The cryptocurrency market recently witnessed a huge crash. All Tokens from different crypto projects lost heavily in prices. The crypto market cap fell from USD 2.5 Trillion to around USD 2.2 Trillion in 24 hours, wiping out Billions in crypto traders’ money. Despite Ether losing more than 10% in the last 24 hours, some analysts are saying that now is the perfect time to buy Ether at a discounted price. Christmas season is right around the corner, and there is no better time than now to stock up on your favorite cryptocurrencies. In this article, we’re going to quickly recap how to Buy Ether from Kraken.
Is Ethereum a Good Buy in this Crypto Crash?
Ether’s price fell from a high of USD 4,800 all the way to USD 3,400. This crash was met with a surging buying power which lifted prices back upwards. The current price stabilized around the psychological price of USD 4,000. On the other hand, looking at the weekly view of Ether, one can’t but laugh at the FUD headlines which the mainstream media loves. Prices have simply retraced back to the average uptrend line.
In figure 1, we zoom out and look at how prices needed such breathers. Panicking and selling most of your crypto portfolio is a bit too late now. Rather than thinking about liquidating, most professional crypto traders already bought the dip.
How to Buy Ether on Kraken?
What is Kraken crypto echange?
Kraken is one of the biggest and prestigious crypto exchanges across the world. Created in 2011, Kraken was created by Jesse Powell after the Mt. Gox hack occurred. However, the crypto exchange launch came in 2013, after Powell was done with the development. During the launch, the developer mentioned that Kraken would be better than other exchanges in terms of security and organization.
Step by Step Guide – How to Buy Ether on Kraken
Sign Up On Kraken
Like most centralized crypto exchanges, Kraken requires users to sign up on its platform to access its wide range of services. To sign up on Kraken, a trader must provide specific details like email, username, and password. You can also use your phone number to register your Kraken account.
Users who intend to sign up on Kraken should be 18 or above at the time of registration and must make sure they live in an area that the exchange supports. Kraken advises its users to set up a strong password and keep it on them at all times. This is one of the safest methods to eliminate the chances of a breach in their wallets by losing their passwords.
Verify Your Account
Signing up on Kraken is not enough to buy Ethereum on the platform. This is because the platform makes sure that its users are verified, and this is achieved by taking essential details. To verify your account and start trading, you will need to submit details like Your full government name, date of birth, and phone number used in registering your account.
Verifying your account with the details above means that you can purchase Ethereum with other digital assets. However, if you intend to buy Ethereum with fiat currencies, you must submit additional documents to support the ones above. This is because the platform uses verification levels to grade its users.
For a starter account, you need just the details above, while for an express account, you need to add your social security number and occupation information. The intermediate and pro accounts will require you to add a valid identity card and proof of where you live to the other documents. However, users in South Africa and the United States will need to submit a photograph of their face to pass verification.
In terms of verification time, starter and express accounts take one to two minutes and are automated. Intermediate is automated and takes four to five days for completion. Pro account takes up to five days to be verified, and it is done manually.
Make Your Deposit
Once your account is verified, you can now go ahead and fund your account with fiat or digital assets of your choice. Kraken allows deposits of fiats such as US Dollar, Euro, Canadian Dollar, Australian Dollar, Pound sterling, Swiss Franc, and Japanese Yen.
When a deposit is made, Kraken holds the assets for 72 days due to its security policy. Traders should ensure that they deposit funds to the account matching the fiat currency they intend to top up. However, traders should note that the platform charges small fees for deposits that are not added to the balance on the platform. Also, traders should note that deposit methods will depend on their location.
Purchase Your Ethereum
After making your deposits and receiving the fiat equivalent in your account, you can then buy the number of Ethereum you want. Buying Ethereum comes with so many perks as traders can use the charting tools and the 24/7 support on the platform. Also, you will need somewhere to store your assets if you decide not to trade with them. In this case, it is advisable to get a wallet where you can keep them. To store your assets in the long term, you can use a hardware wallet. Kraken warns that it does not allow traders to hold assets on the platform as it only provides exchange services.