As promised, we present a step-by-step image guide on How to buy Monero (XMR), on Kraken, one of the most notorious crypto-currency exchanges.
The below-listed steps are pretty straightforward and will also be described in detail for anyone’s reference.
Go to https://www.kraken.com/
On the initial page, you will see the option to create a new account. Insert your email, choose a username you will remember and a password that includes Numbers, Symbols, Capital Letters, and Lower-Case Letters. Use a mix of different types of characters to make the password harder to crack.
You will then receive an email with an activation key. You will need to either click the link in the email or manually input the activation key in the activate-account window as per image below.
Once you do this, you are signed-up. You will also receive a confirmation email ( the second one from them). Only a few more steps to go so that you get verified.
Click the get verified link
We suggest starting with the Tier 1 and Tier 2 verification and then once you increase the amount you trade you can get verified for the next Tiers. To get verified for Tier 1 scroll down to the end of the page. Input your personal details as per requirements.
Once you click Get Verified two-factor, you will see a window confirming the submission. Once submitted for verification details cannot be changed.
If you don’t want to get verified for next tier just click No, thanks and it will take you back to the Tier verification page.
To get verified for Tier 2 scroll down and click on Tier 2 tab.
Input all details required ( country will be predefined based on IP address). The mandatory information is marked with *.
Once submitted for verification details cannot be changed.
You are now verified for making FIAT transactions.
Before making any FIAT transactions, we recommend enabling the 2FA (two-factor authentication), for security reasons.
Two-factor authentication (also known as 2FA) is a type (subset) of multi-factor authentication. It is a method of confirming a user’s claimed identity by utilizing a combination of two different factors: 1) something they know, 2) something they have, or 3) something they are.
An excellent example of two-factor authentication is the withdrawing of money from an ATM; only the correct combination of a bank card (something that the user possesses) and a PIN (personal identification number, something that the user knows) allows the transaction to be carried out.
In the case of exchanges what the user knows are the login details username and password and what he possesses is the 2nd factor for the authentication which is a code. The code can be either received through SMS on users personal mobile phone or found in an application like Google Authenticator or Authy.
So, from your homepage, https://www.kraken.com/u/trade click on your account in the top right corner and select Security.
Click on the Two-factor-authentication tab.
There are multiple operations for which you can set 2FA.
We recommend enabling 2FA for all of them. Click on setup, choose your preferred method and configure it.
Either manually enter the key in the Google Authenticator app or scan the QR code. Either way, please write down for Safekeeping the OTP ( one time password for Google Authenticator ) so that in the event you need to reset it you have this ( please note that in the image it is blurred for safety reasons. Please consider this as a master key. Without it, you cannot reset in case it whoever.
Once you do this scan or manual input a single time, a one time password will be generated, that you need to write/copy in the One-time password empty field.
Now you should be good to go so whenever you log in to your account or perform any other operations you just open the Google Authenticator app and insert the one time password given shown there.
More details on how to use Google Authenticator here.
Now that you are safe, the next step is to fund your Kraken account from your bank account.
Click the Funding tab and select your preferred FIAT currency as per image below.
Click on the preferred method.
Read carefully the details so that you are sure you follow the correct path for deposits.
Once you have made the bank transfer according to the exact specifications of the site, you will need to wait few working days until Fiat reaches your Kraken account.
When money is in, you will get a notification email like the one in the screenshot below.
You are now ready to buy your first coin.
You can log in again to your account and you will see the available funds in the deposit section, as well as in the top left corner of the page.
Another way to see your current balance is on the homepage, under the Trade tab https://www.kraken.com/u/trade.
Having funds in the account, you can now buy your favorite coin.
Below you can find the step by step process to buy your first coin. It’s rather straightforward, but you need to be careful with a few aspects.
Market stands for the market price, mainly the asking price of that moment on the exchange and Limit is a fixed price which you are willing to offer for that coin.
Let me put it in simpler words it’s like you want to buy a used car and you go to a website and see different offers for the same model. You can either choose to buy it from whoever wants to sell it first, irrespective of the price they ask. Or, you have in mind a budget you are willing to spend and base the purchase on this, choosing an offer or negotiating with an owner so that you purchase at the maximum price you are willing to pay.
There might be cases in which you decide to purchase at the market price to do it faster or for other reasons. But most of the cases we suggest you go for the limit option and maybe wait a bit so that your order gets filled.
Once you placed an order, you need to check your Orders to see if this is still open or Closed ( meaning coins were purchased)
To do this, click the Orders tab and see New&Open Orders (in which you’ll find orders not filled yet ) and Closed orders ( orders filled or the ones you deleted).
Once the order is closed, you have just bought your first coin!
Trading and investing in digital assets is highly speculative and comes with many risks. The analysis/stats on CoinCheckup.com and it’s subsites are for informational purposes and should not be considered investment advice and or the truth. Statements and financial information on CoinCheckup.com and it’s subsites should not be construed as an endorsement or recommendation to buy, sell or hold.
Please do your own research on all of your investments carefully. Scores are based on averages of third party websites. Past performance is no indicative of future results. Read the full disclaimer here.