Kraken Exchange: How To Sign Up and Trade
The Bitcoin exchange Kraken started out taking itself very seriously – in the right way – and this stance has subsequently paid dividends, as the Bitcoin exchange is now seen as one of the leading platforms for dedicated individual traders.
In the collapse of Mt.Gox – the Japanese powerhouse altcoin exchange that succumbed to large-scale theft – Kraken was nominated to disburse compensation to users by the judicial trustee. In the opinion of the Wall Street Journal, this came about due to Kraken’s clean operating history and absence of any security breaches. Indeed, Kraken has emerged as a reputable and secure exchange that does much to grow the cryptosphere as a legitimate, professional experience.
How To Trade on Kraken
Cryptocurrency enthusiasts who want to trade their Bitcoin on the exchange can follow the steps outlined below to be up and trading in a day or two. Kraken’s offer is one of an established exchange with a fast platform, tight security and diverse options that will even allow users to short Bitcoin on advanced orders. Not sure what that means? No problem! Follow these pointers below to be up and trading on Kraken in a few easy steps:
Go to https://www.kraken.com/en-gb and click the “SIGN UP” button on the top right of the Kraken home page. You’ll be taken to a sign-up page that requires your mail address, chosen username and password to proceed. Once you hit “SUBMIT” A mail will be sent to your inbox with a link to confirm your desire to sign up to the exchange, like this:
Find the mail and click the confirmation link to see this screen pop up:
In the confirmation mail you received, there will be an “activation key” that will be pre-filled as shown in the screenshot above. There is also the option to manually enter details at this stage. Fill in your username and password, tick the Captcha and click “ACTIVATE ACCOUNT.”
You’ll need to wrap this step in under two minutes or the code will expire. If this happens, go to the mail received and, at the bottom, there is a slightly cumbersome two-step protocol for clearing the process and starting over, freeing up your mail address for a new activation code. This part of signing up can be a little sensitive – don’t be defeated! Just clear your mail address as directed and resubmit on the back of a new key mailed to you.
Assuming you are now through the activation, you’ll be taken to the next screen that presents like this:
You’ll notice in the pale blue highlighted section mid-page that there is a “get verified” link. Click the link to see this:
Scroll through the trader options to select your position in the tiers. Further down the page are entries required for meeting international legislation governing KYC and AML:
The last point on this page contains a link to ID photo specifications, something worth reading to avoid delays in approval and the click-through also contains details on acceptable forms of identification.
A well composed list of FAQs is available at the bottom of the page and also well worth perusing, as it answers most relevant questions for new users. Verification is variable and can take effect the same day or at most within a day or two. It’s worth buzzing Support if verification confirmation isn’t forthcoming in 48 hours, just to keep the topic hot.
Once verified, traders can, according to the tiers chosen at the outset of the verification process, begin trading on the exchange. There are modest traders who seldom move on the exchange, all the way through to more active traders who sit and “actively” hold in long positions – anticipating price surges – and others who adopt “short” positions, where they anticipate the price dipping.
A detailed exchange with news and intel, once you find your way around Kraken, trading becomes a pleasure and always feels secure. Site navigation is logical and UX good, when you consider that it’s a sophisticated arena with a massive back-end at play.
To trade, employ constant reading and sharing to establish a basic understanding of cryptosphere trading while employing the following drop down menu on the Kraken site:
Also, you’ll take action based on movements of Bitcoin depicted in the trading charts, found under the “Charts” tab:
One of the prime benefits of joining an exchange like Kraken is the elimination of noise. With millions of comments daily across thousands of forums, the growing unverifiable information body is something certain players in the cryptocurrency sphere are trying to address. On Kraken, the news and intel disseminated comes from reputable sources. Any investment is risky and altcoins are extremely volatile assets. Investors are advised to do their own homework and never to extend positions beyond what they are comfortable losing.