Frequently Asked Questions (FAQ)
We get these questions all the time, so we thought it might be a good idea to put them all in one place.
What is Kraken?
Kraken is the leading Bitcoin exchange for those who demand fast execution, innovative features, exceptional support, and high security. People around the world choose Kraken to buy and sell bitcoins because we always put the client first. As a result, we are consistently rated the top exchange in independent reviews. Kraken is based in San Francisco, USA.
What is Bitcoin?
Bitcoin is a digital currency used for fast, secure and low cost payments without the need for a central issuer or processor. Bitcoins are stored and sent electronically from private wallets. Introduced in 2009, bitcoins have increased greatly in value due to their limited supply and growing popularity.
How to buy bitcoins?
After you deposit cash from your bank to your Kraken account, you can make an order to buy bitcoins on the exchange. When your order is filled, you can withdraw your bitcoins to your wallet.
How to sell bitcoins?
After you send bitcoins from your wallet to your Kraken account, you can make an order to sell them for cash. When your order is filled, you can withdraw the cash to your bank.
What currencies can I trade bitcoins with?
You can trade between bitcoins and euros, US dollars, Canadian dollars, British pounds and Japanese yen.
How much does Kraken charge in trading fees?
Fees go as low as 0% and depend on how much you trade. Please visit the Fees and Pair Info page for full details.
How to start?
It's simple, quick and free to set up with Kraken. Click open an account, complete the form and activate your account. After verifying, you can fund your account with bitcoins or cash and start trading!
What is verification?
The law requires that we verify your account by asking who you are and where you live. To open a basic account and get started trading, we only ask a few things. An advanced account is like opening a bank account and requires supporting documents.
What information must I provide to trade?
To open a basic account and start trading, we only require your full name, date of birth, address and phone number. A more advanced account (for higher account funding limits and in some areas required for bank funding) additionally requires a government issued ID and proof of residence. In some countries we require SSN (US only) or ID confirmation (Germany or Japan).
Why do I have to provide my personal information to trade bitcoins?
Kraken takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of digital assets.
Do you offer special accounts for businesses or high volume individual traders?
Yes! To inquire about this, please contact support and ask about our Corporate / Premier program at firstname.lastname@example.org
What currencies can I deposit and withdraw?
You can deposit and withdraw euros, US dollars, Canadian dollars, British pounds, Japanese yen, bitcoins and other digital currencies.
What are the options to deposit or withdraw cash through a bank and what are the fees?
Deposit options and fees
- EUR SEPA Deposit (Free) - EEA countries only
- EUR Bank Wire Deposit (€5) - EEA countries only
- USD Bank Wire Deposit (Free until 3/1/2016, then $5 USD) - US only
- USD SEPA and SWIFT Deposit (0.19%, $20 minimum)
- GBP SEPA and SWIFT Deposit (0.19%, £10 minimum)
- JPY Bank deposit (Free, ¥5,000 deposit minimum) - Japan only
- CAD Interac Deposit (Free until 5/1/2016, then 1%, $10 CAD fee minimum, $5,000 CAD deposit maximum)
- CAD EFT Deposit (Free until 5/1/2016, then 1%, $10 CAD fee minimum, $50 CAD fee maximum, $10,000 CAD deposit maximum)
Withdrawal options and fees
- EUR SEPA Withdrawal (€0.09) - EEA countries only
- USD Bank Wire Withdrawal ($5 USD) - US only
- USD SEPA and SWIFT withdrawal (0.19%, $20 minimum)
- GBP SEPA and SWIFT Withdrawal (0.19%, £10 minimum)
- JPY Bank withdrawal (¥20) - Japan only
- CAD EFT Withdrawal - Canada only ($10 CAD flat fee)
We are always working to add more funding options to better serve our clients globally. Fees are determined by our transaction costs and may be adjusted if our funding partners adjust their fee structure.
Can I trade digital currencies other than Bitcoin?
Yes. You can trade Bitcoin (XBT), Litecoin (LTC), and Ethereum (ETH) with cash currencies. You can also trade Bitcoin with Litecoin (LTC), Ethereum (ETH), Dogecoin (XDG), Ripple (XRP), Namecoin (NMC), Stellar (STR) and Ven (XVN).
How can I use the Kraken API?
Please visit our API page for information.
What can I do to make my Kraken account more secure?
Kraken offers the most advanced tools in the industry for securing your account. You can make your account more secure in the following ways.
- Create Two-factor authentication for account login and funding
- Secure the email tied to your Kraken account with a strong password and two-factor authentication
- Create a master key to require authentication for account recovery
- Create additional two-factor authentication for trading
- Lock your account settings with the global settings lock
- If your email supports PGP/GPG signing and encryption, give us your PGP key to receive signed and encrypted email from us
After you create your account, we'd be happy to assist you with setting up any of these security features.
Already opened an account and looking for trouble-shooting assistance?
Please visit our Support Center for solutions, how-to guides, or to contact support.