Things To Know About Buying Ethereum On Kraken
One of the most ambitious cryptocurrencies to date, Ethereum was launched in 2014 to decentralize products and services in a broader array of use cases beyond money.
Often advertised as a “world computer,” Ethereum is rather a software that enables new kinds of programs to be run on its global network of computers, programs that, like Bitcoin transactions, cannot be censored or shut down due to the distributed nature of its design.
This is why hundreds of new cryptocurrencies have been so far released on top of Ethereum, some of which you can buy on Kraken including Augur, Basic Attention Token and more.
For those of you who are new to the world of cryptocurrency, we’ve put together this handy guide to teach you how to buy ether, Ethereum’s cryptocurrency, quickly, easily and securely.
Why buy Ether?
Today, the Ethereum blockchain is used to power applications that do everything from automate financial services (such as lending and borrowing) to enable blockchain versions of traditional currencies (like USD-C and Paxos Standard).
As these crypto assets run on Ethereum, they need to buy and spend ether to use Ethereum’s computing network, creating demand for the asset. This has given rise to the idea that ether is akin to a digital oil, a finite resource that must be used to generate economic activity.
How to buy ETH on Kraken
- Sign up for a Kraken account
Enter your email address, select a username and set a strong password on your account. - Verify your account
By adding your name, date of birth, country and phone number to your account, you can buy ether with other cryptocurrencies like Bitcoin or Tether. In order to use fiat currency (i.e. USD or EUR) however, you’ll need to provide additional supporting documents verifying your identity. Read about our verification levels here. - Deposit fiat or cryptocurrency
You can fund your account in a number of ways. How you do so will depend upon your location and preferences. - Purchase Ethereum!
Once your account is funded with fiat, you’re ready to purchase your first Ether. At this point, you’ll also have access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading.
Where to keep your ether
Now that you’ve bought ether, you’ll need somewhere to put it. Kraken is secure, but it’s always safest to store your crypto in a wallet. A wallet is a software or hardware device that stores the public and private keys required to make crypto transactions.
There are many types of wallets available. Mobile and web-based wallets make frequent transactions easy. Hardware wallets are best suited for secure, long-term storage. When you’re choosing a crypto wallet, think of what you plan to do with your tokens. A wallet that best suits your needs is always the right choice.
