In Australia, Beaufort Fiduciaries Pty Ltd (ACN 162 139 871, AFSL No. 545124) provides wholesale clients with access to derivatives where the underlying assets are digital assets. Derivatives are complex, regulated financial products that are difficult to understand and may not be suitable for inexperienced investors. For eligibility, terms and conditions click here. Krak Pay is offered by Bit Trade Australia Pty Ltd (ACN 163 237 634), Authorised Representative of Flexewallet Pty Ltd (AFSL 448066). This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and read the relevant disclosure documents before making any decision.

What is a Master Key?

Last updated: 2 October 2026

A Master Key is an additional security feature that you can turn on to:

  • •

    Prevent an unwanted password reset, even if your email account is compromised. When a Master Key is enabled, it’s required to reset your Kraken sign-in password.

  • •

    Use it as an alternative Sign-in 2FA method.

  • •

    Turn off the Global Settings Lock (GSL) immediately, if it’s enabled on your account.

We recommend setting up a Master Key alongside your other security features.

  • •

    Passkey (recommended). Passkeys are phishing-resistant: they only work on Kraken’s real site, so there’s no code to enter on a fake site or share with a scammer. You can create a Passkey on a mobile device, in your browser, in a keychain or password manager such as iCloud Keychain or 1Password, or on a Hardware Security Key that supports FIDO2. Which options you’re offered depends on your device, browser and operating system. See What is a Passkey?

  • •

    Authenticator app. If you choose an authenticator app instead of a Passkey, be aware of the risks: its codes can be entered on a phishing website or shared with a scammer, and codes synced to a Google, Apple or Microsoft account are exposed if that account is compromised. See Risks of using an authenticator app.

  • •

    Static password (not recommended). This is a legacy method. If you already use one, we strongly advise you to update to a more secure option, such as a Passkey.

  1. 1

    Sign in to your Kraken account.

  2. 2

    Go to your Security settings, then Advanced Settings.

  3. 3

    Next to Master Key, click Enable.

  4. 4

    You may be required to confirm with Step-up 2FA.

  5. 5

    Choose your Master Key method.

  6. 6

    Follow the on-screen instructions. If you choose a Passkey, you may be offered different places to save it, such as your device or a Hardware Security Key, depending on your device, browser and operating system.

REMINDER

Keep your Master Key on a different device from your Sign-in 2FA. For example, if your Sign-in 2FA Passkey is on your phone, create your Master Key Passkey on a Hardware Security Key.

Never keep both in the same authenticator app. See Risks of using an authenticator app.