Kraken is the US exchange founded in 2011 and launched to the public in 2013.
As one of the oldest exchanges in the market, Kraken built a reputation for being a safe place for anyone interested in buying and trading cryptocurrencies.
Create an account on Kraken
The first step is to create an account on Kraken if you haven’t yet.
Go to kraken.com and click on create an account.
Fill out the registration form, agree to Kraken’s terms of service and the privacy notice and click on sign up.
Get verified on Kraken
Once you created an account on Kraken, the next step is to verify your account.
It means you have to enter your name, address, and a couple of more information to identify yourself.
Click on Get verified.
You have two tiers of verification: Tier 1 and Tier 2.
Enter correct information that aligns with the ones from your bank account so you will be able to deposit money and buy Bitcoin.
Deposit Money to Kraken
As soon as you are Tier 2 verified, you can deposit money to Kraken.
The deposit will take up to 48 hours to arrive.
In order to make a deposit, in the menu click on Funding and then choose the currency you want to deposit to your Kraken account.
IMPORTANT: You have to deposit from a bank account that matches the personal information you’ve entered into your Kraken account. When depositing money, you need to enter the correct reference, including Kraken.com at the end.
Deposit an amount to the IBAN account number of Kraken from your personal bank account.
Tip: Experience shows that depositing the same amount twice can slow the second deposit, so we advise you when you decide to deposit multiple times always to deposit different amounts to avoid this slowdown.
Buy Bitcoin on Kraken
After receiving your deposit, you are ready to buy Bitcoin.
The first thing you have to do is to click on Trade on the left side and select which one of the available markets you want to trade.
In this example, we will trade the Bitcoin/EURO (XBT/EUR).
A short name for Bitcoin on Kraken is XBT instead of BTC.
Same as buying, you can use Kraken later for selling Bitcoin back to EUR or any available fiat currency.
After selecting the market you want, click on the new order.
You have three options: Simple, Intermediate and Advanced.
We advise you using Simple because at this stage you are learning how to buy Bitcoin, and this option is more than enough.
Other options are for trading, and we will cover them in another topic related more to trading.
You can choose between limit and market orders.
Our recommendation is using the market order.
After you click on Buy XBT with EUR (or your currency), check out one more time and submit an order if everything aligns.
And that’s all there is to it, congratulations on your first purchase on Kraken!
Buying Bitcoin is just the beginning of your journey in the cryptocurrency world.
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Milos is an independent trader, with a background in journalism and publishing. Nomadic by nature, he’s lived in four different countries this decade. He’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives. Milos got into Bitcoin while completing his degree and hasn’t looked back since, writing about anything crypto-related. He is the co-founder of the Cryptoaims and he has a strong passion to educate people about this revolutionary technology.