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This guide will focus on the preliminary steps required to set up your crypto account on the crypto exchange. A thorough reading of the article will also enlighten the reader about the various attributes of the Kraken crypto exchange. The primary concerns like the safety and adaptive range of the crypto exchange in the study are also given a thorough analysis. Give this guide a complete read to understand where to start in Kraken and some of the things you need to look out for in the registering and trading process.

Brief History of Kraken Exchange

Kraken is a crypto exchange that functions in the United States of America, founded in 2011 by Jesse Powell, an enthusiastic fellow who made Kraken the largest crypto exchange in Europe. Powell was always interested in earning through virtual trading sources and had experience selling gold in a popular game, “World of Warcraft.”

Starting a crypto trading platform in 2011 was advantageous due to the budding industry’s opportunities, but it also presented challenges regarding the inexperience of the whole cryptocurrency industry. Also, the general population did not consider Bitcoin and other cryptocurrencies to be reliable enough for investment or trade. Despite all the barriers, it took two years for the creators to make sure that the Kraken is an efficient and secure platform to trade cryptocurrencies. Eventually, in September of 2011, the Kraken crypto exchange was officially available for crypto traders.

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Kraken is considered to be one of the best crypto exchange options. The prominent feature that makes Kraken such a viable option is its terrific security policies. Moreover, the availability of multiple trading tools efficient in successful discoveries of potential dips and inflations before time makes the case stronger in favor of the Kraken exchange. Lastly, the cryptocurrency trading platform offers most of the coins developed to date.

Trading Platform of Kraken Exchange

Kraken crypto exchange ensures that it equips the trader with all the necessary and advanced platforms to capture every possible opportunity of the trading crypto world in reach.

  • Spot Trading

Spot trading of Kraken crypto exchange provides flexibility to the user in buying or selling crypto assets. Spot trading supports and ensures instant settlement and delivery of crypto coins. Spot trading offers the possibility of finishing orders on the crypto market at a different value.

  • Margin Trading

The margin trading functionality of Kraken helps the trader in cashing the volatility of the crypto market. This stage is exceptional in short-term earning strategy but can also benefit long-term asset accumulation.

  • Future Trading

Future trading is a form of crypto trading that requires some previous experience to get hold of. Kraken exchange offers experienced crypto traders this platform to perform agreements and contractual assumptions of crypto coins’ movement in the future.

  • Over The Counter Trading

OTC is a settlement between seller and buyers, which is in unnaturally large numbers. The common concerns of dealers are given special attention as it acts as a broker overlooking the whole operation. This stage also allows traders to interact more personally and in comfortable positions. A minimum limit of 100,000 US dollars is required to carry out trades on the OTC platform.

Crypto Staking on Kraken

Traders tend to take a break from trading and hold their crypto assets in normal conditions. A better alternative is cryptocurrency staking which tends to expand traders’ assets even when they pause crypto trading. This impressive feature maximizes users’ chances of making a handsome profit off their crypto wealth.

API on Kraken

API (Application Programming Interfaces) is an exciting and handy feature on the Kraken crypto exchange which allows the user to benefit from market research. The gained data by the platform can also be trader-specified, ultimately making it an advanced trading experience.

Creating an Account on Kraken

Kraken provides a user-friendly interface for visitors, making it highly convenient to register on the platform. The display is self-explanatory as it allows for the options clearly:

  • There will be an option of “Create Account.” First, click on it and add the required entries, email, username, and a secure password.
  • The user will be asked to agree with privacy policies and services. Select the small box below the entries. Now select the “Sign up.”

The instructions above will create your account, and now you will need to activate it for security and trading purposes.

Account Activation

  1. You will receive a code on the email address you provided previously for creating the account. Copy and paste that code on the dialogue box to move forward.
  2. You will have to re-enter your password to complete the account activation process.

Funding Kraken Account

Now that your account is activated and ready to be used for trading purposes, you will need to add money to your crypto wallet. Kraken offers different options to fund your account. A debit and credit card can be used with other cash payment options. Crypto deposits are another option if you want to add crypto coins to your wallet.

