Home Business Follow the steps to buy Bitcoin on the Kraken exchange

Follow the steps to buy Bitcoin on the Kraken exchange

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To experience trading in cryptocurrency one needs to find the crypto trading platform or cryptocurrency exchange. There are many popular names in this regard including Coinbase, Binance, Bittrex, Gemini, FTX.US, Crypto.com, and Kraken exchange. Talking about the latter, it is a digital asset exchange that got launched in 2013. Like other exchanges, one can also practice buying crypto on Kraken

Those who are new to crypto trading might be interested in knowing how to buy crypto on Kraken. So today let us help you with how you can practice trading at the Kraken. The latter exchange platform lets buying and selling of major cryptos like EOS, BTC, LTC, and ETH for traders and investors globally. 

Steps to buy BTC on the Kraken exchange

Those who have been new to crypto trading and want to practice trading Bitcoin using fiat currency via wire transfer on Kraken must read this article till the end. The first step that you need to begin with is:

Creating an account by signing up

To begin crypto trading at Kraken exchange, you first need to visit the official website of the crypto trading platform. Here you need to create an account by registering yourself with a username, email address, and a strong and easy-to-remember password. You will see an email for verification sent to you. It is a part of the registration procedure. After that, you are signed in for the trading exchange platform by signing in. 

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Adhere to KYC requirements

After signing up, one needs to go for account verification to follow the mandatory requirements of the KYC of the crypto exchange. To get the verification status showing Starter Level, that allows buying numerous thousand dollars worth of cryptocurrency. 

For that, you need to mention your name, address, contact number, and email address. The verification process is automated and won’t take much time of yours. 

Once verification is done for trading, one can see the overview section of his trading dashboard. Then click ‘’Buy’’ for your first crypto buy. But before proceeding with buying a digital asset, it requires your account to be funded. 

Depositing USD

At present, the Kraken exchange allows funding of accounts by investors and traders through the use of twenty-nine cryptos and 5 fiat currencies which are EUR, JPY, CAD, USD, and GBP. for sending funds in fiat currency to one’s trading Kraken account, it is important to set up a venture account with Etana Custody. This will help instant fund transfer between Etana and Kraken. After setting up an Etana Venture by depositing USD in it, the user can make his initial trade on Kraken. 

Purchasing BTC

After you are done with the above steps, now you have to come back to Dashboard and click the ‘Buy’ button that you will find under the section that reads ‘Buy Cryptocurrency’. You will be asked to enter the amount of Bitcoin that you wish to purchase by using your chosen fiat money. 

Reviewing Kraken, its pros and cons

After knowing about the steps to buy Bitcoin on Kraken, now let us have an overview of the latter crypto exchange. Kraken is known to be one of the oldest BTC exchanges that can be referred to by both experienced and beginners due to its minimum trading fees and access to a wide array of coins. Kraken laid its foundation in 2011.

It is supportive of 120+ varieties of coins including BTC, SOL, DOGE, ADA, and ETH for buying, selling, and trading with competitive exchange fees. Besides this, Kraken is also known for its support for spot trading at cryptocurrency futures and the current market rates. 

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The other two main advantages of Kraken exchange include high liquidity and an easier user interface. It is also helpful with its customer support through, phone, email ticket, Help Page, and chat. One major downside of this exchange is the high fees in case you are not using Kraken Pro. It charges higher transaction fees in comparison to the latter. 

Having a simple user interface makes beginners or those who do not have prior experience in crypto trading will find it easy to access it. Kraken is an active exchange, where buying and selling at market rates is easy. 

Which are the crypto tokens available on Kraken?

Kraken exchange is supportive of around one hundred and ten cryptocurrencies. Some of these include the mainstream ones like:

  • BTC
  • DOT
  • ETH
  • UNI
  • SUSHI
  • ADA
  • DOGE
  • XRP
  • MATIC
  • LTC
  • SOL
  • XLM

Apart from all these cryptocurrencies, Kraken is also supportive of stablecoins including USDC, USDT, and DAI. There is also a provision for the conversion of fiat currencies from USD into CAD, JPY, and Swiss francs as per your wish. But note that, not all currencies are there in every country. 

How is Kraken Pro different from Kraken?

While discussing the Kraken exchange and its pros and cons, there is one mention of the Kraken Pro. Now it might be familiar with the central exchange platform, but it does come with some differences. What is that? Kraken Pro can be explained as an active trading platform that can be operated via smartphone or web browser. Its interface might seem daunting for novice traders but is worth learning. It comes with detailed information on assets. This includes active charts and a view for opening orders. 

Kraken Pro can be used by anyone having an active account on the Kraken exchange. However, the minor fees are what draws more attention than the advanced interface. Making the same trade with Kraken Pro rather than the main Kraken platform you will have to pay less by using the main interface. 

Security

Now having created your Kraken account and practicing trading is not enough. You need to be concerned about the security of your balances from the prying eyes of cybercriminals. Hence, to save your balance from getting drained, you must adhere to online security practices. After funding your account, it is best to apply 2FA or Two-factor authentication. 

Final words

So this is all you need to know about the Kraken exchange. Today in this article we gave you an overview of the latter crypto trading platform with its pros and cons. Kraken is one of the oldest exchanges that came in 2011. It supports 110 cryptocurrencies including the major ones BTC and ETH. Discover more other interesting topics on the leading crypto exchange and price tracking website Cryptoknowmics. 

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