Crytocurrencies Series

The Process of Getting My Kraken Account Verified

As I have mentioned before, I am interested in investing in Ripple due to the crytocurrency’s blockchain technology has utility value.   However, I would not be able to do so via Coinsquare since it does not allow clients to buy and sell Ripple.

Therefore, I have signed up for an account on Kraken Bitcoin Exchange, and now my account is VERIFIED!  Kraken Bitcoin Exchange is a San Francisco-based company and is the largest Bitcoin exchange in euro volume and liquidity.  This exchange allows traders to buy and sell many of the crytocurrencies available including EOS, Ethereum Classic, Zcash and Monero.

So how did I get my account to be verified?

 

First of all, I went to the Kraken website to create an account:

Screen Shot 2017-12-19 at 8.29.21 PM

After I have entered my email, username and password, I received an email from Kraken telling me to activate my account:

Screen Shot 2017-12-19 at 8.31.42 PM

Once I clicked on the link, I was bought to a page like this:

Screen Shot 2017-12-12 at 9.17.20 PM
This is basically the main page of your account.  You will be bought to this page every time you log in.

 

This is just the beginning.  You then have to go through a few verification processes if you would like to deposit money into your account.  Luckily, Kraken accepts Canadian dollar and THERE IS NO FUNDING FEES.

From the main page, click “Get Verified”.  Then you would be bought to a page like this:

Screen Shot 2017-12-19 at 8.40.51 PM

There are 4 tiers of verification to go through and the page above explains it all.   To be Tier 1 verified, you have to enter your name, date of birth, country of residence and phone number in the form at the very bottom of the page above.  Tier 1 verification took me just a couple of hours.  Kraken sent me an email to notify me that I am Tier 1 verified.

Screen Shot 2017-12-19 at 8.48.54 PM

Anyone can start trading once they are tier 1 verified.  However, they could only fund their accounts with crytocurrencies only.  In order to fund real currency, Tier 2 verified and above is required.

To become Tier 2 verified, you will need to fill in this form at the very bottom of the “Get Verified” page.

Screen Shot 2017-12-12 at 9.15.23 PM

Again, Kraken would send you an email when you are Tier 2 verified.  This process took me just one business day.

Screen Shot 2017-12-19 at 8.57.49 PM

At this point, anyone can start trading if they are going to fund their accounts with crytocurrencies or Euro.   For people who only have Canadian dollar or the U.S. dollar like me, nevertheless, Tier 3 verification is required.

To be Tier 3 verified, you would have to upload the photo of your ID as well as statements for prove of address.  I uploaded the front and bank of my driver’s license and my bank statement.

Again, Kraken sent me an email when I am Tier 3 verified.  This process took me six days.

Screen Shot 2017-12-19 at 9.05.55 PM

So far,  I am very happy with Kraken.  Nevertheless, I had trouble accessing my account a few times due to Kraken’s service overload.  Occasionally, I saw a page like this:

Screen Shot 2017-12-13 at 5.20.12 PM

But other than that, I am very happy so far.

 

Last but not least, here is my question for people who have been following my blog,

“Do you still believe crytocurrencies are bubble now?”

 

And here are my questions for people who are new to my blog,

“Are you currently trading crytocurrencies and what are your thoughts on them?

 

Please leave your comments below! Catch you on the flip side!

 

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