Before you can buy Ethereum through kraken crypto exchange, you have an account. In most cases, you’ll deposit money from a bank account, like your personal checking or savings account. You can also generally complete wire transfers, use a debit card.

For those of you who are new to the world of cryptocurrency, we’ve put together this handy guide to teach you how to buy ether, Ethereum’s cryptocurrency, quickly, easily and securely.

Why buy Ethereum?

Today, the Ethereum blockchain is used to power applications that do everything from automate financial services (such as lending and borrowing) to enable blockchain versions of traditional currencies (like USD-C and Paxos Standard).

As these crypto assets run on Ethereum, they need to buy and spend ether to use Ethereum’s computing network, creating demand for the asset. This has given rise to the idea that ether is akin to a digital oil, a finite resource that must be used to generate economic activity.

How to buy Ethereum on Kraken

1. Sign up for a Kraken account

Enter your email address, select a username and set a strong password on your account.

2. Verify your account

By adding your name, date of birth, country and phone number to your account, you can buy ether with other cryptocurrencies like Bitcoin or Tether. In order to use fiat currency (i.e. USD or EUR) however, you’ll need to provide additional supporting documents verifying your identity. Read about our verification levels here.

3. Deposit fiat or cryptocurrency

You can fund your account in a number of ways. How you do so will depend upon your location and preferences.

4. Purchase Ethereum

Once your account is funded with fiat, you’re ready to purchase your first Ether. At this point, you’ll also have access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading.

Where to keep your Ethereum

Now that you’ve bought ether, you’ll need somewhere to put it. Kraken is secure, but it’s always safest to store your crypto in a wallet. A wallet is a software or hardware device that stores the public and private keys required to make crypto transactions.

There are many types of wallets available. Mobile and web-based wallets make frequent transactions easy. Hardware wallets are best suited for secure, long-term storage. When you’re choosing a crypto wallet, think of what you plan to do with your tokens. A wallet that best suits your needs is always the right choice.