What is the Kraken exchange?
Kraken is perhaps one of the oldest cryptocurrency exchanges out there. It was founded in 2011 and has since then maintained the position as one of the most popular exchanges. There are a few reasons for that. First of all, Kraken is a very secure platform for traders, which is something all parties involved appreciate. As opposed to many other exchanges, Kraken has not fallen victim to any of the notorious hacking scandals of this year. Second, it facilitates the trading of fiat money, which is very handy if you don’t already own cryptocurrency tokens to trade with. The fiat money you can use include US dollars, Canadian dollars, Euros, Pounds, and Yen.
Karen is also the leaders when it comes to Euro to Bitcoin trading volumes. 2014 was a big year for Kraken, as it was then it became the number one in Euro to Bitcoin trading. The same year, it launched its innovative proof-of-reserves audit system, and it was also listed on the Bloomberg Terminal. Based in San Francisco, Kraken has an international outlook and is available to traders in the US and Canada, as well as Japan and Europe. Finally, Kraken has a dark pool, which is a private exchange for premium clients who prefer to remain anonymous.
How to open a Kraken account
The first step to trading on the exchange is to create an account by signing up with your email address, username, and password. You’ll receive a confirmation email to verify that it’s you. There are two types of accounts you can open on Kraken. Basic accounts require you to provide your name, birthday, address, and phone number, Advanced accounts require you to upload your ID, social security number, two-factor authentication, and bank account details. Kraken operates with different trading Tiers, which allows Advanced users to use more of the platform’s features.
How to deposit money into Kraken
Once you’ve registered and created an account, it’s time to deposit some funds into it. Depending on whether you want to deposit fiat money or cryptocurrency, you will need to enter your bank details or cryptocurrency wallet address.
How to trade on Kraken
With funds in your account, you can click the ‘Trade’ tab and then select ‘New Order’. This will allow you to then select the kind of cryptocurrency you’d like to buy and the currency you’d like to buy it with. Once you’ve entered the amount you’d like to trade, you can either choose Market or Limit order. Market orders will trade at the current market price, whereas Limit orders will allow you to set a threshold for when you want to buy the token.
What are the fees on Kraken?
Depending on the method and currency you’re using, as well as your location, Kraken will apply different fees for deposits, withdrawals, and trades. EEA countries, for example, can deposit Euros for free, and withdrawing costs €0.09. Bitcoin users can deposit for free, and pay 0.001 BTC for withdrawals. You can find the full list of fees on Krakens official website.