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Is Kraken down? How to check if payments are suspended

KRAKEN users struggling to access the crypto exchange will want to know if the site is down, and if payments are suspended.

We explain how to check and what investors should be aware of.

We explain how to check if the Kraken crypto exchange is down

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We explain how to check if the Kraken crypto exchange is down

Kraken launched in 2013 and currently has around 7million cusomers.

Investors should keep in mind that it’s not a guaranteed way to make money though, and you could actually lose all the cash you put in.

Cryptocurrencies are highly volatile, meaning their values can go up or down in the blink of an eye.

In other words, you should never invest more than you can afford to lose and don’t put money into something you don’t understand.

5 risks of crypto investments

BELOW we round up five risks of investing in cryptocurrencies.

  • Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
  • Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
  • Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market. 
  • Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
  • Marketing materials: Firms may overstate the returns of products or understate the risks involved.

Is Kraken down?

Kraken is currently operating as normal with no issues affecting users, according to outage tracking website DownDetector.

In comparison, almost 100 users complained of problems on May 19.

At the time, some were unable to do any conversions while others complained of “500 errors” when trying to submit orders.

How to check if Kraken is down or having issues

You can check DownDetector to see if Kraken is down completely or having issues where you are.

Kraken also has a service page of its own, listing the status for Kraken futures, Kraken API, digital currency funding and payment methods.

Cryptocurrency investors can also check the status for staking, which is a popular but very risky way to earn extra money.

Kraken users can also use the service status page to check scheduled maintenance, and to subscribe to updates.

Plus, it’s worth keeping an eye on its social media channels if you suspect the site is down.

Your rights if payments are suspended

Whether Kraken has crashed completely or not, the site sometimes suspends payments and withdrawals.

Trading disruptions do happen on the cryptocurrency markets, where there is little regulation in comparison to stock exchanges.

In February, Etoro customers were locked out of their accounts just as the cryptocurrency markets crashed.

Meanwhile, Coinbase recently disabled Ethereum withdrawals temporarily.

The frequency can cause problems to investors, who’ll be unable to withdraw their assets during suspensions.

Due to the volatility of cryptocurrencies, you may find that the value of your investments plunge during suspensions – and you typically won’t be able to do anything to stop it.

If you’re worried about suspensions, keep an eye out on Kraken’s website and social media channels.

We explain how to check if Kraken rivals Binance and Coinbase are down.

Finance guru Suze Orman has revealed she’s invested in Bitcoin – but she also issued a cryptocurrency warning.

Meanwhile, Binance was recently banned in the UK by the financial regulator – find out why.

El Salvador makes history by being first country to approve BITCOIN as legal tender




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