Kraken is one of the largest and most secure cryptocurrency exchanges. Before you can start trading cryptocurrencies on Kraken, you need to fund your account with real money. Here is a step-by-step guide on how to deposit money into your Kraken account using various methods:
Table of Contents
Step 1: Create a Kraken Account
- Go to kraken.com and click on “Create Account”
- Enter your email address and create a secure password
- Choose a username and enter your country of residence
- You will receive an activation email – click the activation link to verify your email
- Activate two-factor authentication (2FA) for additional security
Tips:
- Use a strong password that is unique for your Kraken account
- Enable 2FA using an authenticator app for maximum security
Step 2: Get Verified
To deposit fiat currencies and withdraw cryptocurrencies, you need to get your account verified by submitting ID proof and proof of residence:
- Go to your account settings and start the verification process
- Submit documents like passport, national ID card, driving license etc.
- Also submit a proof of address like a utility bill in your name
Getting verified usually takes 1-5 business days.
Step 3. Choose Your Deposit Method
Kraken offers various fiat currency funding options with minimal fees. Here are some popular methods:
A. Bank Wire Transfer
- Low fees, high limits
- Deposit EUR, USD, CAD, JPY etc.
- Takes 1-5 business days
Steps:
- Log in and click “Deposit” on Kraken
- Select currency, enter amount, choose funding method
- Initiate a wire transfer from your bank account using provided details
B. Credit/Debit Card
- Instant deposits
- Deposit EUR or USD only
- Higher fees compared to wire transfers
Steps:
- Go to “Buy Crypto” page and choose card as payment method
- Enter amount and confirm card details
- Funds will be instantly credited
C. Electronic Funds Transfer
- Faster than wire transfers
- Deposit USD, EUR, GBP etc.
- Takes 1-3 business days
Steps:
- Log in, click “Deposit” and choose currency
- Select funding method as Electronic Funds Transfer/ACH
- Initiate transfer from your bank account using details
Step 4. Start Trading!
Once your account is funded, you can start trading cryptocurrencies on Kraken!
- Go to “Trade” page and choose a crypto pair
- Use instant buy/sell, limit orders or margin trading
- Funds remain in your account balance for future trades
Tips:
- Start small if new to crypto trading
- Enable price alerts and use stop-loss orders
- Withdraw crypto to your private wallet for long term storage
So that’s how easy it is to deposit money on Kraken and begin trading cryptocurrencies! Choose your preferred deposit method, fund your account according to the steps outlined above, and leverage Kraken’s industry-leading security features to safely trade Bitcoin, Ethereum and other cryptos.
Frequently Asked Questions
Which countries does Kraken support?
Kraken supports most countries globally, with a few exceptions like New York and Washington state in the US. Check their website to see if your country is supported.
What are the deposit/withdrawal limits?
Deposit and withdrawal limits depend on your verification level. With basic verification, you can deposit up to $2,500 daily and $20,000 monthly. Get verified to Tier 3/4 to increase your limits.
What are Kraken’s trading fees?
Kraken has a transparent fee structure ranging from 0% to 0.26%, depending on your 30-day trading volume and whether you’re a taker or maker. Margin trading fees start from 0.01%/0.02%.
How long do deposits and withdrawals take?
- Bank transfers take 1-5 days
- Card deposits are instant
- Crypto withdrawals take up to 48 hours
- Fiat withdrawals take 1-3 days
Processing times can vary depending on network congestion.
Is Kraken safe to use?
Yes. Kraken utilizes industry-leading security practices like proof of reserves, offline cold storage of funds, two-factor authentication, PGP encryption for emails and more. It has never been hacked since 2011.
