Using Kraken to Buy Crypto Currency.
(Our favorite exchange)
Ideal for users who wish to purchase multiple times. Smaller fees than coinbase. Only 0.2%. (Seriously that’s it).
The only con, it’s a bit tricky to fully understand as compared to coinbase.
Why should I read all of this?
Because cryptocurrency is the future of payments and you'll save an extra 3% - 5% when you use it to make purchases on CardBazaar.io. So keep reading... should only take you 3 minutes to set up.
Kraken has an intensive guide already made on how to set up an account with them. We’ve highlighted the points you want to read in order below. Afterwords, we’ll teach you how to get your money from Kraken to Card Bazaar.
I. You’ll want to open an account first. Here’s how:
1. Go to kraken.com and press create account on the top right corner.
2. After you fill out the necessary information, you should receive an activation email containing an activation key or a link that you can click to complete your activation.
3 . Confirm your password, complete the captcha if asked, and click the "Activate Account" button.
4. Congratulations you have made an account.
II. Set up 2FA on your account so it’s secure.
https://www.youtube.com/watch?reload=9&v=Lq9ASAAtiKI
III. After your account is created, you’ll want to verify it so you can send money to it.
Login to your account.
Go to the "Get Verified" page.
Press the purple "Get Verified" button of the account type you want.
In order to deposit Fiat (dollars) into your account you have to go through the intermediate verification process.
IV. After you’ve been verified you can now fund your account. Kraken allows you to send both ACH’s and wire transfers. Here’s how to do that.
Select the funding tab and you’ll automatically be on the deposit tab. It’ll look like this:
To send an ACH or Wire to Kraken:
Navigate to the Funding > Deposit > US Dollars (USD) page.
Accept the Domestic USD deposit Terms of Service (if not already accepted).
Select the US domestic wire transfer option to copy your domestic USD deposit instructions.
Send the funds from your bank account. Exactly how this works depends on your bank, but essentially you provide the information shown on your Kraken deposit form to your bank, who will send the funds from your bank account to your domestic USD Kraken deposit account.
Example USD Deposit Details:
Account Name: The verified legal name on your Kraken account
Address: 6070 Poplar Ave #100 Memphis, TN 38119
Routing Number: *********
Account Number: ********* (this will be unique to you)
Bank Name: Evolve Bank and Trust
Bank/Branch Address: 6070 Poplar Ave #100 Memphis, TN 38119
What’s the difference between ACH and Wire?
Read here: https://support.kraken.com/hc/en-us/articles/360000410583
V. Congrats, you’ve funded your account now its time to buy some bitcoin (XBT / USD), Bitcoin Cash (BCH / USD) or litecoin (LTC / USD). Here’s how to do that:
1. Select a currency pair:
2. In our case you want to select either (XBT / USD), (BCH / USD) or LTC USD. Bitcoin Cash is usually the fastest.
3. Fill out the order form - After selecting your trading pair, go to the “New Order” page and select the “Simple” form.
Here you’ll see three text boxes. The first box is the amount of crypto you want to purchase. The second box is what price you want to pay for that crypto. The third is the amount of fiat money (dollars) you want to spend. Go ahead and hit the Market button and type the amount of cryptocurrency you want to buy by filling out the box on the far right.
4. After things look good you just need to press the large buy/sell button and you’ll be brought to an order confirmation screen for a chance to double check your order.
5. Go ahead and submit the order.
If a market order is selected, the trade will happen instantly and your balance will change. Funds can be withdrawn or used to trade again right away. You can view successfully executed (closed) market orders on the "Orders" tab.
VI. Congrats now you have crypto. Let’s send it to CardBazaar to pay for discounted gift cards.
In order to withdraw to a new cryptocurrency address from your Kraken account, you must first add and confirm it. Here is how to do that:
1. Log in to your Kraken account, navigate to ‘Funding’ > ‘Withdrawal’, and select the digital asset/cryptocurrency you wish to withdraw from the asset list on the left.
2. Obtain the cryptocurrency address that you intend to send the funds too. Here’s how to get that crypto currency from Card Bazaar.
A. First, log into CardBazaar. On the top right select “My Accounts”, then select “My Balance”.
B. Next, select the cryptocurrency you would like to deposit to cardbazaar. We support Bitcoin, Bitcoin Cash and Litecoin.
C. Read the prompt and confirm your Card Bazaar wallet address. This address is permanently assigned to you. You can save it on Kraken and use it continually too deposit funds on Card Bazaar.
3. Enter a unique Description for the address (e.g. “Drop shipping discounts”, etc) to help you remember what the address is used for.
Enter the deposit address by copying and pasting the entire address into the ‘Address’ field. Then click ‘Save Address’.
4. You’ll receive an email link confirming you are adding this address to your account. Please confirm that email link.
VII. Final Withdrawal
1. Navigate to the ‘Funding’ > ‘Withdrawal’ page and select the currency you want to Send to Card Bazaar. You should see your address already saved from the steps before.
2. Enter the amount you want to withdraw, make sure it’s more than the minimum required by Kraken. Then press review withdrawal.
3. Review that all the information is correct than press confirm withdrawal.
4. Congratulations, you have successfully deposited crypto currency into your CardBazaar account. Wait a few minutes for the transactions to be completed and you will be able to purchase gift cards.
Please remember the following:
It takes a few minutes for the funds to be transferred from Kraken to CardBazaar so please be patient.
Be careful to not send Bitcoin Cash to your Bitcoin address and vise versa. Bitcoin and Bitcoin Cash are two different currencies.
Cryptocurrency that is sent to CardBazaar automatically locks in the price after one confirmation (few minutes) so you don’t have to worry about price function once the money has been deposited into CardBazaar.
Happy Buying. Email us should you have any questions.