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Kraken Tutorial for Beginners - Trade Cryptocurrency on Kraken

you can use kraken to buy sell and trade

cryptocurrencies

kraken is one of the lowest cost options

there are some very good

services for beginners and professional

traders alike in this video

i'm going to go through the sign up and

set up process of kraken

all the security procedures then some

more advanced ways of trading

cryptocurrencies on kraken and pretty

much everything you need to know as a

beginner

when it comes to using kraken to trade

cryptocurrencies

i will also put the link to sign up to

kraken in the description box below

so you know you're going to the right

place to sign up for a kraken account

and we'll get into the tutorial and i'll

show you how everything works

if you do click that link in the

description you'll come through to this

page and you can have a look around

all the features that kraken gives you

but we're just going to get started so

you can come up to the top right hand

side and click create account

or just click this one get started and

it's exactly the same

put in an email a username and a

password as well

make sure that your country residence is

there accept the conditions and then

prove that you're not a robot

go through everything like that once you

have gone through all of that

kraken will then send you an email with

a special code

and you can see what it looks like here

so check your email for that code copy

and paste it right in here

and then you will go straight into the

kraken dashboard

this will be the first page that you see

when you sign in and at the top you can

see that there is a mobile app as well

if you do want to see a tutorial about

the app specifically

go and check the channel it will be on

there you can see how to use the

mobile app i'm just going to get rid of

this now the second thing that you'll

have to do

is verify your account you can see

before you do anything you do have to

verify so there are a couple of

different levels with cracker now

i've already done this there may even be

a bar up here telling you to verify your

account so you can do that but

this should be here as well so just

click on verify your account and then

you'll come through to this page

starter is the easiest one and you don't

need any id documents

if you have other cryptocurrencies in

different accounts that you want to

transfer into kraken

to trade you can do that without id if

you want to put fiat currencies on

account

so that's us dollars or pound sterling

or euros or whatever through a bank

transfer

then you do have to sign up and provide

your id

so a driving license or a passport go

through that process yourself it takes

a few minutes and then once that's done

we'll get into the tutorial

back now on the main page that kraken

brings you to when you do sign up for an

account which is the buy crypto page

firstly though i do want to go through

to some security measures so come up

here

to the settings come to your security

and just come to overview

this is where you can sort out all of

your security settings you can also

see active sessions that are happening

on your devices

and you also can connect devices as well

so all of your white listed devices will

be here and if you get rid of any

devices you can remove those

and then make sure that essentially no

devices that aren't yours are using

your account next we need to go to two

factor authentication settings

you can turn 2fa on for trading so

nothing will happen unless you

authenticate your usage

same with funding as well you can

actually use google authenticator with

this one

just like a lot of other competitors as

well so this is pretty standard

you can download that app from the ios

or google play stores

use it with your account and it just

puts that extra factor of security

in there another thing that we can go

through before actually telling you how

it works

is the fees so we can come down here and

click on fees now

kraken actually has quite competitive

fees overall we can come down

we can see that instant buyers actually

have no fee whatsoever so

essentially crack and take a spread from

the exchange rate that they give you

this is

exactly the same way as a bank would do

it so essentially the price that crack

and take from the market

they essentially give you a slightly

worse price than that from what i hear i

think the spread is about

a half a percent maybe a little bit

above that it's fairly competitive

overall so i wouldn't really worry about

this

if you do want to pay via a credit card

you can see

3.75 percent plus 25 cents

compared to the competition like binance

and coinbase

i think it's a little bit more expensive

than binance and around the same price

as coinbase

i would never recommend you use credit

cards to pay for cryptocurrency

it is just way more expensive than

depositing some cash on account and

using this way so let's just come back

to the easiest way to

actually go and buy some bitcoin that is

the buy crypto option

right here so let's come to buy and very

simply you can just put in the amount of

fiat currency that you want to use

to buy either bitcoin or other crypto so

you can very easily come here

just type in 100 pounds now you do need

cash on account of course

and you go through to verify your

account just like i showed you at the

beginning

you can come down here and choose the

