How To Buy Bitcoin On Kraken in 2021? Tutorial For Beginners!

What's up millennials? Welcome to this
last part of this little bitcoin series In the previous videos we talked
about why ARK Invest has about 46 million dollars invested in
bitcoin If that got you excited, well, in this video
I'm going to show you how you can buy your first bitcoin as well
if you haven't done so already. So today I'm going to be using Kraken,
which is one of the major exchanges but the method
is quite straightforward and it's also quite similar to the ones that are being
used by the other major exchanges out there. So with that being said, let's just
get started So step number one is: choose a platform.
I personally use Kraken and Binance but if you're a beginner you could also
definitely check out Coinbase Pro which is
this website over here. If you do so then do make sure that you're actually using
Coinbase Pro in that case and not the normal Coinbase
platform because the normal one well, it's
very very easy to use for beginners but they also have very
high fees So if you'd like to pay lower fees, which
of course we all do, then do use the Coinbase Pro version.
Personally I mainly use Kraken and Binance myself.

The fees on both
exchanges are quite low and especially Kraken is quite easy to use as well.
Finance is a little bit more complicated Let me show
you Binance over here. Binance is a little bit more complicated
but I pretty much only use it for altcoins that aren't super popular yet
so yeah, in conclusion, if you're just
starting out and you just want to buy bitcoin then
I would recommend to choose either Coinbase Pro
or Kraken. Then step number two is to create an
account. As I just said, I'll be showing the method for Kraken, but well,
it's quite simple of course to create an account
and it's quite similar to the methods that are being used on the other
exchanges So let's just check this out.

got Kraken over here and on the right in the right upper
corner we see Create an account so we click that and here we put our
email my email, username, I'll choose that one,
password, well you just need to make sure that it contains at least eight
characters, one letter, one number and a special character. So pretty
straightforward. I'm just going to do that well let's say this is my password for
example Country of residence for me is the
Netherlands You have to continue and agree to the
terms of service and the privacy policy you have to
check that you're not a robot. I'm probably not a robot
I hope. And then you simply create an account. So when you click Create
account, you'll be brought to this page, Activate your
account, you're going to receive an email with an activation code.

You can
also just click on the link within the email to activate your
account. So I'm just going to go ahead and do that.
And once you've activated your account we're going to step number three,
to verify your account. So once you've activated your account, you will be
brought to this page over here and just simply click on Verify
and here you have to select an account type. So for most of you
the starter account type would do. This is pretty basic, so you simply click here
on Get verified and here you have to provide some of
your details, your full name your address, your phone number and your
date of birth and once you've done that, you simply
click on Submit and then they will check your information
and get you verified.

So once you're verified, you're ready for
step number four, which is to fund your account. On kraken you have
multiple ways to do so, but I think there are two methods
that are mainly used, so I'm going to talk about these two methods
and the first one is to simply click on the buy button over here,
on the top hand there, and just simply click Buy over here
and you select the amount of euros in this case you would like to spend on
bitcoin. So let's for example put 100 and in this case
you're going to see that the amount cannot exceed the
available balance because right now as you can see in the top right corner over
here my balance is zero so I can't buy bitcoin
with this way but what you can do is you can actually check this one you
can click on this button over here pay with Kraken euro balance and you can
add a new debit or a credit card.

If you
click that you'll see a field over here which is
probably quite familiar to you you simply fill in the details over here
so your card number, your name, the expiration month, the expiration year
and the CVC code and then you add that card and that's
how you can actually buy bitcoin very quickly
with a debit or a credit card. But what if you don't have a debit or a credit
card? Well, you can also do a wire transfer
which you can simply do by clicking Funding over here and then you will be
brought to this page where you can select your currency.
In this case is going to be the euro and you're going to click on Deposit.
Now on this page you have to select your deposit method.
Mostly you can use the first option which is this one, the FIDOR bank

And when you use this option what you simply have to do
is to send an amount of money that you would like to spend on bitcoin
to this international bank account number
okay? And when you do so, something that is very important to always do
is to include this entire reference code so not just only this code over here but
also the part So once you've done this,
once you've transferred the amount of money, it can take a few days before it
actually shows up within your Kraken account.

