Updates are normal for the apps to get the latest security protection for their users. But even if they will keep on updated, the best security is that you hold your own crypto but not through Kraken or any exchanges.
You have to practice your own security by handling your seeds and deposits. This is why we are our own bank in here because we handle our own funds and assets.
Topic: Are your assets safe on Kraken?? (Read 204 times)
Always remember this, "not your keys, not your coins".
If you don't have a hardware wallet yet then figure out the wallets that you hold your private keys and transfer it there if you have no plans of trading at all in kraken or any exchanges. That's the common mistake of many newbies in crypto that they're thinking exchanges are safe for keeping their funds but no.
Right, All cex risks are reputable exchange sites like Kraken or Binance. Because when you deposit any money in cex you will not have complete control over it. so the exchange platform can cheat with you if you want. on the other hand, there will be fear of hacking. So it cannot say that its funds will be safe on Kraken. FTX was also a top exchange yet it went bankrupt. so no one can guarantee that nothing like that will happen with Kraken If you don't have a hardware wallet yet then figure out the wallets that you hold your private keys and transfer it there if you have no plans of trading at all in kraken or any exchanges. That's the common mistake of many newbies in crypto that they're thinking exchanges are safe for keeping their funds but no.
I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
I've never used the exchange before, so I'm not in the best position to give you any information about it services. However, one thing I know about some of the reviews on Playstore is that they're not always correct. Some reviews may be correct but some persons have the habit of throwing dirts at projects they've not interacted with for only God knows why.I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
If your intention is to store your assets on kraken, then I'd advice not to do so, only buy on the exchange and store your assets on your personal wallet. Hi all.
I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
Generally newbies may think that it is right to keep exchange wallets in their wallets, but keeping exchange wallets in their funds is never a right decision, it is a very wrong decision. First of all we have to provide wallet security if you want you can definitely use your many it is very secure wallet if you want to consider that your money is personal safe you can definitely use hardware wallet. However, hardword wallet is definitely much safer than exchange wallet. However, you have to decide if you want to use hardword wallet or exchange wallet. I myself use hardwat wallet so suggest you to use it. I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
Don't judge it based on a few bad reviews, the only time that you should be concerned that an app or a service is a bad one is if you see that there are people that have lost their money or crypto in that exchange without any explanation but besides that, most of them are probably not compatible with it or they find it difficult to use. Good to keep in mind too that when you store your bitcoins on an exchange, you're going to end up relinquishing your control over your bitcoins which isn't the ideal thing that you should do in the case that the CEX that you're using goes under and you have some crypto still in it then you're going to end up having big problems, it's not recommended but it's not outright a bad idea to store it there, maybe a part of what you're hodling or maybe just the amount that you'd need to quickly sell. No matter how trustworthy a exchange may look, you will never know if there's an attack or fraud that's going to happen and you're not going to have any power over your crypto there since it's not yours technically.
Always remember this, "not your keys, not your coins".
If you don't have a hardware wallet yet then figure out the wallets that you hold your private keys and transfer it there if you have no plans of trading at all in kraken or any exchanges. That's the common mistake of many newbies in crypto that they're thinking exchanges are safe for keeping their funds but no.
When sending your bitcoin or cryptocurrency to a centralized exchange, no one can guarantee that your asset will be safely there.If you don't have a hardware wallet yet then figure out the wallets that you hold your private keys and transfer it there if you have no plans of trading at all in kraken or any exchanges. That's the common mistake of many newbies in crypto that they're thinking exchanges are safe for keeping their funds but no.
It depends on that exchange, its security, scam or not, risk of collapse because of bad capital management or not. You can not control all these.
You can lose your asset if you lose your exchange account, email and 2FA but this risk is smaller than risk from the exchange.
Reminder: do not keep your money in online accounts
Exchange graveyard
Report on Crypto Exchange Hacks
Again, thank you all for participation in my discussion and your support!
Because you are a newbie and in bitcointalk community everyone tries to support newbies, and you want to know about such a topic, so the community joins your discussion, as a result of discussion in your thread, this thread will be helpful for other newbies as well. Hope you already understand that holding funds in Cex exchange is not safe even it doesn't matter how popular the exchange is, own wallet should always be preferred for long term fund hold. I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
If you have small bitcoin asset and you want to hold for a short time, then your assets are safe on reputable exchanges. You can find them on coinmarketcap. If you intend to hold large bitcoin asset for long term then self custody is the best option for you. It won't be safe on an exchange. It is going to be safe only in a software wallet or hardware wallet that only you have full and complete access to. What is your opinion on the matter?
