Kraken was founded in 2011, making it one of the oldest and most popular cryptocurrency exchanges that are currently in the market. It has since its inception built a reputation that revolves around providing a secured environment for anybody that is interested in trading digital currencies. It is also available in various continents, making it a choice exchange for institutions and traders across these continents. It avails the opportunity for traders on the platform to use different fiat currencies and it is currently the leading exchange in terms of Euro – Bitcoin trading in volumes. You can as well say it is liked by the Europeans. However, it operates and is available to residents of Canada, Japan, US and of course, various European countries. And it deals in fiat currencies like US Dollar, Canadian Dollar, Euro, British Pound and Japanese Yen.
Kraken is based in San Francisco, and it has among its many achievements stands as the first ever verifiable cryptographic proof of reserves audit system. It also has the reputation of security, most experts say it is because of the fact that they have remained resilient even in the face of major hacks. On the norms, Kraken is harder to open when compared to other exchange websites because it is not for beginners. Opening a kraken account is however advantageous in the sense that the cost of trading is relatively low when compared to other exchanges.
Opening a Kraken Account
Opening a Kraken account does not take time. However, the verification processes requires time and patience. Below are the step by step guides;
Step 1: Visit www.kraken.com
You can do this either with a desktop or a mobile device. The homepage of kraken is as shown above. There are many call buttons that a visitor could explore but your concern is on the top right corner with the ‘Sign In’ and ‘Create Account’ call button. Click on the latter and you will be directed to the create account tab.
Step 2 – Sign Up
Most people in their hurry to beat time totally stay away from reading terms of services and privacy settings of exchanges. I advise you take your time to peruse through them before going further with the registration. As shown below, the terms of service link is just above the sign up button. When you are eventually done, fill in your email, your preferred username and a password.
Note: The ‘Advanced options’ account creation is completely optional. It is for people who are already masters of the game, so we will have to stick to the main easy step to registration.
Step 3 – Email Verificaton
Clicking on the sign up button will take you to the account activation tab. Check your email and you should have received an email with an activation code. Copy the activation code and paste it on the section that requires it. then fill in your username and password. You have officially registered, but that is not the end.
Step 4 – Verifying Identity
After you have log in on email verification, your profile will look like as it is above. In order to start trading in cryptocurrency on Kraken, you have to verify your account by providing a means of identity and other details. Verification on Kraken comes in four different phases called Tiers. Clicking on the ‘Get Verified’ button will get you to the first tier as shown below;
Tier 1 requires that you fill in your full name, date of birth, country and your phone number. After you have done that, click on Get Verified. The pop-up window shown below will show, prompting you to continue with Tier 2.
The Tier 2 tab is shown below. It requires your address, your state or province of residence, city and postal code. After you have done this, click on the ‘Get Verified’ button again.
The window that popped up in Tier 1 will also pop up. But this time around, you have to click on ‘No Thanks’. At the verification of Tier 2, you can start trading but there are limits to your account. Since this is an instruction on trading account, we will stop at the Tier 2 verification. When you click on ‘No Thanks’, the tab below will be displayed;
Step 5 – Adding Banking Details
Proceed to link your Bank account with your Kraken account and start trading.