Kraken alternative for USDT where its only payout is a SWIFT wire
Where Kraken has no cash currency, cash leaves Kraken only by SWIFT wire through Bank Frick. Unigox is a Kraken alternative for selling USDT for local money there. If Kraken pays your bank locally, stay with Kraken.
When to stay with Kraken
You live in the United States
Kraken serves every state but New York and Maine and sends dollars to your bank by ACH for free, while Unigox does not currently offer its services in the United States.
Kraken already pays out in your currency
Kraken sends pesos by SPEI in Mexico, reais by PIX in Brazil and pesos by bank transfer in Argentina, near-instantly, and has local rails for euros, pounds, Canadian and Australian dollars and Swiss francs.
You trade on margin or use the OTC desk
Verified Kraken clients can trade on margin and reach Kraken's OTC desk, and Kraken Pro fees fall as 30-day volume grows. Unigox trades stablecoins only.
Kraken vs Unigox for getting USDT home as cash
| Topic | Kraken | Unigox |
|---|---|---|
| What it is | A crypto exchange: instant buy and sell in the Kraken app, an order book on Kraken Pro, an OTC desk, and Krak, its app for sending and spending money. | A marketplace where you sell USDT or USDC and the buyer, a P2P merchant or a payment business, pays you in local money. |
| Local bank payouts | Domestic transfers in USD, EUR, GBP, CAD, AUD, CHF, ARS, BRL and MXN, each for residents of that country or area. No cash withdrawals to cards or third-party payment processors. | Paid in the currency you sell for, to a bank account or mobile money wallet. The currencies open for selling follow the merchants and payment businesses active in each. |
| Countries with no Kraken currency | A SWIFT wire to a bank account in your name, where Bank Frick serves your country: 14 USD, 5 EUR, 13 GBP, 13 CAD or 1 CHF. 100 minimum in each, 1 to 5 business days (2 to 5 for pounds). Banks along the way may take a fee or convert the money. | No wire abroad: whoever buys your USDT pays local money into your account at home. |
| Fees | Instant sell: a 1% fee plus a spread in the price. Kraken+ members pay no fee on up to 10,000 USD a month. Kraken Pro: 0.20% maker and taker on USDT/USD below 50,000 USD of 30-day volume. | The Unigox fee is part of the rate quoted for your amount, and you see that rate before you confirm. |
| Moving USDT | A per-network fee that Kraken changes over time, such as 1 USDT on Tron with a 6 USDT minimum. A new address is confirmed first. Clients in the EEA and Canada cannot deposit or trade USDT on Kraken. | You can move USDT or USDC between Unigox and an outside wallet before or after a trade. During a trade the crypto sits in an on-chain escrow that Unigox can release only to the buyer or the seller. |
| Identity check | A government ID and proof of address. Kraken says most checks finish in under 30 minutes. | Photo ID and a selfie, required before the first trade at any amount. |
| Regulation | Registered as a money services business with FinCEN in the US and FINTRAC in Canada, registered and authorised by the FCA in the UK, and authorised by the Central Bank of Ireland under MiCA for the EEA. | Unigox works through two companies: UNIGOX NETWORK CORP. in Canada handles the local-money side and is registered with FINTRAC as a money services business and with the Bank of Canada as a payment service provider; UNIGOX NETWORK CORP. in Panama handles the crypto side, including wallets and escrow. |
UnigoxSwitch from a Kraken wire to a local payout in three steps
Get verified on Unigox
Create a Unigox account and pass the photo ID and selfie check, which every customer completes before a first trade.
Withdraw USDT from Kraken
In Kraken go to Transfer, then Withdraw, pick USDT and add your Unigox deposit address for the same network. Approve it from the email link unless you are on a trusted device, then send.
Sell for your currency
Pick the currency and amount, accept the rate, and add the bank or mobile money account to be paid. In a P2P trade you confirm the merchant's payment, and the escrow then releases the USDT to them.
Questions about Kraken alternatives
What Kraken alternative pays out in my currency?
Unigox, for stablecoins: a P2P merchant or a payment business buys your USDT and pays local money to your bank account or mobile money wallet, in the currencies Unigox lists for selling. For the other coins, margin trading and the OTC desk Kraken offers, stay with Kraken.
Who are Kraken's main competitors?
Among exchanges, Coinbase, Binance, Gemini and Bitstamp: like Kraken, they list many coins and pay out to banks in a set list of currencies. Where no exchange pays out in your currency, Unigox works differently: a P2P merchant or a payment business buys your USDT and pays you local money.
See all comparisonsAre there apps like Kraken that pay out to mobile money?
Unigox does when the buyer of your USDT pays by mobile money, which depends on the currency. Kraken withdraws cash to bank accounts only, never to cards or third-party payment processors.
Is there an alternative to Kraken's SWIFT wire?
Yes, if what you hold is USDT or USDC: sell it on Unigox and the buyer pays you in local money. A Kraken dollar wire costs 14 USD, needs at least 100 USD and takes 1 to 5 business days, and banks in between may take a cut.
Check your Unigox rate before a Kraken wire
Enter your USDT amount on Unigox to see the rate, fee included, before you confirm. Compare it on the same day with Kraken's 1% instant sell fee, its spread and a wire of 14 USD or 5 EUR.
Kraken and other names and logos are trademarks of their respective owners. Unigox is not affiliated with, endorsed or sponsored by them. Information about other companies comes from public sources, mainly the companies' own websites, and each company can change its products and fees at any time.