Are your assets safe on Kraken??

[Catenaccio]

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.

When sending your bitcoin or cryptocurrency to a centralized exchange, no one can guarantee that your asset will be safely there.

It depends on that exchange, its security, scam or not, risk of collapse because of bad capital management or not. You can not control all these.

You can lose your asset if you lose your exchange account, email and 2FA but this risk is smaller than risk from the exchange.

Reminder: do not keep your money in online accounts
Exchange graveyard
Report on Crypto Exchange Hacks

[pinggoki]

Don't judge it based on a few bad reviews, the only time that you should be concerned that an app or a service is a bad one is if you see that there are people that have lost their money or crypto in that exchange without any explanation but besides that, most of them are probably not compatible with it or they find it difficult to use. Good to keep in mind too that when you store your bitcoins on an exchange, you're going to end up relinquishing your control over your bitcoins which isn't the ideal thing that you should do in the case that the CEX that you're using goes under and you have some crypto still in it then you're going to end up having big problems, it's not recommended but it's not outright a bad idea to store it there, maybe a part of what you're hodling or maybe just the amount that you'd need to quickly sell. No matter how trustworthy a exchange may look, you will never know if there's an attack or fraud that's going to happen and you're not going to have any power over your crypto there since it's not yours technically.

[synchronym]

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?

Generally newbies may think that it is right to keep exchange wallets in their wallets, but keeping exchange wallets in their funds is never a right decision, it is a very wrong decision. First of all we have to provide wallet security if you want you can definitely use your many it is very secure wallet if you want to consider that your money is personal safe you can definitely use hardware wallet. However, hardword wallet is definitely much safer than exchange wallet. However, you have to decide if you want to use hardword wallet or exchange wallet. I myself use hardwat wallet so suggest you to use it.

[sokani]

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.

I've never used the exchange before, so I'm not in the best position to give you any information about it services. However, one thing I know about some of the reviews on Playstore is that they're not always correct. Some reviews may be correct but some persons have the habit of throwing dirts at projects they've not interacted with for only God knows why.

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.

If your intention is to store your assets on kraken, then I'd advice not to do so, only buy on the exchange and store your assets on your personal wallet.

[leonair]

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.

Right, All cex risks are reputable exchange sites like Kraken or Binance. Because when you deposit any money in cex you will not have complete control over it. so the exchange platform can cheat with you if you want. on the other hand, there will be fear of hacking. So it cannot say that its funds will be safe on Kraken. FTX was also a top exchange yet it went bankrupt. so no one can guarantee that nothing like that will happen with Kraken

[boyptc]

Updates are normal for the apps to get the latest security protection for their users. But even if they will keep on updated, the best security is that you hold your own crypto but not through Kraken or any exchanges.

You have to practice your own security by handling your seeds and deposits. This is why we are our own bank in here because we handle our own funds and assets.