Kraken is a crypto trading platform that ranks first in terms of trading volume in the BTC / EUR pair. Because the platform has never been hacked, it has managed to gain the trust of a large number of crypto enthusiasts as the safest trading platform, and has attracted many users around the world.
It should be noted that users leave not only positive reviews about the exchange. Complaints range from slow processing of deposits. While the platform strives to provide real-time support to its customers, sometimes difficulties may arise too when communicating about a technical or a transactional issue.
You can find quite a few trading tools on Kraken. Kraken is primarily known as a platform for trading bitcoin and Ethereum against fiat (USD and EUR), but altcoins are also present. Kraken, in contrast to Coinbase or other trading platforms stores its assets in cold wallets, except, of course, for those that are directly used to support trading.
If you are thinking of starting to trade crypto in Kraken, in this article, we’ve assembled a step by step guide on how you can do it.
Instant purchase of cryptocurrency on the Kraken
To start with Kraken, you need to register on the website and open your wallet. Without a wallet, you won’t be able to store the cryptocurrencies you buy or want to sell.
The fastest way to instantly buy, sell or change cryptocurrency is to use the Buy Crypto button at the top of the page. Not every cryptocurrency can be bought with this option. Also, instant buy/sell transactions incur a commission. Before confirming the transaction, you will see the amount of the commission.
How to Start Trading?
1.Select a currency pair
First, you need to decide what assets you want to exchange; for example, buy bitcoins for US dollars or sell ether (ETH) for euros. After that, you can select the corresponding pair in the upper left part of the screen under the “Trade” tab.
2.Fill out the order form
After selecting a currency pair, go to the New Order page and select Simple.
3.Confirm the order
After you have selected the type of order, you can confirm your choice using the buttons located to the left of the “Total” field.
Then you need to click on the big buy/sell button, and you will be taken to the order confirmation page, where you can check all the information.
If you check the box “Skip order confirmation,” then you do not have to confirm all the information.
4.Wait for order execution
If you select a market order, the trade will be executed instantly, and your balance will change. You can immediately withdraw or use the funds on another trade. Completed (closed) orders can be viewed on the “Orders” tab.
Limit orders cannot be executed instantly, but you can view their status on the Orders tab. If your order has not yet been executed, you can cancel it by clicking on the red X button in the New and Open Orders section.
The world of cryptocurrency trading may at first seem difficult to grasp, filled with words and names we may not understand. But as the crypto world evolves, the developers of the trading platforms do everything they can to build online marketplaces for users that are simple to use. All you need to do is take your time to research the options you have to make the best decision.
Anahit Grigoryan is a freelance content writer and marketing specialist who works on blogs and articles related to digital marketing and business. She is a marketing enthusiast who currently works as a marketing strategist at 99PAWR and is simply addicted to everything that includes marketing. Probably you understood it already because, in her short bio, you read the word “marketing” 4 times… now 5.