cryptocurrency that you want to buy so

either btc or you can choose a few

others so if i just type in eth

which is ethereum you can just choose

ethereum and then just choose the amount

of your fiat currency

that you want to trade it's exactly the

same for selling as well so if you want

to

sell one cryptocurrency for some fiat

currency

you can do that so how much do you want

to sell you can

go and just choose the amount in pound

sterling or us dollars that you want so

let's say

you have an amount of bitcoin on account

you can come in here and say i want to

sell 100 us dollars worth

of bitcoin and that will do it for you

or you can change it right here

to the bitcoin so you can say actually i

want to sell 0.005 of a bitcoin and then

that will exchange it into

your currency converting is much the

same so this way you actually convert

one cryptocurrency to another

cryptocurrency

so you can choose the cryptocurrency

that you want to exchange from

and then choose the cryptocurrency that

you want to buy so

in this instance kraken is essentially

just

acting like an exchange broker just like

you'd go to a bank and say

you need whatever currency it is you

give them your currency and they will

give you an exchange rate

you can say i want this uh much bitcoin

that i want to exchange and i want to

buy ethereum right down here it is going

to give you

the amounts of each that you are selling

and buying

this is without a doubt the easiest way

to do a currency exchange

on kraken but there are some downsides

the biggest one is that you have

absolutely no control whatsoever over

the exchange rate that you're getting

and

well it is invariably worse than the

actual exchange rate that is going on in

the market because kraken

are for this easy use just taking a

little bit of a turn and a little bit of

profit from that

how do we get crypto currencies and fiat

currencies actually on the account then

once we're verified

well we can actually come to the home

page so we can click on the kraken logo

right here

and this is essentially all of your

balances so whatever you hold in your

kraken trading account it will be

detailed right here

it will give you the currency that you

have in terms of

your base currency for some reason i'm

in the uk it's using euros which is

super irritating

you can actually come up here to market

and then change this

like this so if you do want to trade

something you can come and trade

xbt which is actually what kraken call

bitcoin

and then us dollar like this and it will

change right here so now everything's

valued in us dollars so

whatever your currency is just come up

here you can change that currency

and it will tell you what all of your

cryptocurrencies are valued

in your fiat currency all of your other

holdings on account will be detailed

here as well so any trade balances that

you have

obviously the amount of value of all

your cryptocurrencies and fiat

currencies and everything like this

and any trades and exchanges that you

have made will be detailed right here in

the ledger to actually deposit withdraw

and transfer

uh cryptocurrencies and fiat currencies

from your trading account with kraken to

other accounts

we can come up here to funding overall

this is again just going to give us an

overview of all the balances on our

account

you can press this button to put them in

the order in which they are largest or

smallest

and if you want to show all of the

assets just press this one and then all

the different assets

will be listed here take it off just to

show the main assets that you have

the way that you deposit is simply by

going to the asset that you want to do

something with so i'll choose pound

sterling here

coming to deposit now it's going to tell

me that i need to verify my account

because i'm only on the starter level

if you have verified your account to

intermediate the option

to deposit will be right here so all you

have to do is just a very simple bank

transfer so

you will be given the account details of

the account you have with kraken

it's exactly the same for withdrawing as

well so just click on this

as i'm not on the intermediate level it

does prompt me to get verified once more

but all you have to do is put your bank

details in any currency that you have on

account that will go

into your bank account via a bank

transfer the way that you send crypto

currencies from your trading account

to other trading accounts or more

importantly

to maybe a software wallet that you have

or a hardware wallet we can come back by

pressing this

icon back to funding and then you can

just choose the crypto asset that you

have on account

then you can come to either deposit or

withdraw let's just choose deposit first

you have to acknowledge the fact that

kraken is not responsible for any coins

that gets sent to the wrong address

now i'm just going to click acknowledge

when you do send cryptocurrencies it is

absolutely vital that you have the

correct

address because if you send

cryptocurrencies to the wrong address

well they're just never going to send it

back that is completely gone so

you have to be very sure that you're

sending it to the right address you can

actually generate a new address so let's

say

you've got an account with binance or

coinbase and you want to send some

bitcoin over here for trading

you can just press this plus button and

generate a new address

now i have this deposit address right