Follow the most recommended on the forum and if you get confused about anything, ask questions to you don't lose your funds.
Again, thank you all for participation in my discussion and your support!
What I have heard of kraken is that it is a reliable and good exchange. It stores your 95 percent of deposits in offline cold storage and promises you security on that..now what happens here is that people misuse and violate the rules and then when they lose assets they act like that they've done nothing and they were scammed.
There might be a possibility that the exchange might have done wrong to someone but if that was the case why a large number of people are still using it that's the point we have to think about right now. So that's up to you go on with a deep market research then put your assets in because you will never want them to disappear like the ones you mentioned in your thread
There might be a possibility that the exchange might have done wrong to someone but if that was the case why a large number of people are still using it that's the point we have to think about right now. So that's up to you go on with a deep market research then put your assets in because you will never want them to disappear like the ones you mentioned in your thread
For me, Kraken is trusted. Kraken is one of the OG cryptocurrency exchanges.
Now they are still here, even they are not number 1 crypto exchange, I still trust them and even I don't use it, I can hear a lot of good reputation and less issues.
A lot of exchanges already shut down but this exchange is still here.
Now they are still here, even they are not number 1 crypto exchange, I still trust them and even I don't use it, I can hear a lot of good reputation and less issues.
A lot of exchanges already shut down but this exchange is still here.
Hi all.
I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
Are you funds in Bitcoin? If they are, why don't you use Electrum to store your Bitcoins until you get a hardware wallet? Electrum is an open-source, noncustodial Bitcoin wallet, there is no third-party involved when you are keeping your Bitcoin in Electrum, it is just you and the wallet because you are the only one holding the keys and everything to your wallet, so you wouldn't be worried about anything as long as your device is safe.
Keeping funds in an exchange is never recommended unless you use those funds for regular trading activities, but if you don't, you shouldn't keep them there because an exchange isn't a wallet and it serves a different purpose.
Hi all.
I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
Let me start by saying that I have not used Kraken Exchange so I have no idea about this exchange wallet. But if you feel problem then you should avoid using that exchange wallet because using exchange wallet is not very safe. I have used binance exchange but I think binance exchange is much better you can use binance exchange wallet. If you are looking for a strong wallet then avoid using third party wallets and use your own wallet as you will be much more secure. I was about to make another deposit through Kraken app, as I was prompted to update the app.
I followed to an App Store to try and make sure it's the right App and all and before updating I started reading this App reviews.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
What if one fine day due to some hardware fault which happens from time to time to all hardware, or even software fault on this hardware, or your wallet got wet or any other reason
you have no access to your crypto anymore and there is no third party anymore which would be a witness in such a case that you indeed had so and so much crypto on this wallet?
you have no access to your crypto anymore and there is no third party anymore which would be a witness in such a case that you indeed had so and so much crypto on this wallet?
As long as you keep your mnemonic seed and passphrase (if any) safe, you will have access to your bitcoins because these are not tied to your wallet. You could always import or sweep your funds in any compatible wallet to have access again.
That being said, it's advisable to keep multiple backups in a safe place. You could write it down on a paper but there also other options like metal plates or washers.
If you haven't yet, I would highly suggest reading a few beginner guides for bitcoin
1. https://learnmeabitcoin.com/
2. https://bitcoiner.guide/
PS: Aren't there something like crypto Banks of some description?
Storing huge amounts in any custodial means is not advisable. We've had cases of exchanges getting hacked, exit scamming or the famous FTX'd lol.
Self-custody remains the best choice because we at least have control on safekeeping our bitcoins unlike in custodial platforms where it is purely up to them.
When you use a centralized exchange, there is a risk of your account being closed and losing your assets, because the centralized exchange does not control your funds, Cex controls your funds, so they can block your withdrawal at any time for any reason. Crypto users on CEX exchanges face various problems from time to time, and most of the time they lose their funds even when there is no fault of theirs. A newbie crypto user doesn't have that deep knowledge of how to manage cryptocurrency, which makes them easy prey for cex most of the time.
So be careful before using any centralized exchange because you will not have control over your funds because you don't have funds in your wallet, because even a small wrong decision can put you in a lot of trouble and we are already seeing this.
