Atani is able to connect you to various exchanges and allow you to enable one or more trading accounts in your application so you can operate with total freedom, and one of those exchanges is Kraken, one of the most important cryptocurrency exchanges worldwide. Therefore, here we show you how to open an account in Kraken, how to connect this exchange to Atani through an API Key, so you can enjoy this exchange in our application Atani.
What is Kraken?
Kraken is a cryptocurrency exchange service that allows you to trade cryptocurrencies in real time. This platform was created by Jesse Powell in 2011, which makes this exchange one of the longest-running in the crypto world. Powell’s experience in the crypto world began in 2009, when he became a cryptocurrency miner and since then he has been one of the main proponents of cryptocurrencies in the world. His work allowed Kraken to become a major global player in 2014, especially after the fall of Mt. Gox that same year.
Since then, Kraken has stood out as one of the most stable and secure exchanges in the community. In addition, it is a platform that offers different services and access to cryptocurrencies. You can buy using fiat by bank deposit or debit/credit cards or by depositing cryptocurrencies directly.
Among the most outstanding features of Kraken we can mention:
- It accepts a large number of cryptocurrencies for trading and has enormous liquidity.
- Transaction fees ranging from 0.16% to 0.26%.
- Cryptocurrency deposits, bank deposits, debit/credit card.
- Low commissions for deposits and withdrawals in cash and bank accounts.
- Easy to use and access platform.
However, among its disadvantages we can highlight its cryptocurrency withdrawal policy. This policy can result in costly fees depending on the cryptocurrency used in the operation. Additionally, its “address setup fee” policy also adds certain additional costs to the use of the platform. The policy for fees in Kraken is described here.
Countries where you can trade with Kraken
Kraken allows all users worldwide to operate with its platform, except for some clearly identified countries. Among these countries we can highlight:
- North Korea
In all of these countries operability is completely prohibited. Additionally, there are countries with limited operating restrictions including:
- Central African Republic
- South Sudan
Other important points in trading with Kraken are the need to verify the account. For example, initial data verification is required for all non-restricted countries, residents of Texas and other U.S. territories. In addition, there are some local restrictions (due to country and not exchange laws) that restrict access to certain tokens. In any case, Kraken is highly transparent with these situations and maintains an updated space on this topic at this link.
Create a account in Kraken and connect it to Atani
The process to create an account in Kraken is very simple and easy to do. First of all, you must access their official website.
Once there, click on “Create Account”:
You will immediately be directed to a form to register a new account. In this form you will have at your disposal a language selector that will allow you to fill in the information in a much easier way thanks to instructions in your language. Additionally, you will be able to see the basic registration information needed for your account in this exchanges such as:
- Account password
- Country of residence
By entering the data in these fields and agreeing to Kraken’s terms and conditions of service, you will be able to click on the “Create account” button to register your new account.
The next step is to verify that your email account exists and this will be done through an email that Kraken will automatically send to the email account you used for registration. There you will see a message with a code that you must use to verify the account:
When you enter the code, the validation will begin and at the end you will have an active Kraken account available to you.
Performing KYC verification
However, to trade in Kraken we must first perform a verification or KYC of our account. This process is very simple to perform and to do it you must have your ID or passport at hand, as well as a camera or smartphone for the selfie that the platform will ask you for. To start the verification all you have to do is click on the “Verify account” button shown in the image:
There you will be redirected to the verification process where you can choose various levels of verification:
- Basic, for the primary level of verification, which has several limitations, but is the easiest to comply with.
- Intermediate, which offers the highest level of access to the platform, and for which we will need to perform a KYC with our ID.
- Pro, which is the highest level of access, which allows you to enjoy all Kraken services available in your country.
If you plan to use Kraken as a trading platform for low amounts, the Basic option will be more than enough and you will be able to complete this registration quickly. But, if you want more access, the intermediate level offers the most benefit in this case, as you will be able to complete it quickly and without much hassle. In our case, we will do the Basic verification level, to show you the procedure. When you choose this option, you will be shown a form with basic information that you will have to fill in.
When you have finished providing these data, just click on “Continue” and wait for everything to be verified by the platform.
The process may take a few minutes, but as soon as it is completed you will be able to trade in Kraken.
Connect Kraken via API Key to Atani App
To operate in Kraken using the API Key, go to the Kraken “Settings > Security” menu and click on the API option.
Clicking on it will take you to the Kraken API Key section, where you can start creating the key. At this point, you should click on the “Add Key” button.
When you do so, the following box will appear:
Options for API Key in Kraken
All these are the options of the system to create the API, and we will explain each of them in a simple way:
- Key description: this field is to give a descriptive name to the API. We recommend that it is something easy to remember and associate, in this case, we will use API Atani.
- Nonce Window: it is an internal creation parameter for the API, we recommend you to leave it by default so that the system handles this parameter internally.
- Key permissions: this case is to enable certain permissions within the API you are going to create. At this point you must be especially careful and use the rule of the least permissions, since this security measure could prevent theft of funds in case of hacking your devices. In this space we have the following options:
- Funds: to consult, deposit and withdraw funds from the platform. At this point we recommend you only enable “Consult funds” and if you need to “Deposit funds”. Never activate the “Withdraw funds” option, this should be handled only from the web platform and with a high level of security enabled (2FA, among other security options).
- Order and operations: in this case are the trading capabilities that the platform will have. Here you can activate all the options in order to enjoy all the capabilities of Atani.
- Others are some advanced configuration options. The “Export data” option is useful, but you must be careful with the computer where you use it, since this option allows you to export data of your operations to the application, and an unauthorized access to it can put you in the hands of a hacker or malicious actor.
- Expiration of the key, is to indicate to the system a period in which the API key will be valid. It is best to set this to a maximum of 30 days, forcing us to create a new key every 30 days. This is a very valid security measure.
- Start and end date/time of consultation: it is to create time intervals in which we can consult the platform about our operations.
Configuring Kraken API Key for Atani
Having said all this, the final configuration of our new API will be as follows:
Clicking on it will finish the key generation.
Finally, to connect Kraken via API Key to Atani, all you have to do is open the “Exchanges” tab of the application and select the Kraken icon.
When you click on it, you will see a box where you must enter the API Key and the Secret Key of the API we have created in Kraken, and click “Connect”.
At the end, you will see the end of the connection and finally you will be able to use Kraken from Atani without further complications.
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