Kraken is one of the leading cryptocurrency exchanges in the world, offering a wide range of services and features for its users. To ensure security and convenience, Kraken implements a tiered account verification system, tailored to the individual transaction needs of each user. Let’s explore the different verification levels and the tokens supported by Kraken.
1. What is Kraken Pro?
Kraken is one of the prominent cryptocurrency exchanges, headquartered in San Francisco, USA. Here, users can trade a variety of cryptocurrencies, with the ability to buy and sell using fiat currencies. As of October 2024, Kraken ranks seventh on CoinMarketCap’s trading volume leaderboard, including both spot and derivative trades.
The average daily trading volume on Kraken is estimated to be around $283 million on the spot market and $217 million on the derivatives market. Cryptocurrencies available on Kraken include major names like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), EOS (EOS), as well as non-fungible tokens (NFTs).
In addition to regular cryptocurrency trading, Kraken also offers derivative products and futures contracts, providing users with more options for investment and trading.
2. Kraken’s history
Kraken, one of the world’s leading cryptocurrency exchanges, was founded in 2011 by Jesse Powell and officially launched in 2013. The exchange is owned by Payward Inc., a parent company that played a key role in establishing Kraken as a trusted and rapidly growing platform in the cryptocurrency industry.
In 2022, Kraken underwent a significant leadership change when David Ripley became the CEO, succeeding the founder Jesse Powell, who had managed the company during its early years. Under David Ripley’s leadership, Kraken has continued to strengthen its position in the global cryptocurrency market.
Kraken’s original goal was to create a trading platform that would connect digital wallets with bank accounts, simplifying the process of transferring funds and trading digital assets. With this convenience, Kraken has attracted millions of investors and become the top choice for those looking to engage in the cryptocurrency market in an easy and efficient manner.
3. Verification levels on Kraken platform
Kraken, one of the largest cryptocurrency exchanges, implements an account verification system with different levels. Each verification level comes with specific benefits and transaction limits, helping users manage their accounts and transactions more securely. Below are the details of the verification levels on this platform:
Level 0:
At this level, users only need to provide an email address to create an account. However, with Level 0, you will not be able to perform any financial transactions such as deposits, withdrawals, or trading. You can only access and browse the information available on Kraken’s website.
Level 1:
This is the next level, where users can begin making deposits and withdrawals. However, only cryptocurrencies listed on Kraken’s exchange can be traded at this level. To reach Level 1, you must provide full personal information, such as your name, date of birth, phone number, and the country where you reside.
Level 2:
This level expands access to allow users to trade a wider range of cryptocurrencies and deposit/withdraw fiat currencies in certain countries. Depending on your location, you may be able to use fiat money for trading. To upgrade to this level, you need to provide your exact address for Kraken to verify your residence.
Level 3:
At this level, users gain the ability to trade with higher limits for fiat currencies. To reach Level 3, you must provide a valid government-issued ID along with proof of address. Additionally, some financial features on Kraken may require you to complete identity verification via visual methods.
Level 4:
The highest level on Kraken is for users or organizations that need to perform transactions with extremely high limits. This level requires additional documentation, such as registration forms and KYC (Know Your Customer) documents. This level is typically for large companies, institutional investors, or retail traders with large-scale transaction requirements.
4. Some Tokens supported by Kraken
Kraken supports a wide range of cryptocurrencies, from the most popular coins to lesser-known but promising tokens. Here is a list of some tokens listed on Kraken that investors can refer to:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Cere Network (CERE)
- Acala Network (ACA)
- Project Galaxy (GAL)
- Ellipsis Finance (EPX)
- DexGuru (GURU)
In conclusion, understanding the verification levels on Kraken will help optimize your trading experience. Choose the appropriate level and explore potential tokens to increase your investment opportunities effectively on this platform.
