How to buy and sell coins on the Kraken exchange? Detailed steps

To buy or sell coins on the Kraken Exchange, create an account, deposit funds, find the desired coin pair, choose an order type, place it, manage it, and finally withdraw the funds when ready.

Sep 30, 2024 at 12:42 pm

How to Buy and Sell Coins on the Kraken Exchange: Detailed Steps

Step 1: Create an Account

• Go to the Kraken website and click on "Create Account."
• Provide your email address, username, and password.
• Verify your email address and complete the registration process.

Step 2: Deposit Funds

• Log in to your Kraken account and navigate to the "Funding" page.
• Choose the desired deposit method (e.g., bank transfer, credit card).
• Follow the instructions to deposit the funds you wish to use for trading.

Step 3: Find the Coin Pair

• Go to the "Trade" page on the Kraken website.
• Select the coin pair you wish to trade from the dropdown menu (e.g., BTC/USD).

Step 4: Choose an Order Type

• Market Order: Executes immediately at the current market price.
• Limit Order: Specifies the desired price at which you want to buy or sell.
• Stop-Loss Order: Triggers a sell order when the price falls below a certain level, protecting against losses.
• Take-Profit Order: Triggers a sell order when the price rises above a certain level, locking in profits.

Step 5: Place Your Order

• Enter the amount of coins you want to buy or sell.
• Choose the order type and provide the desired price (if applicable).
• Click "Buy" or "Sell" to place the order.

Step 6: Manage Your Order

• Once your order is placed, you can view its status in the "Open Orders" tab.
• You can cancel or modify your order from here if needed.

Step 7: Withdraw Funds

• When you want to withdraw your coins or funds, go to the "Funding" page.
• Select "Withdraw" and choose the desired withdrawal method.
• Enter the amount you wish to withdraw and the recipient address.
• Confirm the withdrawal and wait for the funds to be transferred.

Additional Tips:

• Use the "TradingView" tab to analyze charts and identify potential trading opportunities.
• Set up two-factor authentication for added security.
• Start with small orders until you become more comfortable with the trading process.
• Consider using a mobile trading app for convenience.