Introduction
Buying Bitcoin SV (BSV) on Kraken, a leading cryptocurrency exchange, is a straightforward process. This guide walks you through each step—from account setup to executing your first trade—while emphasizing security and best practices.
Step-by-Step Process to Buy BSV on Kraken
1. Sign Up for a Kraken Account
- Visit Kraken’s official website and click "Create Account."
- Enter your email, choose a username, and create a strong password (mix uppercase, lowercase, numbers, and symbols).
- Agree to the terms and click "Register."
2. Activate Your Account via Email
- Check your inbox for an activation email from Kraken.
- Click the activation link or manually enter the activation key provided.
3. Complete Account Verification (KYC)
- Navigate to "Get Verified" under your account settings.
Submit required details for Tier 1 (basic) and Tier 2 (FIAT trading) verification:
- Full name, date of birth, country of residence.
- Address proof and ID documentation (e.g., passport or driver’s license).
- Verification may take a few minutes to several hours.
4. Enable Two-Factor Authentication (2FA)
- Go to "Security" > "Two-Factor Authentication."
Choose Google Authenticator or Authy for 2FA setup:
- Scan the QR code or manually enter the key.
- Save the backup code securely.
- Enter the generated OTP to finalize setup.
Why 2FA Matters: Protects against unauthorized access by requiring a second verification step.
5. Fund Your Kraken Account
- Select "Funding" and choose your FIAT currency (USD, EUR, etc.).
- Follow instructions to deposit funds via bank transfer or other supported methods.
- Processing time: 1–5 business days (varies by bank).
6. Buy Bitcoin SV (BSV)
- Go to "Trade" and select "Simple Trade."
- Choose BSV/FIAT pair (e.g., BSV/USD).
- Enter the amount to spend or BSV quantity.
Select order type:
- Market Order: Buy instantly at current price.
- Limit Order: Set your desired price (recommended for better control).
- Review and confirm the trade.
FAQs
Q1: How long does Kraken verification take?
A: Tier 1/2 verification is typically instant or takes a few hours. Higher tiers may require manual review (24–48 hours).
Q2: Can I buy BSV with a credit card on Kraken?
A: No, Kraken supports bank transfers and crypto deposits only.
Q3: What are Kraken’s trading fees?
A: Fees start at 0.16% for makers and 0.26% for takers, decreasing with higher monthly volumes.
Key Takeaways
- Security First: Always enable 2FA and use strong passwords.
- Limit Orders: Offer better price control than market orders.
- FIAT Deposits: Plan for bank processing delays.
👉 Start trading BSV on Kraken now