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Kraken Exchange Tutorial 2021: Beginners Guide

in this video I'm gonna take you through

the crypto currency exchange crackin and

I'll show you how to secure your account

by cell and withdraw from the site

you

crackin who have been around since 2011

and known for their low fees versatile

funding options security and being one

of the largest and oldest Bitcoin

exchanges in the world

and you can fund with fiat such as US

and Canadian dollars euros and GBP as

well as a whole host of Kryptos and they

also have a mobile app available to

where you can buy your crypto on the go

so let's jump into how we can trade our

crypto with Kraken so if you head over

to kraken and i've got a link in the

summary below that you can use if you

like and then we need to go ahead and

create an account so to create an

account is pretty simple

you just need to enter in an email

username a password country or residents

etc all pretty sanders stuff in here and

then you also need to enter in your full

name date of birth an address and

telephone number which will provide you

with a basic or a starter account and

there are different levels of

verification here depending on what you

want to trade and if you want to trade

with fiat for example you'll need to

provide government ID and proof

residents to and the first thing that i

personally recommend before you start

funding your account is setting up

two-factor authentication to secure your

account and the way that you do that is

if you head over to your profile in the

top right hand side of the screen and go

down to security

in here you can enable Google

authentication or Yubikey from this

screen and I've recently done a full

tutorial for you Becky if you're

interested in finding out more about

that or pop a link in the summary below

but wherever you secure your account

with just be aware that Kraken is an

exchange and you shouldn't keep your

funds on here unless you're trading as

an exchange with lots of assets is far

more likely to get hacked and also you

don't have access to your private keys

and therefore you have less control of

your funds but we'll get to withdrawing

to a secure wallet a little later in

here as well you could also set up a

master key which is a backup just in

case you lose your phone or your Yubikey

so now that you've gone ahead and

secured your account

I'd say it's gonna be safer to fund it

so what we need to do is now put some

funds into Kraken so that we can trade

with them so if we go to funding at the

top of the screen

in here we'll show your limits in terms

of Fiat or crypto and they'll also let

you know your level of verification that

you're on at the moment in the top right

so as you can see I'm intermediate which

means that I provided my government ID

and proof of address and in here you can

see my balances along with a whole host

of different ways that you can find your

account with fear and the reason why I

can do this is because I've got that

intermediate account and therefore I

know what a deposit and withdrawal Fiat

so I can deposit with the likes of US

and Canadian dollars euros Swiss franc

pound sterling and yen and then if I

click on just show all assets here

you'll see that there are so many types

of other cryptocurrencies thinking you

can deposit two

now one thing to mention just to save

any confusion here is the fact that on

crackin the ticker for Bitcoin is X BT

which is the same thing as BTC but let's

take a look at pound sterling as I'm

from the UK so if I go to there and

click on to deposit

now one thing to mention is if you are

creating a new bank account in here for

the very first time you won't be able to

withdraw your funds for 72 hours and

there's a few different methods where

you can fund your account so they

partner with a fiat currency funding

company called Itano

for free transfer fees or you can select

from backs or chaps and each one of

these are subject to their own maximum

and minimum deposits and fees - for

example if we take a look at packs now

you'll see they have a minimum of three

pounds and a maximum of 200,000 pounds

in terms of those deposits and they have

a fee of one pound 95 so when you want

to fund your account with your chosen

currency you'll need to take down all of

the information I put this in your

online banking so you'll need to enter

in things like your account named debate

court Iban sort code or account number

and you'll also need to ensure that you

include this reference as this matches

your bank deposit with your Krakken

account also make sure that the name on

your bank account matches the

verification name on the Krakken account

so once we've got some funds that we can

trade with we can go ahead and buy some

crypto so I'm going to go up to trade

and we'll just take a look around this

screen first so what we have in the top

left hand side of the screen here is our

market and what we select from the

left-hand side of the screen will then

populate the rest of the screen so for

example if I'd like to purchase with my

GBP you can see that I can purchase the

rights of Bitcoin cash aetherium euros

GBP litecoin USD tether Bitcoin or X

rpie Ripple if you want to get more

diverse coins you'll see here for

example if I choose EOS you'll see here

that I can trade with x bt so therefore

