A static password can be used as a Two-factor Authentication (2FA) method on a Kraken account for account login, deposits & withdrawals, trading, and as a Master Key, to provide another layer of account security. A static password is less secure than using an Authenticator app or Yubikey, since the password does not change with each use.
How to set up a static password for Two-factor Authentication (2FA)
1. Log in to your Kraken account
2. Click on the "Security" tab and click the "On/Off" dial under "Login", "Deposits & Withdrawals", "Trading", or "Master Key".
3. Click the “SET IT UP” button for “Static Password”
4. Enter the password that you have created in both boxes. It is important that this password is not used anywhere else, and it must follow the password rules. Then, click the “SAVE” button.
5. Depending on which action you set up 2FA for, the "On/Off" dial will be green and show “ON”, and in this case, "Static Password" will be shown as the method. Below, is how it will look for login, but if set up for other actions, it will look the same.
6. Congratulations, you have secured your Kraken account! You have successfully used a static password to set up 2FA for "Login", "Deposits & Withdrawals", "Trading", or as a "Master Key" on your account!
Security Tip: Static passwords must follow the password rules, and should be long and complex. It is recommended that you use a password manager, a computer program used for generating and storing passwords. If you want to know more about password managers, see the links below: