Even though everyone is eager to trade cryptocurrencies right away, selecting the right platform is essential. In spite of the diversity of available crypto exchange platforms, Kraken is one of the most reliable. A crypto exchange for everyone; if you're new to Kraken and want to get started on the platform, this article is what you need to go through.
About Kraken
First thing first, it's important to note that Kraken is not a wallet, broker, or bank. Rather, it is a cryptocurrency exchange platform that matches buyers and sellers of digital assets. When a client wants to buy cryptocurrency, Kraken searches for an order from a client who wants to sell the same cryptocurrency (or vice versa). In this way, Kraken acts as an intermediary among purchasers and sellers, facilitating the exchange of cryptocurrencies.
How to Get Started with Kraken
As easy as creating a Gmail account, getting started with Kraken requires you to first sign up on the platform. In order to proceed, you will have to supply some personal details and go through the verification and validation steps for your account.
For starters, verification processing time only takes a few minutes, and the process is all automated. The pro-personal and pro-business level accounts may take a few days for verification, for which the process is manual.
As soon as your account is activated and verified, you will need to deposit funds in order to start trading.
Funding Kraken Account
Kraken is committed to keeping fees low for its users and offers a range of deposit options to make it easy for you to fund your account. These options include bank transfers, wire transfers, and cryptocurrency deposits, among others. Kraken offers a range of options that can cater to both those looking to make a big investment and those new to the cryptocurrency world, regardless of your budget.
Trading on Kraken
The minute funds are loaded into your account, you are ready to buy and sell cryptocurrencies. To get in progress, you need to choose trading pairs. There is a wide array of cryptocurrency trading pairs at Kraken, including Bitcoin, Ethereum, Litecoin, as well as more exotic options such as XRP, EOS, and Zcash.
To place an order on the Kraken platform after selecting the desired trading pair, you will need to navigate to the New Order page. On this page, you will have the option to choose between different order types, such as limit orders and market orders, depending on your trading strategy. Submit the order after careful consideration and wait for order execution.
That is how you get started on the crypto exchange platform known as Kraken.
Conclusion
Kraken is a user-friendly cryptocurrency exchange that makes it easy for you to buy, sell, and trade digital assets. To get started on the platform, you will need to create an account, fund your account, choose your trading pairs, and place an order. By following these steps, you can quickly and easily get started on Kraken and begin trading cryptocurrency on the platform.
