is one of the largest and oldest Bitcoin exchanges in the world, also known as the best place to buy and sell crypto online which offers excellent service, low fees, versatile funding options and rigorous security standards.
Let’s wait no more! In this piece, we take a step-by-step look at how to use Kraken and conduct trade on the exchange.
A Kraken account can be easily signed up by clicking the “Create Account” on the top-right corner of its landing page. You are then required to fulfil some general information including your email address and desired password.
Enter your details and wait for the confirmation link that consists of “Activation Key” to be sent to you.
Note: A confirmation email should arrive within 1-5 minutes, if it doesn’t, kindly check your junk mail folder.
The sailing season is about to start…
To activate your account, enter the activation key emailed to you, your username and password, complete the ReCaptcha, then click on “Activate Account”. Your Kraken account has been activated. You can now start sailing!
To start trading, sign in and click the “Get Verified” tab to select the account type that fits your trading and funding needs.
Kraken provides 3 options for ID Verification with each subsequent option requiring more complex verification processes along the way.
For simplicity, you may choose the “Starter” option due to its low requirements and account limits.
Most traders would opt for “Starter” or “Intermediate” due to the low barriers of entry and manageable requirements.
While “Pro” is the preferred option for institutional traders or large investment funds.
There is no doubt that Kraken is the most trusted cryptocurrency exchange on the market, anyhow, safety starts with ‘S’ but begins with you.
In order to add a secondary layer of security to Kraken account, you are highly recommended to enable Two-Factor Authentication (2FA).
Head over to the “Funding” tab, then click “Deposit”.
You will be required to acknowledge that Kraken is not responsible for the loss of funds.
Next, choose the coin you intend to deposit to your wallet from the list of supported cryptocurrencies located on the left side of the page. In our example, we selected Bitcoin (XBT) and then clicked “Generate New Address”. A deposit ID will then be generated, and you can use the address to send funds to it (from another wallet or exchange).
Note: Bitcoin generally uses the abbreviation of BTC, however, Kraken assigns Bitcoin with an abbreviation of XBT.
Placing a Trade
Simply navigate to the “Trade” tab and then “New Order” tab. You can place a trade at market price or setting a limit order.
Market orders simply refer to a quick and easy process by attempting to purchase the asset at its best price and fulfilling the order as soon as its executed.
A limit order refers to a triggered event that only buys or sells the asset when it reaches certain conditions such as your target price ― great for those wishing to target a particular entry or exit position.
In our case, we entered the amount of 0.0002 XBT (the amount of bitcoin we desired), selected “Market” and then click “Buy XBT with EUR”.
Ta-da! You have successfully purchased XBT on the Kraken exchange.
In order to withdraw cryptocurrencies from your Kraken account, you must first add and confirm the withdrawal address. To withdraw, simply navigate to the “Funding” then “Withdraw” tab and select the currency you want to withdraw on the left-hand sidebar.
Next to the “Address” field, select a previously added address, or click the “Add Address” button to add and confirm a new one.
Enter the amount you would like to withdraw in the “Amount” field. Make sure the amount is greater than the minimum listed directly under this field (e.g. 0.00500 XBT).
Last but not least, click “Review Withdrawal”. Double-check that all of the information is correct and then click ‘Confirm withdrawal’.
Note: Read carefully. Once a withdrawal has been sent and marked as “Success” in your Kraken account, it is impossible to cancel or reverse the transaction.
You will see a confirmation with your withdrawal ID and receive an email notifying you that a withdrawal from your account has been requested.
That’s it! You have now completed a cryptocurrency withdrawal from your Kraken account!