Kraken is a cryptocurrency exchange founded in 2011. The company has offices in San Francisco, New York City, London, Hong Kong, Tokyo, Singapore, and Sydney. Kraken offers trading services for bitcoin and other altcoins.
You can start depositing funds using bank transfers or credit cards. If you want to use a debit card, you’ll need to verify your identity before you can access your account.
We know that quick and efficient asset transfers are crucial in the crypto industry. That’s why we are proud to announce the recent addition to the EUR funding method available to our clients in Europe.
You can now transfer funds to your Kraken account using SEPA Instant Credit Transfer.
SCT Instant is enabled through Clear Junction, which provides an easy-to-use interface for banks and other payment providers to offer instant credit transfers.
Founded in 2016, Clear Junction focuses on providing solutions for cross-border payments.
What Methods Can I Use To Fund My Kraken Account?
There are three ways to fund your account:
- Send crypto
- Use a credit card – You need to complete at least a Starter Level KYC alone on Kraken.com. You should also verify your identity using an ID document. If you don’t have any of those yet, we recommend you start with Crypto Transfer like Bybit.
- Once you have completed all 3 steps, you will receive your first $10 worth of cryptocurrency! Kraken uses two intermediaries in its transfer system: your bank and an international money exchanger.
Why Should You Use Kraken?
It is a great exchange for beginners because it provides a lot of educational resources about cryptocurrency and blockchain technology.
However, it doesn’t allow you to trade any other cryptocurrencies besides Bitcoin, Ethereum, Ripple, Litecoin, EOS, Stellar Lumens, Monero, Dash, Zcash, and Dogecoin.
If you want to trade other cryptos, then you need to go to an exchange that allows the trading of those currencies. For example, if you want to trade Bitcoin Cash, then you should go to Coinbase.com.
If you want to buy Altcoins, then you should go there too. One thing that we really like about Kraken is that they offer free trades for all users.
You can also earn rewards when you refer friends to Kraken. There are lots of ways to get rewarded for using Kraken.
Kraken offers a decent selection of coins and tokens, but it doesn’t offer any fiat currency trading pairs. This means that if you want to trade other fiat currencies like USD or EUR, you need to go elsewhere.
However, it is one of the safest and most reliable places to buy cryptocurrencies. It also allows users to purchase Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC) directly through the exchange’s website.
When you fund the Kraken account, you may incur a $20+ wire special transfer fee, or a small credit/debit fee, for the cryptocurrency you’re sending.
When you trade, Kraken is actually among one of the cheapest exchanges directly for fees, though slightly more expensive than other sites.
How Exactly Do I Fund My Kraken Account?
Bank Wire Transfers
The overall average cost of sending money internationally using Western Union is roughly $20. To start, you’ll want to log in to your actual Kraken account and go to Funding.
From there, choose “Deposit Funds”. Then, select the special purple-colored deposit icon on the middle right of the page. You will then arrive at the deposit-style window. Make sure to select “USD” and click continue.
On the left side of the page, there’s an option to add funds. Click on the “Add Funds” button. Select the currency you wish to send.
If you’re using a credit card, then you need to add the card details. Enter the amount you’d like, and click on “Send”. If you’re looking to send money internationally, there are several options available.
You can use services like TransferWise to send money directly to someone else’s bank account.
Once you submit the information, you will receive an email confirmation stating when your transaction went through. You may also see an additional message stating that your transaction failed due to insufficient funds.
If this happens, please wait until you have received the necessary funds before submitting another request.
When sending crypto, you need to choose what network to use like FTX. You may be familiar with the term “gas” which is a fee that needs to be paid when sending transactions through the blockchain. Gas is usually paid in ETH.
But if you’re sending crypto from an exchange like Coinbase, then you will likely pay in USD.
If you’re sending from another wallet, then you will likely receive a transaction receipt with a different amount.
Kraken Account Deposit Guide: Step-by-Step Instructions
The first step toward opening an account at Kraken is to complete the KYC (Know Your Customer) process. This involves uploading documents that prove your identity and residence.
You may be asked to provide copies of your passport, utility bills, driver’s license, proof of address, etc.
The second step is to set up two-factor authentication on your account. Two-factor authentication requires you to enter a code sent via SMS text message or generated by your phone app.
It’s recommended that you enable this feature so that only someone who knows your password can log in to your account.
Once both steps are completed, you will receive an email confirming your registration. After that, you will have to wait until your account is verified.
Once your account is verified, you can proceed to fund it. To do so, go to the Funding tab in the top right corner of your screen.
Select “Deposit” from the dropdown menu.
Enter the amount you wish to deposit.
Choose between Bitcoin, Ethereum, Litecoin, Dash, ZCash, Monero, Ripple, Stellar, or any other supported currency.
Your balance will now reflect the new deposit.
If you’re not sure which cryptocurrencies are available on Kraken, check out our list of exchanges where you can buy them.
In conclusion, Kraken offers one of the most user-friendly interfaces for buying and selling digital currencies. The interface is easy to navigate, and the support team is always willing to help.
We hope that this article has provided you with the information you are looking for about funding your Kraken account!