payable with purchase orders, expense management, bank accounts in dedicated currencies, and leading integrations with ERP and accounting software into one system.

• Features: Global card program, multilingual AI-powered data extraction, fast payments & reimbursements, multi-entity dashboard and group controls, market-leading ERP integrations, highly customizable expense coding and categorization, security and compliance, customer support, savings.
• Pricing: Payhawk offers three main plans: Premium Cards, All-In-One Spend, and Enterprise. The Premium Cards plan includes dedicated bank accounts, Visa Credit and Debit cards, virtual and physical cards, and advanced card controls. The All-In-One Spend plan combines cards, expense management, and accounts payable, with features like free domestic reimbursements and advanced approval workflow. The Enterprise plan is designed for managing global entities, offering purchase orders with 3-way matching and multi-entity dashboard. Additionally, there is a Growth Program for small businesses at £149/month for 24 months.
• Testimonials: Users have mixed feelings about Payhawk. Fabio De La Cruz praised the platform for making bookkeeping easier and reducing administrative time, highlighting the prompt support staff. On the other hand, Bastian Gotter criticized Payhawk for giving short notice to close his account after two years of use. For more detailed reviews, visit the Trustpilot page for Payhawk.

5. Currensea

Currensea is a travel debit card that links directly to your existing UK bank account, allowing you to save on foreign exchange fees when spending abroad. It offers real-time exchange rates, instant spend notifications, and various security features. The card is highly rated by users and provides different pricing plans to suit occasional and frequent travelers.

• Unique Features: Direct link to existing bank account, no bank fees abroad, real-time exchange rates, instant spend notifications, security features like Mastercard purchase protection and 2-factor authentication, environmental contributions, multiple pricing plans.
• Pricing: Essential Plan: Subscription free, 0.5% FX rate, 0.5% FX rate on ATM withdrawals (2% over £500/month). Premium Plan: £25/year, 0% FX rate, fee-free ATM withdrawals (1% over £500/month). Elite Plan: £120/year, 0% FX rate, fee-free ATM withdrawals (1% over £750/month).
• Testimonials: Users generally praise Currensea for its ease of use and cost savings. One user noted, "It was easy to apply for a Currensea card, and it arrived quickly. Setting it up was also simple and it has been working perfectly abroad." Another user mentioned, "Only one time the system did not work but we had some cash for the small amount of the payment (USD)." For more detailed reviews, visit the Trustpilot page for Currensea.

6. Finom

Finom offers a business account with cashback, invoicing, and accounting tools. It is designed for SMEs, freelancers, and companies under registration, providing an IBAN account opened online. The service includes features like up to 3% cashback, simple invoicing, and accounting software integrations.

• Unique Features: German IBAN in 24 hours, international payments, up to 3% cashback, personal assistance in 1 minute, €0 tariff plan for freelancers, free cards, safe access for employees and accountants, reconciliation and money collection tools, analytic data reports, accounting software integrations, credit account with authorized funds, statements and legal entity registration.
• Pricing: The Corporate Plan starts from €149 per month (paid monthly) or €119 per month (paid annually) and includes 10 users with cashback of 0.5% on amounts over €1,000. The Enterprise Plan starts from €339 per month (paid monthly) or €249 per month (paid annually) and includes 15 users with 1% cashback on amounts over €1,000, valid until 30.11.2024.
• Testimonials: Users generally appreciate Finom's fast and helpful customer service, especially for expats in Germany. Tatjana B. praised the "excellent service, fast and helpful" support from Magdalena. However, some users have had negative experiences, such as Mr. Paulo Gonçalves, who criticized the company for closing his bank account and taking 18 euros. For more detailed reviews, visit the Trustpilot page for Finom.

7. Vivid Business

Vivid Business accounts offer a comprehensive financial platform for companies and freelancers, featuring fast registration, German IBANs, instant transfers, and a suite of financial tools. The accounts come with benefits like high-interest rates, cashback on purchases, and integrations with popular accounting software.

• Unique Features: Free account with up to 30 DE IBANs, 5% p.a. interest on positive balances, cashback on every purchase, SWIFT and SEPA instant transfers, integrations with DATEV, sevDesk, Commitly, Puls Project, PCI DSS compliance, 3D Secure, GDPR compliance, personalized permissions for team members, multiple pricing plans.
• Pricing: Vivid Business offers several plans to cater to different needs:
  • Free Start: €0 per month, free of charge at all times.
  • Basic: €7 per month (excluding VAT), with a 2-month free trial.
  • Pro: €19 per month (excluding VAT), with a 2-month free trial.
  • Enterprise: €79 per month (excluding VAT), with a 2-month free trial.
  • Enterprise+: €249 per month (excluding VAT), with a 2-month free trial.
• Testimonials: Users have mixed feelings about Vivid Business. Dusan praised the platform, saying, "As a newcomer in Germany, I received a personal recommendation to open my account at VIVID. It’s been the best decision ever!" On the other hand, Claus Kølle expressed frustration, stating, "Vivid has terminated my account since October and they’re holding 6,700 Euros of my money!" For more detailed reviews, visit the Trustpilot page for Vivid Money.

