Kraken is a cryptocurrency exchange based in the United States. It is worth 10 billion USD and was one of the first exchanges Bloomberg Terminal recognized.
Due to its excellent service, reasonable fees, numerous payment options, and strong security standards, It is consistently regarded as one of the finest websites to purchase and trade cryptocurrencies online.
There are four major parts to buying cryptocurrency in this exchange, particularly the following:
- Download the app
- Create an account
- Verify your account
- Add payment method
We have broken them down into several specific steps below:
1. Download the Kraken App
First, you need to download the App; it’s available in Google Play and App Store.
2. Sign up for an account
- Email address – Enter the e-mail address that you’d like to use.
- Username – Your username should be at least 5 characters
- Password – Your password should meet the following criteria. 12 characters, 1 number, 1 special character and 1 letter.
- Country of residence – Select your current location
3. Activate your account
An activation code is sent to your registered email address. Copy and paste the code into the blank space below.
4. Verify your account identification
Buying crypto using Fiat (USD or EUR) requires account verification. You can provide additional documents to prove your identity. After you finish all the steps below, an email including your verification result will be sent to you. For different verification levels, you may refer here.
- Enter your mobile phone number
- Provide your legal name
- Include your date of birth
- Write down your primary address
- What’s your occupation
- Upload a government-issued ID and take a selfie
5. Verification successful
After submitting all the required documents and once it’s passed the verification process, your account level is upgraded to intermediate, where you can enjoy higher deposit and withdrawal limits, plus more features in Kraken.
6. Buy Ethereum - ETH
On the main page, tap Ethereum and the current price is shown at the top. Tap “Buy” to proceed.
7. Enter the amount
Enter the amount of ETH that you wish to purchase. Take note that the minimum amount should be at least $10.
8. Add your Debit or Credit card
You can use a Debit or Credit Card as long as it’s Visa or Mastercard.
The processing fee is 3.75% plus $0.25. The conversion rate depends on your card provider if your local currency is not USD/EUR.
Please ensure that the information you entered matches your card details to avoid delays or issues in processing your transaction.
9. Card is now added!
A prompt will appear saying that you have successfully linked your card to your Kraken account.
As shown in the picture below, Tap anywhere to continue your purchase.
10. Review your purchase
Before finalizing your transaction, check the fees and amount of ETH if it’s correct, then swipe right to confirm.
Ethereum is now added to your assets
Congratulations on getting your first ETH. You can open your “Assets” to check your ETH balance and current price.
You reached the end of the walkthrough! It’s pretty straightforward.
Hopefully, this article helped you understand how to purchase Ethereum in Kraken.
Here are the essential details that can be very handy during your trading journey.
FREQUENTLY ASKED QUESTIONS
Is Kraken a good exchange to buy crypto?
Kraken is an excellent choice for trading and investing in cryptocurrency. Before using your hard-earned money, do enough research first.
Is it safe to store your crypto assets in Kraken?
This exchange is one of the largest, and it’s US-based. It has comprehensive options of security methods, self-regulated and audited.
How much does it cost to withdraw ETH from Kraken?
The minimum withdrawal amount for Ethereum is 0.005 ETH, and the withdrawal fee is 0.0035 ETH.
For a complete list of cryptocurrencies, their withdrawal costs, and minimums, please visit Kraken’s cryptocurrency withdrawal fees and minimum withdrawal amount here.
How much can I withdraw from Kraken?
$10,000 is the daily and monthly withdrawal cap. There is no yearly withdrawal cap. You must be on an Intermediate level account to participate in off-chain staking.
What wallet should I use with Kraken?
Using your Apple Pay or Google Pay wallet, you may instantly buy various cryptocurrencies in the Kraken app. The Express* (US only), Intermediate, or Pro levels of your Kraken account verification are required.
How much does it cost to buy crypto on Kraken?
Kraken determines your transaction costs depending on how much you trade over a rolling 30-day period. According to the fee schedule, if your transaction is between $0 and $50,000, the maker fee is 0.16%, while the taker fee is 0.26%. On the other hand, if your transaction is between $50,000 and $100,000, the maker fee is 0.14%, while the taker fee is 0.24%.
How do you avoid the Kraken fees?
Utilizing Kraken Pro is the greatest approach to reducing charges on Kraken. With this product, you can pay less dependent on purchasing more. As the algorithm evaluates your eligibility tier after every trade, you receive savings immediately.
Does Kraken give you a wallet?
It’s only a digital exchange and does not offer wallet functionalities. Kraken, on the other hand, allows users to deposit their assets to their corporate digital wallet for staking, trading, and exchange.
Does Kraken do instant deposits?
Kraken makes it simple to deposit your cryptocurrency funds with a quick and convenient verification process, allowing you to concentrate on the market. All cryptocurrency deposits are immediately credited to your account after confirming the transaction. You may start trading after 10 minutes or less.
What is the difference between Kraken and Kraken Pro?
The standard Kraken account is the best option for traders looking for a simple-to-use platform with fundamental crypto trading capabilities and account choices like staking. Sophisticated traders who want to use margin trading, cutting-edge charting tools, and advanced order types should use Kraken Pro.
Has Kraken ever been hacked?
By receiving a flawless score on the crypto exchange security review website CER, Kraken demonstrates how seriously it takes its dedication to security. Kraken has not seen any significant hacking incidents since beginning its trading operations in 2013.