As one of the oldest and most established digital asset exchanges in the world, Kraken is known for its safety and decency.
For many cryptocurrency traders, Kraken is their go-to exchange for trading and storing digital assets. But is Kraken really a safe app?
In this article, they’ll cover the security features of Kraken, its security practices, and the steps you can take to ensure the safety of your funds when using Kraken.
Security Features of Kraken
Kraken is a well-respected digital asset exchange that has been in business since 2011. This long-term presence in the cryptocurrency industry has allowed them to develop a platform that is secure and decent.
Kraken has implemented several security features to protect user accounts and funds. All user accounts are protected with two-factor authentication, which requires users to authenticate their account with a unique code each time they log in.
Additionally, Kraken has implemented a system of user permissions that limits the actions users can take with their accounts.
Kraken also has a comprehensive risk management system that monitors activities on the platform to detect suspicious activity and flag it for further investigation.
Additionally, Kraken has implemented measures to protect against DDoS attacks. They use dedicated hardware, multiple firewalls, and multiple layers of encryption to protect their systems from malicious activity.
Kraken also has an insurance fund to protect user funds in the event of a hack or other security breach. The fund is composed of customer deposits and is separate from Kraken’s own funds.
Kraken's Security Practices
In addition to the security features they have implemented, Kraken has developed a comprehensive set of security practices to ensure the safety of user funds.
Kraken has implemented a system of segregation of funds, which means that user funds are stored in separate accounts from Kraken’s own funds.
This ensures that user funds are safe in the event of a security breach. Kraken also performs regular audits of their systems to ensure that user funds are secure.
Kraken also uses a cold storage system to store user funds. Cold storage refers to the practice of storing digital assets offline, away from the internet.
This ensures that user funds are safe from hacking attempts and other security threats.
Kraken also has a comprehensive system of KYC (Know Your Customer) and AML (Anti Money Laundering) policies.
These policies require users to verify their identity and submit documentation to prove who they are. This ensures that only legitimate users are able to use the platform and helps to protect user funds.
Ensuring Your Funds are Safe
The security measures taken by Kraken should provide users with peace of mind when using the platform. However, there are still steps users can take to ensure the safety of their funds when using the platform.
The first step is to only use a secure and trusted device when accessing the platform. This means using a device that is not vulnerable to malware or other security threats.
Additionally, users should always make sure to use a secure connection when accessing the platform, either through a VPN or an HTTPS connection.
Additionally, users should make sure to use strong and unique passwords for their accounts. Passwords should be at least 12 characters and should never be reused.
Additionally, users should enable two-factor authentication to protect their accounts from unauthorized access.
Finally, users should always be aware of the risks associated with digital asset trading and should never invest more than they can afford to lose.
Conclusion
Kraken is a secure and decent digital asset exchange with a long history of providing users with a safe way to trade and store digital assets.
The platform has implemented a range of security features and practices to ensure the safety of user funds.
Additionally, users can take steps to ensure the safety of their funds when using the platform. With these measures in place, users can be confident that their funds are safe when using Kraken.