And before
you can actually buy bitcoin so once you've funded your account, we're
ready for step number five which is to buy crypto okay? We've
already seen that there are multiple options to do so. So first of all we've
got this very easy option which is simply click on the
Buy button, the Buy crypto over here and then as we said before you can
simply select the amount of money you would like to
spend on bitcoin and then if you've got actually some
money in your account then it won't give you the error message
which is given right now in my account because
I don't have any on my account or you can pay with your credit or
debit card but if you're a little bit more advanced
you can also go for the Kraken Pro option. You can simply click on the icon
in the upper right corner over here to go to the Kraken Pro platform
and once it's loaded you can simply click on Connect to start

So when Kraken Pro has actually loaded
the first thing you want to do is to select the right
market which you can do so over here, in the left upper corner.
Right now it's on bitcoin euro, but you can also buy other crypto like
ethereum or ripple or litecoin etc.
But in this case we're actually going to use the BTCEUR market okay,
because we want to buy bitcoin for
euros, so we click on that and then we've got these trading options on the right
hand side over here which have a few options that you might
not know just yet So let's just go through some of these
options. First of all we have the action which is pretty
straightforward: you either buy or you sell.
And then you have the type of order you would like to use.
So for the beginners I would just recommend to either choose the market
order With a market order what you do is you
simply buy bitcoin for the current price. As you can
see right here in the middle the current price is 8887
euros for one entire bitcoin okay? So if you choose a market order
then you will use this price as a reference.
But what you can also do is to choose a limit order, you can choose a limit
order if you would like to actually determine
how much you would like to pay for a bitcoin
if you for example think that the bitcoin price is going
lower in the future.

For example you think it's going down to 8700
then you can also choose a limit order okay?
But for now we're just going to stick to the market order which is the most
straightforward option and then for leverage we simply go for none.
The funds: here you can choose how much money in your fund
you would like to use to buy bitcoin with. Then you can either go for the
quantity of bitcoin you would like to buy, so
let's say for example you would like to buy
0.01 bitcoin for example and then you will see that you would have to pay
about 89 euros to pay for that 0.01 bitcoin
so you don't have to buy one entire bitcoin, you can also buy
a small part of a bitcoin.

What you can also do is say: well,
I've just deposited 100 euros so what you can do
is simply put 100 euros over here in the total price
and then this platform, Kraken will tell you that you're going to buy 0.01124859 bitcoin okay? So
once you've done that you simply click on the Review and
buy button you confirm your buy and then well
congratulations, you've got your first bitcoin!
So now that you've bought your bitcoin you're ready for step number six:
how do you store your crypto? Well you can do so in multiple ways.
You can simply decide to leave your crypto on the exchange, so on Kraken Pro,
but if you have a larger amount of money in crypto then you could also choose to
go for a Ledger. A Ledger is like what almost looks like a USB
stick over here which you can connect with a cable to
your computer and you can use this device to keep all
your crypto safe thanks to the cryptography and the
private keys which will be provided to you and you will only have
access to your crypto with your private keys.

Something you do
need to take into account is that a Ledger Nano
costs money of course, to buy, so if we look at this website over here,
a Ledger Nano S, which is probably useful for the majority of you,
costs about 60 euros. So well, let's say if you only have about 100 euros in
crypto then it probably doesn't really make
sense to buy a Ledger and you can decide to simply keep it on
the Kraken Pro exchange or on the other platform you're
using but if you have for example about 1000
euros in crypto then you could maybe decide to go for a Ledger Nano S
to keep your crypto safe. Awesome, so there you go:
six steps to buy your first bitcoin If you still got questions after
this video, then what you could do is send me an email at
and I'd love to help you out.

You can also join our Discord
channel if you've got any more questions or if you would just like to chat about
the stock market or crypto. If you've gotten any value out of
this video, then I would like to ask you to hit that Subscribe button
because it only costs you a few seconds of your time, but you could help me out a
lot on my mission to help millennials and
other people to manage their money better. I'd appreciate that a
lot. See ya! you.

You May Also Like