Buy, trade, and swap on centralized exchanges.

Kraken is one of the top 3 centralized exchanges on CoinMarketCap. They have a robust platform for buying, trading, and swapping tokens and coins and two free mobile applications to make crypto investing on the go that much easier. In this video, we will do a step-by-step process on how to use this platform.

Transcript

Hello and Welcome! In today’s video we will be discussing centralized exchanges, and how you can use one to buy, sell, and trade cryptocurrencies.

Centralized exchanges are online repositories that will require you to set up an account, verify your identity, and to connect your payment method to utilize their services. This will give you the ability to purchase, sell, and trade cryptocurrencies with the exchange.

These types of exchanges act as a middleman to match buy and sell orders between investors and the overall market. Purchasing crypto from a centralized exchange can be much easier than using a trading service or swapping on a decentralized platform. Due to this convenience they all charge fees for providing this service.

On the contrary they can also pose risks such as hacking, liquidity issues, and even leadership fraud. Yes, we’re talking about you, FTX.

These institutions are also often scrutinized by regulators and have verification mechanisms in place called know your customer. This is also known as KYC in the crypto space. These measures are put in place to verify the identity of their clients, and to potentially help prevent bad actors from committing any illegal activities.

Due to the nature of the personal information required to verify an account with a centralized exchange, we will not be going through the step-by-step process of verifying and connecting a payment method in this video.

However, I do have a partially set up test account that I will log into and show you as much as possible for your convenience. And at the end of the video, we will walk through a verified account, and I will explain how to navigate the application.

For this example, we will be exploring the Kraken Exchange. Let’s open our browser and head over to their site. When you make it to the home page go ahead and click the create an account button in the top right.

On this screen you will be asked to enter in your user information to initially set up your account with the exchange. When you have it all filled in, check the terms of service box, and then click on the create account button to move on to the next page.

After creating your account kraken will send an activation email to the address you used to set it up. Jump over to that email and click on the activate account button, once this is complete you will have access to move on to the next step.

Now you are ready to go through the verification process. First, you’ll need to enter your personal information. In the following steps you will be asked to take a photo of your identification card and upload it to the exchange. Finally you’ll be asked to upload a time stamped photo of yourself, for further proof of your identity.

Once your verification is complete you will then need to connect your payment method to the application. Connecting your account is pretty straight forward. You will be given a list of financial institutions, if you don’t immediately see your bank you can use the search box to locate it.

Continue following the on-screen instructions throughout the process until you have confirmation from the exchange that your account has been connected to the application. Once your account has been setup and verified, and your payment method has been connected, you will then have full access to the exchange and all that it offers.

As mentioned above I will now show you a verified account and how to navigate the platform. After signing into your account, you’ll be redirected to the buy page. This page will allow you to buy, sell or convert crypto assets you want to invest in. You will also have the ability to manage your payment methods from here as well.

For those of you that are new to crypto investing. Converting, trading, or swapping crypto assets are all basically the same thing. Converting with an exchange will allow you to pick a currency you have stored on the exchange, and then convert it for a different one that is offered on the platform.

Moving on, most exchanges offer similar services apart from just buying and selling. Trading, staking and even NFT’s are becoming more prevalent on the top-tier exchanges. The trading services offered on exchanges can be a bit more complicated than purchasing directly from the buy page.

Although once you have an understanding of how it works, the advantages of picking the price you want to pay, and potentially paying lower transaction fees, can give you a solid edge.

This simple trading page gives a great example of what we just discussed. As you can see you have the option to trade at current market prices which are locked, or you can pick the limit option and then choose a lower price to purchase it at.

The advanced trading page can be much more complicated and goes beyond the scope of this video. Please feel free to research this further If this is something you are interested in.

The price tab is similar to the buy page, it opens a separate screen that displays more information about the tokens they have on offer. If you click the buy/sell button you’ll be taken back to the same buy page we looked at earlier.

The earn tab will allow you to earn crypto by locking up a certain percentage of your assets. This is called staking, and the more you stake the more you can potentially earn. You can get more details about staking on the support page.

The funding page displays all the currencies that you currently have stored on the exchange. It is typically recommended to never store your crypto on an exchange long term. Several exchanges have had security breaches throughout the years and traders have lost their investments by storing them on these platforms.

This page also offers you the ability to deposit and withdrawal your crypto assets. One of the reasons you may consider depositing your tokens here is to utilize the conversion services that are offered, or if you plan to use their trading platform.

By using the withdrawal function, you will be able to send your tokens to any other platform or send them to your wallet for safe keeping. This will also give you the option of sending your converted fiat currencies back to your financial institution as well.

Kraken also has an NFT marketplace. These can be high risk and very volatile assets, so please do your research before making this type of investment.

The history tab displays all the transactions you have made on the exchange. This includes any staking rewards that have been paid out to you. There are also several filters you can toggle to find specific information, along with the option to export your transaction history as well.

This exchange offers a premium concierge trading service they call over the counter trading. Feel free to look into this if you would like expert help in this arena.

Finally, we have the support page. This page goes into further detail of everything we have discussed here today. Please take some time to explore these topics if you have any additional questions about what we covered in this video.

Please note that Kraken also has a mobile app for both the android and iPhone devices. This is a great option if you are an on-the-go investor that needs a fast and responsive way to access your accounts and make investments while away from a computer.

Congratulations! Today you learned how to setup and verify your account on a central exchange. You also learned how to connect a payment method, and finally how to navigate around the platform.

Thank you for joining us today to learn about this application! Please be sure to check out our other videos in the university, as we continue to explore this subject, along with other crypto related topics.

Contact Support

Your membership subscription has now ended. Please process your renewal payment to continue having full access to CryptoHunters100X.

Become a member of CryptoHunters100X to access our team’s detailed reports on all projects listed on our calendar.
Already have an account?