Cryptocurrencies are a new type of digital currency that is growing in popularity. Recently, one of the biggest crypto platforms called Kraken was released to the public. Kraken has shown success and has been dubbed as one of the safest and most reputable crypto exchanges in the game. But is Kraken Safe To Use? That’s what we’re here to find out!
What is Kraken?
Kraken is one of the most popular platforms to trade crypto on, next to other exchanges like Coinbase and Binance.
Kraken is easy to use and can be used for both personal and commercial purposes. Kraken currently allows users to trade over fifty cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
And as if that wasn’t enough, Kraken also has a referral program where you can earn rewards for your referrals when they sign up through you. You’ll get 20 percent of their trading fee for life.
Kraken also offers low fees and margin trading which makes it easier than ever to get started with this cryptocurrency.
Is Kraken Safe To Use?
Yes, Kraken is safe to use. Surprisingly, it has never been hacked. We’re going to take a look at how Kraken protects its users and what kind of security precautions they have.
Kraken implemented its own trading platform and wallet system, which is one of the safest platforms out there. You can trade on Kraken without having to worry about your account getting hacked because they are not an unregulated exchange. They also have a 24/7 support team that is available around the clock in case anything goes wrong. Their security features include two-factor authentication and a private key that can be encrypted with your password. If you’re worried about security, then you should feel confident trading on Kraken.
Is Kraken Regulated?
Kraken is one of the biggest cryptocurrency exchanges out there. And with success comes more regulation. Kraken is regulated by FinCEN, which means we comply with the legal and regulatory requirements in every country where we operate. All Kraken client funds are held on their behalf at their partner banks, which are heavily regulated; they hold clients’ money directly as well. Furthermore, Kraken Bank is also heavily regulated by the Wyoming Division of Banking.
But how does that make Kraken safe? Well, it doesn’t make it safer than any other exchange out there. It just means that the regulators have their eye on this company and will be watching what they do to ensure transparency and safety in the funds they handle.
Additionally, the operators of Kraken are required to maintain records and report any suspicious activities or transactions to FinCEN.
Kraken Security Features
There are a lot of security features that make Kraken one of the safest crypto exchanges out there. The well-known cryptocurrency, Bitcoin, has suffered some major hacks that have affected the integrity of its blockchain and caused users to lose money. Platforms like Kraken have implemented various security measures to ensure that you will be safe from hackers and stay in control of your own funds.
One great feature that makes Kraken one of the safest crypto exchanges is the cold storage option. With cold storage, your private keys are never exposed to any external devices or servers. This ensures that even if your computer were hacked and all your coins were stolen, you would still be able to recover them yourself with ease. Another great feature is the multi-signature wallet which allows you to divide up your funds into multiple wallets for increased safety and security when managing funds.
You can also make use of two-factor authorization which provides a strong layer of protection against hackers by requiring them to input both a password and a six-digit code before being allowed access to your account.
In addition to these features, Kraken allows you to freeze or “roll back” transactions if they happen unexpectedly without any warning (withdrawals/deposits). This gives users an extra layer of protection against hackers as well as being able to reverse transactions if they wanted due to any fraudulent activity while they were trading on the
Kraken’s Background
Kraken was founded in 2011 and is based out of San Francisco, California. The company has a team of more than one hundred employees, with over 6,200 users worldwide. Kraken has never been hacked and it also does not store funds at any bank locations.
In addition to these great features, Kraken offers a platform that you can use to buy and sell cryptocurrency. It is open 24/7 with low fees on both transactions. Another benefit of using Kraken is that they offer a market research service called the Kraken Market Research API, which allows you to find out information about the different cryptocurrencies currently in the market. They have their own currency called the Kraken Coin which is used for trading.
Learn more about the safety of other popular cryptocurrency exchanges below: