Kraken is Also a Wallet?

[GoldRigger]

Hi everyone,
I would like to know if Kraken or others exchange are wallets too?
thanks

[mk4]

Sure, they are considered wallets as they have addresses and you can use them to receive funds. But does it mean that it's a good idea to store funds on exchanges? DEFINITELY NOT. Create your own wallet. If the exchange gets hacked or if they lock up your account for some reason, then you pretty much lost your funds.

READ: Topic: [General] Bitcoin Wallets - Which, what, why?

[oldtimegin]

I would stay away from keeping a lot of money on any exchange that deals a lot in USD tether. Some people believe it could cause a major disaster bankrupting several exchanges. Kraken deals tether so please stay safe!

[cabron]

Exchanges will give you wallets where you can store coins but you definitely have no control over it, you don't have the private keys of it. Of course you can use it to store your coin but its not the safest ting to do. One wallet that is safer to use but at the same time where you can readily buy and dump is the wavesplatform bitcoin wallet. And its safe too you have the private key and password of it.

[ankurguta87]

Kraken is exchange and every exchange have wallets for each coin they are supporting. Like if you are converting BTC to XRP then exchange should have wallet to save your XRP.

[GoldRigger]

Sure, they are considered wallets as they have addresses and you can use them to receive funds. But does it mean that it's a good idea to store funds on exchanges? DEFINITELY NOT. Create your own wallet. If the exchange gets hacked or if they lock up your account for some reason, then you pretty much lost your funds.

READ: Topic: [General] Bitcoin Wallets - Which, what, why?

Oh thanks! that's a nice guide... for you is better hardware wallet or online wallet like blockchain?

[marinko9]

Kraken is an exchange and you can store supported coins on such exchange as well and generate coin addresses to deposit coins, but it is not your private wallet for the coins meaning that if the exchange is down or something you can't access your coins if you have stored them on the exchange.

[djmano]

If you have a reasonable amount of money invested in crypto I would invest in a hardware wallet like a Trezor or Ledger Nano. If you want to be really, really safe you can put your crypto in cold storage, but if you are moving your funds around regularly this would not be a very convenient option.

[GoldRigger]

If you have a reasonable amount of money invested in crypto I would invest in a hardware wallet like a Trezor or Ledger Nano. If you want to be really, really safe you can put your crypto in cold storage, but if you are moving your funds around regularly this would not be a very convenient option.

Yup, I was reading for Ledger Nano..it's not cost so much

[Philpi]

You can buy also Keepkey or Trezor. I prefer Trezor.

[Combat393]

Every exchange offers its wallet. But you should know, that exchanges are quite a touchy subject for certain people and with good reason; a lot of users have arrived too recently to remember the many, many, many exchanges that have fallen victim to hacks, seizures, shut-downs and outright exit scams. There has been millions of dollars stolen by, from and through exchanges over the years and so be careful when you're asking about the most trusted exchanges, because often the biggest exchanges are the ones which fall hardest.

[mk4]

Sure, they are considered wallets as they have addresses and you can use them to receive funds. But does it mean that it's a good idea to store funds on exchanges? DEFINITELY NOT. Create your own wallet. If the exchange gets hacked or if they lock up your account for some reason, then you pretty much lost your funds.

READ: Topic: [General] Bitcoin Wallets - Which, what, why?

Oh thanks! that's a nice guide... for you is better hardware wallet or online wallet like blockchain?

Only use online wallets when you live in a country whereas bitcoin is widely used, because you're going to probably need some bitcoin on your phone for you to easily use them. However, if you're just planning on holding on to your bitcoin in a safe and secure manner, surely purchase a hardware wallet like the Trezor[1] or the Ledger Nano S[2].

[1] https://trezor.io/
[2] https://ledgerwallet.com/

[LisaOrange]

Kraken is an exchange that has a low limit... I recommend you use Paxful.com

[Hadrop.Boyle]

The next problem is, when you store Cryptos at a exchange that they are slow with withdraws especially when you need it :-(

[MintDice]

Some services such as Coinbase claim that all the currency that they hold in their exchange are insured against theft and that this insurance policy would cover any customer funds lost, but it’s probably not something that you want to put to the test.So, with the stakes being so high, the safest option is to store your currency in a cryptocurrency wallet.

Hope this helps!

[nivanis]

Kraken supports only a limited number of coins.
If you want to purchase other icos that are not supported you will have to transfer the funds to another exchange.

Once you have purchased coins on the kraken account I suggest you move the coins to a wallet (for better security).

[paxmao]

The exchanges allow you to store many cryptos, so you could potentially use them as wallets (read previous posts for safety reasons not to do so). But these would be very expensive wallets as they charge a withdrawal fee that can be high for small amounts (i.e. 5 to 10 USD).

If you are in a hurry, don´t want to go into technical details or learn, don´t trust web wallets and you really need something setup quickly... I guess you could use an exchange.

[Hadrop.Boyle]

The Exchanges (central) are not only wallets, they are targets too. Because they manage and hold a lot of value.
And I guess you already heard of MtGox. Robbery and mismangement only two scenarios, you can loose everything without any influence.

[Crypt0nonimus]

They are, however, the real question of it is how secure are they? I personally use Paxful and they're the best

[0RajA0]

Hi everyone,
I would like to know if Kraken or others exchange are wallets too?
thanks

Kraken provides wallets for free to all account holders. To see deposit addresses for your wallet, visit the funding > deposit page and select the relevant asset on the left side. You may need to generate a wallet address for one to be visible. Kraken uses cold storage and a hot wallet like many digital asset exchanges, so your sending address for a digital asset will not be the same as your deposit address. Please do not attempt to withdraw digital assets from Kraken if ownership of the sending address is relevant to the transaction (for example, if you're depositing into an initial coin offering (ICO) address, Kraken's hot wallet will be the depositor and not your personal Kraken deposit address).