Is Kraken A Scam? The Beginner’s Guide to LPT

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Blockchaingalaxy

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I. What is Kraken?

Kraken was founded in 2011 by Jesse Powell and had the initial goal of accelerating the adoption of cryptocurrencies by providing a service that would make newcomer traders feel right at home and provide them with the opportunity to buy cryptocurrencies safely and quickly.

Kraken is a centralized cryptocurrency exchange (CEX) seeking to provide the security standards of a decentralized exchange (DEX). Since a DEX does not hold user funds, data or personal information it is less susceptible to hacking.

Following the hacking of New Zealand’s Cryptopia, Kraken CEO Jesse Powell has advised traders to store their funds offline in hardware and non-custodial wallets, and to manage their own private keys.

Only funds needed for trading should be in a Kraken trading account, advises Powell. If you want to trade fiat currency and withdraw more than $5,000k in crypto daily you will need to provide ID for verification on the Kraken exchange. The exchange is open 24/7.

II. Kraken’s features


  • A comprehensive security approach: world-class team of security experts work around the clock to cover every possible vector of attack so your cryptocurrency investments and identity stay protected.​
  • Buy and sell assets in just a few clicks: high-liquidity exchange makes sure that your trade orders are executed quickly and at the price you want.​
  • Fees as low as 0%: competitive, investor friendly fee structure rewards you the more you trade.​
  • Global 24/7 support always has you covered: Reach out to the highly qualified support team via live chat any time for assistance, or quickly find what you need with Kraken extensive support documentation.​
  • Funding options that better serve you: dedicated to making sure you can fund your account easily, wherever you are. Kraken leads the industry in fiat and crypto funding options with low processing times.​
  • Take your trading to the next level: Use margin* to trade with up to 5x leverage:​
    • Supercharge your trading with extensions of margin Kraken.​
    • *Availability of margin trading services is subject to certain limitations and eligibility criteria.​
  • Trade Futures: Hedge your spot trades with cryptocurrency futures, and maximize returns with up to 50x leverage.​
  • Personalized, over-the-counter service: Execute large trades that won’t disrupt the market with personalized service from the Kraken Trade Desk.​
  • Crypto pricing benchmarks are here with Indices: Get accurate, aggregated pricing for multiple cryptocurrencies with our real-time and reference rate indices.​

III. How do Kraken protect your account?
  • 2FA (Google Authenticator and Yubikey) to keep your account secure​
  • No Phone/SMS account recovery, your account stays in your hands​
  • Email confirmations for withdrawals with self-serve account lock​
  • Configurable account timeout for another layer of protection​
  • Customizable, granular API key permissions with range boundaries​
  • Global settings time lock for extreme security when you're away​
  • PGP signed and encrypted email for secure communication​
  • SSL encryption to protect you when browsing Kraken​
  • Constant, real-time monitoring for suspicious activity​
  • Zero settlement risk, no chargeback fraud when trading crypto​
  • Sensitive data is fully encrypted at rest and in transit​
  • High priority 24/7 live chat and email support for urgent concerns​

IV. Kraken and its advantages

Kraken has offered a variety of advantages for their users:​
  • Secure exchange with no hacking incidents​
  • Low fees on 76 currency pairs​
  • Margin Trading with 5x leverage​
  • Access to 25+ exchanges through CryptoWatch​
  • Dark pool trading​
  • Cryptocurrency derivatives trading and indices​
  • Regulated​
  • Various deposit options​
  • Available as iOS and Android App​

IV. Is Kraken a Scam?

This is a good question as many cryptocurrency exchanges are unregulated. But, as highlighted in this Kraken crypto review, the exchange offers a high level of safety because they are regulated to provide services where they operate including the United States, the UK/Europe, and Asia.

In accordance with our research, Kraken is a broker licensed and regulated by the AML and BSA. While it is a good thing that the broker is regulated, the AML and BSA regulatory agency is in comparison to 1st tier regulatory bodies like the CySEC one of the weaker regulatory authorities when it comes to investor protection.

In order to be sure that Kraken is not a scam, we hope that this article provides you with some kind of clarity about what Kraken is. If you have any questions, ideas or problems, please leave a comment below.

Disclaimer: Always do your own research before you buy any coin or token. Only you know your financial situation, investment strategy, and tolerance for risk.​
 

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