How Long Is Kraken Verification? | HedgewithCrypto (2023)

Kraken has established a reputation as one of the best online crypto exchanges for buying and selling digital assets. Due to government regulations and security reasons, trading cryptocurrencies on exchanges like Kraken is nearly impossible without first completing Know Your Customer (KYC) verification. These processes can take time to complete; sometimes, they can extend beyond hours to days.

Any new user who wants to create an account with Kraken needs to know the platform's KYC policy. If you're wondering how long is Kraken verification, this article will explain the different verification levels and how long each one takes to be approved.

The Verification Levels on Kraken

The Kraken exchange has four verification levels –

• Starter: This level is the most basic that enables users to purchase and sell crypto coins on the exchange with a starter account. Traders' full name, email, date of birth, postal address, phone number, and 2FA are needed to create a starter account. The starter verification level has some drawbacks, including the inability to deposit or withdraw USD from Kraken. Users can't trade on the OTC desk, Kraken futures, or dark pool. There are also low withdrawal restrictions and API call rate caps. The $5k daily withdrawal cap applies to users on the Starter plan.
• Express: The express level is available to US residents only. To complete this verification, users will be asked to provide basic details such as their full legal name, date of birth. Traders would also be required to provide details on their occupation, complete house address, mobile phone number, and the last four digits of their social security number (SSN). Successful completion of the 'Express' verification allows US clients (except users from New York, Texas, Washington, and US territories) to trade crypto, deposit cash, with a lifetime maximum of $9K, withdraw cash with a monthly limit of $9K, and earn on-chain rewards through staking.
• Intermediate: An intermediate account grants users greater access. Traders must submit a legitimate ID, documentation of their place of residence, details about their job, and a social security number if they live in the United States. These requirements are in addition to those for the "Starter" account. The intermediate level verification is automatic and the estimated processing time is less than five minutes. This level of authentication enables margin trading, Kraken futures, high withdrawal and API call rate restrictions, and fiat deposits and withdrawals. At this level, users can withdraw up to $500k per day.
• Pro: Kraken further divides its pro account into the Business Pro and Personal categories. The level of verification required for this is the highest on the exchange and is done by manual review. The "KYC questionnaire" is the only additional requirement for the intermediate level verification for this level. As part of the 'Pro' verification, Kraken will instruct users to input the account's purpose and the extent of their crypto trading experience. Also, users will submit financial information about their job, including the company's name, title, and other relevant details. will have access to over-the-counter trading and dark pool. Additionally, there is no withdrawal cap for this account class.

How Long Does Each Kraken Verification Level Take?

Some crypto exchange KYC verification processes are automatic and take minutes, while others are manual and take longer. Below is a table listing the levels of verification and the estimated timeframes on Kraken:

What If The Verification Process Is Taking Too Long?

Processing may take several days if the crypto trader's application needs to be reviewed manually. Be aware that processing times can slow down significantly during heavy demand. If there is a delay, it doesn't necessarily indicate that the application is flawed.

Ensure that all of the provided documents fulfill the requirements to prevent delays in completing your application. A bank statement, credit card statement, tax paperwork, utility bill, residency certificate, or insurance statement are all acceptable proofs of residence.

According to Kraken, traders should first switch off their Global Settings Lock and try again if they are having difficulties with verifying. However, don't hesitate to contact Kraken customer care if your requests are consistently denied or take much longer to process than usual. They'll assist in finding a solution much more swiftly.

Can You Speed Up the Kraken Verification Process?

Traders can speed up their Kraken account identity verification by providing valid documents, as an invalid document can cause delays. To avoid this, users are advised to submit documents that are up to date and not altered in any way. While completing the verification process, keep the following important details in mind:

Proof of Residence Documents

These documents must contain the user's name and address and be dated no more than three months before the submission date. Valid documents include, but are not restricted to:

• Bank statement
• Credit card statements
• Utility bill
• Payroll statement
• Insurance statement
• Tax document
• Residence certificate

Valid ID

Valid IDs include an international passport, driver's license, and national identity card (front + back). Other valid IDs like government-issued IDs may be accepted if they have the user's full legal name, photo, and date of birth, with the issue and expiry dates, displayed on the front of the ID.

Face Photo

Users will be required to provide a face photo for the intermediate identity verification level if they reside in South Africa or the USA. This is also a requirement for traders who plan to fund their Kraken accounts from a South African or US bank.

SSN or ITIN

A valid SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number) is also required for US clients only.

Two-Factor Authentication (2FA)

Two-factor Authentication, or 2FA, is an additional security measure for your Kraken account. The exchange has made 2FA mandatory for all users. Hijackers could hack traders' email addresses and passwords. Using 2FA, users ensure they are the only ones with access to their accounts. On Kraken, 2FA ensures that after login, only you can carry out some operations, like withdrawing money or trading.

Frequently Asked Questions

Conclusion

Getting started with Kraken to buy crypto is simple and quick due to its rapid KYC system. For individuals that want to begin trading, the verification process on Kraken can be completed on average within 5 minutes. This is extremely quick when compared to other platforms such as KuCoin (a few hours).