Introduction To Kraken Verification
Here we will cover the benefits of completing an ID verification on Kraken, as well as to teach you on how to go about it one step at a time. In addition to that, if you want to know more about Kraken crypto exchange visit Kraken site.
Since the year 2011, Kraken has been at the forefront of blockchain development. Besides, it is known as one of the most trustworthy venues to buy and sell crypto online due to its solid service, flexible financing options, competitive fees and its standard security.
According to the data from CoinMarketCap.com, Kraken is one of the largest cryptocurrency exchanges right now in the world with over $1.4 billion trading numbers.
Right now, Kraken Exchange operates in more than 180 countries worldwide and it’s customers have received over $100 million as staking rewards in the first half of 2021. Another reason why it is accepted across a wide range is that; it offers extra technologically advanced products and services like; a trading platform,Margin, Indexes, mobile app, Futures, and OTC.
Nevertheless, for you to make full use of the platform, you must complete KYC (Know-Your-Customer). We will elaborate on it later.
The fact is that;
There are four tiers of account and each has its own requirements for verification:
2. Starter, number 1 & 2 are for the residents of the US,
3. Intermediate and
The verification process for all levels minus the Pro level is mostly automated and might take from a couple of minutes to a few days for the most advanced level;
Each level of account verification makes provision for additional funding options and has greater limits, with Pro being the most advanced level.
Benefits of finishing a complete ID verification on Kraken
Completing the KYC process with Kraken offers a lot of benefits as stated below:
Global financial regulations compliance: Adhering to the regulatory developments in the blockchain industry and increasing the transparency of the platform and it’s reliability, Kraken advises clients to fully verify their accounts. Besides terrorism funding and money laundering, Kraken aims to decrease fraud risks. When operating, Kraken adheres to all legal and regulatory norms. For instance, Kraken is registered with FinCen in the US and FINTRAC in Canada as a Money Services Business (MSB).
Deposit and withdrawal options are enabled by increasing the account’s limits: Customers that complete Kraken’s KYC procedure have the advantage of using all the services and benefits provided by the platform like deposit, withdrawal benefits, and other features. For example, you can start trading cryptocurrencies by providing basic information, or you can provide more information to advance to the ‘Intermediate’ or ‘Pro’ level, which enables you to ‘deposit’, ‘withdraw’, and ‘trade with fiat currencies’. You can visit Kraken’s platform and go to the KYC support section for a complete list of advantages for each verification level.
Earning trust and protecting the user’s investments and interest: Customers’ trust is boosted, by carrying out the KYC procedure across Kraken’s crypto exchange, as they are sure that the platform’s users are genuine and verified. In addition, verifying consumers ensures legitimacy and prevents identity theft, increases Kraken’s clients’ trust and overall platform experience.
2FA meaning Two-Factor Authentication
Before completing the Kraken’s KYC procedure, users take several measures in securing their accounts.
As an added extra layer of security for your Kraken account, (2FA) provides some benefits;
- The only person who has access to your account is you, and just you;
- When you sign in, only you can perform certain activities, like depositing or withdrawing funds or trading.
If Two-Factor Authentication is enabled on your account, you’ll need a 2FA password to log in, make deposits, withdrawals, or conduct trades. There is an app on your phone where the password changes every 30 seconds or a small USB like the YubiKey which can store this additional password ‘where the password changes after each use’.
As a result, any person intending to hack into your account need not just your username and password but also your 2FA device to gain access to it.
How you can verify your identity on Kraken one step at a time
Before you begin the ID verification procedure on Kraken, you must log in to your account first.
To start the ID verification, click on your account’s icon in the right corner on the top and choose the ‘Get Verified’ icon from the menu.
You may have slightly different verification screens depending on your geographic area and the international and local financial regulations. For more explanation on the restrictions placed on some supported countries, visit the Kraken platform to read the Kraken’s support page.
The residents of the United States, besides those residents in Washington, New York, Texas, and US territories, will be given the ‘Express’ verification option as the most basic KYC level to start trading on Kraken.
While the ‘Starter’ option is the first verification step for the residents of other supported countries.
It is important to finish the basic identity verification in order to begin trading on Kraken. Thereby making the residents of the United States, with the exception of Washington, New York, Texas, and US territories, start trading with the ‘Express’ tier.
Click the ‘Verify’ button under the ‘Express’ section to start.
You will be asked to fill in basic information about yourself, like; your full legal name, date of birth, occupation, mobile phone number, full address, and the last four digits of your social security number (SSN).
Your basic information provided will be verified within 30 seconds, but if Kraken feels that it is not enough, you will be asked to provide more information.