So be careful before using any centralized exchange because you will not have control over your funds because you don't have funds in your wallet, because even a small wrong decision can put you in a lot of trouble and we are already seeing this.
You're welcome,
as of other questions:
The real key to funds within most hardware wallet is seedphrase (which you will get when creating new wallet).
This seed phrase is all you (or attacker) needs to know to move funds. Very important to keep this safe.
HW wallet itself is protected by some password (pin etc.) ... usually required for each transaction.
If you forget pin or you lose (broke) the device then you still can gain access to funds using the seedphrase.
as of other questions:
....
PS: Aren't there something like crypto Banks of some description?
...
Well, there is a XAPO. Should be some super secured bank with vault somewhere in swiss mountain.PS: Aren't there something like crypto Banks of some description?
...
...
In fact I have concerns about this wallet too.
Once you transferred your Bitcoin on one of these there is no any 3rd party anymore only you and your wallet. Only you and your wallet know that there is Bitcoin and other stuff on it.
What if one fine day due to some hardware fault which happens from time to time to all hardware, or even software fault on this hardware, or your wallet got wet or any other reason
you have no access to your crypto anymore and there is no third party anymore which would be a witness in such a case that you indeed had so and so much crypto on this wallet?
Please don't tell me about loosing or forgetting the password phrase for hardware wallet. It would be one from a poem in my case so I wouldn't forget it.
....
In fact I have concerns about this wallet too.
Once you transferred your Bitcoin on one of these there is no any 3rd party anymore only you and your wallet. Only you and your wallet know that there is Bitcoin and other stuff on it.
What if one fine day due to some hardware fault which happens from time to time to all hardware, or even software fault on this hardware, or your wallet got wet or any other reason
you have no access to your crypto anymore and there is no third party anymore which would be a witness in such a case that you indeed had so and so much crypto on this wallet?
Please don't tell me about loosing or forgetting the password phrase for hardware wallet. It would be one from a poem in my case so I wouldn't forget it.
....
The real key to funds within most hardware wallet is seedphrase (which you will get when creating new wallet).
This seed phrase is all you (or attacker) needs to know to move funds. Very important to keep this safe.
HW wallet itself is protected by some password (pin etc.) ... usually required for each transaction.
If you forget pin or you lose (broke) the device then you still can gain access to funds using the seedphrase.
I'm with Kraken for many years now. Never had any issue.
As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.
As of my opinion. Your funds are safe with them as long as not violating AML and other policies.
As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.
As of my opinion. Your funds are safe with them as long as not violating AML and other policies.
Thank you
)
I'm with Kraken for many years now. Never had any issue.
As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.
As of my opinion. Your funds are safe with them as long as not violating AML and other policies.
As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.
As of my opinion. Your funds are safe with them as long as not violating AML and other policies.
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
The second opinion I want to give is that, after you create your wallet address, manually back up your secret phrase by writing it down, copy your deposit address or public wallet, then delete the wallet and use only the public address to import back the wallet app only on as "watch wallet". Anytime you want to carry out a transaction in that wallet, that's when you should import the wallet with your secret phrase. Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
this I do not get at a first read. But I will do my best to understand what you meant!
hero member
Activity: 532
Merit: 508
Leading Crypto Sports Betting & Casino Platform
To be honest I am a little concerned now, because there people saying in the reviews that their accounts were closed without any explanation for security reasons.
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
Could you please tell me what you think about it??
I really need to figure something out, because I haven't got a hard wallet yet. For a simple reason that I thought my money is safe on the exchange.
What is your opinion on the matter?
As long as your asset is on a centralized exchange or platform, it is not 100% safe. I have not used Kraken wallet before, but my friend who used it said it was a decentralized app. Just like trust wallet, which is owned by Binance Exchange, Kraken has its own trading platform too. For the sake of asset security, use a highly recommended wallet like an electrum, an exodus, or a blue wallet.Just as Charles-Tim has said, if you have an old device that you have not used in a long time and perhaps you are not using it again, you can convert it into your hardware wallet since you are yet unable to purchase a hardware wallet.
The second opinion I want to give is that, after you create your wallet address, manually back up your secret phrase by writing it down, copy your deposit address or public wallet, then delete the wallet and use only the public address to import back the wallet app only on as "watch wallet". Anytime you want to carry out a transaction in that wallet, that's when you should import the wallet with your secret phrase.
Jump to: