Kraken Security: Can It Be Trusted
The Bases of Kraken
On 28 of July 2011, Jesse Powell set up a completely new and different exchange platform that became one of the biggest cryptocurrency banks in the world. The main idea of the platform is that it allows you to buy or sell various currencies, and it can be done with the help of so-called fiat money, clearly with Canadian and US dollar, Japanese yen, and Euro. Flat purchasing fees are the major factors that are offered to customers. This ensures low-volume trades, including a variety of profit-taking order types.
The popularity of Kraken is increasingly becoming wider between investors, businessmen, and other traders all over the planet. And it is followed by the rising trading venues for cryptos. Ethereum, the second-largest cryptocurrency, is extensively available on the Kraken exchange.
So, Kraken facilitates the transfer of funds between the participant’s linked bank accounts and the transfer of crypto coins between the participant’s digital wallets and Kraken-linked trading accounts.
Individual cryptocurrency enthusiasts, as well as extensive trading organizations, can use Kraken’s platform to create a feature-rich client portal. It offers a wide range of account types to meet the demands of different traders and investors. Kraken is one of the most modern cryptocurrency exchanges, with extensive order systems and trading tools, leverage and margin-based trading, and automated strategy trading.
Cryptocurrencies have been particularly vulnerable to hackers in the past, resulting in the loss of coins worth millions of dollars. While the majority of hacked exchanges have repaid their customers for any stolen funds, you don’t want to end up at a crypto exchange with weak security, which might leave your coins vulnerable to theft.
Kraken provides a platform with top-notch security, over 60 coins to pick from, and the opportunity to “stake” or “lend out” your coins for rewards, all at lower-than-average pricing. Actually, Kraken has never been hacked. Kraken handles security seriously, ranking #1 on the crypto exchange security review site CER with a flawless score. In addition, Kraken has never had a serious hacking incident in its 10-year history, something that even Binance, a global market leader, cannot claim. Add to it that Kraken offers in-app fast customer service to ensure their customers can have their issues solved in no time, and you’ll see why Kraken is one of the most beloved trading platforms.
Kraken not only provides secure currency storage (95 percent of deposits are maintained offline in cold storage units throughout the world), but it also guarantees platform security. Its servers are stored in secure cages that are monitored by armed guards and video monitors 24 hours a day and seven days a week.
And as a final statement, Kraken encrypts all of your important contact information at the system and data level, in addition to physical security measures, and conducts frequent vulnerability testing of its own system.
To sum up, considering all the security advantages discussed above, Kraken seems to be the safest cryptocurrency platform currently. The bank has security in its mind. That is why Kraken has investors from all the possible levels.