Topic: buy BTC on Kraken (Read 346 times)

Yes what's happen ?

Activity: 308
Posts: 332

Are you sure?

thanks guys! indeed i am planning to hold them for the long term, also etherium and ripple.

Firstly, Kraken is a gud exchange. It was the first one I started with. Secondly, use it to buy your BTC then withdraw it to your own wallet. You should always be in charge of your own private keys.

Like I said, kraken is one of the largest exchange which I think was founded in 2011 and has been in operation around 2013, so going bankrupt, I can't really say since they have been able to make good name for themselves over the years without issues unless there is one I do not know about.

Nevertheless, no matter how perfect an exchange is, don't ever leave your coin in an exchange wallet. It isn't safe! Unless you want to trade with it, just leave the amount you want to trade with and transfer the rest to your main wallet.

With respect to wallet, you can either use a cold storage or hot depending on which suits you best. If you are purchasing plenty of coins and won't be spending anytime soon, you may use a hardware wallet or a paper wallet. Since you are a beginner, I will advise you go for a desktop wallet for now or an online wallet if you ain't purchasing much.

For an online wallet, you can give blockchain.info a trial and they also have a mobile application. If your PC is safe enough, you can give exodus wallet a chance. It is newbie friendly with good support but remember, desktop wallets are as safe as your PC but they give you access to your private keys which gives you the ability to control your coins. Don't let me bore you, you will gradually get most of this later as time goes on. I will be available to help in case you need any help to achieve anything.

Thanks,.. is it safer to hold them on Kraken you think or get a wallet? and what if kraken goes bankrupt or sth.. i guess i dont have any guarantees

Yes you own the coins and you can transfer it to any of your wallet, online or offline. Kraken has a built in wallet, so you have a wallet address which yoir coin will be transferred to after purchasing with fiat but it is not always advisable to leave your coin in an exchange though kraken is one of the largest exchange so far. You can receive coins from other wallet and as well transfer to other wallets with kraken. I am not sure if they mine, but whichever way, they get your BTC to your kraken wallet after purchase.

Hey guys, i am a beginner here so just wondering, maybe one of you can help me.... if i buy BTC on Kraken, do i actually own the coins or not? so does this work like an online wallet?? and do they have these BTCs mined??