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Kraken Exchange Tutorial How to Reduce Bitcoin Transaction Fees

Kraken Exchange Tutorial How to Reduce Bitcoin Transaction Fees
Kraken Exchange Tutorial How to Reduce Bitcoin Transaction Fees

Kraken Exchange Tutorial How to Reduce Bitcoin Transaction Fees hi Im Krypto Lou and welcome to my channel today Im gonna be taking you through a beginners guide of how to use Kraken which is an online bitcoin exchange if youve liked this article today then please give me a thumbs up as it really helps me to grow my channel and understand what kind of content that you enjoy so if youre new to cryptocurrency and youre not quite sure which exchange supports which coin a great site for this is coin clarity calm in here you can simply type in the name of the coin that youd like to purchase and in this example Im looking at Bitcoin and what it shows me is all the different types of wallets that will support bitcoins are the likes of coin base which is actually exchange exoddus BTC wallet and the ledger wallet and it also tells you all of the exchanges where you can actually go through and purchase Bitcoin so you can go through using the like so finance coin base and Kraken which is what were going to go through today now have already done reviews and tutorials of the likes of Finance and coin base and bit tricks and what Ill do is Ill put them in the top right hand corner now so if you would like to take a look at those exchanges then please feel free to do so however today were gonna be concentrating on Kraken so what is Kraken will they say they are theyre leading Bitcoin exchange theyre based out of San Francisco in the USA and they were also founded in 2011 and they allow you to deposit and withdraw with the likes of euros u.s. dollars Canadian dollars Japanese yen Bitcoin and other digital currencies now to sign up for account weekly to do is go to WWE and calm it will then take you to this learning page where you can then go through and create an account now I found it pretty easy to do so however if you do have any questions please feel free to put them in the comments below and once youve gone through and created that account youll then take you to this landing page now one of the most important things first of all to do is go through and get verified so there are different tiers with regards to getting verified so you first of all you have your tier 0 where you can deposit and withdraw and they are only available once you have gone through and signed up for your account which weve already done it then asked us to provide things like your full name date of birth country of residence and phone number that Tier one will only allow you to daily withdraw 2, 500 worth of crypto however if youre then looking to withdraw slightly more and actually going through a depositing you need to move up to that tier 2 so at that point you need to then provide them with things like your address verification now once youve got your account all set up what you then need to do is obviously deposit some funds so were going to do is click onto funding and then on here you have the ability to deposit and it tells you all of the available crises that you can deposit into this exchange in this example Ill just click on two euros and then its ask me MOT for my deposit method and if I select SEPA from here see if as this election or super or wire transfer I just go to see and theyll then provide me with all the instructions of how I go through and deposit my funds into see provides me with the account name it provides me with my I band bank name where the bank branch address is as well now one thing to be a little bit wary of depending on your location is that if you are sending through SEPA transactions sometimes and certainly with my bank here in the UK I am charged for international banking charges for actually sending across funds from the UK over to the likes of Germany for example in here what Ive actually done is Ive created a article of how you do so commission free now Ive done that with the use of revolute and taking it through to coinbase and G Dax however the example will work exactly the same when you are going through and processing this through to Kraken what Ill do is Ill put that in the top right hand corner now so that if you do want to take a look at that and try and do this commission free then please feel free to take a look at that article so once youve gone through and of positives your funds youll then be ready to trade so what Im going to do is click onto the trade icon so from the funding tab youre also able to withdraw and then if for example you are withdrawing euros you can then add the account in here of what your bank account you would like to withdraw to now obviously at the moment is for test purposes and my balance is currently insufficient for withdrawal and it then shows me the fee that Ill be charged which is this nine cents here now with regards to the withdrawal fees like I said it does depend on your location as with regards to what your fees will be and your bank may charge you those fees also so like I said you may be charged for internship international banking charges and so with regards to and the one that I was just looking at so weve got the euro seaport withdrawal for ei countries its at nine cents and for US Dollars domestic withdraws youre looking at five dollars now thats for the Fiat withdrawals and then when you are looking through and going through the different types of digital currency withdrawals it then does have a list of the different types of fees that you will be charged then when you are ready to trade and youve completed all the verification process and you have gone through and deposited funds what you want to do is click on to trade and we can then decide what type of currency wed like to purchase which