Immediately you supply the necessary information, your ‘Express’ status will change to ‘Pending,’ and if Kraken is satisfied with the data provided, your ‘Express’ status will be changed to ‘Verified’ promptly.
When the ‘Express’ verification is successful complete, it enables the US users (besides the users from the states of Washington, New York, Texas, as well as US territories)
to trade crypto, deposit cash limit of $9K, monthly cash withdrawal maximum of $9K, and earn rewards through staking.
‘Starter‘ ID verification level is allowed for users based in non-restricted countries like; Texas and US territories, apart from Australia.
To start the starter verification process, click the ‘Verify‘ button below the ‘Starter‘ section.
You will be asked to provide a few basic information about yourself. Like your full legal name, date of birth, phone number and address details they are all mandatory.
When you are done filling the fields, click the ‘Continue’ button to complete the procedure. You should be sent back to the main verification page, there you will see the status of the ‘Starter’ level reading ‘Pending.’
In a few minutes, after your information has been verified, you will gain the ‘Verified’ status.
The ‘Starter’ level of verification gives users unlimited right to; deposits, buy, sell, convert crypto and withdraw $5K daily whilst earning rewards through staking.
Those seeking to increase their trading limits must complete ‘Intermediate’ verification procedure, which permits up to $100K daily, $500K monthly bank transfer limit, $500K daily cryptocurrency withdrawals, unlimited cryptocurrency deposits, limited trades with margin, earn rewards with staking including trading of crypto futures to non-US only users.
To start the ‘Intermediate’ ID verification process, click on the ‘Verify’ button.
In this procedure, you will be prompted to provide your occupation and upload an ID in the form of a passport, driver’s license, or any ID card.
You can take a picture of your document using your computer’s camera or simply ‘Upload photo.’
After uploading your ID, you will wait for a minute for the ID to be reviewed and validated. In addition, you will be asked to provide proof of residency documentation at this point.
Below are the list of accepted valid residency documents by Kraken, although it is not exhaustive:
- Utility bill (water, electricity, gas, internet, phone);
- Payroll statement from the company you work;
- Bank statement;
- Credit Card statement;
- Insurance statement;
- Tax document;
- Residence certificate.
Click the ‘Submit’ button after uploading all of the necessary documents then wait a few minutes for your ‘Intermediate’ status to be verified.
A good quality face photo is needed for the residents of the United States, South Africa, or those who want to make use of the banks in those countries to fund their accounts.
Due to regulatory requirements, US users have to provide a valid Social Security Number or Individual Taxpayer Identification Number.
For those who want to unlock the unlimited benefits of the Kraken’s platform, they should obtain the ‘Pro’ level of verification. To start the highest KYC verification procedure, click on the ‘Verify’ button under the ‘Pro’ section.
Take note; that you have to complete the ‘Intermediate’ identity verification level first before you can proceed with the highest tier.
You will be directed to a page, where you will be prompted to provide the reason you wish to access the ‘Pro’ verification level.
The feature you wish to access by completing Pro verification?
Here you need to select the most suitable feature(s) for your situation and then click on the ‘next’ button.
In the next three steps, you are expected to give full details about the account’s purpose, usage, and your financial situation.
Kraken will ask you the length of your cryptocurrency trading experience
and the purpose of the account as part of the ‘Pro’ level verification procedure. You will be asked some more questions about arbitrage, margin trading and the number of trades you are expected to make monthly.
You will be asked to submit your financial information, the name of the company where you work, position, and other pertinent details. In addition, you are expected to fill in the other fields like; your liquid net worth, total net worth, and sources of income.
Again, you will be asked questions concerning the usage of the account. In addition to the USD withdrawal amount, you need to choose the number of fiat/traditional currencies that you wish to deposit into your account. At the end, to complete the ‘Pro’ identity verification, you need to provide a bank of your country.
Your ‘Pro’ verification level will be showing ‘Pending’ immediately you’ve completed all of the necessary steps and submitted the information. You will be verified within a few days if your application is approved.
Although Kraken reserves the right to ask for more documents through email in order to expedite the KYC procedure and ensure full compliance with international and local regulations.
In all, completing the KYC procedure is beneficial to all Kraken users since trading traditional and digital currencies on the site is made possible once your account has been verified and financed while complying with the anti-terrorist financing and anti-money laundering regulations.
Moreover, when it comes to trading of digital assets, Kraken takes several preventive measures against fraud and ensures compliance with AML and KYC requirements.
So, users can be rest assured when using a secure and regulated ‘exchanges’ that offers users the opportunity to trade different digital assets in addition to buying and selling more than 50 cryptocurrency coins and tokens, as well as seven traditional currencies.