While Kraken’s cold storage and unhacked record make it one of the safest crypto exchanges, it’s not completely secure. As with any online platform, user vigilance is essential. Enable all of the security features Kraken offers and consider using a hardware wallet for large holdings.

Like most other crypto exchanges, Kraken security review is targeted by hackers. Its chief security officer says it’s “on the radar of every hacker out there” and that attacks are daily occurrences.

Kraken Security: How Safe Is Your Crypto

The good news is that Kraken has built a robust security team and infrastructure to protect its customers and their assets. The company partners with outside experts and regularly checks its security systems, ensuring they’re up to date. It also has a multi-tiered verification process, requiring users to provide documentation to verify their identities and prevent fraud.

Nevertheless, cyber attacks remain common and it’s important to keep a few best practices in mind. Keep an eye out for phishing attempts (Kraken will never ask you to share your username, password or 2FA code via email or phone). Check the URL of any website before entering your credentials and don’t click suspicious links. And, of course, always use a strong password and enable sign-in 2FA (ideally with Passkey or YubiKey), and use step-up 2FA when making any changes to your account.

It’s worth pointing out that Kraken isn’t insured. Its crypto assets are held in various funding provider institutions’ corporate bank accounts and are not covered by any deposit insurance program.