How Much Time Does Kraken Verification Take?
Any account that holds all or part of our crypto assets is critical. As such, we want maximum availability, liquidity, and options in them at any given time.
In that sense, verification times are crucial, especially since deposits/withdrawals can face limitations and miss some features. In this article, we’ll review Kraken verification levels and how long each one takes.
Once you are done reading it, you will decide if the verification process is worth it… As well as being able to plan accordingly. Let’s get started!
What is Kraken?
Kraken is one of the most prominent players in the crypto exchange game. Based in the US, it has extensive support in most countries and states. It works with over 87 coins and 389 trading pairs and serves more than 13 million visitors. With over 8 years online, it is well-established thanks to its broad geographic support, funding options, and low fees.
Kraken offers a large number of features for all of your crypto and finance needs. From small savings to significant investments, Kraken often provides what the users need. Funding options are also favorable, and you can use USD, EUR, CAD, AUS, GBP, CHF, and JPY. This is a large number of fiat currencies, which makes sense given Kraken’s long list of supported countries.
As it complies with so many regulations from different locations, this exchange requires verification to access some features.
Don’t worry if it sounds complicated. Verifying is a straightforward process. You might not know that identity verification is a common practice among this type of provider; all crypto exchanges require it!
What Is The Verification Process and Why Is It Necessary?
Cryptocurrency exchanges have to balance their structure considering regulations, user experience, risks, and many other factors. For these reasons, exchanges will often have you verify your account so you can perform some operations. Additionally, verification tends to have different levels, with each level having different limits and options.
Kraken has a verification model that works a lot like what we described at the beginning of this section. As it gets to know your identity better, it allows you to operate more freely. While verifying, you may have to wait until one verification step is completed and come back at another time.
Hopefully, this article will allow you to plan and organize your time accordingly when verifying your account. Don’t be intimidated if you consider getting a Kraken account, as it takes very little screen and keyboard time. You will certainly have a good idea about what Kraken verification time looks like.
To reach the highest verification level, you will probably have to wait a couple of days. This isn’t a lot compared to how long it takes to open a bank account or get a credit card. As such, try not to worry too much.
What Information Does Kraken Require?
All Kraken accounts require you to enter your email, full name, date of birth, phone number, and physical address. Depending on the verification level you apply to, additional information such as documents to prove your identity will be required.
This may sound difficult, but it’s not a big deal. You probably did this on a few platforms in the past. Often, the ID issued by your country or driver’s license will be enough.
What Is Kraken Verification Like?
All verification levels share some common features, such as the Kraken Pro and the Kraken mobile apps. Also, asset exchange is unlimited regardless of your verification level.
So, how do you start the verification process? After logging in, you can click your name in the upper right corner and select ‘Get Verified’. Then you can choose the desired verification level, and Kraken will guide you through.
If you are reading this, you most likely have a Starter or Express verification level right now.
These are the most basic levels, which have light requirements. Following those, you will see two other levels, namely Intermediate and Pro. These will call for documentation and some other simple requisites.
When you go to the verification section, you will require lower verification levels to access higher levels. This means Starter or Express are needed to get Intermediate, and Intermediate is needed to get Pro. Don’t worry if this sounds confusing, and it is straightforward once you start.
We have put together a list of all verification levels, noting the usual time that each one takes. You will also see what each level implies in terms of requirements and capabilities so that you can prepare yourself. See what they look like so you know which one fits your needs best!
Starter Verification Level
The Starter verification level is simple and has a processing time of 1 to 2 minutes. This is automated by Kraken and should not present significant challenges. It is available to users from any country, being the level with the widest support.
Starter accounts can deposit an unlimited amount of cryptocurrency but can only withdraw up to $5,000 worth of crypto. Not bad at all to start working, but you will probably want to consider the following levels.
Cash deposits are not available for this account level! This may be the most critical limitation, and if you want to fund with cash, you will need further verification.
Express Verification Level
Verifying your account to Express level should take under a minute, about as much as making a cup of tea. This process is also automated and only requires you to input some extra information. All you will be asked for is occupation information and the last four digits of your social security number.
Express verification is available for the US Only, excluding NY, TX, WA, and overseas US Territories. This level has a $9,000 lifetime limit for cash deposits and a $9,000 monthly limit for cash withdrawals. Those numbers are not great but can be enough to get started.
An essential element to consider is that the Express verification level does not support crypto deposits or withdrawals. If you want to move into Kraken, you will need a higher verification level if you have some digital assets.
Intermediate Verification Level
Reaching the Intermediate verification level usually takes 4 to 5 minutes and is automated in most cases. Given the advantages it offers and how quick it is, you should consider applying as soon as you create an account. It will only take around 8 minutes in total, considering the first levels.
