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