Kraken review Cryptocurrency Exchange Review (2020)


1. Open an Kraken account
Nothing easier than that. Open the site. To register, you must first fill in the following fields:

„EMAIL“: Fill in E-Mail Adress.
„USERNAME“: Choose a username.
„PASSWORD“: Choose a safe password.
For a secure password we recommend a mixture of at least 15 characters consisting of upper and lower case letters, special characters and numbers.

Click on “I agree to Kraken’s Terms of Service and Privacy Policy” and click on “SIGN UP”. You will then be taken to the “ACCOUNT ACTIVATION” page. Kraken will send you an e-mail with the activation code to your e-mail address. Click on the activation link in the e-mail. This brings you back to the “ACCOUNT ACTIVATION” page, where the activation code is inserted automatically. Alternatively, you can simply copy the activation code from the e-mail. Enter your username and password. Click in the “I am not robot” field, select the desired images and confirm your selection. Click on “ACTIVATE ACCOUNT” to open your Kraken account and go to the homepage of Kraken.

2. The verification
In order to buy Ether, you have to deposit money in the form of Euro or Dollar into your Kraken account. To do this, you must verify the account. This takes place in several stages, the “Tier”. In order to deposit Euros, you need the levels “Tier 0” to “Tier 3”. You have already reached the first level “Tier 0” by opening your Kraken account. To reach the remaining levels, click the “Get Verified” tab. Here you will find the overview of the individual steps. Navigate to the bottom of the page. Here you can unlock the stages “Tier 1” to “Tier 3” in sequence.

„Tier 1“: Enter your surname, first name, date of birth and telephone number. Click “Get Verified” to confirm your details.
„Tier 2“: Enter your street and house number, your state, the city and the postal code. Click “Get Verified” to confirm your details.
„Tier 3“: This level is required for deposits and withdrawals in euros in your bank account. Please note the prerequisites (file size, resolution etc.) of the documents you want to use. For the documents are only the formats jpeg, jpg and png allowed.
„Occupation“: Select your occupation or a suitable entry.
„Identity document“: Here you can upload a picture of your passport, your driving license or front and back of your ID card. Click “Choose file” to select the image.
„Proof of residence“: Choose a picture of an energy bill (for example electricity bill) or an account or credit card withdrawal. The date can not be older than 3 months and the address must match the address of “Tier 2”. Click “Choose file” to select the image.
„ID confirmation“: Hold the Identity document, which you selected with “Identity document” and a piece of paper that has handwritten on it, ”only for trading digital currency on”, the current date and your signature beside your face and take a picture of it. Your face, the handwritten paper and the identity document must be visible. Click “Choose file” to select the image.
Click “Get Verified” if you have selected the required images. The examination of the documents usually takes 2 to 5 working days. You will then receive an e-mail confirmation from Kraken and the level “Tier 3” will be unlocked.

3. Transfer money to your Kraken account
When you reach Tier 3, you can transfer money from your bank account to your Kraken account and buy Ether. Click the “Funding” tab and then “Deposit”. Now click on “Euro (EUR)” in the left column and select the “Fidor Bank AG SEPA” method for a SEPA transfer. Transfer at least € 50 to Kraken account. Please include your reference number so that the transfer can be assigned to your Kraken account. After 2 to 3 business days, the money should be available in your Kraken account. Then you can buy Ether immediately.

4. Buy Ether
Proceed as follows to buy Ether: Click on the “Trade” tab and then “New Order”. Choose the ETH / EUR currency pair to buy Ether with Euro and click “Buy”. Enter the number of emitters you want to buy in the “Amount” field. Please note that Kraken uses English spelling for numbers. Select “Market” to buy Ether at the current price. Click “Buy ETH with EUR” and check again your details. By clicking “Submit Order” you confirm the purchase of the Ether.

Get acquainted with all the elements of Kraken before you buy and trade Ether. In the “Kraken Help Center” you will find lots of information and explanations about the general use of Kraken and in the “Kraken Trading Guide” you will learn everything about the topic of buying and trading.