Are your assets safe on Kraken?? - page 2.

Cookdata

hero member

Activity: 910

Merit: 875

Not Your Keys, Not Your Bitcoin

Quote from: RaraAvis on March 14, 2024, 05:28:52 PM

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 have never use the exchange before and the same review you saw was the same thing I saw on Gemini. While I can say that reviews sometimes might be misleading but you see crypto reviews, take them seriously. Kraken isn't the only exchange available for you I believe, if it doesn't work you should try other centralized exchanges if that's what you want.

If you are planning to keep your coins on exchange, then you are not ready yet because you are making one of the worst mistake ways of holding a coin. You should never keep your coins on the exchange. Buy the coins you want to buy and withdraw them to external exchange, it doesn't cost you much to get one and if you order, you should get one hardware wallet under a week.

RaraAvis

newbie

Activity: 24

Merit: 1

Thank you for your answers.

Then if I may I have a question about the hardware wallet.

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.

But other reasons technical reasons... anything can happen

What do you think??

PS: Aren't there something like crypto Banks of some description?

Thank you in advance for your support and patience. I am a woman and an artist, so if I am asking a dumb question please give me some credit.
I need your reassurance.

Hamphser

sr. member

Activity: 2506

Merit: 328

^ Take that suggestion above and its one of the golden rules here on crypto that if you dont own that wallet keys then its not your coins. Always bare up in mind that no matter how known
or reputable a certain exchange platform is, it wont really be giving out that 100% sure or security of your funds. There could really be those possibilities whether they've been hacked
or would really be having some regulation issues or simply the owner would really be running all away the money of its users.

We've seen the worst in the past even into those known or big exchange which usually been ended up on having some regulation issues. On the time that these issues happens then
getting out with your coins would really be that pain in the ass on which you cant even sure that you would really be able to get those back and this is something that you
should be putting up into your mind and this is why it would be always best to store up your coins on non custodial wallets on which you are the ones who've been holding
its PK's or seed phrases.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Quote from: RaraAvis on March 14, 2024, 05:28:52 PM

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.

I do not know much about altcoins, but bitcoin developers gives you so many options.

If you have a computer that you are no more using it, you can use it as a cold storage wallet.
If you have 2 or 3 devices (phone, computer or tablet), you can use 2 of them or more to setup a multisig wallet.
If you want to hold, you can go for Electum 2FA wallet. Having your 2FA on another device which can even remain offline.

batang_bitcoin

hero member

Activity: 2996

Merit: 600

Eloncoin.org - Mars, here we come!

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.

RaraAvis

newbie

Activity: 24

Merit: 1

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?

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