I'd need to start off with Bitcoin so I

can then trade for more diverse coins

now I'm going to poached in Bitcoin

today so I'm going to choose X BT 2 GBP

so now that we've selected Bitcoin and

GBP we can now see the lost price the

high the low the 24-hour volume and the

weighted average 2 then we have new

order which is where we're going to

focus in a moment but first I'd like to

take us down to the bottom of the screen

so in here you have new and open orders

you have any positions and then you have

the order book so this will give you an

idea of any buying or selling orders

that are currently in the market at the

moment

but let's go back to our buying and at

the moment you can see there's three

different tabs at the top here which is

simple intermediate and advanced

now with simple orders you can do buy or

sell orders and you can create different

types of orders which you either called

a market or a limit order and I'll take

you through both of those options - then

we'll take a really quick look at

intermediate

so on the screen here you can place a

market or a limit order exactly the same

as under the simple however you can also

customize things such as when the order

will be placed or when it'll expire

you can also set currency fees in here

as well and you can leverage or margin

trade - then there's advanced which

basically has the same things but it has

a lot more different types of advanced

auto types such as stop-loss take profit

and settle positions

then if you prefer more of a trading

screen with graphs and charts you can

switch across to crack and pro which is

similar to the likes of Queen based Pro

or the blockchain exchange so I'm going

to click on to crack and pro here

and you'll be automatically logged in

without the need to have new credentials

now this is quite a busy screen here but

I'm going to take you through some of

the basics now so first up we have our

markets so I'm going to click on just a

drop down beside BTC GBP and as you can

see you've got a whole host of different

markets in here now if there's ones that

you want to particularly watch you can

star these

now I'm going to have a look at BTC two

GBP again

so in here it shows you what the current

price is at the moment

and you'll see some graphs and charts

for buy and sell orders over specific

periods of time which you can then go

ahead and change and then you've got

your order books so in here at the top

here we have all our sell orders that

are currently on the market at the

moment in right and then at the bottom

here we have all our buy orders then we

have a trade history and on the far

right here we have our trading to buy or

sell

and you also have the different types of

orders such as market limit and then you

have the more advanced order types as

well and then at the bottom you have

your completed orders trades or

positions - and it's completely up to

you how you want to trade on what screen

you prefer and I'll be showing you both

today

however for buying I'm going to take us

back to this simple screen

so just clicking onto simple here we

need to make sure that we are on the buy

tab because you can always see select

from buy or sell and next you need to

enter in the amount of Bitcoin you'd

like to buy you need to put that amount

in Bitcoin

so I would like to purchase nought point

zero zero two six of Bitcoin

and I'm gonna pay seing a market order

so when we place a market order the

order will execute at the market price

which would be around that last price up

here

and the fees that you pay with Kraken

depend whether you're a maker or a taker

of the market but also in your 30-day

volume to as a market order we are

taking what the market is dictating so

we are take off the market and therefore

paying not 0.26 percent

so is posting that market order it's a

really easy way of trading especially

for beginners and the order will

immediately execute to so once you're

happy with that order you can click on

to buy xbt

with GBP it will then give you an

overview of your order and you can click

on to submit order

and you'll see a Bitcoin order under the

trade screen here what gives you an

overview of when it was executed it

tells you the order type the pair the

price and the volume as well as the cost

you can also see this within your active

balance so if we go to overview it will

then appear within your balances and you

can view these in two different ways so

first of all we have our list view so

that provides us with any assets that we

have the total amount that we have the

current price 24-hour change and the

total in our chosen currency or we can

change this to asset allocation view

where you can view this in a pie chart

format and if we scroll to the bottom of

the screen

it also shows you any trade balances

fees and a ledger in her too

now as I said earlier you'll then want

to transfer this across to a secured

wallet such as the likes of a hardware

wallet like a ledger nano or a tracer or

an online wallet like a blockchain

wallet or Exodus now I've got a

blockchain wallet and I'm going to be

withdrawing my crypto to that so if I go

back to my list view go to Bitcoin click

on the three dots to the far right and

go to withdraw

now wanting to mention here there is a

little bit of a pain is that to withdraw

you need to have a maximum of naught

point zero zero five Bitcoin which

