Kraken is considered to be a pioneer of the crypto exchanges as the platform was founded more than a decade ago in 2011. Kraken is also one of the biggest and most versatile crypto exchanges, with a daily trading volume of over $1.4 billion. Not only does Kraken offer its services to users residing in the US, but they have vast support for many countries in the world. If you want to get started on Kraken and take explore the world of cryptocurrencies, NFTs, and other similar opportunities, you will have to get yourself verified on the platform.
Kraken has several verification levels available for the users that give access to particular features according to the verification level they have achieved. But how long does Kraken verification take? Do you need to submit countless documents and wait for days to prove your identity? Let’s take a look into all of the scenarios and see how the verification procedure at Kraken works. If you want the answer straight away, click here to read about the timeframes for the various verification levels.
Do I need to complete verification on Kraken?
Definitely! It is an absolute requirement of those joining Kraken to become verified before they can access any of the services offered by the platform. Almost every single centralized crypto exchange requires their users to verify their identities in order to protect the platform from fraudulent activity. If you prefer to trade anonymously without completing verification, read our article on the best exchanges that don't require KYC.
Kraken is stricter than other crypto exchanges as it requires verification right from the first step. Other crypto exchanges may allow a limited range of services such as depositing or trading without verification, but that is not the case with Kraken.
What are the different levels of verification on Kraken?
Before we check out how much time it takes to verify your identity on Kraken, it is important to know that there are different levels of verification that you can achieve on the platform. The higher the level of verification, the more features will be available for you to use without any limitations, restrictions, or hassles. You can take a look at all of the verification levels on Kraken below:
- Express (For US users only)
- Pro - Individuals
- Pro - Businesses
How long does each level take to verify on Kraken?
A great thing about the platform is that it does not take long to verify your identity, due to automated processes. However, the automatic verification only applies to all levels below 'Pro'. To become verified to the 'Pro' levels, manual verification is required, and a specific team performs this within a couple of days. You can take a quick look below to find out how long each level takes to verify on Kraken:
- Starter: 1-2 minutes
- Express (For the US users only): <1 minute
- Intermediate: 4-5 minutes
- Pro - Individuals: A couple of days (Manual verification)
- Pro - Businesses: 5 days (Manual verification)
In short, if you want to get started on Kraken and use most of the services, it will only take you about 10 minutes to reach the intermediate level of verification. By achieving this level, you can easily perform most of the activities on the platform and carry out your trades or explore whatever you like. But if you want a seamless experience, you will have to go for pro-level verification which can take a few days due to manual processing.
What do you need to become verified on Kraken?
Each verification level available on Kraken requires a different set of details or documents that you have to provide. The verification process for basic levels is quite easy and straightforward, whereas advanced levels will require you to provide more in-depth info and documents.
For the 'Starter' level, you only have to provide basic information regarding yourself, and you will be able to complete verification. When it comes to 'Intermediate' or 'Express' verification levels, the platform will ask you to submit your official ID, which is automatically verified by the system. You might also be asked to state your occupation along with a document that verifies your residential address. Without them, you will not be able to complete the intermediate verification level. For the 'Pro' verification level, you will have to provide your financial information along with other required documents to fully verify your account and have an uninterrupted experience on the exchange.
What are the benefits of becoming fully verified on Kraken?
As stated earlier, you will receive full access to the features offered by the platform, and you will not have to compromise on any of your crypto activities. You can also have personalized deposit and withdrawal limits, access OTC trading sections, and get even higher API limits allowing you to trade efficiently.
What is 2FA, and should I enable it on Kraken?
2FA stands for two-factor authorization, and yes, it is recommended to ensure full security and privacy. 2FA requires users to log in using a password as well as a randomly generated code which is only available on your mobile device. It ensures that only you can access your account, even if someone else has your password. Besides logging in, you can also enable 2FA for making deposits, withdrawals, or executing trades, for an extra layer of security that will ensure that your funds are safe at all times.
Due to the levels of verification at Kraken, the process might seem a little lengthy, but it is certainly not! Unless you are aiming for 'Pro' level verification, it will only take you about 10 minutes to verify your identity and get started on the platform with ease. Just make sure to provide all of your authentic info and keep the scanned copies of your documents ready to be uploaded. It is recommended to aim for 'Pro' level verification if you have the time and necessary documents, as it will bring convenience to you in the future.
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