This guide will illustrate how to deposit money and avoid the High fees.
Nouvive Clients will be signing up to Kraken.com. This is as they are far cheaper than CoinBase or anyother exchange out there. They are also more secure. A coinbase user will pay on average £120 worth of fees before even trading. Nouvive clients through Kraken saves all of this.
Kraken Signup and Login
A Kraken account can be easily opened by following the signup process and entering your name, email address, and password. All passwords must be at least 8 characters in length and contain letters, numbers, and special characters.
Sign up an Advanced account using the following. These accounts will be approved in 2-3 Working days with some being approved as quickly as within 1 hour.
- Upload your ID. In order to verify your account you are required to upload government issued forms of identification and a proof of residence. For US residents, a Social Security Number is also required; whilst in countries such as Germany or Japan require additional ID confirmation.
- Documentation can be uploaded under the ‘Get Verified’ tab of your Kraken account and the verification time depends on the number of applications being processed and can take from a few days to over a week.
- Be sure to set up 2-Factor Authentication (2FA) which provides a secondary layer of security to your account.
- Once this is complete you can move onto funding your account.
- Add the bank account that you will make transfers to and from; bank transfers and wires are the only accepted methods for depositing funds.
How to Make a Deposit
Navigate to the ‘Funding’ section in the Menu tab, and then select your preferred deposit method. You may choose to deposit into the exchange via the bank transfer function. Or utilize a cryptocurrency wallet in order to transfers funds.
If you are within the UK, Utilise SEPA Trades and MAKE SURE YOU SEND YOUR MONEY IN EUROS. Money sent in Pounds will be stuck for 1 week.
MAKE SURE YOU FILL IN THE VERIFICATION SYSTEM for unlimited Trading Limits
Kraken operates a tiered verification system and trading limits depend on your tier of verification. The following tiers are utilized on the platform:
- Tier 0– This tier requires an email address and enables users to navigate the site without having the ability to deposit, withdraw or make any trades.
- Tier 1– Users can make deposits and withdraws in digital currencies only. However, trading is enabled in both digital and fiat currencies. This tier requires users to input their full name, date of birth, country and phone number.
- Tier 2– Deposits, withdrawals and trading in digital currencies are available. Depending on your country of residence, fiat currency funding may also be accessible. For users in certain jurisdictions, bank deposits and withdrawals are made available after you provide Kraken with your address.
- Tier 3– Higher levels of fiat currency funding are available to Tier 3 clients. This tier requires a valid Government ID and a recent proof of residence.
How to Make a Trade
Once your account has been funded, it’s possible to click on the ‘Trade’ tab in the Menu and select ‘New Order’; from here you can select the currency you would like to buy and your preferred payment currency.
After entering the quantity you would like to purchase and select MARKET ORDER you can click on the green confirmation button in order to confirm your purchase.
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