How To Get Started With Kraken & Deposit FIATs

How To Get Started With Kraken & Deposit FIATs

in Cryptocurrency
Kraken, headquartered in San Francisco, California, claims to be the largest Bitcoin exchange in terms of euro volume and liquidity. It operates across the United States (with the exception of New York due to the BitLicense) and Canada, as well as in the European Union and Japan. Founded by Jesse Powell in 2011, Kraken is known for its low transaction fees, a wide range of features, and overall security. Following the bankruptcy of former bitcoin exchange Mt. Gox, the Kraken platform assisted in processing claims. On Kraken, you can purchase Bitcoin, Ethereum, Litecoin, and a range of other cryptocurrencies with fiat currencies, including US dollars, euros, and Japanese yen. There’s also the option of margin trading for more experienced users. Kraken’s interface offers plenty of options, but it isn’t the most beginner-friendly to consider if you’re new to cryptocurrency.

How to create an account

  1. Make sure you are visiting the official Kraken site at https://www.kraken.com.

cryptocurrency exchange
2. Enter your email address into the “E-mail address” field. 3. Enter a password in the “Password” field. The minimum password length is 8 characters but we recommend using a long unique password created by a password manager. If the password is less than 25 characters long, it must contain one special character, one number, and cannot contain your username.
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4. Please review the terms of service carefully.  Once you have read the terms and understand them, please check the box next to “I agree to Kraken's Terms and Privacy Policy”

Note:

For more advanced options you can click the “Sign Up” button at the top right of the home page which will take you to https://www.kraken.com/signup. Note that the advanced account creation is completely optional.
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On this page you enter the same details as before, but in the Advanced Options you can confirm:
  • your country of residence
  • timezone
  • add a master key or PGP public key
The master key is a special passcode that is required during password resets, two-factor authentication bypass requests, and removing the global settings lock security feature on Kraken. You can only create a static password as your master key on this page but once you access your account you can change it to be a dynamic password using Google Authenticator or a YubiKey.
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If you use PGP encryption for emails you can enter your public key and then all of the automated system emails will be sent to you encrypted. Once you are happy with your settings and have agreed to the terms of service and privacy policy, just click the "Sign Up" button. You should receive an activation email containing a code which you can paste here, or alternatively complete activation by clicking the link in the email. If you do not receive an activation email please check your spam folder and if you have not received the email contact support. 5.  Check the box next to “I’m not a robot” to prove you are human. 6. Confirm your password, and click the “Activate Account” button.
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7. Once this is complete you can move onto funding your account. 8. Add the bank account that you will make transfers to and from; bank transfers and wires are the only accepted methods for depositing funds.  

How to deposit EUR into an account


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To deposit EUR, go to Account => Funding => Deposit => EUR. Then select the deposit type from the drop-down menu and use the displayed information to fill out the deposit form with your bank. There are currently 3 deposits types:
  1. Fidor Bank AG SEPA
  2. Fidor Bank AG Wire Transfer and
  3. SMBC (SWIFT)
Clients in SEPA (Single Euro Payments Area) countries should use SEPA (Fidor Bank AG SEPA) for EUR payments since this is the fastest and most cost-effective option for EUR. Clients outside SEPA countries should use SMBC (SWIFT) but may also use (2), Fidor Bank AG Wire Transfer, in certain situations. Please note that for most customers EUR deposits are only available at tier 2 verification and higher, with the exception of Germany and Japan. If you are a resident of Germany or Japan, you have to be tier 3-verified (with ID confirmation photo) to deposit EUR into your Kraken account. To help your deposit go smoothly, please follow the guidelines below.
  • Important: Make sure you don't go over your maximum deposit limit. To see your deposit limit, go to Account => Funding => Deposit= > EUR and note the value indicated as your "Maximum deposit."
  • Important: The name on the bank account must match the name on your Kraken account.
  • Important: Make sure you include the given reference code since this is used to associate the deposit with your account. The reference code is your public account ID followed by "kraken.com." The best place to put the reference/ID code is in the "Reference" field of your deposit form. Just put the reference by itself in the field.
  • Multiple deposits in the same amount made within 3 business days of each other may be delayed. If you make multiple deposits within 3 business days of each other, please send different amounts.
  • Always convert to EUR before sending your deposit. Deposits sent in a currency other than EUR have to be converted to EUR en route and this is likely to cause delays, additional fees, and routing problems.
 

How to deposit USD into an account (US Resident)


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Domestic USD deposits via wire transfer, require Tier 3 or Tier 4 account verification. To deposit USD using domestic wire transfers, go to Account => Funding => Deposit => USD. Follow the instructions for activating domestic wire transfers on your account before making a deposit.

After you have created the deposit on Kraken, please be sure to send a wire transfer from your bank account to the bank account shown on the deposit page. Make sure to send the amount you specified and from the bank account you specified.

Note: if your account is already verified to Tier 3 or above but has a scan of an expired ID, you will need to upload a scan of your current ID.

If your account is verified at Tier 1 or 2, you will first need to verify to at least Tier 3 before following the instructions above. To verify your account to a higher tier, log into your account and go to “Get Verified".

To help your deposit go smoothly, please follow the guidelines below:
  • Make sure you don't go over your maximum deposit limit. To see your deposit limit, go to Account > Funding > Deposit > USD and note the value indicated as your "Maximum deposit."
  • The name on the bank account must match the name on your Kraken account.
  • Multiple deposits in the same amount made within 3 business days of each other may be delayed. If you make multiple deposits within 3 business days of each other, please send different amounts.
 