Card Payments on Kraken

  • The Kraken exchange display will show a “Buy Crypto” button on the screen. Click the button.
  • An “Add Debit and Credit” button will follow, and your amount entry will automatically be shifted to fiat currency.
  • Fill in the necessary card details and remember to click the “Add New Card” button. This will verify your card on the application and confirm the billing address.
  • The details of the card you have used will be saved on the Kraken platform, and in the future, you can easily buy any crypto coin by using the same card.
  • The trading platform will always give you the digital receipt of each purchase, including the coin details, gas fees, etc. You can finish the deal by clicking the “Buy Now” button.

Cash Payments on Kraken

Kraken cryptocurrency exchange offers its users with cash deposit option as well. MVB Bank of Kraken accepts wire transfers from a bank account. Although, the US crypto traders of Kraken are limited to Bank of America accounts. There will be a few steps you need to follow to make cash payments on Kraken:

  • One crucial detail to look out for is your name when registering your Kraken account. Your username on the Kraken account must be exactly similar to the one you registered your bank account with. Apart from the name, there will be other requirements that will pave the path for the approval of your cash payment.
  • Look for a “Funding” tab on the dashboard. It will show you different currencies in account balances. Choose your preferred currency from the list.
  • Put the amount you wish to transfer and also select a funding method. There might be one or multiple options.
  • Kraken will provide you with information about the bank account. You will need to put this information in the bank account you are depositing cash. To be precise, you will have to paste the bank information in the recipient segment of the report. The “Send” option will follow some mandatory bank requirements. Now your cash is transferred to your Kraken account via wire transfer.

Crypto Deposits on Kraken

Kraken is a cryptocurrency exchange where making crypto deposits on Kraken is comparatively quicker and more straightforward than cash and card deposits. Although, you will first need to clear and verify your account on Kraken. That is the only requirement after which you can transfer your crypto assets from any other exchange to Kraken. You can also deposit crypto coins from your hot or cold wallet to your Kraken account.

Kraken will create a deposit address for the cryptocurrency you need to deposit on Kraken. Make sure to copy that address and paste it on the cryptocurrency exchange you plan to deposit your crypto assets from.

A total of sixty crypto coins are allowed by Kraken for crypto deposits. This list includes the major coins like USDC, BTC, ETH, ADA, LTC, LINK, etc.

Getting Verified on Kraken

  • There will be a profile icon at the right of the display. Click on it, and there will be a drop-down menu with the option of “Get Verified.”
  • You can verify your Kraken account with multiple options based on levels. The Express option is a quick means of getting your Kraken account. Other options verifying Kraken accounts are intermediate, and pro, but these demand your documents like an identity card or passport.
  • Advanced levels require more personal occupational information like social security numbers for tighter security purposes. You will also be required to fill out a KYC questionnaire.
  • The Express level of verification requires mere minutes, while other levels take days to ensure the validity of the information provided.

Is it Safe to Use Kraken Exchange?

Since the dawn of cryptocurrencies, crypto exchanges have been prone to cyber-attacks often, but the Kraken exchange turned out to be comparatively more secure. Crypto Exchange Rating (CER) is an official platform that recognizes and rates Crypto Exchanges under various features. CER placed Kraken at the top of the list, where every crypto exchange in the world was stationed under the cyber-security category. Such rankings and ratings have placed Kraken in an impressively reputable position among its top contenders.

The reason behind the top-notch security of the Kraken trading platform is its storage policy. The crypto platform ensures the string of most of the cold deposits. Moreover, Kraken stresses making a bubble around the exchange by the geographical distribution of traders’ cold deposits. Lastly, the standard procedure of authentication is followed via two-factor authentication. Google authenticator and YubiKey are the tools used for authentication purposes on Kraken.

Security Features of Kraken

Security is one of the minor concerns for a trader who has wholeheartedly researched the platform. An impressive rating by CER is enough for the majority of the traders, but a deeper dive in the Kraken security domain highlights some of the platform’s key features. The tools are pretty impressive and necessary for traders to push their boundaries. Some of the devices on Kraken are exclusive and non-existent on other cryptocurrency exchanges giving Kraken a fantastic reach in the customer market. Security is the main priority at Kraken, and the platform does not compromise on any discrepancies.

