Kraken Review 2023

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Kraken Security

According to company history, Kraken was founded in reaction to the legendary 2011 Mt. Gox hack as a secure alternative. True to company vision, Kraken has yet to report a major security breach. Kraken also has a history of being proactive; in response to the 2020 Ledger breach, Kraken alerted potentially affected users and offered advice.

In their security overview, Kraken outlines the measures they take to protect user funds and privacy, including a dedicated security team, air-gapped cold storage for the majority of deposits,  an ongoing bug bounty, robust information security protocols, PGP encrypted email, SSL site encryption, and real-time monitoring, among other things. Kraken also offers educational resources for users looking to secure their accounts. So, do these measures work? Since Kraken has never been hacked or reported any breaches, the answer is yes (for now).

What about two-factor authentication? Kraken offers plenty of options – users can choose from a physical security key (YubiKey) or an authenticator app. While users have their choice of authenticator apps, the company recommends Google Authenticator.

Kraken does adhere to KYC (know your customer) and AML (anti money laundering) legislation. The amount an account can trade is dependent on the level of verification provided. If you’re looking to withdraw cash or crypto, use their API, and trade on margins, prepare to have plenty of documentation ready.

Opening an Account and Trading

How To Open Account and Trade

Opening an account on Kraken is relatively straightforward.

1.Visit the Kraken site at https://www.kraken.com, click the “Create Account” button in the upper right hand corner. After you’ve provided a username and password, Kraken will send an activation email with an activation key.

2. Once you’ve entered the activation key, you have a Kraken account.

3. While you don’t need to provide documents immediately, Kraken does have verification level requirements. Kraken has four verification levels: Starter, Express, Intermediate, and Pro, though the Express is only available to US citizens. In order to access higher withdrawal limits, deposit and withdraw cash, stake off-chain, trade on margin with high limits, and trade on Kraken futures, users will need to qualify for an Intermediate account or higher.

4. To verify your account, click on your name in the upper right hand corner, and select “Get Verified”.

5. Choose the account type you want to apply for and press the “Verify” button. To learn more about the verification level requirements, check out the Kraken verification page here.

Kraken’s most powerful trading tools, like the dark pool, business accounts, and trading via the over-the-counter desk are only available to Pro accounts, who need to provide extensive documentation in addition to a KYC questionnaire to access premium services.

Once you’ve set up an account and gotten the appropriate level of verification, you can jump right into trading. Deposits and withdrawals can be made via SEPA, SWIFT, wire, domestic transfers, and in some cases credit or debit cards. If you’re in the EU and live in one of the SEPA countries, fiat deposits via SEPA are free.

Kraken Supported Currencies

With 56 cryptocurrencies currently supported, Kraken offers users the chance to create a diverse portfolio. Currencies supported include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin, Cardano (ADA), Polkadot (DOT), Bitcoin Cash (BCH), Stellar (XLM), Chainlink, Tether (USDT), Monero (XMR), and many others.