Are your assets safe on Kraken??

[RaraAvis]

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?

[batang_bitcoin]

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.

[Charles-Tim]

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.

[Hamphser]

^ 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.

[RaraAvis]

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.

[Cookdata]

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.

[Dr.Bitcoin_Strange]

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?

As long as your asset is on a centralized exchange or platform, it is not 100% safe. I have not used Kraken wallet before, but my friend who used it said it was a decentralized app. Just like trust wallet, which is owned by Binance Exchange, Kraken has its own trading platform too. For the sake of asset security, use a highly recommended wallet like an electrum, an exodus, or a blue wallet.Just as Charles-Tim has said, if you have an old device that you have not used in a long time and perhaps you are not using it again, you can convert it into your hardware wallet since you are yet unable to purchase a hardware wallet. 

The second opinion I want to give is that, after you create your wallet address, manually back up your secret phrase by writing it down, copy your deposit address or public wallet, then delete the wallet and use only the public address to import back the wallet app only on as "watch wallet". Anytime you want to carry out a transaction in that wallet, that's when you should import the wallet with your secret phrase. 

[RaraAvis]

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?

The second opinion I want to give is that, after you create your wallet address, manually back up your secret phrase by writing it down, copy your deposit address or public wallet, then delete the wallet and use only the public address to import back the wallet app only on as "watch wallet". Anytime you want to carry out a transaction in that wallet, that's when you should import the wallet with your secret phrase. 

this I do not get at a first read. But I will do my best to understand what you meant!

[bcfr]

I'm with Kraken for many years now. Never had any issue.

As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.

As of my opinion. Your funds are safe with them as long as not violating AML and other policies.

[RaraAvis]

I'm with Kraken for many years now. Never had any issue.

As they are registered financial institution the have to comply with laws (KYC ...) and I believe most of the bad reviews you found was done by "not so much law abiding" users or just someone who lives in crypto hostile jurisdictinon and kraken was forced to do some action.

As of my opinion. Your funds are safe with them as long as not violating AML and other policies.

Thank you )

[bcfr]

You're welcome,
 as of other questions:

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

Well, there is a XAPO. Should be some super secured bank with vault somewhere in swiss mountain.

...
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.
....

The real key to funds within most hardware wallet is seedphrase (which you will get when creating new wallet).
This seed phrase is all you (or attacker) needs to know to move funds. Very important to keep this safe.

HW wallet itself is protected by some password (pin etc.) ... usually required for each transaction.
If you forget pin or you lose (broke) the device then you still can gain access to funds using the seedphrase.

[ScamViruS]

When you use a centralized exchange, there is a risk of your account being closed and losing your assets, because the centralized exchange does not control your funds, Cex controls your funds, so they can block your withdrawal at any time for any reason. Crypto users on CEX exchanges face various problems from time to time, and most of the time they lose their funds even when there is no fault of theirs. A newbie crypto user doesn't have that deep knowledge of how to manage cryptocurrency, which makes them easy prey for cex most of the time.

So be careful before using any centralized exchange because you will not have control over your funds because you don't have funds in your wallet, because even a small wrong decision can put you in a lot of trouble and we are already seeing this.

[Potato Chips]

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?

As long as you keep your mnemonic seed and passphrase (if any) safe, you will have access to your bitcoins because these are not tied to your wallet. You could always import or sweep your funds in any compatible wallet to have access again.

That being said, it's advisable to keep multiple backups in a safe place. You could write it down on a paper but there also other options like metal plates or washers.

If you haven't yet, I would highly suggest reading a few beginner guides for bitcoin  

1. https://learnmeabitcoin.com/
2. https://bitcoiner.guide/

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

Storing huge amounts in any custodial means is not advisable. We've had cases of exchanges getting hacked, exit scamming or the famous FTX'd lol.

Self-custody remains the best choice because we at least have control on safekeeping our bitcoins unlike in custodial platforms where it is purely up to them.

[2Pizza410000BTC]

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?

Let me start by saying that I have not used Kraken Exchange so I have no idea about this exchange wallet. But if you feel problem then you should avoid using that exchange wallet because using exchange wallet is not very safe. I have used binance exchange but I think binance exchange is much better you can use binance exchange wallet. If you are looking for a strong wallet then avoid using third party wallets and use your own wallet as you will be much more secure.

[MFahad]

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?

Are you funds in Bitcoin? If they are, why don't you use Electrum to store your Bitcoins until you get a hardware wallet? Electrum is an open-source, noncustodial Bitcoin wallet, there is no third-party involved when you are keeping your Bitcoin in Electrum, it is just you and the wallet because you are the only one holding the keys and everything to your wallet, so you wouldn't be worried about anything as long as your device is safe.

Keeping funds in an exchange is never recommended unless you use those funds for regular trading activities, but if you don't, you shouldn't keep them there because an exchange isn't a wallet and it serves a different purpose.

[GreatArkansas]

For me, Kraken is trusted. Kraken is one of the OG cryptocurrency exchanges.
Now they are still here, even they are not number 1 crypto exchange, I still trust them and even I don't use it, I can hear a lot of good reputation and less issues.
A lot of exchanges already shut down but this exchange is still here.

[God bless u]

What I have heard of kraken is that it is a reliable and good exchange. It stores your 95 percent of deposits in offline cold storage and promises you security on that..now what happens here is that people misuse and violate the rules and then when they lose assets they act like that they've done nothing and they were scammed.

There might be a possibility that the exchange might have done wrong to someone but if that was the case why a large number of people are still using it that's the point we have to think about right now. So that's up to you go on with a deep market research then put your assets in because you will never want them to disappear like the ones you mentioned in your thread

[RaraAvis]

Again, thank you all for participation in my discussion and your support!

[alastantiger]

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?

If you have small bitcoin asset and you want to hold for a short time, then your assets are safe on reputable exchanges. You can find them on coinmarketcap. If you intend to hold large bitcoin asset for long term then self custody is the best option for you. It won't be safe on an exchange. It is going to be safe only in a software wallet or hardware wallet that only you have full and complete access to.

Follow the most recommended on the forum and if you get confused about anything, ask questions to you don't lose your funds. 

[ScamViruS]

Again, thank you all for participation in my discussion and your support!

Because you are a newbie and in bitcointalk community everyone tries to support newbies, and you want to know about such a topic, so the community joins your discussion, as a result of discussion in your thread, this thread will be helpful for other newbies as well. Hope you already understand that holding funds in Cex exchange is not safe even it doesn't matter how popular the exchange is, own wallet should always be preferred for long term fund hold.