Do you reside in Europe? If yes, don’t worry!
Kraken is a global Bitcoin exchange which supports European residents along with the residents of the United States, Japan and Canada.
Kraken has been in the limelight for offering excellent liquidity as its average daily volume is about 10 to 12 million Euros. Thus, if you are willing to buy a huge stack of bitcoins, then Kraken is the perfect option.
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Similar to all the regulated exchanges, you will need to verify your identity and personal details before buying. In tier 1, you can trade between all currencies, but account funding is limited to cryptocurrency only. In tier 2, you will be able to do both.
Thus, to deposit the money and buy bitcoins, you will require to verify your –
- Full Name
- Date of Birth
- Country of Residence
- Phone Number
- Address Verification
There are further levels in the verification process, but most people will just need Tier 2 to buy bitcoins.
User Interface with Incorporation of Trading
Similar to the other exchanges geared towards the cryptocurrency traders, its interface could be quite confusing. However, Kraken is aimed at making things easier for first-time buyers, and its “Simple” order form is quite easy to use.
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The fees structure of Kraken is very confusing. So, for keeping it simple, let’s summarize it –
If you are buying less than $50,000 of BTC every month, then expect to pay between 0.16-0.26% in fees for each buy.
If you use the “Simple” order form, you will pay 0.26%. In case you wish to learn how to use Kraken’s advanced order types, then you can pay just 0.16% provided if you become a “market maker.”
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