How to trade USD for Bitcoin on Kraken exchange

How to start trading Bitcoin with Kraken exchange?

This is a step-by-step guide on how to start trading Bitcoin on the Kraken exchange.

We will go through all steps

  • Sign up
  • Verification
  • Deposit USD (credit card, debit card, and bank transfer)
  • First trade
On Cryptocointrade, we aim to be your best crypto trading guide and we have several easy guides to follow and reviews for you to read.

Let’s get started with this trading guide for the Kraken bitcoin exchange. 

How to Sign up with Kraken?

Here is an easy step-by-step guide on how to sign up with Kraken.

When you click on our link, you will end up on Kraken, and here you want to click “Get Started.”

You will reach the “Create your account” page, as shown in the screenshot below.

Sign up with your name, username, country of residence, and email

How to do verification on Kraken?

Once registered, you want to log in to complete the appropriate level for verification.

As you can see in the screenshot below, you click on your name in the upper right corner and then on “Get verified.”

After this, you will get to a verification table.

As you can see below, there are three different verification levels.

  • Starter (low limits)
  • Intermediate (higher limits)
  • Pro (highest limits)

Verification Requirements and Levels on Kraken

There are different verification requirements for the verification levels, as described below,

  • Starter (low limits)
-Full Name
-Email address
-Primary address
-Phone number
  • Intermediate (higher limits)
-Government issued ID (Passport, Drivers License, National identity card) 
-Proof of residence (Bank statement, Credit card statement, utility bill, payroll statement, insurance statement, tax document, residence certificate)
  • Pro (highest limits)
AML verification
-Financial statements

How to deposit USD on Kraken via card or bank transfer?

Once you have signed up and verified your identity you are ready for deposit. In this guide we will focus on USD deposit but it will be applicable for any currency.

There are two different options to but Bitcoin for USD fiat

  1. Deposit USD via bank transfer and exchange for Bitcoin
  2. Buy Bitcoin via credit card or debit card
Always be careful with credit card deposits since they usually involves higher fees. In the table below, you can see a comparison on why you should go for bank transfers before any card deposit. Read more about Kraken fees VS Coinbase.

How to deposit USD via bank transfer on Kraken?

There are a few different ways to deposit USD via bank transfer to Kraken.

As you can see in the screenshot below, the firs step is to go to the Funding page in the header menu. After this, you click on Deposit which is marked with red in the screenshot below.

Now, you can choose between SWIFT or Etana Custody.

Once you have selected the preferable deposit option you will get detailed instructions from Kraken on how to proceed.

buy Bitcoin with USD bank transfer on Kraken exchange

How to buy Bitcoin with Credit card on Kraken?

If you are about to buy Bitcoin with a USD credit card, or debit card, you need to click on “Buy Crypto” in the header menu.

After this, make sure you have selected “Buy Bitcoin”.

Go to Pay with and press “New debit & credit card”

After this, you will get a normal credit card window where you can add all credentials.

You can see an example in the screenshot below.

How to do trading on Kraken?

So, now you have registered, verified and deposit USD to your trading account on Kraken. Now its time to buy Bitcoin for you USD.

Lets describe the process in an easy step-by-step guide.

In the screenshot below you can see a screenshot from the trading view. You find this by clicking the trade button in the header menu.

Lets explain some words here

The black menu

  • Market (Which market are we looking at? In the example below XBT/EUR or Bitcoin/EUR)
  • Last price (What was the trading price for the last trade on Kraken?)
  • 24 h volume (What was the total trading volume for the last 24 h?)
  • Weighted average 
  • 24 high/low (What was the highest and the lowest trading price the last 24 h)
The order menu
  • New order (Here you can place a new order)
  • Orders (Here you can see open, current and closed orders)
  • Positions (Here you can see open and closed orders)
  • Trades (Here you can see full trade history)
Different Order types
  • Simple (Buy or sell and market or limit order)
  • Intermediate (As above and leverage and fee currency)
  • Advanced (As above and conditional close)
The bottom menu
  • New and Open Orders 
  • Positions
  • Order book

For a simple order we just go with
New order
Buy or Sell: Buy
Amount XBT: 1
EUR: Here we switch over to USD
Market/limit: Here we switch over to market which will give us a price and the possibility to close the trade immediately.

Can you do automated crypto bot trading on Kraken?

Yes, it is possible to connect a crypto trading bot to Kraken via an API. There are also crypto trading bots specialized in different crypto trading strategies. For example, there are crypto trading bots for arbitrage trading compatible with Kraken trading.

Summary - How to do trading on Kraken?

In this article, we provided a guide on how to trade Bitcoin for USD. If you are interested in more information regarding Kraken trading site, visit our Kraken review.