HOW TO BUY ETHER ON KRAKEN.COM
STEP-BY-STEP GUIDE TO BUYING ETHER WITH EUR, USD, GBP, CAD AND JPY
Ether, or ETH, is the cryptocurrency native to the Ethereum blockchain and has the symbol Ξ. For more information about Ether and Ethereum, please see links at the end of this guide.
Kraken.com is a San Francisco-based cryptocurrency exchange which allows trading between fiat currency (normal money) and cryptocurrencies. They accept deposits of EUR, USD, GBP, CAD and JPY which can be traded directly for Ether and Bitcoin. Kraken.com is among the top cryptocurrency exchanges and has the highest volume of trading between EUR/Ether and EUR/Bitcoin. Kraken.com has a very good reputation and is considered safe and trustworthy. We have chosen Kraken.com for this guide due to the reasons above, and because it offers an easy entrance into the world of cryptocurrencies.
Disclaimer: howtobuyether.org is no way affiliated with Kraken.com and receives no financial or other contributions from Kraken.com.
STEP 1: CREATE YOUR ACCOUNT ON WWW.KRAKEN.COM
STEP 2: VERIFY YOUR ACCOUNT
Before you can deposit fiat currency to Kraken.com, your account must be verified. This is a requirement in order to prevent money-laundering and to minimize potential criminal activity. Depending on which country you live in, you must be either 'tier 2' or 'tier 3' verified to deposit fiat currency. The different verification tiers also determines how large deposits and withdrawals you can make.
In order to verify your account, go to 'Get Verified', submit your personal details and upload pictures of the required documents.
Note that it can take a couple of days from you upload your documents until they have been approved. This is because all documents must be reviewed and approved manually.
STEP 3: MAKE A DEPOSIT
When your account has been verified, go to 'Funding' and choose the currency you wish to deposit. Select your payment method and read the instructions carefully. Kraken.com supports Wire Transfer, SEPA, SWIFT, ETF & INTERAC. It is not possible to deposit with credit card as this could enable theft. Make sure to include the reference code with the transfer as this is what links the deposit to your account.
Be advised that it can take a few working days from you make the transfer until the money reaches your account.
STEP 4: PLACE AN ORDER
Once the deposit appears in your account, it's time to place an order. Go to 'Trade' and select 'New Order' to start trading. Here we place a 'Limit' buy order for $1.000, offering to pay a fixed amount of $11,55380 per Ether which is a bit below the current market price.
The open order can be viewed under 'Orders'. The order will have a status of 'Untouched' until it starts being met when the status will change to 'Partial'. The order will remain open until the full cost of $1.000 has been met or until it's cancelled. You can cancel your order at any time on the red [x] and create a new order for the remaining amount.
That's it! Our order has now been filled and we have bought 86,55161 Ether. The Ether is now stored in our account on Kraken.com. As the price of Ether went up slightly since the time of buying, the current value is $1.006,24.
Important! Kraken.com has a reputation of being a safe and trustworthy exchange, but it has happened in the past that cryptocurrency exchanges have been hacked or gone bankrupt. While Kraken.com takes great measures to ensure all holdings are stored safely and out of reach from potential theft, it is advisable to download a wallet application and store your coins on your own computer.
LINKS AND RESOURCES
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