then shows this different currency pairs that are available now one thing that I will point out here something that I found a little bit confusing when I first went on the kraken website is that it does show XB t now XB t is the international ticker for bitcoin so it wont show is BTC as some of you may know it bitcoin is xbt on kraken and just thought id make you aware of that so there are lots of different types of currencies you can go through so if for example you wants to go through and purchase bitcoin with euros what we do is select that top option there then what we would do is go to new order so when we first of all go into the new order screen it is a very very basic type of screen isnt like the likes of your bit tricks or your finance they do have more advanced features that are are in beta which ill show you through shortly however if you want to simply go through and purchase some bitcoin with your euros what you would need to do is you click on to buying initially then you say how much you want to buy now in this example Im gonna say that I am gonna be purchasing one Bitcoin then what we can do is select how were gonna purchase this so all we can be purchasing at the market price so thats the price that Bitcoin is currently at at the moment and its an automatic buying procedure so that would take us to six thousand five hundred and eighty nine euros and nineteen cents and it also shows me what fees I will be playing now at the moment because I am selecting a market price that makes me a taker of the market because Im taking what price the cut mark is currently defining so what Ill be doing is Ill be paying a not 0.26 fee now if for example I wanted to define the price I want to pay for my Bitcoin I can choose limit so at this point I can say okay well I actually want to buy this at for example six thousand five hundred euros so what it will then do is it will create a buy order and itll wait for someone to complete that order for you now that then currently makes me a maker of the market because Im not taking what value is currently at the market value Im actually making a new price up so what it would mean is that my fees will be at naught point one six percent now these different fees due to pend on the amount that you are trading if I then went up to the next bracket it would then tell me that my next fee would be not point one four percent now they do quite clearly show the different fees on their site which is quite useful it tells you that if you are trading at below fifty thousand then you are and you are for example that maker of the markets like we just were a moment by choosing that limit order it would then chose at naught point one six however the next fee if we were trading between 50 to 100 thousand odd fee would then be naught point one four percent so if you were then happy with that what you do is click by X BT with euros and it then take you through some order confirmations and what you then do is click on to submit order now with relation to the fronting this is a limit order it would then go into your new and open orders until its been completed and then it would go through and you would see that the order is then completed once someone is happy with that price that you submitted once its submitted you can then go to orders and it will show up in your closed orders section however if you had purchased at the market price it will automatically go through immediately for you and then show up in your closed orders again so that was the simple view however you do have more advanced settings with the intermediate and advanced what Im just going to do is take you through to the new charting and trading tools and very similar to the likes of bit tricks and Finance you then have additional options in here so you have trading and you can view different trading within the last min the last six hours the last 30 minutes for example and it just shows you and gives you an idea of how the actual you know buy and sell orders are going through gives you an idea of although live and trading thats going through so youve got all your buy and sell orders here and youve got the different type of market prices that are going through current name you can also and choose to buy and sell from this section so this is in B so at the moment and but youve got good go through select to choose buy then you can go through and choose from market which we did limit which we did and they also have settle position in here as well which is a slightly more advanced feature and any orders that you have will also appear in this bottom home section here so this just provides you with a little bit more kind of realtime trading whats going on in the market and allows you to track kind of whats going on between those buy and sell orders and how the markets actually changing in real time now in terms of selling if youve taken us back to the original kind of basic simple screen if we want to go through and sell what we do is click on to sell we would say how much we eight want to sell were looking at a market price the market price has actually increase so if we are selling it we can get a market price of 6622 euros and forty four cents and what we would then do is say select it at the market price again or we could go through and we could define the price that we want to sell back out so if we then wanted to sell at six thousand seven hundred euros wed then wait for the market to reach us and then that would then fill that sell order once youve gone through and clicked on to sell xbt for euros so that was a really brief overview of how you go through and trade with Krakken if you have any questions then please feel free to put them below and if youd like to see more tips reviews and tutorials then please hit subscribe thanks and Ill see you soon

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