How To Use The Kraken Exchange (Updated 2019)

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What is the Kraken exchange?

Are you interested in cryptocurrencies? If you are, would you like to invest in or trade with these virtual currencies? Then you need to choose a trusted digital currency platform that is secure yet easy to use.  Why not consider the Kraken Exchange? 

The Kraken Exchange

Kraken is one of the earliest cryptocurrency exchanges that have been introduced in the world of virtual money. This cryptocurrency exchange started in 2011 and continues to be one of the most favored cryptocurrency exchanges to this day.

It is no wonder, then, that many traders would opt for Kraken Exchange. First of all, the Kraken Exchange is known for its well-secured platform. Hackers often pose a threat to virtual currency exchanges but have found it difficult to hack into the Kraken platform. Since its creation, no problems were encountered by both the traders and Kraken exchange itself.

Another reason for its popularity is that it helps new traders who don’t have their own cryptocurrency tokens do a trade. The platform has a special feature that allows new traders to use fiat money. Fiat money is actually the regular currencies in circulation today that includes the US and Canadian dollars, European Pounds and Japanese Yen.

Kraken had been one of the breakthroughs and the current leader in cryptocurrency trading in Europe. The Exchange was able to increase the volume of Euro to Bitcoin exchange. In 2014 alone, the platform was able to score the highest volume in trading Euro to Bitcoin.

It the same year, the platform also introduced a groundbreaking proof-of-reserves audit that was listed on the Bloomberg Terminal. Today, Kraken is now based in San Francisco, California and is ready to take in new and old traders in the US, Japan, Europe, and Canada.

A third reason why many prefer Kraken is because of its dark pool. The dark pool is a private exchange, exclusive only to the premium clients of the platform.

Opening a Kraken account

Registering to Kraken is very simple and easy. First, you have to sign up. The platform will ask for some personal details like your email address, chosen username, and a password.

Once you have filled out this part, you will receive a confirmation email to verify your identity. Make sure to open your email once you have filled out the necessary details.

When making a Kraken account, you can choose one of two types of accounts. We have Basic and Advanced accounts.  The Basic account requires you to provide your personal information like your name, birthday, contact numbers, and address. The Advance account requires users to upload security details like an ID or their social security number. They also require a two-way authentication and bank details.

Kraken also offers various trading Tiers and features which are exclusive for advanced users. Basic users can upgrade their accounts through the easy verification process of the website. It may take a few days, though, before you can finally move up to the advance tiers.

Depositing funds into your account

After you have made your account, you can now deposit a certain amount of cryptocurrency or fiat money from your bank to your Kraken account. You will also be asked to give your cryptocurrency wallet address or your bank details.

How to trade on Kraken

Trading on Kraken

Once you have the funds in your Kraken Account, you can start trading. Click on the “Trade” tab on your interface and choose “New Order”. You can now trade with different types of cryptocurrency. Just indicate the amount that you’d like to trade, then choose from two different types of orders, Market and Limit. Limit orders are a type of order that allows users to set a particular amount whenever they buy trading tokens. Market orders allow traders to trade at a specific market price at that particular moment.

How much are the fees and charges?

Kraken charges fees for every transaction based on the methods and currency that you are trading, and on your current location. Each country differs in terms of deposit and withdrawal fees as well as trading fees. Countries from EEA can deposit funds for free with a €0.09 charge for every withdrawal. Bitcoin users can also deposit funds for free and charged 0.001 BTC for each withdrawal. You can check out the details in their Fee Schedule on their official website at www.kraken.com.

Good luck and have fun trading at Kraken. 

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I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.