Even if you need Pro verification later, the short confirmation time of Intermediate verification means you can get to work fast.
In Intermediate accounts, cryptocurrency deposits and withdrawals are unlimited except for a $500,000 daily withdrawal limit. Half a million is an excellent number and is increased when reaching Pro verification.
It faces a $100,000 daily limit and a $500,000 monthly limit when it comes to cash deposits and withdrawals. These are not small limits either, so Intermediate should be enough for most regular users in this aspect.
This verification level unlocks several features in comparison to lower levels. Trade on margin, Kraken futures, and parachain auctions become possible at an intermediate level.
The intermediate verification level will require some of the following documents to be uploaded:
- Proof of residence document: Must be issued less than three months before submission. Some examples are bank or credit card statements, utility bills, payroll statements, and tax documents.
- Government-issued ID document: Some other documents may apply, but you can use your passport, driver’s license, or national identity card.
- Face photo: Residents of South Africa and the US have to upload a clear picture to verify identity.
- Social Security Number or Individual Taxpayer Identification Number: This is required to US residents only.
Pro Verification Level
Pro verification level is the highest one available, and it has the same requirements as the Intermediate level plus know-your-customer questionnaire.
It can take a few days to be confirmed as it undergoes manual verification on Kraken’s part. That is all! You unlocked almost all features. Up to this point, Kraken verification time should take only a few days and less than an hour of work.
At this level, you can withdraw up to $10,000,000 worth of cryptocurrencies each day. Otherwise, crypto deposits and withdrawals are unlimited.
When it comes to cash deposits and withdrawals, Pro accounts have a daily limit above $10,000,000. Either of these deposits or withdrawals can exceed a monthly $10,000,0000.
In terms of limits, Pro will indeed have you covered.
When reaching this verification level, you will be able to trade on the OTC Desk. This is besides all Intermediate features, which will always be available for Pro accounts.
Kraken also has a ‘Dark pool’ feature in which traders only see their orders. While this is not available currently, you will need Pro verification to use it when it goes online. This particular market can present advantages when moving large amounts of assets.
Pro accounts can also generate up to 25 API keys, nearly double as much as other account types. APIs mean Application Programming Interfaces, and they allow for different, sometimes automated ways to interact with Kraken.
Different keys allow for other developers or programs to authenticate and operate on the same account.
What Is Pre-verification?
If you happen to live in an area with limited support, it is possible to pre-verify your account. This allows you to complete the standard requirements and prepare your account, waiting for support to reach your area.
Usually, when services are not available, Kraken is completing the legal requirements for that specific area. Once you are pre-verified, Kraken will send you an email notification when service availability changes.
In such a case, Kraken verification time is not an issue now but can be in an emergency. So if your area lacks support, you might as well do that while waiting for Kraken to get to you.
What Are Other Considerations When Verifying Your Kraken Account?
You should know that while some verifications are automated, they can require manual revision, which takes additional time. Furthermore, periods of high demand can cause congestion and slow down processing time significantly.
Always use good light when taking photos for this type of verification. Avoid glares in your documents, and if possible, scan them instead of using a camera. Take off your glasses if taking a face photo, as well as anything covering your face. Try to get a high-quality photo and avoid cropping it.
If your verification is taking longer than expected, relax and wait a little more. If Kraken needs further information on your part, it will contact you through the email associated with your account, and sending documents again will not speed up the verification process.
Also, you can try turning off Global Settings Lock. This is a security feature that is known to cause issues sometimes. To disable it, click on your name in the upper right corner after logging in, click ‘Security’ and the ‘Global Settings Lock’.
Depending on your country of residence, some extra conditions can apply, limiting the availability of deposits or withdrawals regardless of verification level. For more information, you can check Kraken’s geographic restrictions and cash funding availability.
Conclusion: How Long Does Kraken Verification Take?
For Pro verification, you can expect your Kraken account to be validated in just a couple of days at most. However, see, you will probably get to work within a day by validating up to Intermediate.
For the most used features, the Intermediate level is enough. This means you can be operating with your account in less than five minutes.
However, verification times should not be the most valued characteristics when looking for an exchange. This is because no exchange can guarantee you a short verification time, as complex processes are involved.
Instead, it would help if you focused on capabilities and coverage. If you want to know if this exchange is suitable for you, check out our Kraken review. There you will learn the reasons why it is among the most popular exchanges in the world.
For this reason, if you expect to work with crypto in the future, go ahead and get a verified account. If it isn’t with Kraken, it can be with any of a variety of exchanges. You can check some of our crypto reviews to find the right one for you!
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