Kraken Review 2023

Kraken is a centralized exchange platform, which means that it is generally safer and more trustworthy than other crypto platforms. This is largely because of the many verification checks Kraken puts users through, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) checks. While these checks are sometimes frowned upon because they are often perceived as intrusive to the customer’s privacy, they do ensure a high level of safety for the platform. 

With this in mind, should you decide to create a Kraken account, you’d still do well to take extra security measures to prepare for potential threats that may have bypassed Kraken’s checks, especially frauds and scammers that may try to trick you into giving away your funds. While the extensive security measures of Kraken reduce such threats to a minimum, it always pays to be more cautious than not.

The first step you should take to ensure your account’s safety once you create it is to enable two-factor authentication, which will block login attempts to your account from potentially malicious third parties and only allow access through a code it generates and sends to a trusted device you own (such as a smartphone). You can also set up multiple codes for different activities such as signing in to your account, making withdrawals and trading crypto. You can also lock your account in order to make it block future changes, as an extra safety measure against hackers and account breaches.

Because of Kraken’s increased security measures, the vast majority of its users never complain about any safety issues, which means that trading on this platform is generally on the safer side. Still, it’s worth mentioning that there do exist users who claim they’ve had bad experiences with Kraken security-wise, with some of the more serious cases reporting losing all their assets with no way of recovering them.

This is because the crypto blockchain technology, which is generally very secure, makes it impossible for crypto traders to undo completed trades. Due to this fact, scammers often attempt to trick users with crypto accounts and steal their assets beyond the possibility of reversal. You should therefore pay close attention to any kind of suspicious activity or trade proposal on exchanges such as Kraken, no matter how safe they claim to be.