Kraken exchange app novice currency purchase graphic tutorial

Using the Kraken app, you can create an account, fund it, choose a cryptocurrency to buy (e.g., Bitcoin), place an order (Market Order for the best available price), and monitor order status to complete the cryptocurrency purchase.

Oct 02, 2024 at 01:48 am

Kraken Exchange App Beginner's Guide to Buying Cryptocurrencies

Step 1: Create an Account

• Download the Kraken app on your mobile device.
• Tap "Create Account" and follow the prompts to provide your email address and create a strong password.
• Verify your email address by clicking on the link in the confirmation email.

Step 2: Fund Your Account

• Tap "Funding" on the home screen.
• Choose your preferred funding method (e.g., bank transfer, credit/debit card).
• Follow the instructions to deposit funds into your Kraken account.

Step 3: Choose a Cryptocurrency

• Tap "Trade" on the home screen.
• Navigate to the "Spot" section.
• Select the cryptocurrency you wish to purchase (e.g., Bitcoin, Ethereum).

Step 4: Place an Order

• Enter the amount of cryptocurrency you want to buy, or the amount of fiat currency you want to spend.
• Choose a price and order type (e.g., Market Order for the best available price).
• Tap the "Buy" button to place your order.

Step 5: Confirm Your Order

• Review the details of your order.
• Make sure the price and order type are correct.
• Tap the "Confirm" button to submit your order.

Step 6: Monitor Your Order

• Your order will be processed immediately.
• You can track its status in the "Orders" tab.
• Once your order is complete, the cryptocurrency will be credited to your Kraken account.

Additional Tips:

• Set up two-factor authentication (2FA) to enhance account security.
• Use a strong and unique password that you do not use for any other accounts.
• Store your cryptocurrency in a hardware wallet for added security.
• Consider using limit orders to buy at a specific price or below to manage risk.
• Market orders are executed immediately at the best available price, while limit orders are only filled when the desired price is reached.
• Keep in mind that cryptocurrency prices can fluctuate rapidly.