Just two years after the sudden appearance of Bitcoin and Cryptocurrency back in 2009, Kraken Exchange, one of the most well-loved crypto exchange platforms, came to life.
In this video, we’ll be exploring one of the oldest existing crypto exchanges out there. We’ll be discussing how to create an account, how to get verified, how to fund an account, how the fee structure works, and how to buy, sell, and trade cryptocurrency on the platform.
Creating An Account
Creating a Kraken account is very straightforward. You have to visit www.kraken.com, click on the create account button, fill-up the form with the details needed, and you’re done. Just like most websites, you just need to check the inbox of the email you used for an activation key that you can then enter to complete the activation process.
Ensure to NEVER share your Kraken account with anyone—not even people you trust—because if others get access to your Kraken account, they might also get access to your precious crypto.
Verifying An Account
Verifying your Kraken account is what allows you to deposit funds and make trades, so it’s definitely essential. Several laws and regulations require verification on the exchange to ensure that fraud is avoided and KYC and AML regulations are followed.
There are several levels of verification options for Kraken Exchange. The starter adds security settings and provides access to the apps but does not allow you to withdraw cash and deposit cash. The express is generally the same, but you can now deposit and withdraw cash with a lifetime limit of $9,000. The intermediate and the pro are much better with high limits, but they require certain documents like a passport, driver’s license, or national identity card.
Funding An Account
Funding an account can be done through a debit card, credit card, crypto deposits, or cash payments through wire transfer services. Paying with a card is simple. Start by clicking the Buy Crypto button on the top right of the dashboard, select the “add debit and credit” option, and enter your card details. Once your billing address is confirmed, you can proceed to fund your account.
Paying with cash is a bit more complicated. Users can fund their accounts by depositing cash via a wire transfer from their bank accounts to Kraken’s MVB Bank. A 72-hour withdrawal hold will be in place, and only US customers are eligible for cash payments.
The Fee Structure
Kraken has incentivized market makers who provide liquidity with a lower fee rate like other crypto exchanges. Fees are charged on a per-trade basis and they’re calculated as a percentage of the trade’s quoted currency volume. They provide lower fee incentives to those who trade more over the past 30 days, so frequent traders get more benefits. ,To find out more about the specifics, visit their website.
Buying, Selling, and Trading
Buying, selling, and trading crypto on Kraken Exchange isn’t hard. First, you have to select a currency pair of two cryptocurrencies, and then you’ll need to fill out the order form, submit the order, and wait for the execution. Once the order is executed, you’ll receive a confirmation on the app.
Making money is the end goal of everyone using Kraken Exchange, but it isn’t as simple as buying, selling, and trading cryptocurrency. One has to be well-informed about the trends, tendencies, and ups and downs of different Cryptocurrencies to trade well and make a profit off of them.
If you want a reputable crypto exchange that has constantly improved its solid services over the years, Kraken Exchange is your choice.
What did you think about this video? Do you use Kraken Exchange? If so, what are your tips for other users? Feel free to comment down below.
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