  • Security Shield

There is an icon right beside your profile on the Kraken display known as the security shield. The shield is an added precaution by Kraken to alert the user in case them being in danger zones. You can check your security standards anytime on the platform and ask for extra protection if the tool deems it necessary. The security shield shows four stages. Critically low is an extreme case where trader needs to revisit their security protocols on Kraken while a High-security shield is the safest position to be in. Security shield also allows the user to choose whichever security status they wish. Security shield is one of the reasons why Kraken is considered one of the safest crypto exchanges that exist.

  • Approval Code  

Hackers and intruders try to connect to traders’ accounts via connecting their devices, but Kraken is a platform that kills the attempt instantly. The procedure they follow is sending an approval code to the account’s rightful owner. This exclusive code is crucial in constructing a solid wall around the precious data and crypto wealth of Kraken exchange users.

  • Two Factor Authentication

2FA (Two Factor Authentication) is an exceptional tool that overviews the activities on your account and allows only the rightful user to log in. It is a barrier that data stealers cannot infiltrate. The purpose of 2FA is to provide trading and investing luxuries to the legal trader of the account and no one else. The device adds an extra layer of protection around the Kraken account while adding another layer of stress around the hacker’s intentions.

  • Customer Support

No matter how tight the security protocols are around a trader’s assets, there might still be a tiny chance of infiltration. The good news is the consistent and undivided attention of Kraken’s customer support staff live each second of the day. In the unfortunate case of cyber-attacks, a timely complaint will probably encounter the uninvited intruder successfully, and the authorities will restore all the data regarding crypto trades. The communications are streamlined and give users a smooth experience.

Customer support of Kraken is also available for typical and technical issues that might occur in the trading deals. Each staff member has extensive knowledge of crypto and a firm grip on the practical trading technicalities. Hence, the traders of Kraken are comfortable that they are in excellent and capable hands while addressing their issues.

Kraken Mobile App

Kraken launched its mobile app for customer accessibility. The application is known as Kraken Pro and is equipped with the complete set of features offered by the desktop version. There is no need for crypto traders to turn on the laptop every time they plan to participate in a trade. On the contrary, they can be up-to-date with the market trends and charts to never miss a bullish opportunity. The availability of a handheld application also makes the crypto trading domain less intimidating. Smartphones are familiar, and young people tend to be attracted to well-advertised products. The image of Kraken as a crypto trading exchange that can be excelled in just by downloading an application on your mobile phone is an exciting prospect. Hence, Kraken mobile application has exponentially increased their active customers.

Kraken Subscription Plans and Charges

Kraken acknowledges crypto traders with more trades by offering lower gas fees. Thirty days metric is set as a standard to scrutinize the number of transactions made by users. The more businesses a crypto trader successfully participates in, the lesser the fees are incurred in the trades motivating the customer for the future. Makers and takers can enjoy as little as 0% gas fees, practically making Kraken a free trading platform for passionate crypto traders.

Future of Kraken

Kraken has its roots deep in the crypto department, and they deserve the traffic users that trade on their exchange. The platform’s top priority of securing the trading exchange is quite commendable and a primary reason people are attracted to Kraken. The world of crypto is getting complex and convoluted each day, intimidating new crypto investors and traders. Although, Kraken stands tall and guides the fresh and curious traders towards a successful path.

The future for Kraken or any other crypto exchange is quite foggy. The atmosphere around cryptocurrencies is as inconsistent as their nature. Countries are banning cryptocurrencies, demotivating investors, and negatively impacting crypto assets. Nonetheless, people are exploring the potential of cryptocurrencies, and many companies and celebrities have openly supported the digital asset.

The contribution of Kraken to the world of crypto is immense in the way that it has helped traders over the years. The exchange has made thousands reach their dreams and provided a learning curve for others. More platforms like Kraken can ensure a bright future for cryptocurrencies, and generations will bear the fruit for decades to come.

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Larry Wright

By Larry Wright

Larry Wright is a Pulitzer Prize-winning journalist and author. He is known for his insightful reporting and his ability to delve into complex issues with clarity and precision. His writing has been widely acclaimed for its depth and intelligence.