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Currently ranked in 14th place on CoinMarketCap, Kraken is one of the most widespread exchanges of cryptocurrencies. Thanks to its extremely wide variety of cryptocurrencies, it is to go to solutions for numerous international traders.
When launched for the first time in 2011, Kraken was the first cryptographic exchange to have prices and trading volumes displayed in the Bloomberg terminal, as well as the first exchange of this type to pass a verifiable cryptographic based test audit.
Exchange is one of the best places to trade Ethereum. In this guide, we will explain how to negotiate Ethereum on Kraken.
First of all, it is important to note that although some exchanges, including Kraken, offer a "wallet" account, it is still advisable to have your own Ethereum portfolio (even consider a hardware portfolio if you seriously want to protect funds).
How to buy ETH on Kraken?
The first step a trader must take to purchase Ethereum on Kraken is to create a new Kraken account and verify it. Look for the "Register" button at the top right of the main Kraken window and enter your email, username and password. As expected, a confirmation e-mail will be sent to your email shortly. You can click on the confirmation link or copy the verification code on the activation page to activate your new Kraken account.
www.kraken.com
The verification process
At this point, it is not yet possible to start trading, as it is also necessary to verify one's identity. Click on the "Get verified" link and make sure to select a specific level from the list based on how much you want to deposit or trade. A level 2 verification should be enough to get started if you are not planning to trade more than $ 25,000.
Tier 1 requires you to enter the surname, first name, date of birth and telephone number, while Level 2 requires a little more information such as the house number, the state and the city where live, in addition to the postcode. The third and most complete verification is level 3. It is necessary if you want to deposit and withdraw funds from and to your bank account. This requires a little more effort and work on your part, since you have to provide a series of documents in JPEG, JPG and PNG format.
Verification typically takes a couple of days, so patience is recommended. You will receive an email when the verification process has been completed. You can also manually check the verification status by accessing the "Verify" section once again.
ETH Trading
Once your account is verified, you are ready to exchange ETH. The Kraken account has an embedded wallet. By clicking on the "Deposit" button from the "Funding" section, you can select your preferred currency. You can select one of the deposit methods provided to make the transaction. One thing to note here is the fact that it may take a few days before the bank deposits are processed.
By accessing the "Exchanges" section, you can start exchanging various currencies for ETH. Of course, first you need to have money in your Kraken account. Click on "New order" on the "Trade" page and select the cryptocurrency pair from the drop-down menu in the top toolbar.
Kraken supports ETH in USD and EUR, with a big advantage in favor of the dollar. At the time of writing this article, the ETH / USD pair has a 24 hour volume of $ 36,738,046 while the ETH / USD is $ 33,546,921. All that's left to do now is to fill in the desired amount of EUR or USD you want to use to purchase ETH. Click "Buy ETH with
It is worth noting that Kraken also supports crypto-crypto trading, so you can use any of the supported cryptos to purchase ETH.
Transfer of ETH to your ETH portfolio
The next step requires the transfer of the newly acquired ETH from the Kraken account to the Ethereum compatible portfolio. Go to the "Funding" section once again and select "Withdraw". Select "Ether (ETH)" from the left menu. Click on the "Add address" button and fill in all the required information inside the form.
The name of your portfolio should go in the "Description" field and the address of the public account of your portfolio should go in the "Ether Address" field. Be sure to double check that the address of your Ether wallet is correct before clicking on the "Save Address" button because we would like to remind you that you can not recover funds if you send them by mistake to another address.
You will be redirected to the original form in the "Withdrawal" section, where you can then select your wallet from the "Address" drop-down menu. Enter the amount of Ethereum ETH coins you wish to withdraw into your Ethereum wallet and click on the confirmation button.
Final words
It is important to know all the elements of Kraken before buying and exchanging Ethereum on Kraken. We recommend that you read all the information provided in the Help Center, especially the Kraken Trading Guide.
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