How To Buy Bitcoin On Kraken; A Quick Guide For Buying Cryptocurrencies
When you think of investing in cryptocurrency, the first question that gets into the mind is how to buy Bitcoin. If you do not know it already, don’t worry because by the end of this article you would come to know about How to buy Bitcoin on Kraken and how to buy cryptocurrency on Kraken exchange using fiat. To buy Bitcoin or any other cryptocurrency, you need to have an account in a crypto exchange. Crypto exchanges like Kraken, allows you to trade cryptocurrencies for fiat currency and other crypto assets. Beginners often face issues while making a purchase of cryptos for the first, which is why we are here to help you out.
Is Kraken a Good Exchange?
Kraken is one of the first and best crypto exchanges worldwide that support multiple cryptocurrencies and trading pairs. It provides decent charges on trading and is considered among the most secure cryptocurrency Exchanges. That’s not it. It is among the few exchanges that support both margin lending and futures trading. However, only US customers can take the benefit of futures trading; the service is not available for international users of the exchange.
Relatively low fees from other crypto exchanges.
Innovative and unique features.
Features both Margin lending and Futures trading for US clients.
Needs improvement in the platform’s UI.
Takes too much time verifying its customers.
How To Buy Bitcoin On Kraken?
Before you go on and purchase Bitcoin from any random exchange, read this blog to know how to buy Bitcoin on Kraken, one of the best crypto exchanges in the world. Without wasting another moment, let’s get started right away:
First of all, you need to create an account on Kraken platform. Skip the step if you already have an account on Kraken exchange and continue with the next step. Also, make sure that you set up a strong password so that nobody can break into your account. We suggest you enable two-factor authentication for another layer of security on your account.
The next step is to get your account verified. In order to Buy Bitcoin on Kraken, you have to comply with the KYC laws. To do so, visit the Get Verified section and then enter your details including your name, address etc. and provide them with your ID proof. Fill up the remaining fields in Tier 1 and Tier 2 section and make sure you provide the correct details which match the details of your bank account.
Now, this could be a little bit complicated step because you’ve to deposit your fiat currency into the Kraken account through SEPA transfer. You can only deposit money into your account once you are Tier 2 verified. The deposit can take up to 2 days to process except weekends. Click on the Funding option from the menu and select your currency that you want to transfer into your account. Choose a deposit method from the given options. You can also deposit the money through wire transfer.
Make sure the bank account from which you are depositing the fiat currency matches the exact details you’ve provided to the Exchange. You would also need to mention the reference kraken.com at the end of the page while depositing the money into your exchange.
Once, you’ll select the payment method, SEPA Deposit - Fidor Bank AG (SEPA), you need to deposit the amount to the IBAN account number of the exchange.
As soon as the transaction would be completed, you would receive an email on your provided email address. The transaction can take up to a few days to be completed.
Go to the trade section to buy Bitcoin with Fiat. If you wish you can also select other trading pairs such as BTC/USD, or purchase any other cryptocurrency. The same way you can sell cryptocurrency on Kraken for fiat currency or other cryptocurrencies. You just have to choose sell instead of buy in the options.
Now, its time to make your purchase finally. After you successfully select the market where you would like to trade, select the New Order option. You would see a few options that include Simple, Intermediate and Advance to buy the Bitcoins. As you are a beginner, we suggest you go with the Simple procedure. The other options are for the advance traders who require features like margin trading with leverage and all.
Fill up the order details such as how many Bitcoin you want, prices, and the amount you want to spend on purchasing bitcoins. To get the best possible price for Bitcoins, click on the Market tab.
Click on Buy BTC with EUR option or if you are buying with USD, click on Buy BTC with USD option. You’ll see an overview of your order where you can click on Submit order option. Your order would be executed immediately. However, if the price of Bitcoin you’ve entered is not more available your order won’t be placed. In that case, you can cancel your order and place again with the current price.
Now that your Euros are converted into Bitcoins, it’s time that you transfer your coins into a safe and private wallet. To find how to Withdraw from Kraken, go to the Funding tab and click on Bitcoin section. There you will see the withdraw option on the left, click on it.
Add your wallet address into the Withdraw Bitcoin section. Make sure you enter the correct wallet details as you cannot get back the cryptocurrencies once sent to a wrong wallet. After successfully transferring the Bitcoins to your wallet, check your wallet to re-verify.
That’s all! Now you know all about how to buy Bitcoin on Kraken. In case you are still now sure where you want to invest your money, rely on our guides to find out the best cryptocurrencies to invest. Also, follow the best practices to keep yourself safe from the ongoing pump and dump schemes or security breaches. Whether you want to trade or invest or make money from cryptocurrency through any other way, the first step is to spend some time in researching, and that is the only thing that could save your scams.