Is Krake𐒐 Accou𐒐t Safe?
Kraken is a crypto exchange platform based in the US established by Jesse Powell on the 28th of July, 2011.
Kraken is among the longest-running and reliable exchanges for cryptocurrency globally and is accessible to citizens from 48 US states and 176 other countries. On Kraken, you can trade between 72 different cryptocurrencies as well as fiat currencies. So Kraken is pretty much legit and secure.
Additionally, Kraken provides all of the tools needed to purchase and sell cryptos and creates a simple Bitcoin exchange that is suitable for beginners and professionals. Users can effortlessly make withdrawals and deposits, assess their portfolios, and track their cryptocurrency accounts in one place.
But is Kraken safe?
Yes, it is.
Kraken has never been hacked. Yes, you heard it right.
In contrast to other exchanges for cryptocurrency that have been compromised before and resulted in thousands of dollars worth of loss of coins, Kraken can maintain its reputation as a secure cryptocurrency exchange.
Kraken's dedication to security is superior to other exchanges.
Is Kraken Regulated?
Kraken conforms to regulations and legal requirements in all the jurisdictions in which they operate. Kraken is controlled by FinCEN. Client funds held by Kraken are managed directly by the clients through their bank accounts with the banks of their partners, which are heavily regulated. Kraken Bank is regulated by the Wyoming Department of banking.
Kraken is officially registered as a Money Services Business (MSB) with:
FinCEN in the USA
FINTRAC located in Canada in Canada
Can I Use Kraken in My Country?
Kraken is open to customers from across the globe, with some specific limitations due to local and international regulatory requirements for cryptocurrency and financial services.
Based on the verification of residency, the user could be subject to certain limitations on their account. See the Kraken terms of service for more details on the eligibility requirements. If a customer has concerns regarding this subject, they can open a ticket or contact them through Live Chat.
Kraken's funders could, at their discretion, decline funding to specific geographic locations.
Certain countries aren't yet capable of using credit or debit cards. Please refer to Kraken's FAQ on debit cards and credit cards to see the complete list of countries accepted.
Analysis of Kraken’s Security Fortress
Within the Kraken, there exists an internationally-based team of the best security experts who adopt a risk-based strategy to ensure that client's assets are protected to the highest standard while maintaining a high level of performance and unbeatable customer service.
In addition to creating security protocols for some of the most prestigious companies globally, Kraken's team is also equipped with decades of expertise researching the most significant data breaches affecting consumers.
Thus, continuing to create security solutions that are used by a wide range of companies.
Kraken has top-rated security experts on board who carefully evaluate risks and ensure that clients' funds or coins are safe throughout the day. This is all performed with the highest degree of security and maintaining the best user experience at the forefront.
Kraken’s Safe Coin Storage Security
In Kraken, the majority of deposits are stored in an air-gapped and offline geographically dispersed cold storage. Kraken maintains reserves at total capacity to ensure that users can take out funds on demand.
Kraken’s Platform Security
Kraken's servers are placed in secure cages under 24 hour surveillance by security guards with guns and video monitors. Physical access and deployment of code are tightly monitored. Everything is reviewed thoroughly before it goes to the market.
Kraken’s Information Security
Kraken encrypts your sensitive information related to the exchange, like your contact details and trade data, and even coins at the data and system level. To protect the confidentiality of your personal information, Kraken regularly performs vulnerability testing of its system to make sure the security of its service is secure.
Kraken’s Penetration Testing Security
Kraken has a highly skilled team committed to testing their systems against every possible attack mechanism. That ensures the maximum level of security and adds an extra layer of protection.
Kraken’s Bug Bounty
In addition to conducting penetration tests, Kraken runs a bug bounty program. The program's goal is to contact experts in the field and security experts to identify any weaknesses within the platform.
Kraken’s Additional Security Features
Other than the core security measures of Kraken, here is a list of all of Kraken’s security features that make Kraken more safe and legit.
Two-factor authentication (Google Authenticator and Yubikey) to ensure that your account is safe.
No recovery of your account via phone or SMS. Your account is in your control.
Confirmation emails for withdrawals using a self-service account lock.
Timeouts for accounts that can be configured, adding a layer of security.
Customizable, granular API key permissions with range limits.
Time lock in global settings allows for absolute security when you're away.
PGP encrypted and signed email to ensure secure communications.
SSL encryption to secure your information when you browse Kraken.
Constant, real-time monitoring for suspicious activity.
Zero risk of settlement and no chargeback fraud in crypto trading.
Sensitive data is completely encrypted at rest and in transit.
Live chat 24/7 with high priority and email help for immediate problems.
Kraken was founded in 2011 and officially started trading operations in the year 2013.
It is controlled by Payward Inc. and is led by Jesse Powell, the CEO, and co-founder. Jesse Powell. It allows for the simple movement of funds between the bank accounts linked to the participant and the transfer of crypto coins into and out of the participant's digital wallets linked to Kraken's trading accounts.
Since its inception, several things have led to Kraken being a preferred trading spot that has become the preferred choice for a range of market participants in the cryptocurrency space.
When crypto-mania began to take over the globe around 2014, Kraken and the Coinbase exchange were chosen to provide market data for bitcoin trading to the Bloomberg platform.
The association with the most reputable market data provider has helped Kraken increase its popularity in the trader's community. Bloomberg customers were then able to access prices for virtual currencies and charts, news, and social media updates via the relevant Bloomberg terminals and services.
What Made Kraken Stand Out?
Kraken is a rich and feature-packed trading service for individuals interested in cryptocurrency and large trading companies. Kraken offers a range of account types that can meet the requirements of all types of investors and traders.
With its sophisticated order system and trading tools, including options for stop loss and profit-taking types of orders, leverage and margin-based trading, automated strategy trading, and an extensive collection of cryptocurrencies that you can trade with.
Kraken is among the top players of cryptocurrency-based exchanges.
Kraken’s Pros & Cons
It isn't easy to assess how secure a cryptocurrency exchange is. Most of the time, cryptocurrency exchanges don't have the requirements for deposit insurance plans; therefore, you need to be very careful while choosing the right provider. It is generally an indication of good quality if:
The exchange has a large customer base.
It has a thriving quarterly traded volume.
It's an established business (e.g., it's been in existence for several years and has numerous employees),
or the business that runs the exchange is listed on the stock exchange.
Although Kraken isn't precisely the most popular exchange, it has a long history, making it a preferable choice for customers.
•The cryptocurrency market is diverse.
•Advanced features for trading
•Fair fees for deposits and withdrawals
•Creative design with multiple customizations
•Popular amongst experienced traders
•Not suitable for novices.
•Limited starter account
•Slow funding of accounts
•Unsatisfactory customer service
•The site is often slow
•No credit/debit card deposits