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Kraken Review: How to Create Account, Trade, and Withdraw on This Cryptocurrency Platform
The crypto world is on fire after institutional investors pumping it with their cash. It is witnessing a dramatic turn around when celebrity personalities tweet or advocate it , especially Micheal Saylor and Elon Musk for the record. This is why more and more individuals are shifting to digital trading with digital assets.
But which platform is ideal for me? That’s the prime question every beginner and even a regular crypto trader will ask the most. No doubt, with the rising trend of cryptocurrency, more and more exchange platforms are emerging that give you the surety of trading.
But do they have legit trade? What if you get cheated?
That’s why we came up with another secured and reliable cryptocurrency exchange platform, which is Kraken.
Kraken has everything- security, ease of trading, and two-factor authentication that give you the surety of trading. In this guide, we’ll explain every little detail to you that helps to start trading on this platform easily.
Let’s start with the Sign-up process.
How to Create an Account on Kraken?
If you are a new crypto trader and want to start trading on this platform, you need to create an account.
Step 1: Account Signing Up
First, visit the site Kraken.com and then click on the Sign-up and then create an account.
Step 2: Enter the Details
Fill in all the details like email address and user name, and password that you wish to set. Once you have all the details, click on ‘agree’ and then create an account. After that, an account activation code will be sent to your email.
Step 3: Activate your account
You need to follow the activation link to activate your account. Once your account is activated, you will be directed to the homepage of Kraken. After that, you can go for three-tier verification to start trading on the account.
Step 4: Account verification
To verify your account, you need to click on “Verify Your Account.” After clicking on it, you will be directed to the page like this. You can choose either of the plans to verify your account. If you are a beginner, then go with the starter plan and click on verify. It will take two minutes to verify.
Here, you need to fill in the basic details like name, date of birth, address, postal code, and phone number. After filling in all the details, click on next. It takes two minutes to verify your account. Once it is verified, you can move to the next step i.e. adding funds to the account.
How to Deposit the Funds in Kraken?
To deposit the funds, you need to click on the fund; you will be directed to the page like this. For instance, if you need to add the cryptocurrency like Bitcoin, then click on deposit.
Once BTC is deposited, you can trade against alts.
Moreover, you can also deposit the fiat currency with different methods available. For this, you need to click on the USD option. After verification of your account, you can easily deposit the fund with this method. For instance, if you wish to add Canadian Dollars, you can click on Canadian Dollars given on the left corner and then fill the amount in the right corner. Choose the method of payment, and your amount will be deposited.
How to Trade on Kraken?
To start trading on the account, log in to your account and click on the trade option. Here you will see the window where it is displayed ‘Buy Bitcoin’.
You will be able to buy Bitcoin. Make sure to keep the amount lower than the market rate so that you will get a maker charge instead of a taker.
Once you fill in the amount, you need to confirm your order, and you will see your order is placed. Please note that this is the simplest method for the starter to buy Bitcoin.
But if you are an intermediate or a pro trader, then you need to click on the intermediate and advance trading option given right above the Buy and Sell page. In this way, you will be able to buy Bitcoin easily on this platform.
Sell Your Bitcoin
Similarly, if you want to sell your Bitcoin, then once again, you need to click on the trade option and then on the Sell option. Make sure to click on the starter, intermediate, or advance setting before you proceed to sell the Bitcoin.
For starters, it would be easy to sell the BTC. All you need to fill in is the amount you want to sell and then click on submit order. But make sure that you keep the amount higher than the market price. Because if you keep the value lower, then you will be charged a maker free from the platform.
This time you need to limit the amount to sell your BTC at the best possible price. For instance: I wish to sell the X amount of BTC for $50,000. By limiting your price, click on the sale once you submit your order. You will be able to sell your BTC at a possible price.
Once you make enough from the trading, you can quickly withdraw the balance in the given wallet or your bank account.
How to Withdraw Balance from Kraken?
To withdraw the balance from the Kraken, you need to click on your wallet and check the balance. Just like the above picture. Below, as you can see, you have so many options to withdraw. But Canadian Dollar withdrawal will be much easier. After clicking, you will be directed to the page like this.
You can choose either option available and then fill in the bank details, the total amount you want to withdraw, and the minimum balance. After that, click on preview withdraw. Once the preview is done, your amount will be withdrawn from the account and deposited into your bank account.
What will be the Trading Fees on Kraken?
The trading fee is relatively lower on Kraken as compared to other cryptocurrency platforms. The charge will be applied based on a per-trade basis instead of deposit and withdrawal fees. It usually charges maker and taker fees from the traders. The fee ranges between 0.16% from the markers, and 0.26% from the takers. Moreover, different trading fees are applied based on 30-day volume and per-trade basis.
Is Two-Factor Verification Required?
Yes, to achieve your account’s full benefit, you need to do the two-factor verification. The two-factor verification helps keep your account secure from hackers.
- The secure and biggest BTC exchange platform
- Multiple fiats, both offramp, and onramps available for trading on this platform
- Less trading fee as compared to other platforms
- Excellent customer support system
- Three-tier authentication that keeps your account secure
- It doesn’t allow credit card deposits.
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Kraken is among the top cryptocurrency exchange platforms, which is 100% legit for both serious traders and beginners. Moreover, it has vast features that allow you to trade easily. Besides that, it has a clear interface and also provides liquidity. This is a bonus point on trading on this platform.
Apart from this, it is one of the top tier exchanges that is highly secure and great to benefit from trading fully. So, we hope this guide sorted out the puzzle of trading on this platform to an extent. Create your account, verify, add funds and start trading and earn a maximum profit on this platform.