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Source: Kraken Exchange Facebook

How To Speed Up Your Kraken Account Verification

Ruchi Gupta - Author
By

Mar. 25 2022, Published 6:49 a.m. ET

Kraken is a major cryptocurrency trading platform, like Coinbase and Binance. After you create an account with Kraken, you need to verify it before you're allowed to deposit funds and begin to trade. How long does Kraken verification take?

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Founded in 2011, Kraken ranks among the first crypto exchanges. It initially supported only Bitcoin (which ARK Invest’s Cathie Wood has predicted could be worth as much as $1 million by 2030). However, it now supports dozens of other cryptocurrencies, including Elon Musk’s favorite, Dogecoin.

Kraken has various crypto account types

Kraken offers various account types, with varying limits on deposits and withdrawals: Starter, Express, Intermediate, and Pro. The Starter, the most basic account type, requires just an email and phone number to open. It has a daily crypto withdrawal limit of $5,000.

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Source: Kraken Exchange Facebook

Meanwhile, the Express account, only available in mainland U.S., has a lifetime cash deposit limit of $9,000. Daily and monthly cash withdrawal limits are also capped at $9,000. Crypto deposits and withdrawals aren’t available. In contrast, the Intermediate account has unlimited crypto deposits but daily withdrawals are limited to $500,000. Daily cash deposits and withdrawals are capped at $100,000 each, and monthly cash deposits and withdrawals are limited to $500,000 each.

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Finally, the Pro account has no limits on crypto deposits, but daily withdrawals are capped at $10 million. Daily cash deposits and withdrawals are capped at $10 million each, and monthly cash deposits and withdrawals are capped at $100 million each.

Kraken customers can increase their limits by upgrading their accounts. In fact, you can even have your Pro limits, which are already high, increased if you want to make larger transactions.

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How long does Kraken account verification take?

As part of its measures to prevent fraud, Kraken requires customers to verify their accounts. The verification level also determines your funding limits. How long the verification process takes depends on a variety of factors, such as the information or documents required and the review method.

The review can be automated or manual. Whereas some account types require only basic personal information like name and contact details, others may require you to submit documents such as your social security number, national ID, and proof of residence. You may also need to complete a KYC questionnaire and supply employment details.

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For Starter and Express accounts, it only takes a minute or two to verify through automated review, and Intermediate accounts take about five minutes. Manual verification, on the other hand, can take a few days to complete. Your location can also influence the processing time. Pro accounts usually need to undergo a manual review, meaning that verification typically takes a few days.

During periods of high demand, verification can be slower and you may need to wait weeks for your account to be verified. However, you may be able to speed up the process by starting a chat with Kraken’s support bot, using “verification” as your starting word. Be prepared to answer a few questions from the bot.

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Who owns Kraken?

Kraken is a private company led by CEO and founder Jesse Powell. The business received startup funding from Hummingbird Ventures, Bitcoin Opportunity Fund, and Trace Mayer. Powell wanted to build a crypto trading platform to replace Mt. Gox, a former crypto exchange that lost funds in a major hacking incident.

Powell rejected calls to cut off Russia from Kraken’s crypto platform because of the country’s invasion of Ukraine. The executive also criticized the decision by Canadian prime minister Justin Trudeau to use emergency powers to deal with anti-vaccine protests.

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