Are you interested in the Kraken platform, which allows you to buy Bitcoin and many other cryptocurrencies directly in euros? This is a good idea, because the exchange has serious guarantees, in particular through cryptographic security. If, however, you hesitate, because you do not know the procedure to create an account on Kraken, this tutorial on Kraken explains how to proceed, from your registration to your first deposits, via securing your account!
How to register on Kraken?
To register on Kraken, go to the cryptocurrency buying platform website. Then click on the banner ” Create an account “, which will then open the creation page. You will then have to specify your email address, a nickname and finally your first password. Like any registration process, it is strongly recommended that you choose a complex password and avoid passwords that are too easy to find for malicious people.
Validate your account on Kraken
Once your account has been created, you will need to validate it. This step is important, we advise you to proceed with this operation just after clicking on the button to create your account. How to proceed ? By going to the mailbox of the address you have entered, then clicking on the link in the email which should redirect you to the exchange’s website. If the link does not work, you will only have to copy and paste it into the internet navigation bar which will allow you to access the platform and thus validate your account.
It is done ! You can now log into your Kraken account by going to www.kraken.com. When you arrive on the main page of the site, you must click on the “Connection” button. You are then invited to enter the username you had previously chosen, as well as your password. Now that your account has been validated and you are sure that it is affiliated with the correct email address, you should have your account verified.
How to verify your account on Kraken?
Before explaining how to continue your registration on Kraken, you should know that the exchange has established rules regarding deposit limits and withdrawal limits per day or per month.
These amounts depend on the regulated currencies you use (euro, US dollars, British pound, etc.) and the virtual currencies bought, sold or traded! The platform asks you for elements to be able to authenticate you. The rule is simple: the more you offer to Kraken about you (for example your place of residence), the more the exchange will allow you a large amplitude in the movement of funds.
Each user of the platform has the freedom to respond more or less completely to these requests.
What are the verification levels on Kraken?
The Kraken platform which continues to expand its tentacles offers four levels of verification (from 0 to 3). Each person who created their account starts with level 0, insufficient to make currency movements. The daily and monthly limits are displayed at zero, regardless of the nature of the currency, fiduciary or virtual.
Level 1: the basics
Level 1 asks you to reveal a little more information, namely:
- Your full name;
- Your email address ;
- Your main address;
- Your phone number.
This level allows the first actions on the trading site. On the site, this type of account corresponds to ” Starter With low limits. You should know that this level does not allow you to make deposits or withdrawals in Fiat currency. In other words, with level 1, you will not be able to deposit euros into your account. However, you can make a deposit in cryptocurrencies. The latter has no limits. Finally, it is possible to make a withdrawal of cryptocurrencies, with a limit of $ 5,000 per day.
In short, a level 1 account will only allow you to trade from cryptocurrency to cryptocurrency.
To note : The limit on cryptocurrency deposits is unlimited for all levels, whether daily or monthly.
Level 2: more flexibility
We go up a notch with level 2 which requires giving a proof of address, an identity document, a Face Match (a photo) and to inform your profession. With this level called ” Intermediate », You will benefit from the advantages of level 1, but with less limitation concerning the withdrawal of cryptocurrencies: we pass from $ 5,000 to $ 500,000. But the greatest novelty with this level is that thee trading Fiat currency to crypto finally becomes available. Indeed, deposits and withdrawals of fiduciary currencies are possible from this level. Regarding the limits, we have:
- For deposits, $ 100,000 daily for a monthly limit of $ 500,000;
- For withdrawals, $ 100,000 daily for a monthly limit of $ 500,000 as well.
Level 3: greater freedom
To access level 3, which is called level ” Pro On the site, you must send an anti-money laundering audit as well as financial statements. This is the level offering the highest limits of the site. In terms of changes to deposits and withdrawals we have:
- For deposits in fiat currency, $ 10,000,000 for $ 100,000 at level 2. The monthly limit increases to $ 100 million for $ 500,000 before;
- For withdrawals in fiat currency, these are the same figures as for deposits;
- For cryptocurrency withdrawals, we go from $ 500,000 to $ 10,000,000.
To note : There is also a type of account called “Institutional account”, which is aimed at businesses. You are not likely to be passionate about how it works, but if you want to know more, click here.
How to validate the verification of your Kraken account?
You are better equipped to choose the level based on your Kraken investment strategy. Be careful to download digital copies of your documents correctly as .PNG or .JPEG files. The exchange requires, if necessary, good quality and framed identity photos, taking care to respect the correct dimensions. In the event of non-compliance with these instructions, the risk is that you will have to start again for lack of documents that are not sufficiently usable to identify you.
Once you reconnect to your Kraken account, your journey continues by clicking on the button “Be Verified”. You must then validate the levels one by one, respecting the order. In other words: if you want to validate level 3, you must first validate level 1, then validate level 2. Choose the level to validate by clicking on the “Be Verified” button below the chosen level, then fill in the form.
