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 Kraken Pro interface.
Below are screenshot examples of what you would see when 2FA for Trading is enabled.
1. Creating a new Order:
2. Canceling an Open Order:
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 Sign-In 2FA on your account, you will be prompted to do so first before setting up 2FA for Trading.
2. Click on your name in the upper-right corner of the page.
3. Click on Security > 2FA Settings.
4. Click the On/Off switch under Trading or "Change method" and choose the 2FA method you want to use.
The methods available 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) or a Sign-in 2FA in order for it to be effective. Enabling Sign-in 2FA activates Step-up 2FA on your account. Step-up 2FA is an extra step that is required anytime you want to add, edit or remove any 2FA settings on your account. Once a change to your Kraken account is requested, you will be prompted to confirm your Sign-in 2FA again via the 6-digit code from your authenticator app or via your YubiKey. The code must be entered correctly before any changes can be made to the 2FA settings on your account.
If you choose not to use Sign-in 2FA, you must enable the GSL. Without the GSL, the Trading 2FA can be easily removed or changed by anyone who gains access to the account.