How to deposit USD into an account (non-US Resident)

To deposit USD as a non-US resident, go to Account => Funding => Deposit => USD SMBC (SWIFT). Then use the displayed information to fill out the deposit form with your bank. Please note that USD SWIFT deposits are only available at tier 3 verification and higher. If you are a resident of Germany or Japan, you have to be tier 3-verified with ID confirmation photo to deposit USD into your Kraken account. To help your deposit go smoothly, please follow the information and guidelines below.
  • Important: Make sure you don't go over your maximum deposit limit. To see your deposit limit, go to Account > Funding > Deposit > USD and note the value indicated as your "Maximum deposit."
  • Important: The name on the bank account must match the name on your Kraken account.
  • Make sure you include the given reference code since this is used to associate the deposit with your account. The reference code is your public account ID followed by "kraken.com." The best place to put the reference/ID code is in the "Reference" field of your deposit form. Just put the code by itself in the field. If you put any other words or numbers in the field, we may not get the complete reference code on our end.
  • Multiple deposits in the same amount made within 3 business days of each other may be delayed. If you make multiple deposits within 3 business days of each other, please send different amounts.
  • Please be aware that international SWIFT wires usually take 3-7 business days to arrive.
All clients, regardless of their country of residence, may deposit Tether and trade it for USD starting at Tier 1.  

How to deposit JPY into an account


currency
To deposit JPY, go to Account => Funding => Deposit=> JPY. Please note that JPY deposits are only available at Tier 3 verification and higher. To upgrade your account, log in and visit the Get Verified page. Send a domestic deposit to your account using the information below.
  • Important: Multiple deposits of the same amounts within a few days of each other may be delayed. If you must make multiple deposits, consider sending different amounts.
  • Important: The name on the bank account you are depositing from must match the name on the account you are depositing into.
  • Be sure to include the "Reference" code given below - this code identifies the deposit with your account. If your bank does not have a "Reference" field (most Japanese banks do not), put your reference code after your name. Example: "Hanako Sato ABCD1234 KRAKEN.COM".
  • Do not exceed your daily or monthly funding limits. If you exceed the limits, your deposit will be frozen until you get verified for higher limits, or until the funds are returned to you.
  • NOTE: You will not be able to withdraw JPY to an account outside of Japan.
  • Please observe our minimum deposit limit of 5,000 JPY.
 

How to deposit CAD into an account


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Requirements

You must have a Kraken account verified to Tier 3 or higher and must be either:
  • A Canadian resident; or
  • A Canadian citizen living outside of the US.

Wire Instructions:

  • Account Name: This is what you put for the beneficiary / receiving customer
  • Address: This is what you put into the beneficiary address
  • Bank Name: This is the name of the receiving bank
  • Bank Address: This is the address of the settlement bank
  • SWIFT: This is the receiving bank's SWIFT CODE
  • Account Number: This is our account number at the receiving bank
  • Reference Number: This is your Kraken account number. Please make sure this is provided on your wire so your funds arrive to the receiving Kraken account.

To deposit CAD, go to your Kraken Account > Funding > Deposit > Canadian Dollar (CAD) page. There you will be provided with wire instructions for our CAD deposit account.

Please note that your bank may vary in how it requires the wire instructions and you should consult your bank for further information. We recommend using a bank representative to assist you create the wire

Important:

  • The name on the bank account must match the name on your Kraken account. If you are depositing from a company owned bank account, you must have a Tier 4 Corporate Account with us.
  • Make sure you don't go over the maximum deposit limit for your account. To see your deposit limit, go to Account > Funding > Deposit > CAD and note the value indicated as your "Maximum deposit" in the blue box on the right. Your maximum deposit amount is affected by deposits (and withdrawals) in any currency, not just CAD (i.e. bitcoin or USD deposits and withdrawals as well). 
  • Multiple deposits in the same amount made within 3 business days of each other may be delayed. If you make multiple deposits within 3 business days of each other, please send different amounts.
  • You can trade as soon as the deposited funds clear, but please note that there will be a 24 hour withdraw hold on the deposited amount depending on what deposit method was used.
  • If any of the wire information is incorrect on your transfer, this may result in delays or your wire being returned to the sending bank account. Please contact support for more information.
  • This is our only funding method at this time and we do not accept transfers via debit card or credit card.
  • CAD wire transfers must be conducted through your bank account
  • Please avoid sending close to the minimum deposit amount (C$200) in case there are any unexpected wire fees on your deposit. If we receive less than our minimum, your deposit will fail. See below for more information on the deposit fees. 
 

What are the minimum deposit amounts for cryptocurrencies?

For Ethereum-based tokens (ETH, ETC, REP, ICN, MLN, GNO, & EOS), deposits below the listed minimum can still be credited to your account by depositing more funds into the same deposit address as the below-minimum deposit; the entire balance of that address will be credited to your account in a single, combined deposit. For other currencies, deposits below the minimum amount will unfortunately not be able to be credited to your account.
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How long do cryptocurrency deposits take?


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Conclusion

Kraken has been in operation since 2011 and is older than its main competitors Coinbase and Gemini. As a result, Kraken has spent a number of years building its reputation among members of the cryptocurrency world. The exchange is now viewed as being one of the most reliable by many international cryptocurrency traders. Kraken provides a secure platform and operates a lower fee structure than Coinbase. The exchange also appeals to both individuals and institutions and allows access to a robust, comprehensive trading platform. For users with an intermediate understanding of how to trade cryptocurrencies, limit orders, as well as advanced orders with predefined triggers, leveraged positions, margin trading, and short selling are all available on the platform. While the exchange is respected and used by both parties of various income levels, Kraken has some work to do to improve its overall user experience. Due to a recent surge in new registrations the lack of extensive customer service options has become apparent. New registrations may also have to wait for over a week for their documentation and accounts to be fully verified. Despite this, Kraken provides a valuable service to cryptocurrency traders across the globe and remains a viable option for anyone looking for a trusted and reliable exchange.  

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