Eliminating the government from voluntary exchanges of currency is the reason crypto exists. While there are many upsides to that, it undercuts the government’s power to sanction cyber thieves, who get away with stealing tens of millions of dollars from crypto enthusiasts as a result.
If you research recent crypto security scandals, you’ll find that virtually all reputable crypto exchanges experienced major data breaches at some point — but not Kraken, and luck isn't the reason.
Kraken prioritizes security at every level. The platform built a wall of defense that renders organized attempts at significant breaches futile. The company employs two-factor authentication (2FA) protocols, uses cold storage and hot wallet solutions, implements robust data encryption practices and incorporates Proof of Reserve — a crucial feature, especially in the aftermath of FTX Trading Ltd.'s mishandling of client funds.
This allows users to log into their Kraken accounts and easily verify that the balances they hold are backed by real assets with just a few clicks. Kraken’s infrastructure also resides in secure cages under 24/7 surveillance by armed guards.
The company's responsible and rigorous approach has spurred its growth. More than 10 million users have joined the platform since it was founded over a decade ago.
Kraken has evolved into one of the largest crypto exchanges globally. The company facilitates around $207 billion in exchanges every quarter. This extensive user base provides Kraken with the flexibility to maintain low fees while delivering an exceptional crypto trading service.
(Image courtesy of kraken.com)
Maker and taker fees kick off at 0.16% and 0.26%, respectively, but diminish to negligible amounts as your monthly trading volume rises. In some cases, they can drop to 0%. Kraken caters to professional traders through its Pro version, offering access to over 300 crypto markets. Users can stake their cryptocurrencies and engage in spot and margin trading with 5:1 leverage through a powerful interface. The company has extended its low-fee policy to Kraken Pro users and futures traders. With Kraken, you can trade over 95 perpetual futures using leverage.
In the ever-evolving landscape of cryptocurrency, Kraken sets a gold standard for safeguarding users against bad actors. If you own crypto, you probably know how important it is not to keep it all in the same basket. Kraken is a great option to consider if you’re thinking about diversifying.
Click here to create an account on Kraken.