how to buy bitcoin on kraken

To buy Bitcoin on Kraken, create an account, verify your identity, fund your account, place a buy order in the Spot Market, and store your Bitcoin securely.

Oct 03, 2024 at 10:29 am

How to Buy Bitcoin on Kraken

Step 1: Create an Account

• Visit the Kraken website (https://www.kraken.com/) and click on "Create Account."
• Provide your name, email address, and create a secure password.
• Click on "Create Account."

Step 2: Verify Your Identity

• To comply with anti-money laundering regulations, Kraken requires you to verify your identity.
• Submit a copy of your ID (passport or driver's license) and a utility bill or bank statement showing your address.
• Once your identity is verified, you can proceed to fund your account.

Step 3: Fund Your Account

• Kraken supports various funding methods, including bank transfer, wire transfer, and cryptocurrency deposits.
• Click on "Funding" and choose the method you prefer.
• Follow the on-screen instructions to complete the funding process.

Step 4: Place a Bitcoin Buy Order

• Once your account is funded, click on the "Trade" menu and select "New Order."
• Choose the "Spot Market" tab.
• Select the "BTC/USD" trading pair.
• Specify whether you want to buy or sell Bitcoin.
• Enter the amount of Bitcoin you wish to buy or the amount of USD you wish to spend.
• Click on "Place Order" to execute your purchase.

Step 5: Store Your Bitcoin

• After your order is filled, your Bitcoin will be credited to your Kraken account.
• You can store your Bitcoin within the Kraken wallet or transfer it to a hardware wallet or another cryptocurrency exchange.

Additional Considerations:

• Trading fees: Kraken charges trading fees based on your trading volume.
• Deposit fees: Funding your account through certain methods may incur additional fees.
• Trading limits: New accounts may have temporary trading limits until their identity verification is complete.
• Customer support: Kraken offers 24/7 customer support through email, chat, and phone.