The Beginner’s Guide to Kraken

Cryptocurrencies have managed to reach their highest level of popularity when it comes to being an appealing investment option for investors. However, before any investor can jump in on this bandwagon, they need to create an account at a cryptocurrency exchange that will actually allow them to buy as well as sell tokens, to begin with. 

Kraken is one of the largest as well as one of the most popular centralized cryptocurrency exchanges that offers hundreds of trading pairs. Today, we will be taking a look at a step-by-step guide towards getting into the Kraken exchange and using the exchange to its fullest.

Overview for Fast Readers

  • Kraken has a reputation for its ease of use and newcomer-friendly written content that can get any newbie investor up to speed.
  • Kraken gives you access to more than 50 cryptocurrencies with a minimum deposit requirement of $10.
  • Signing up for a Kraken account requires you to input and verify personal information; however, this is a process that takes only a few minutes to complete.
  • The process of actually buying and selling cryptocurrencies is straightforward as well, and you should have no difficulties getting up and running.

What is Kraken Exchange?

Kraken is a cryptocurrency exchange that is based in San Francisco, California, and supplies an advanced trading platform where you can get access to margin trading and OTC options. Kraken employs an independent as well as cryptographically verified audit in order to prove to third parties as well as their customers that the funds are held effectively.

Where is Kraken Exchange Located?

The Kraken exchange is located in San Francisco, California.

When was Kraken Launched?

The exchange started operating in 2013 where it initially raised $100 million and constantly acknowledges its high liquidity, high level of security, and the fact that it provides access to 24/7 live support for all of its customers. 

About the Founders

Kraken was founded in 2011 by Jesse Powell and had the initial goal of accelerating the adoption of cryptocurrencies by providing a service that would make newcomer traders feel right at home and provide them with the opportunity to buy cryptocurrencies safely and quickly.

How to Create a Kraken Account (Step-by-Step Tutorial)

One of the key benefits of deciding to go with Kraken is the fact that it is easy and quick to set up a new user account. With the right available information next to you, you can get from the starting line to the finish line in just a few minutes. Here, we will walk you through the process step-by-step, so you don’t have to feel lost any step of the way.

  1. Visit Kraken.com

The first step towards setting up an account on Kraken is visiting the website and navigating to the “Create Account” option on the top right corner of the screen.

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  1. Input Your Basic Information

On the following menu, you will be prompted to input some basic information.

This information includes your email, username, password, and country of residence. 

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  1. Activate Your Account

Another critical feature of Kraken is that it will send you an activation code that you need to enter afterward to your email address. Simply find the email in your inbox and enter the code.

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  1. Verify Your Account

Here, you need to verify your account so you can begin the trading process itself.

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Simply click on Verify Account to begin.

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Here, you will have three options, Express, where you can be verified in under a minute, as well as Intermediate and Pro.

You can click on Express for the time being.

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Here, you will need to fill in some information, such as your first name, last name, date of birth, occupation, address, city, state, ZIP code, Country, Phone number, and last four digits of SSN.

However, if you want to make bank transfers, you’ll have to do the intermediate verification.

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Here, aside from filling in this basic information, you’ll need to upload some other information, from your ID to proof of residence through an electricity bill, and some other information.

Once it’s verified, it should look like this.

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How to Use the Kraken Exchange

Using Kraken is also straightforward. 

  1. To make a FIAT deposit, go to account balances on the home page and click on US Dollar (USD).
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Click on deposit.

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Pick your desired Deposit Method.

  1. The same goes for cryptocurrency deposits.

Simply go to the Crypto Assets Tab, and sort them accordingly.

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Select the currency in question, and click on deposit.

For example, let’s click on Bitcoin, as a lot of people tend to pick Bitcoin with the intention of making money.

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Click on “Yes, I acknowledge.” 

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Click on “Generate New Address” 

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This will generate the address that you can send your cryptocurrency too, so it can show up in your Kraken account.

Buy Crypto’s

Buying cryptocurrencies is a straightforward process as well.

  1. From any point in the page, click on “Buy Crypto” that’s located on the top center of the screen.
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Let’s select Bitcoin as it’s the most popular cryptocurrency to buy, and let’s put in $100.

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If you have funded your account, you can select to pay with your Kraken USD Balance.

Click on Preview Buy, and if you agree with everything, click on buy now.

Sell Crypto’s

If you want to sell your cryptocurrency, do the exact same thing, but this time do it on the “Sell” menu.

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Enter the amount of BTC you would like to sell, and that’s all there is to the most basic way of buying and selling cryptocurrencies on Kraken.

FAQs about Kraken

Is Kraken Good for Beginners?

Kraken has a simple user interface that makes the exchange beginner-friendly, as well as a lot of resources that educate new users about each and every aspect of both the exchange and the tokens on it.

Is Kraken a Safe Exchange?

Kraken takes security very seriously, as you can enable two-factor authentication. Furthermore, their volume reporting is believed to be accurate.

Has Kraken been hacked?

Kraken has historically never been hacked.

What is the Minimum Deposit for Kraken?

There is a minimum deposit required for each type of deposit, as well as an address setup fee or deposit fee for specific cryptocurrencies. 

Summary

Kraken is a really popular and newcomer-friendly cryptocurrency exchange known for its simplistic user interface, high-quality content, customer support, and variety of cryptocurrencies on offer. Furthermore, it keeps 95% of the digital assets in cold storage, and all of the servers are under surveillance systems. 

Given the fact that it has been on the market for quite a lot of time, it has built up quite the community, and it provides newcomer traders with all of the resources they require to do their due diligence on a cryptocurrency token before even making their first investment.