Friday, April 19, 2024

Is Kraken Safe? An Honest Review

Cryptocurrency exchange Kraken was founded at the end of 2011 by Jesse Powell, a fan of blockchain technologies. At first, the exchange offered a meager selection of cryptocurrencies (BTC, ETH, and LTC) for trading. However, since 2017, when the cryptocurrency market has shown impressive growth, Powell and his team have begun working on adding new digital pairs to the platform.

Kraken currently covers over 20 cryptocurrencies (BTC, ETH, EOS, ADA, XRP, BCH, etc.), and also offers trading in pairs with fiat currencies (EUR, USD, CAD, GPB, etc.)

The trading platform is aimed at both retail investors and institutional traders. A lot of time has been spent adding margin, futures, and OTC trading, as well as darkpool. Today Kraken is one of several large companies with an excellent reputation. In particular, it offers clients a full Proof-of-Reserves audit, within the framework of which clients’ balances are reconciled with the contents of wallets.

Safety and regulation

Is Kraken Safe? Kraken is a trusted US exchange. Developed by Payward.Inc. The latter is registered in the United States and operates on the basis of the laws of this country.

Features of the exchange:

  • The company has passed the Proof-of-reserves – cryptographic audit: the user’s balance corresponds to the volume of the cryptocurrency in the wallets of the exchange.
  • The project operates within the framework of the law and follows American and European AML / KYC procedures.
  • The site works with the Fidor Bank (Germany), which makes it comfortable and accessible for European cryptocurrency traders.
  • Kraken is an experienced team of professionals that perform technical audits, hardware wallet audits, and other activities to keep the project running smoothly.
  • It has been working since 2011, so it has proven the honesty towards the client over the years.

Kraken also offers a high level of security for customers’ wallets. Two-factor authentication, PGP encryption, and a number of other tools are used to prevent actions aimed at changing accounts.

How to become a user of the Kraken exchange?

A registration procedure is provided for new users of the system. It means filling out a special form. It does not take much time, it is enough to enter the following information:

  • login;
  • password (taking into account all the requirements for its length and content);
  • E-mail address.

Next, you should follow the link contained in the letter sent to the specified mail. As a result of confirming the account, the user gets access to his personal account and, accordingly, a number of operations: exchange of cryptocurrencies, as well as their purchase or sale for fiat currencies.

Thus, registration is enough to use the basic features offered by the Kraken cryptocurrency exchange. However, in order to receive additional privileges, you must prove your identity by going through the verification procedure. In total, it provides four levels and allows you to open the full range of resource capabilities.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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