here this is the address that you will

copy

and paste into your account on the other

account of course just go through to

send or transfer bitcoin

and then it will ask you for a deposit

address that is this address right here

that you can copy and paste in there

you can see you can get a qr code as

well which is super easy so if you have

a mobile wallet

you can just go and scan the qr code and

then it's just going to go through with

the transaction

if you need to withdraw bitcoins or

other cryptocurrencies from your kraken

account we'll just come over to withdraw

right here

and it's just the absolute reverse way

so you can come down and add an address

put the amount of the currency that you

want in there and the address obviously

is

the cryptocurrency receive address of

the other platform or wallet

so that is really the basic way of

adding funds and withdrawing funds both

for fiat currencies and cryptocurrencies

and then this buy crypto option is

without a doubt the simplest way for

most people but it is slightly more

expensive and as you become a little bit

more advanced with your trading you

might want more control

over how you actually trade and the

prices that you trade at

well kraken has a really good

intermediate type of trading interface

which we'll get on to now

we can then come to this option which is

trade so let's just click this

and this option allows you actually

three different ways you can see a

simple

an intermediate and an advanced now the

biggest difference between

the trade screen and the buy crypto

screen is that you have more options

over the prices that you pay whereas the

buy crypto button is just kraken acting

as an exchange

this one right here is them acting as a

broker so i can put in the amount that i

want to buy or sell so let's say

i want to go for the simple right here

so buy and how much bitcoin do i want to

buy

i want to buy that many bitcoin you can

see it's valued in dollars

now you can change this if you have

other fiat currencies on account that

aren't us dollars you can come up here

make sure to change that to whatever

currency that you want now the trade

that i'm entering to kraken is

0.005 bitcoin and you can see that they

valued that in us dollars for me

and here's the difference market or

limit order a market order when i press

this

you'll see that this price actually

disappears why does it disappear

a market order is telling the broker

that you have

absolutely no interest in the price that

you're paying for an asset

the only thing that you can change is

the amount of that asset that you're

buying so

you can choose how many bitcoin you want

to buy but you have no price

sensitivity you don't care what price

you're paying you can go ahead and buy a

bitcoin with us dollars like this

and the price is just going to be

whatever price that kraken can get at

the time

of trading whatever the price is in the

market when you switch to a limit order

like this

the price does come back and the reason

it comes back is because you now can

tell kraken

i actually only want to pay a certain

price for this transaction so

if i was gonna put one dollar in here

and this is obviously crazy because this

much bitcoin

is obviously way more expensive than one

dollar but i can actually

input this order i can say to kraken hey

i want to buy some bitcoin and i only

want to pay one dollar

for this amount of bitcoin and you can

just put that into the system

kraken will receive that order and

essentially have it on their order book

and if the price ever does get down

there then you will buy some

the main thing to take away here is that

if the price in the market doesn't get

down to your level

your order will not be executed and you

will not buy

any bitcoin the only time you buy

bitcoin is if the price

in the market matches your limit order

and you can match with a seller

then kraken will trade for you let's go

through to the intermediate stage then

so

we have the order either a buy or sell

here you can choose

the currency pair that you want to trade

i'm happy with xbt which is bitcoin

here is leverage i would just not use

this this is when you borrow money from

kraken to

actually trade larger than you would

otherwise trade i would definitely not

use this

the amount of bitcoin that you want to

buy so i'm just going to put .005 right

here

you can see that they've already valued

this at 38 158

per bitcoin that is the current market

price right now

so you would have this price times .005

to buy that many bitcoin

you can change it to a market or a limit

order now we can see

expires you can actually put a time

scale on your order so you can say i

want to buy

.005 bitcoin and i'm happy to pay

38 000 so oh

this is a little bit below the current

market price and i'm happy to put this

order in

either good until cancelled that means

it will stay in the system forever until

you go and cancel it

good for only one day this order is good

for a week or a month or you can just

choose a custom

time frame to put that order in you can

also see the

estimate that kraken thinks it will

actually take overall so

.005 bitcoin at this many us dollars per

bitcoin

in total would be this dollar amount for

the entire trade

and you can choose how you pay the fees

kraken obviously have a fee on top of

this order

you can either pay in bitcoin or us

dollars so you can choose either of

those

and then you can just go through and put

