Kraken exchange novice registration, trading and use tutorial

Kraken Exchange offers a comprehensive trading platform with novice-friendly features such as beginner-friendly registration, straightforward funding methods, and an intuitive trading interface with diverse order types.

Oct 06, 2024 at 07:48 pm

Kraken Exchange Novice Registration, Trading, and Usage Tutorial

1. Registration

• Visit the Kraken website and click on "Create Account."
• Enter your email address, create a username and password, and agree to the terms of service.
• Verify your email address by clicking on the link in the confirmation email you receive.

2. Identity Verification

• Provide your personal information, including name, address, date of birth, and phone number.
• Upload a government-issued ID, such as a passport or driver's license, for identity verification.

3. Funding Your Account

• Navigate to the "Deposit" section in your account and choose a deposit method (e.g., wire transfer, credit card).
• Follow the instructions provided for your chosen deposit method.
• Once your deposit is complete, it will reflect in your account balance.

4. Trading

• Access the "Trading" section of the website or mobile app.
• Select the cryptocurrencies you want to trade, set the price and amount, and place your order.
• Your order will be executed at the market price or a specified price if a limit order is used.

5. Order Types

• Market Orders: Execute trades immediately at the current market price.
• Limit Orders: Execute trades only when the desired price level is reached.
• Stop Orders: Activate when the price reaches a predefined level, typically to limit losses or lock in profits.

6. Managing Your Portfolio

• The "Portfolio" section provides an overview of your holdings, trades, and account balance.
• Use the order history tab to view your executed orders and the open orders tab to manage any active orders.

7. Additional Features

• Kraken Futures: Trade crypto futures contracts with leverage.
• Kraken OTC Desk: Connect with market makers for large-volume trades.
• Kraken Pro: Advanced trading platform with additional features and order types.

8. Security Tips

• Enable 2-factor authentication (2FA) for enhanced security.
• Regularly update your password and security questions.
• Avoid storing large amounts of crypto on exchanges and consider using hardware wallets.