What is Etana Custody? Does it stand out from the competitors? What can be said about the nature of its services? Is it one that you can recommend to your friends and family? We are about to find out about that in a bit. Here is the structure that the review will take:
- What is Etana Custody?
- What are the requirements for one to successful signup for this custodial service?
- How to sign up for an Etana Custody account
- What are the fees and limits that you should expect when using Kraken?
- Which are the security measures that Etana Custody has taken to ensure that customers’ funds are safe?
- Is Etana Custody genuine or is it a scam?
- Pros and Cons
Name of the platform: Etana Custody
Official Website URL: https://www.etana.com/
Overall Rating: (1.9 / 5)
Recommended: No (It has security issues)
What is Etana Custody?
Etana Custody exists as a custodial service that enables its users to deposit funds to their Kraken accounts. The five major currencies that are allowed are:
The company that runs the service was founded in 2014 and has its headquarters in New Zealand. For those who do not know what Kraken is about, we can start by having a look at it, so that we can all be on the same page.
Kraken is a well-known US-based crypto exchange platform that presents its users with an advanced trading platform that supports margin trading and has OTC options. It was founded in 2011 by Jesse Powell, to enable crypto lovers to access a platform with low transaction fees. The exchange has so far raised more than $100 million (since 2013), and it boasts of very high liquidity.
Etana Custody is therefore tasked with seeing to it that customers safely fund their Kraken accounts. To use the custodial funding methods as a Kraken account user, you need to create your separate profile at Etana Custody. The account is then connected to your Kraken account so that you can wire your funds. This makes it possible for you to send funds between your Etana and Kraken accounts.
Etana custody makes it clear that the funds that are sent in local currencies are usually converted at the current market rates for the currency base highlighted above.
What are the requirements for one to successful signup for this custodial service?
If you want to apply for an Etana Custodial account, then you should meet the following requirements, as stated on its official website:
- Your existing Kraken account must be verified ( should be at the Intermediate or Pro Level)
- The residents of the nations in the OFAC list have some exceptions during the application process. Some residents of certain nations may be required to submit more details as part of the KYC process.
- You can only use the Etana Custodial account to fund your account if you pass the KYC verification test. Individuals and Corporations are therefore required to submit all relevant documentation (government-issued, proof of income, as well as financial documents)
How to sign up for an Etana Custody account
If you are ready to get started, that is if you meet the requirements stipulated above, you can follow the instructions below to create your Etana Custody Account:
- Sign in to your already-verified Kraken account
- Look for the tab labeled “funding”, then move to “Deposit”.
- You should then select “Etana Custody”, from the funding methods presented in the dropdown menu.
- You will see a “Take Me There” button, which you should click on to be redirected to the Etana Custody official website.
- Provide the KYC documents as requested, so that the Etana Custody account can be verified.
- If your account is successfully verified, you should look for “Linked Accounts”, click on it, so that you can connect your Kraken and Etana accounts.
- You can initiate a deposit transaction from your Etana Custody account to your Kraken account.
- Upon the reception of the wire by Etana, your Kraken account will be credited instantly.
What are the fees and limits that you should expect when using Kraken?
Etana Custody has a comprehensive fees and charges schedule on its Deposits Options page (https://support.kraken.com/hc/en-us/articles/360000381846 ). From the page, you can view all the fees that you can expect to get charged when you receive funds from your bank account. The fees that are charged when withdrawing money from your Etana account to your bank account are presented in the Withdrawal Options page (https://support.kraken.com/hc/en-us/articles/360000423043-Fiat-currency-withdrawal-options-fees-minimums-and-processing-times- ). The two pages show you exactly what you will be charged for using a certain deposit method, as well as the number of days it will take for the funds to reflect in either account.
The transfers between the Kraken and Etana custody accounts are usually free, and they are completed very fast.
Which are the security measures that Etana Custody has taken to ensure that customers’ funds are safe?
As a custodial service provider, Etana cannot afford to have loopholes when it comes to the security of the funds of its users. Some of the measures that have been put in place so far are:
- 2FA via Google Authenticator and Yubike
- All withdrawals have to be confirmed via email
- Suspicious activities are usually monitored in real-time.
- Data encryption –for all sensitive client data
- Configurable account timeout
- SSL encryption when one is browsing Kraken
- 24/7 high priority live chat to help with urgent concerns
Is Etana Custody genuine or is it a Scam?
In my own opinion, Etana Custody is not a scam. It is one that has appeared in several press releases, such as the one by Finance Magnates (https://www.financemagnates.com/cryptocurrency/news/hackers-access-etana-custody-clients-details-funds-safe/). Unfortunately, the situations under which it has appeared on these press releases all point to it not being very safe. In April 2018, for instance, its security was breached, putting the data of the customers at risk. As much as the funds were safe, the customers’ personal details were stolen. This is quite risky since these details can be used to commit identity fraud.
I also looked at what the customers who have used it are saying about it, and sadly, they are not happy with what they are receiving. With a rating of (1.9/5) on Trustpilot, you can already tell that this is a service provider that needs to review its overall effectiveness in customer service provision. 88% of the customers actually perceive the services offered as being “bad”.
Pros and cons
- Kraken to Etana transfers are free
- Has been around for more than half a decade
- Poor customer ratings
- Not safe
Final Words and Verdict
Verdict: Legit (But Not Recommended)
Overall Rating: (1.9 / 5)
Etana Custody is a legit custodial service provider that enables Kraken users to deposit funds into their accounts. Etana, is unfortunately not very safe, as was proven by a recent hacking in which customers’ data was lost. I would therefore not be very quick to point you in the direction of Etana Custody until we are sure that they have really reinforced the security measures and that they are no longer a target for hackers. If you do not want to complicate your fund deposit and withdrawal into your crypto exchange account, you can try out the recommended platform below:
That will be all for this review on what Etana Custody is all about. I hope you can now move forward knowing whether it will help you achieve your objectives. If you have any more questions about it, let me know in the comments section.
I wish you well,
Eric, Investor, and Team Member, Gold Retired!