Matt here with crypto Blick, hope your day is going well. I want to do a quick video here for you on the Kraken Exchange. I’m not going to show you a step-by-step process on setting up your account but I will show you what certain screens look like and then I’ll show you what the inside guts of the actual browser looks like for the exchange. And, then show you what Kraken Pro looks like. This will be a quick overview. I’m not going to go to super big into detail because right now at this time I have not bought any crypto on this platform yet but through doing research, they have better fees compared to Coinbase, so I at least wanted to show you what Kraken looks like that way you can make your own decision on what to do when you want to but by your own crypto.
So let’s dive right in right now… Alright, so right here on the site this is what you’re going to see when you visit the site. They have their typical, you know, advertisements to get you to buy cryptocurrency. Create account. You’re going to see “email” and “username.” They’re going to want to know your full name, date of birth, address, and phone number. This is for their KYC (Know Your Customer) so that they know their customer as I’ve mentioned in the past you’re going to also have your Two-Factor Authentication (aka 2FA).
I advise you to use an authenticator app that you can get on your phone. It’s very simple and very easy to use, and easy to set up. I use that for my platforms and for my exchanges. Then they’re going to have a process where they’re going to ask you to give you information to verify that yes this is you… your Driver’s License ID or Passport Photo, something like that and as well as identification of your address… so that you can prove that you do live at a specific location. It’s so that they have information on the back end for tax purposes so that you’re not falsifying your records.
Anyways, that’s what the the front page looks like when you create your account. It did take a couple days on my end to get my account verified. I think what it was for me… they weren’t satisfied with the address I had provided them so I had to show them a different record (piece of identification) to get that change and get it verified. But let me go in here and sign in.
Alright, so now I’ve logged into the actual platform on Kraken or the Kraken Exchange if you want to call it that. You can see, like I said, I’m verified but I haven’t funded the account yet. I do have my own authenticator app working for this platform.
To just give you a quick overview… you can change the actual currencies that you want to see. Here’s the last price point for Bitcoin today. It shows what it was trading for the high and the low as well as a 24-hour volume and weighted average. We’re going to scroll down here so you can see your balances. If I had my crypto on the Kraken Exchange, it would let me know how much I have there. I advise, like anyone else out there who you would watch on YouTube or read in other articles, you to keep your currency off of any cryptocurrency Exchange. There’s plenty of information out there “why” but basically in case in case an Exchange got hacked, you would lose your crypto. Always be safe and act as if you are your own bank. Don’t trust an Exchange even though Kraken and Coinbase are very reliable Exchanges. Always protect yourself and be safe and protect it on your own Mobile wallet (BRD, Jaxx Liberty, Exodus, Coinbase) or a Ledger Nano X wallet.
Alright, so from there you’re going to see total balances. You can see that I don’t have any balances this year because I have not started like I said. You can see fees. Right now, between $0.00 – $50,000.00 there is a Maker and Taker Fees each being 0.16% to 0.26% on whatever use you buy in crypto on Kraken. If you go pass it $50,000.00, which I imagine most of everyone following me will not be spending that much on an Exchange. The percentage goes down. So the more that you invest on Exchange the percentage goes down because they want your funds on their platforms.
The ledger here will also show all that data on when you bought and at what price… and you know all the amounts, all that data that you need there within the Ledger.
So the other thing I wanted to show you real quick is Kraken Pro real quick. So I’m not going to go into grave detail on this because like I said I’m new to the Kraken platform, but it’s similar to Coinbase Pro. You’ve got your trend here and how the market is selling and buying. You’ve got quite a bit of detail. I’m pretty excited to see. You see the orders that are being processed here on the right side for trading. If you want to buy or sell you can select it yourself. Here’s where you go if you want to get detailed information. If you want to do leverage trading, which I’d advise you to go watch some other videos on YouTube on Leverage Trading is something you want to do. I’m not knowledgeable enough in that area to do that yet myself.
Say I want to buy 1/10th of a Bitcoin (0.1 BTC) it is going to show me what I will to be spending… $494.49. That’s what the market is at right now. I click “Buy” and it’s going to say alright, and then “Submit Order.” I’m not going to submit the order because well #1 I have not funded my account yet, but #2 I do not actually want to buy right now on Kraken. I just wanted to show you what it looks like for when you want to buy some Bitcoin or Ethereum or any other cryptocurrency out there.
But that’s a basic overview guys of the Kraken Exchange. If you have any questions, make sure to comment below in the comments section. Would love to hear what you guys think of these videos going forward. If there’s anything you would like to see more of let me know.
Stay warm out there guys. Stay healthy. Stay safe and be excited for more videos coming soon.