equates to about thirty seven pounds or

about forty seven US dollars and to

withdraw it you'll need to click on to

add address

and in here you can put in a description

and then you need to enter in your

public Bitcoin address so I'm just gonna

head over to my block 10.com wallet

click onto request and copy my dress

I'm gonna head back over to Kraken

and then paste the address in

once you're happy with that you can

click on the save address

and if this is the first time it then

states that the withdrawal address needs

to be confirmed an email with approval

instructions has been sent to you so

we've just received an email asked me to

confirm my dress

and once I confirmed that I then needed

to refresh the screen I can now select

their address from the drop-down

put in the amount that I'd like to

withdraw and you'll also see the fee on

screen - and then you can click on to

review withdrawal it will confirm the

address that you're sending it to the

amount the fee and then their withdrawal

amount with the fee included and once

you're happy you can confirm that

withdrawal I notice in a click on to

view withdrawals

and at the very bottom of the screen it

will show your funding transactions and

in here you can check out the status

which I can see is currently initiated

and once I've completed it will appear

as a green tick

now say for example you've got some

Bitcoin in your wallet and you've held

that for a while but the price of

Bitcoin has gone up and you're not a fan

of holding Bitcoin for the long run

well maybe you'll want to sell and

withdraw your Bitcoin to your chosen

fiat currency now the way that I'll show

you now can work out a little expensive

and includes a minimum withdrawal of 100

pounds but I'll show you the process of

selling and withdrawing now although you

may find that other large crypto

exchanges will allow smaller withdrawal

amounts and lessen bank fees so if I

click on to trade

and if you wanted to sell you could do

so from this screen however for a change

this time I'm going to do this over on

Kraken pro

so now what we want to do is we want

exchange or trade our Bitcoin for your

chosen currency so first of all we need

to make sure that we're in the correct

market a - Bitcoin - GBP so we need to

make sure that I'm clicking onto that

and over on the right here if we make

sure we're on sell at this time we're

gonna be creating a limit order so with

a limit order you can define the price

that you'd like to sell your Bitcoin for

and you can just then wait for the

market to reach that price so at the

moment the current price is at around

seven thousand six hundred and forty

four pounds but you might want to sell

for more than that so first of all we'll

just say what quantity that we actually

want to sell

and I'm reselling no point zero zero two

seven of Bitcoin and now I can define

the price that I'd like to sell it are

so the current price at the moment is

seven thousand six hundred and forty

four pounds 70 but I might want to sell

this for more than that

and it then tells me my total which

includes the fee now this time around in

terms of fees we can be paying a lower

rate at naught point one six percent and

that's because we're not taking the

current market price we are essentially

making a new price by placing a price

above the current market value so we are

considered to be a maker of the market

and when you're happy you can review and

sell and it will then come up with a

confirmation stating the type the

quantity the price the expiry which is

good until it's cancelled which means

that I can cancel my order which I'll

show you in a moment so I'm going to go

ahead and confirm sell

then as you can see is now appearing

under my orders section here where it

will remain until it fills or I can

actually cancel this order so say for

example the market moves dramatically in

the wrong direction

I could always cancel and then place a

new order and as you can see my order is

also appearing on the order book just

here

and as you can see here there's now a

buy order for my amount so that's now

gone through so if I go back to crackin

and take a look at my overview here and

as you can see it's now pairing in my

pound sterling balance so now that

you've traded your Bitcoin in for your

chosen currency you can then withdraw

this back to your bank account so to

withdraw this amount of GBP you can

click on the three dots under your

overview or under your balance and go to

withdrawal just be aware though that

again there's minimum amounts of a

hundred pounds and fees of one hundred

ninety-five for backs and to withdraw to

your chosen bank account you simply

enter in your bank account

by filling in all the required details

such as a description that you can use

as an identifier for that bank account

their name when your account which must

match your Kraken account the bank name

address sort code and account number and

then you can save that bank information

then once you've entered in all of our

information you can withdraw that back

to your bank accounts

so that completes my beginners guide to

crackin and I hope you enjoyed this

video today and if you did then please

give me a like hit the subscribe button

and please do head over to my website

and every bit helps took Cody okay for

more tips reviews and step-by-step

guides thanks and I'll see you soon

you