Kraken exchange review (2020 | Buy Bitcoin with Kraken

July 3, 2021

Kraken Review

Kraken Overview

Based in San Francisco California, Kraken is one of the longest running exchanges in Bitcoin and Crypto. Kraken boasts an excellent reputation due to their deep ties with the Bitcoin community and because they are known for their great security protocols. 

Admittedly, in the earlier days of Kraken, many users complained about their difficult user interface and experience, however the platform has taken much needed strides since to add new features and fresh user interface. Overall, Kraken is a safe, cheap and fast way to buy Bitcoin and cryptocurrency. 

How to Sign-Up for Kraken

To sign up to Kraken, all you need to do is simply head to their website and click on the “Create Account” button at the top-right corner of the screen. This will then take you to a sign-up page where you will prompted to enter simple details like your email address, username and country of residence. Kraken is available for users located in countries including the United States, Australia, Singapore, United Kingdom, New Zealand, Canada and many more.

After submitting your information, you will be led to an account activation page. This will simply require you to check your email address (or spam folder) for an activation link. Simply click this link and press activate to finish off the registration process with Kraken. 

The next step to get started trading or buying Bitcoin is to verify your account. This will enable you to deposit crypto or fiat to buy Bitcoin and crypto. To do this, you must click the “verify” button on your menu screen.

You will then be directed to the page listed below which lists different verification tiers with Kraken, alongside some information about their benefits and requirements. If you are a new trader, Buy Bitcoin Finder recommends the “Intermediate” tier, which will enable you to deposit and withdrawn up to $500,000 dollars worth of fiat.

Once you have finished uploading all of your documentation, you can view the status of your application with Kraken in the “Setting screen by clicking “Documents”

How to buy Bitcoin with Kraken

The image above shows the dashboard for your Kraken account. In the green box you can see different market stats for a market pair of your choosing (BTC/EUR in this case). It is pertinent to note that Kraken uses “XBT” instead of “BTC” for the Bitcoin ticker. To fund your account, simply press the “Funding” button  in the red box. 

On this funding page, you should see an overview of all of the different assets offered by Kraken that can be deposited to your account. Simply press “Deposit” and follow the instructions.There are different deposit methods for different currencies, so the process may vary depending on your local currency. In the United Kingdom, you can use your Barclays Bank Account to deposit Pounds.

Once you complete your deposit, you will receive an email from Kraken that will notify that the funds have successfully hit the platform. As shown in the image below, to make your first order you will need to navigate to “Trade” and then select “New Order”. We recommend that you use the “Simple” option which is the easiest way to buy cryptocurrency. All you need to do with this option is input that price and the amount. If you select the Market option, it will buy the cryptocurrency automatically for you at market price. 

Once you have filled this information out, press the “Buy” button and your order will be be executed!

Get started with Kraken by clicking this link.