Kraken Referral Code
Kraken Review – What is it? How does it work?
Kraken was born in San Francisco in 2011 by the hand of Jesse Powel. As things currently stand, the company is one of the largest cryptocurrency exchanges globally in terms of the number of users, volumes handled, and liquidity.
This exchange is considered by many to be even safer than another well-known name in the panorama, namely Coin base. Among other things, Kraken was the first ever to be published on the Bloomberg Terminal price and trading volume.
Hundreds of thousands of traders operate on the platform every day, including the German BaFin and the Tokyo government trustee.
Kraken allows you to trade on many cryptocurrencies, including Bitcoin, Ethereum, Tether, Ripple, Monero, Litecoin, EOS, Stellar, Cardano, Cosmos, and many more.
You can open an account on the Kraken platform in three different currencies, namely US Dollar, Canadian Dollar, and Euro, and make a deposit only and exclusively through a bank transfer.
The only currency for which a fee is applied is the US dollar, while for the other two, the deposits are free. As an alternative to a bank transfer, you can also deposit cryptocurrencies directly.
How to open a Kraken account
Starting to operate with Kraken is very simple, and the first step to take is clearly to open an account.
To proceed, once you have gone to the official website, you will need to first click on Sign Up and then on Create an Account, located at the top right.
You have to follow the guided procedure by entering the requested data and immediately afterward verifying your identity.
You will then need to upload a valid ID and take a selfie with that document next to it.
At this point, you can continue by entering your bank account details and later make your first deposit. Once the funds have arrived in the new Kraken account, you can start trading by selecting New Order.
Through this screen, you can buy cryptocurrencies by choosing your preferred payment method and then confirm the transaction.
How to trade with Kraken
Once you have opened your account on the platform, you can start trading. Depending on the account level you have opened, you will be able to trade and withdraw different amounts of cryptocurrencies.
Suppose you intend to trade with larger quantities of coins. In that case, you will need to provide additional account verification elements, such as your passport and copies of paid household utilities, to prove your residence.
At this point, you will be ready to deposit Bitcoin, Ether, or fiat currency. To place an order, you will need to go to Accounts and Exchanges and immediately after to New Order.
Now you will have to select the pair corresponding to the currency you intend to buy and the one deposited. Wanting to give a concrete example, if you choose ETH / USD, it would mean that you are buying ETH and selling USD.
Clearly, Kraken’s business model involves commissions.
Unlike other solutions that we will see later, each order placed on Kraken will have a cost, which varies according to the volumes: the higher the number of open operations on your account, the more “cheaper” the subsequent transactions will be. We could define this policy as a sort of volume “discount.”
In detail, we can see that USD deposit and withdrawal have a $ 5 fee for US banks.
The deposit in euros via SEPA transfer is free, while the withdrawal has a cost of 0.90 euros. Regarding the timing of availability of funds, it will take a maximum of 5 working days for both national and international transfers.
There are also withdrawal limits. It will not, in fact, withdraw funds when the daily or monthly limit is exceeded.
The same rule is also valid for deposits, except for the fact that the “window” is set only daily. As for cryptocurrency withdrawal limits, they are set at $ 5,000 per day and $ 10,000 per month.
Kraken Wallet: how it works
Through the Kraken platform, it is possible to exchange Bitcoin or any other compatible cryptocurrency and use the perfect integrated wallet to keep your possessions of cryptocurrencies.
In fact, to any user who has verified their account, Kraken provides a free wallet on which you can make movements of the cryptocurrencies contracted.
Like other exchanges, even with Kraken, the funds will be sent to the desired address.
Later you can move these funds to a “hot wallet,” that is a wallet connected to the internet, and finally to “cold storage” services. In this second case, a wallet is not connected in any way to the web.
Therefore, withdrawals will be managed through the hot wallet and not from the previous deposit address. Sending address and deposit address are precisely different.