8. RelayFi

Relay is a financial technology company offering online business banking services. It provides small businesses with tools to manage their earnings, spending, and savings efficiently. Relay is not a bank but partners with Thread Bank to offer banking services, including the Relay Visa Debit and Credit Cards. The platform supports up to 20 individual checking accounts, 2 savings accounts with competitive APY rates, and integrates with various financial management tools.

• Unique Features: No account fees, up to 20 individual checking accounts, 2 savings accounts with 1.00%-3.00% APY, issuance of both physical and virtual cards for team members, credit cards offering 1.5% cash back, payments via ACH transfer, wire, and check, seamless integration with QuickBooks Online and Xero, receipt management, up to $3M in FDIC insurance through Thread Bank, Visa® Zero Liability Protection, role-based permissions, official banking platform for Profit First Professionals.
• Pricing: Relay offers a basic plan with no monthly fee, providing essential business banking features without account fees, overdraft fees, or minimum balances. The Relay Pro plan starts at $30 per business per month, including additional features like faster ACH, free wire payments, and advanced accounts payable functionalities.
• Testimonials: Users have mixed feelings about Relay. Adam Harmon praised the platform, stating, "No joke, the best customer service experience I have had in life to date." On the other hand, Chuck Lu criticized the service, saying, "TERRIBLE! TERRIBLE! TERRIBLE! services. Took them 7 business days to clear initial ACH deposit to open account." For more detailed reviews, visit the Trustpilot page for Relay Financial.

9. Kontist

Kontist offers a comprehensive business banking solution for self-employed individuals in Germany. The service includes a business bank account, automated bookkeeping, and business tax returns, all managed through a single app.

• Unique Features: All-in-one app combining banking, bookkeeping, and tax return services, automatic tax calculation, AI-supported bookkeeping, real-time bank transfers, mobile & web banking, Visa Business Debit Card, integration with Apple Pay & Google Pay, invoicing tool, premium account features.
• Pricing: Kontist offers three main plans:
  • Free Plan: €0 per month plus VAT, with conditions for monthly transactions over €300. If less, a fee of €2 per month applies. Includes 10 free SEPA transfers per month, then €0.15 per transaction.
  • Premium Plan: €9 per month plus VAT, includes all Free plan features plus automatic tax calculations, unlimited invoices, and integration with external bookkeeping tools.
  • Bookkeeping Plan: €29 per month plus VAT, includes all Premium plan features plus unlimited free transactions, advance VAT return, business evaluation, and AI-supported bookkeeping.
• Testimonials: Users generally appreciate Kontist for its ease of use and helpful customer service. One positive comment from Daniel N Jochem states, "I have been with Kontist for over two years now. It is a very good service, any questions I have regarding taxes they answer quickly and professionally." On the other hand, Tanya criticizes the tax service, saying, "Their tax service is extremely overpriced and totally not recommended!" For more detailed reviews, visit the Trustpilot page for Kontist.

10. Wise

Wise offers an international multi-currency account that allows users to send, receive, and manage money globally with low fees and transparent exchange rates. The service is designed for both personal and business use, providing features like international money transfers, a Wise debit card, and the ability to hold and convert money in over 40 currencies.

• Unique Features: Multi-currency account, low fees on international transfers, Wise debit card for global spending, regulatory compliance with FCA, high customer trust, robust security measures, interest on GBP balances, business accounts for international transactions.
• Pricing: Registering with Wise is free. Sending money incurs a fee starting from 0.29%, holding money in over 40 currencies is free, receiving local payments is free, receiving USD wire and Swift payments costs $6.11 USD, and receiving CAD Swift payments costs 10 CAD.
• Testimonials: Users generally appreciate Wise for its ease of use and cost savings. Cherilyn A. praised the service for its multi-currency setup and ease of use abroad. However, a verified user in Information Technology and Services criticized the customer support and privacy issues. For more detailed reviews, visit the G2 page for Wise Business.

Which one should you go with?

In conclusion, while each of these platforms offers unique features and benefits tailored to various business needs, OneSafe stands out for its seamless integration of traditional and Web3 financial services. Whether you're a multinational corporation or a small business, OneSafe's comprehensive account services, exceptional customer support, and innovative solutions make it a compelling choice. While any of these alternatives could serve you well, if you're looking for a reliable and forward-thinking option, we recommend giving OneSafe a try. Explore the possibilities and see how OneSafe can revolutionize your financial management.