Kraken is a popular cryptocurrency exchange platform that offers a secure and user-friendly environment for buying and selling digital assets. It is a reliable and trustworthy platform for selling bitcoin and other cryptocurrencies. In this article, we will explain how to sell bitcoin in Kraken in a step-by-step process.
Step 1: Create an Account
To sell bitcoin in Kraken, you need to create an account on the platform. You can do this by visiting the Kraken website and clicking on the “Create Account” button. You will be required to provide some personal information such as your name, email address, and password. You will also need to verify your email address and provide some additional information such as your date of birth and address.
Step 2: Deposit Bitcoin into your Kraken Account
Once you have created your Kraken account, you need to deposit bitcoin into your account. To do this, click on the “Funding” tab on the Kraken dashboard, and then select “Deposit.” Choose bitcoin as the deposit method and copy the deposit address provided.
Next, go to your bitcoin wallet and send the desired amount of bitcoin to the deposit address. It is important to note that Kraken requires a minimum deposit of 0.002 BTC.
Step 3: Sell Bitcoin
Once your bitcoin deposit has been confirmed, you can sell your bitcoin on Kraken. To do this, click on the “Trade” tab on the Kraken dashboard and select “New Order.” Choose the “Sell” option and select the currency pair you wish to sell bitcoin for. In this case, select BTC/USD if you want to sell bitcoin for US dollars.
Next, enter the amount of bitcoin you wish to sell and the price you want to sell it for. You can either choose the “Market” option to sell your bitcoin at the current market price or set a “Limit” order to sell your bitcoin at a specific price.
Once you have entered the necessary details, click on the “Sell” button to execute the trade. Your bitcoin will be sold, and the proceeds will be credited to your Kraken account.
Step 4: Withdraw Your Funds
After selling your bitcoin, you can withdraw your funds from your Kraken account. To do this, click on the “Funding” tab on the Kraken dashboard and select “Withdraw.” Choose the currency you wish to withdraw, in this case, USD, and enter the amount you want to withdraw.
Next, select the withdrawal method, which could be a bank transfer or a cryptocurrency withdrawal. If you choose a bank transfer, you will need to provide your bank account details. Once you have entered the necessary information, click on the “Withdraw” button to initiate the withdrawal.
Final Thoughts
Selling bitcoin on Kraken is a straightforward process that involves creating an account, depositing bitcoin, selling bitcoin, and withdrawing your funds. Kraken offers a secure and user-friendly platform for selling bitcoin, and the process can be completed in a few simple steps. It is important to note that Kraken charges a trading fee that varies depending on the trading volume. Therefore, it is crucial to understand the fees involved before selling bitcoin on Kraken.