3/3/2024 0 Comments Kraken lost 2fa and master keyIt is worth stating that the time it takes to verify your account on Kraken may increase significantly depending on how busy its workforce gets. There is also no withdrawal limit for this account class. But then, you will be able to trade over the counter or even on dark pool. Verifying a pro account can take up to 5 days. The only extra requirement for this level in addition to what is obtainable on the intermediate level is a “KYC questionnaire.” This requires the highest level of verification on the exchange and the verification process is done manually. Pro: Kraken further splits its pro account into two classes – Business Pro and Personal. You can withdraw up to $500k daily on this level. This level of verification unlocks fiat deposits and withdrawals, high withdrawals and API call rate limits, as well as the ability to trade on Kraken futures. Similar to the Starter verification, the Intermediate level is automated and should be completed within 5 minutes. residents, and facial verification for U.S. In addition to all the requirements for the “Starter” account, you will need to provide a valid ID, proof of residence, occupation information, social security number for U.S. Intermediate: As you already guessed, having an intermediate account gives you more access to Kraken’s offering. The daily withdrawal limit for a starter account is $5k. This is in addition to low withdrawal limits and API call rate limits. You can’t also trade on dark pool, Kraken future, and OTC desk. The requirements for setting up a Starter account include your full name, email, date of birth, physical address, phone number, and 2FA.Īccording to Kraken, it takes anywhere from 60-120 seconds to verify a Starter account since the process is mostly automated.Ī few downsides of the Starter verification level is the fact that you won’t be able to deposit or withdraw fiat currencies. A starter account would allow you to buy and sell cryptocurrencies on the exchange. Starter: This is the most basic level on Kraken. Here’s a quick breakdown of each level, the requirements, verification time, and the access you get to enjoy. Verification time on Kraken varies based on the level you opt for. You must be verified on any of the levels before you can start using the exchange. The exchange also has three levels of verification – Starter, Intermediate, and Pro. In the case of Kraken, you won’t be able to use the exchange unless you are 18 years or older and reside in any of the supported regions. There are still a few exchanges like Binance that gives you some basic-level access with just an email and a password though. Like I said earlier, it is becoming almost impossible to trade cryptos on a centralized exchange without getting verified. Let’s get it on… Why do I need to get verified on Kraken? Thanks to government regulations, a significant number of centralized crypto exchanges now demand one form of identity verification or the other, Kraken inclusive.īy the end of this article, you will know everything from why you need to verify your account on Kraken to how long Kraken verification takes, setting up 2FA, and how to access your account from a new device. KYC, aka “Know Your Customer” procedures are now such a big deal in the cryptocurrency space. Having said that, it’s almost impossible to buy or sell cryptos on exchanges without passing through KYC. After all, security, the number of supported coins, and ease-of-use are some of the factors people consider when registering with a crypto exchange. Since then, Kraken has remained one of the top exchanges in the world.Ĭonsidering its reputation, it won’t come as a surprise if you decide to open an account on the exchange. The US-based exchange is the brainchild of Jesse Powell who decided to build a safer and better-organized exchange after witnessing the hack of Mt. 4 on a list of top cryptocurrency spot exchanges. At the time this article was published, Kraken ranked no. Founded in 2011, Kraken is undoubtedly one of the oldest and biggest cryptocurrency exchanges around.
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