If you’re into trading on the cryptocurrency market, you have likely heard of Kraken.
This is a credible, reputable platform that allows traders to exchange digital currencies, lose value, profit, and partake in this day of today’s blockchain movement.
The primary function of Kraken is for traders to move and trade their digital assets in this day of high-tech currency trading. Kraken is used as such a facilitator of these trades. It also presents the current values of Bitcoin and other legit cryptocurrencies on the market.
Governments all over the globe are trying to figure out ways to reduce their debt by looking inward. In this worldview, Kraken exists in this time where nations over the world are actually devaluing their own currencies thinking that it will create better economies globally.
Therefore, you will notice how the big central banks and conventional banks are seeking ways to shift modern currencies and move them into digital assets for today’s growing digital world. In the meantime, people need to understand the concept of Bitcoin and the digitization of currencies so that they can have their own personal money and independence.
The following information will tell you what you need to know about Kraken, the overarching verification process, and how long getting verified on Kraken might take.
What is Kraken?
We’ve already discussed some of the aspects of Kraken and how it acts as a tool to facilitate trading in the cryptocurrency market.
The most common way to describe this platform is that it’s a cryptocurrency tool that allows traders to buy, sell, and barter their crypto coins. This company has been around for a few years, even before so many people were diving into the cryptocurrency world.
Its physical location is in San Francisco, California. It is valued for its diverse global client base and vast mass and liquidity. This kind of platform is appreciated by traders for its virtually seamless operation for over-the-counter and margin trading options.
More than that, it makes it easy to withdraw and deposit funds, which is a big draw for modern crypto traders. It is important for digital asset traders to see how their strategies are doing by monitoring and tracking their portfolios.
Initially, it seems that Kraken has some issues surrounding their customer service, much like many others, but since then it has enhanced their customer service and support. Because of their improved system of customer support, they have an edge over some of their competitors.
This cryptocurrency trading platform is dedicated to compliance, security, banking relations, and all the crucial aspects of the cryptocurrency exchange infrastructure.
Kraken caters to individuals, but also institutional customers through the Kraken Pro and Kraken Futures solutions, which are highly respected.
As you click around Kraken’s website, you will find it easy to navigate as well as cleanly designed and modern. You will also discover their knowledge base and guides to help you along your cryptocurrency trades regardless of your skill level.
These resources are helpful to novice traders as they learn about this newer monetary system, its changes, and how to carry out the various blockchain ideals.
The goal of the people behind this platform is to ensure that the clients can easily move through the learning curve and trading process while catering to them at each level. The newly designed website and modeling of the platform prove that the people behind the program get that there are several levels of skills amongst their users.
That said, virtually every crypto trader knows you must endure the process of verification before digging into using this system for crypto trading. Let’s take a look at that process, so you know better what to expect from it.
What is the Registration & Verification Process at Kraken?
The number one thing to do is be sure you are using the correct website. The world of cryptocurrency can be confusing and is quite volatile. These facts have drawn out some shady and malicious characters who seek to do harm to others.
The correct site is kraken.com. This is where you will register using your personal data. Simply click onto the account page and enter your information to get started.
While you’re on the site, be sure to look around and check out Kraken’s terms before you go on to agree, activate your account, and finally enter your password.
At this point, the Kraken verification process begins.
Verifying Your Kraken Account
After you have signed up on the site, you will log in and go to the verification page and follow the instructions for verifying. There will be multiple levels during the process, depending on the level of access you have chosen.
There is no set timeframe for the process, but if you are one of several people seeking verification at the same time, it might take a while. The team at Kraken can automatically or manually process your documents and information.
Here is an idea of what to expect according to the access levels:
The Starter plan verification process can take from a minute to an hour. If you’re going for the intermediate plan, it may take about ten minutes more or less. Both intermediate and starter plans are verified via the automated ideal.
Now, if you choose the Pro Personal or Pro Business plan, this is done manually because of how these accounts operate and what privileges are given to you from this access.
These accounts can take over 24 hours in most instances before verification is finalized. Manual verification takes longer than the automatic type because real people are looking at your data to ensure it’s accurate.
What Should You Keep In Mind During the Kraken Verification Process?
Do not upload or provide your confidential information unless due to the higher tier of the access it is required. Starter and Intermediate access does not require any such criteria. Do not waste your time since doing so could actually hinder your verification.
The verification system at Kraken may request proof of residence, a face picture, a valid government issued Social Security number, and/or a valid government issued ID (drivers license, passport, ID card). Every document that you are required to submit must be valid and relevant.
Remember that you will need to ensure that the images are high-res or them to accurately verify your identification.
One of the reasons that sometimes this information is needed is for compliance with governmental regulations. While the process of verifying your information takes some time, it is straightforward and honest.
The maximum amount of time you should have to wait is about two weeks. This is essentially the basics regarding the process of verification for utilizing the Kraken platform for cryptocurrency trading.
We wish you much success in your trading journey on Kraken.