How does two-factor authentication (2FA) for Trading work?

Note: Trading 2FA is not compatible with the interface at Kraken Pro


Enabling Two-Factor Authentication (2FA) for Trading improves account security by requiring a 2FA code when making any trades on your Kraken account. Doing so ensures that the balances and positions you hold are unchangeable without access to the Trading 2FA.

The downside to adding this security feature is that it may slow down your ability to place/cancel trades and it is not compatible with the interface at Kraken Pro

Below are screenshot examples of what you would see when 2FA for Trading is enabled.

1. Creating a new Order:

2FA_trading-1.png

2. Canceling an Open Order:
2FA_trading-2.png

 

Should I set up Trading 2FA?

When considering whether or not to set up 2FA for trading on your account, consider how often you are making trades on your account. If you use your Kraken account mostly for holding assets or you seldomly trade, we recommend that you utilize the Trading 2FA feature.

If you are frequently trading, the constant 2FA requirement may create delays in how quickly orders are created or cancelled. In this case, we recommend utilizing a combination of the other security features we offer.

How do I set up Trading 2FA?

If you have not already set up a Login 2FA on your account, you will be prompted to do so first before setting up 2FA for Trading.

You can set up a Trading 2FA by logging in to your Kraken account and clicking on the “Security” tab. Next, click the "On/Off" dial under “Trading” and choose the 2FA method you want to use.

The methods are:

It is currently not possible to use Yubikey for Trading 2FA.

IMPORTANT: After enabling 2FA for Trading, you must also enable the Global Settings Lock (GSL) in order for it to be effective. Without the GSL, the Trading 2FA can be easily removed or changed by anyone who gains access to the account.