The turbulent waters of the Kraken.com Bitcoin Exchange
[CryptoInvest] [Exchange] [Wallet] [Trusted] [Error 520]
A Step-by-step guide for acquiring Bitcoin and other Tokens through Fidor Banc
1. Sign up at Fidor UK or Fidor Germany and deposit cash via SEPA transfer
2. Sign up at kraken.com and set to Tier 3
Sometimes the website is unreachable. No panic, in stormy winds the Kraken needs to maintain its network. Just wait for a few hours.
3. Connect your Fidor Bank account with Kraken
4. Send money to your Kraken account
5. Trade BTC with a limit order.
You may set the price a little higher for an instant trade. Once purchased You should think about a further limit order with a reduced price (-5% or whatsoever) that You eventually purchase to an even better price.
6. Send BTC from Kraken to a secure wallet
Make sure to send the Bitcoin regularly to online/offline wallets. Trustful online wallets are coinomi [Android], Airbitz Bitcoin Wallet [iOS] and electrum [Linux / OSX / Android / Windows]. Please be aware in the case of a Bitcoin hardfork: Some online wallets do not cover (native) support of forked tokens. So a pretty good solution is to secure your Bitcoin in offline wallet, especially for more serious investments. I recommend Trezor and Nano Ledger S which are hardware wallets (cold storage with e-wallet). A quite neat way to store Bitcoin is a paper wallet. All You need is an old PC, old printer and a paper wallet generator like bitadress.org.
Kraken is the world's largest bitcoin exchange in euro volume and liquidity. That means that there is a high potential for hackers, server problems and a long time waiting for pending approvals (KYC identification). The support answers usually a few days after opening a support ticket. Make sure that you set up 2FA via the Authy – Two-Factor Authentication App and use a strong password. I recommend LastPass Password Manager* to generate and safe Your passwords.
Pros: A cheap and fast way for weekly Bitcoin investments
Cons: Long registration and identification procedure
Sources: https://www.fidorbank.uk https://www.kraken.com bitadress.org
FIY: To provide You with well-studied content some of the links* are marked as Affiliate.
thanks dor the heads up on paper wallets! appreciate it!
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