that order into the system

that order then will come down here any

live orders that you have

will be detailed right here for you any

orders that are working haven't been

executed yet will be right here

any orders that have been executed and

have gone through will be in the

positions tab right here so you can see

all of your holdings

if you come through to advance once more

you can put some extra features onto

your trade so

maybe you want a stop loss you can put a

stop loss on your trade to say

i really don't want to lose that much

money so maybe i will choose actually

this percent right here and i'll just

put 10

so if i buy in at 38 000 and the

price of bitcoin goes against me and

falls after a 10

loss in my position kraken will go and

sell my position

out and stop any further losses for me

something else really important and even

more professional is kraken pro and

actually

the charting features as well so if we

come up here you can get some

good look at the chart and the market

for bitcoin or other cryptos so you can

come to kraken terminal so i'm just

going to open this for now

now this is a professional trading

screen and when i was trading on the

london stock exchange

this is what i'd stare at all day not

for cryptocurrencies but it is

exactly the same thing here you can see

the actual

market for bitcoin right now on kraken

so these are sellers on the order book

right here and these are buyers on the

order book right

here you can now see the prices that

people are trading and also the volume

that people are trading so this is

really important if you are getting more

into trading cryptocurrencies

or even if you're not you can just see

the price movements of bitcoin on the

day

so you can see right now actually

bitcoin is just trading down

and we can change this to let's change

it to a 15 hour chart you can see that

we'll change it

to a four or six month chart right here

so you can see the price moves

what you can see right now is that this

is the price move of bitcoin and the

chart

so you can just get an overview of how

bitcoin is

moving in relation to the us dollar you

can see bitcoin

against the us dollar you can click

right here and choose any of these

cryptocurrency markets

this is ethereum against the aussie

dollar this is aetherium against bitcoin

it's actually favorited for you so you

can click on this one this is now the

market in aetherium

versus bitcoin now i'm not going to get

too much into trading

on a pro service like this i do have

more in-depth professional tutorials if

you want to see those on the channel

but just to say that if you are buying

bitcoin like this then you do need to

really see

what the actual market is and the price

you should expect to pay

so we can come back here and i'm just

going to come back to bitcoin against

the dollar

we can very easily see that here it's

actually favorited for us already so

bitcoin against the us dollar

we can see that the actual market on

kraken right now is

37 800 usd per

one bitcoin so you can use this price

and really just say to yourself okay if

i want to put this simple order in i can

know roughly what the price should be on

here you can also use kraken pro though

in exactly the same way

as we use this so just like we had a buy

and the amount of volume right here

you can come to the kraken pro trading

screen come to the action

click on buy click on limit order just

like we've been through already

you can choose that you don't want to

use any leverage you can then choose how

many bitcoin that you want to buy for

example one bitcoin

you can choose the price so 37 000 let's

say

you can see now that one bitcoin at 37

000 the total order value would of

course be 37

000. if i change it to that would just

double up so easy to understand

once those orders are in the market and

working you will see them down here

any orders that are working will be in

here and any positions that you have

will be on here which is obviously super

useful if you have positions in bitcoin

and you want to sell bits and bobs you

can see how many you have

you can obviously come up here change

this to sell put everything in

and if you do have orders you will see

them highlighted on the order book

because this is

right now a live exchange in the

cryptocurrency

and the last thing we need to talk about

is staking

which is essentially like earning

interest so you can come right up here

uh kraken does support staking in a few

cryptocurrencies

the best way to really explain staking

is like having your money in a bank

account

and you would expect the bank account to

give you some interest on that money

that you hold with them

staking is essentially the same thing if

you do have any cryptocurrency holdings

you can go through step by step here

so you can select an asset to stake and

then you have to put it on account for a

certain amount of time and then you will

earn

interest so they do offer ethereum

staking so if you have any ethereum you

can go ahead and stake that press that

they do offer some other

cryptocurrencies to stake as well if you

do want to learn the ins and outs of

staking

then do check out the channel and see

the staking video for that

i will leave the link to kraken in the

description box below so you know you're

going through to the right place to sign

up for an account

hope it was helpful if it was please

subscribe for way more crypto content

and i'll see in the next one