When you have finished filling out the form, you must click on the ” To send “Which allows the information to be sent to the exchange support team. Patience, because the validation period can take time. Then look in your mailbox for the confirmation message from the cryptocurrency buying platform.
Good to know : a summary table accessible on the site allows you to refer at any time to the amounts of the daily or monthly limits for deposit and withdrawal of money, and to the virtual currency that your level allows you. To access it, click on the “Get Verified” tab by hovering your cursor over your profile in the site’s task bar.
Log in to your Kraken account to make your first purchases
This time, it’s the right one: you will be able to make a deposit of fiduciary currency or cryptocurrencies. The exchange has the advantage of allowing both options, if you still have the sufficient level (remember that this is level 2). To make a deposit on Kraken, you must click on the ” Funding ” Go to the table to choose the virtual currency or the fiat currency that you want to deposit in your Kraken account. Note that one of the strengths of the exchange is the acceptance of the euro.
Choose your deposit method
You must designate the type of transfer you wish to make after choosing the Fiat Currency to be credited. When this step is completed, you access the bank details of Kraken, that is to say the details of the bank account to which you must transfer your funds by bank transfer.
Beware of deposit limits
You must be careful to follow certain instructions. So, the name of your bank account must be the same as that given to Kraken when validating level 2. If in doubt, you just have to check this name by clicking on “Be Verified”. Also be careful not to exceed the deposit limits associated with your account level. Again, if you forgot the corresponding thresholds, go to the section “Be Verified”. This is an opportunity to see whether or not the limits granted by the exchange suit you. And if not, increase the level by sending the identification documents to the cryptocurrency exchange and purchase platform.
Deposit, ready, buy!
Once the deposit of money on Kraken is made, you will receive a confirmation message in your mailbox, always at the address indicated at the start of the registration process on the platform. All you have to do is follow these instructions to verify that the agreed amount has been credited to your Kraken account. From then on, you can start trading according to your investment strategy. Kraken allows you to trade, buy and sell many cryptocurrencies.
How to secure your Kraken account?
Securing your Kraken account is essential, as the risk of hacking is not zero. Note that Kraken is relatively safe thanks to the double authentication offered upon registration on the platform.
Double Kraken authentication: gain peace of mind
This double authentication (Two-factor Authentication or 2FA) adds a layer of security. Overall, this device wants you to associate an element of which you have the knowledge (e.g. password) and something you have the possession (e.g. your mobile phone).
This double authentication is activated during each sensitive transaction where the risks are the highest, namely when you log into your Kraken account or when you make a withdrawal of your virtual currencies. Note that 2FA is an optional feature, activation of which is optional.
However, it cannot be overemphasized that access to cryptocurrency exchange platforms are regular targets of computer attacks. The more you increase the level of security, the more you avoid taking risks. It would be a shame to put yourself in danger only, because you want to go faster in your journey of buying cryptocurrencies on Kraken.
Securing the Kraken account: how to do it?
Activating 2FA (or possibly deactivating it) requires you to go to the ” security ” You will find it by placing your cursor on the profile picture of your account which is on the right of the menu. You must then select the method of double authentication between, on the one hand, a static password and, on the other hand, mobile applications Google Authenticator or the USB stick Yubikey, which are the most recommended by the site. Once this modality has been saved, you are redirected to a 2FA configuration page.
First of all, you need to download the Google Authenticator app to your smartphone or tablet. This is accessible on iOS as on Android.
The process is almost complete. You must scan the QR code that appears on your screen. Another possibility: directly enter the 24-character code in the app which will generate six-digit numbers every 30 seconds in dynamic mode! Finally enter this six-digit number on the page before saving. This is how to secure your Kraken account. In summary: a dynamic code created by the mobile app is required to connect or to perform your most sensitive operations!
What are the steps to register on Kraken?
We can summarize the registration and protection process on Kraken as follows:
- Go to the Kraken platform then click on “Create an Account”;
- Fill in the information requested on the registration form (email, nickname, password), accept the conditions of the site and then validate the Captcha;
- Click on “Create an Account” to finalize the registration on Kraken;
- Activate the Kraken link received by email;
- Log into your Kraken account;
- Have your account verified (Third Party system) by going to the “Be Verified” tab;
- Secure the Kraken account through the dual authentication device;
- Start making deposits to Kraken to start buying or trading cryptocurrencies.
So, beginner coin lover (read our guide to get started in cryptocurrencies!) Or experienced trader, you now have all the cards in hand to create an account on Kraken and to exploit all the opportunities of the exchange!
As a reminder, the Kraken cryptocurrency platform has existed since 2011. It is one of the first Bitcoin exchanges by volume. It is characterized by its liquidity which favors movements, but also by rather low costs compared to the competition. The fees for deposits and withdrawals are particularly attractive, not to mention the many features and services related to the exchange of cryptocurrencies such as trading options (Fiat-cryptocurrency gateway, Dark Pool or Trading with margins). Finally, Kraken does not seem ready to curb its growth, as well as its recent buyout of Circle Trade, a trading platform, tends to demonstrate this.