The popularity of cryptocurrency exchanges has made it easy for people to question – is kraken safe? The answer depends on the specifics of your situation. The Better Business Bureau grades companies on a scale of A+ to F. Although the Kraken site has a relatively low BBB score, users have complained about the speed and efficiency of its customer service. While some users have experienced delays, they are usually due to unforeseen circumstances. Some users have also had problems withdrawing or depositing funds.
As a top crypto exchange, Kraken has a lot to offer. It has a vast selection of investments and even offers margin trading. US traders are allowed to use Kraken as long as they reside in one of the 48 states except for Washington state and New York. This site has been around since 2011 and has taken the security of its customers seriously. Their services are monitored twenty-four hours a day. They employ several measures to keep users safe, including two-factor authentication, monitoring suspicious activity and confirming withdrawals.
Kraken operates from a secure facility protected by armed guards. Although this exchange platform has no FDIC insurance, users should be aware that it is extremely unlikely to be hacked. Users are also encouraged to open the official Kraken website to avoid fraudulent URLs. Kraken provides email confirmations when withdrawing or depositing funds. Furthermore, users have a self-serve account lock feature and real-time, non-stop monitoring to protect their data.
Deposits on Kraken are not free, however. For US citizens, the minimum amount required for deposits is $100, while those from other countries can deposit as little as five cents. However, the fees for withdrawing or sending money to Kraken are much lower, at around two cents per transaction. In addition, customers can deposit up to one euro via SEPA without any fees. Additionally, Canadian customers can deposit $20 through in-person transactions at Canada Post locations. Alternatively, they can deposit as much as 150 GBP or 15,000 JPY.
Although Kraken is not completely secure, the exchange’s security practices are extremely strong. Users are required to use top-level personal account security with email authentication and two-factor authentication. This may seem cumbersome, but it keeps digital bad guys out of their accounts. And, while these security measures may be annoying for some users, they do have a clear and consistent reputation. There are few other crypto exchanges that can match Kraken’s level of safety.
Another important factor for deciding if Kraken is safe is the KYC process. Users must verify their identity before withdrawing or depositing funds on the site. To verify your identity, you need to have a bank account with a name that matches the one on your Kraken account. For EU and US residents, there are SEPA and FedWire options. For people from other countries, SWIFT is available. Users can also fund their Kraken account with cryptocurrencies such as Bitcoin. Just be sure to specify the address from which you transfer the cryptos. You must note that not all crypto coins are supported by Kraken and some may have a small setup fee.