Kraken is a digital asset exchange that offers users the ability to trade cryptocurrencies and digital assets. Before you decide to join the platform, do you know how long does Kraken verification take?
Kraken verification takes about thirty seconds to five minutes for automated account processing, while manual reviews typically require up to five business days. Starter, Express, and Intermediate verifications are processed within minutes, while the Pro tier requires five days to complete.
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If you’re planning on joining Kraken’s platform, having a verified account will bring several benefits to your crypto trading experience.
If you’ve provided all the necessary information and documents, your Kraken account verification can take anywhere under a minute to about five business days. The processing time primarily depends on the verification method, and Kraken uses both automated and manual reviews. Automated verifications are typically completed in less than five minutes, while manual reviews represent the other end of the spectrum.
The processing time also varies depending on the account tier, with Kraken having four different account levels to choose from, including Starter, Express, Intermediate, and Pro (Personal and Business). Subsequent levels typically require more time to get processed, with the Pro tier always requiring a manual review. For a better comparison, take a look at the estimated processing time among different account levels.
|Processing Time Estimates
|Less than a minute
|5 business days
Why Does Kraken Take So Long to Verify Some Accounts?
If you’re wondering why Kraken takes so long to verify some accounts, be aware that each application that needs to be processed manually will take longer to complete. While this is always true for both versions of the Pro tier, even lower levels occasionally need to be reviewed by a real person.
While the slower processing time is often a result of an error in the application, verifications can also be delayed during high-demand periods. It can also vary depending on your country of residence, which can also affect your ability to make any withdrawals regardless of your account tier.
To ensure you can utilize all of Kraken’s features, make sure to check out the cash fund availability and geographic restrictions. For example, if you’re from New York or Washington state, you won’t be able to use any of the platform’s services.
However, if your requests keep getting rejected or take much longer to get processed than usual, don’t hesitate to contact Kraken customer support. They’ll help you resolve the issue much more quickly.
Once you create an account on the Kraken exchange platform, the next step is to verify it properly. To do this, you will need to:
- Sign in to your Kraken account,
- Click the menu with your name in the upper right-hand corner of the page,
- Select “Get Verified” from the drop-down menu,
- Click on the “Verify” button under the account tier you want to apply for.
Your current account level (verified or pending) is always highlighted under the “Get Verified” tab, allowing you to see exactly what you can get by upgrading to a higher tier.
Since different regions don’t have the same financial regulations, most Kraken users won’t have access to all the available account levels. For example, the US version of the platform doesn’t offer the Basic tier. However, I’ll quickly go over each and every one of them in case you’re not from the states.
For starters, the Express tier requires you to complete a simple ID verification, which consists of providing some basic details about yourself. This includes your full name, date of birth, complete address, mobile phone, occupation, as well as your Social Security Number (last four digits).
While this information is typically processed in about 30 seconds, the platform’s system may also require you to provide a photo of your identity document (ID card, driver’s license, passport) and a proof of address. If you’re from the United States, this tier is not available in New York, Washington, Texas, and non-state US territories.
The Starter tier has the same requirements as the Express, making it the lowest level in all the non-restricted countries. While it’s not available in Australia, you can get it in Texas and US territories. The process takes about 1-2 minutes to complete.
In addition to adding all the essential information we mentioned earlier, Kraken’s Intermediate account tier has a few more requirements. It will ask you to enter your occupation and upload an appropriate photo of a valid ID.
You’ll also have to provide proof of residency, for which you can use a bank, credit card, insurance, or payroll statement, utility bill, residence certificate, or a tax document. However, always make sure that the document is supported by the cryptocurrency exchange before submitting it.
South African and US residents who use their local banks have to upload a face photo. US users have even more requirements, as they must also provide their Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN). Depending on the correctness of your application, this process shouldn’t take more than five minutes to complete.
In order to apply for the Pro tier, your current verification level will need to be at least Intermediate. If it is, the process will first require you to input the purpose of your Pro Kraken account, your cryptocurrency trading experience length, the number of transactions you expect to make each month, and many other questions.
You will also have to provide further information on your job and finances, such as your title or position, employer’s name, liquid and total net worth, and wealth source. After submitting a few more details about the Pro account’s usage, complete the verification by adding your bank account information. If the application gets approved, it won’t take more than five business days for you to get verified.
Kraken users have to get verified in order to enjoy the full extent of the crypto platform’s incredible features. Depending on your country of residence, not verifying your account may even prevent you from participating in most transactions.
Besides being essentially necessary for trading in any cryptocurrency, verifying your account has a lot of benefits, particularly if you have one of the higher tiers. Each subsequent level increases rewards, deposit, and withdrawal limits, which is certainly incentivizing for anyone who is looking to invest some serious cash into crypto.
As with any other cryptocurrency exchange platform, Kraken requires verification from its users before they can commence trading. While the process can take some time to complete, there are a few things you can do to make it go as smoothly as possible. While applying for higher verification levels is always a good option, estimating your monthly trading needs will tell you exactly what tier is right for you.