Imagine that five years ago you bought €100 worth of Bitcoin.
Today, that €100 would be worth more than €1,000. Without any work. Without any special knowledge. Simply because you knew where and how to get started.
Most Slovenes didn’t do it. Not because they didn’t have the money. Not because they hadn’t heard of cryptocurrencies. But because nobody sat down with them and explained it in their own language, step by step: here’s where you sign up, here’s where you transfer money, here’s where you buy, here’s where you earn.
In this article, I’ll tell you everything – how to open an account on Kraken, why it’s the exchange I use and recommend myself, and how to earn on it in ways most people don’t even know exist. I’ll explain every term I mention. I won’t skip anything.
And if, after reading, you want to see more about earning easily with cryptocurrencies – I invite you to my free webinar.
What is Kraken and why do I recommend it to beginners?
Before we get into the technical side, I need to explain what Kraken actually is.
Kraken is a crypto exchange – meaning it’s an online platform where you can buy, sell, and store cryptocurrencies. Think of it as the Ljubljana Stock Exchange, except that instead of stocks, you buy Bitcoin, Ethereum, Solana, or any other cryptocurrency. The difference is that Kraken is available 24 hours a day, 7 days a week.
Kraken has been around since 2011 – which makes it one of the oldest and most reliable crypto exchanges in the world. In the world of cryptocurrencies, where exchanges open and close overnight, 15 years of operation is a huge advantage. In addition, Kraken holds a European MiCA license (the EU’s official regulation for crypto companies) and complies with the MiFID II directive – which means it operates legally in Slovenia as well.
Compared to Binance (which is larger but more complex), Kraken is more transparent, more regulated, and may be a better choice for someone who is just starting out.
Why Kraken and not something else?
- Security: Kraken has never been seriously hacked in its history. Most of the funds are stored in “cold wallets” (offline storage with no internet access).
- Regulation: It holds a MiCA license for the EU – a legal requirement that not all exchanges meet.
- Beginner-friendly: It has a separate interface for beginners and a separate one for advanced users.
- Staking: Passive income with the coins you already own – more on that later.
- Euro support: Transferring money from a Slovenian bank account is easy.
Step 1: Signing up on Kraken (the KYC process)
Before you buy your first cryptocurrencies, you need to open an account. The process takes 10 to 30 minutes.
KYC (Know Your Customer) is an identity verification process. All legal exchanges require it – it’s a legal obligation that protects both you and the exchange from fraud.
How to sign up:
- Go to www.kraken.com
- Click “Sign up”
- Enter your email and create a password
- Confirm your email (check your spam folder)
- Complete identity verification:
- Upload a photo of your ID card or passport
- Confirm a selfie (a photo of yourself)
- Provide your residential address
Once your KYC is approved (usually within 1–24 hours), you’re ready for the next stage.
Tip: Set up 2FA (two-factor authentication) right away. This means that when you log in, in addition to your password, you also need a one-time code from an app (e.g., Google Authenticator). It’s a safeguard that prevents someone from stealing access to your account.
Step 2: Transferring money to Kraken (euro deposit)
Once you have an open, verified account, it’s time to transfer money. This is called a deposit – it’s the amount you transfer from your bank account to Kraken so you can then use it to buy cryptocurrencies.
Transfer options:
- SEPA bank transfer – a standard bank transfer in euros. No fee from Kraken, possibly a small fee from your bank. Takes 1–2 business days.
- Credit or debit card – faster, but a little more expensive (an additional % fee). I recommend it for small amounts or as a test.
- Apple Pay / Google Pay – available in some countries.
How to make a SEPA transfer:
- Log in to Kraken
- Go to “Funding” → “Deposit”
- Select EUR
- Kraken will show you the bank details (IBAN, BIC, reference code)
- Go to your online banking and make the transfer using those details
- Wait 1–2 business days
Important: Always enter the exact reference code that Kraken shows you. Without it, your transfer may not be credited to your account.
Step 3: Buying Your First Cryptocurrency on Kraken
Now we get to the part that makes every beginner nervous: buying cryptocurrency.
Kraken has two interfaces:
- Kraken Standard – simpler, for beginners
- Kraken Pro – advanced, for experienced users
I recommend starting with Standard and then moving on to Pro, because the fees are much lower (more on that in a moment).
Buying in the Standard interface:
- Click “Buy Crypto”
- Choose a cryptocurrency (e.g., Bitcoin or Ethereum)
- Enter the amount in euros
- Click “Buy”
- Confirm the purchase
It’s that simple. In the opposite direction – when you want to sell – you click “Sell”.
Step 4: Understanding Kraken Pro (for More Serious Earnings)
Kraken Pro is an advanced interface for those who want to approach trading more seriously. Let me explain the key terms you’ll encounter there.
What you see on Kraken Pro:
Order book: A list of all active buy and sell orders. The green side is buyers, the red side is sellers. This tells you the current “depth” of the market.
Candlestick chart: A graphical display of price movement. Each “candle” represents a time period (e.g., 1 hour or 1 day). A green candle = the price rose during that period. Red = it fell.
Market order: You buy at the current market price. Fast and easy, but you pay the taker fee (0.40%).
Limit order: You set the price at which you want to buy. The exchange executes the purchase only when the price reaches your value. You pay a lower maker fee. I recommend this for beginners who aren’t in a hurry.
DCA (Dollar Cost Averaging): A strategy where you buy the same amount every week or month, regardless of the price. This reduces the risk of buying at the top. Kraken has a built-in Auto-Invest feature that does this for you automatically.
I recommend signing up for my free webinar, where you’ll learn more about buying and selling cryptocurrencies.
Step 5: Earning with Staking on Kraken
Now we get to something most beginners don’t even know about – staking. In my opinion, it’s one of the simplest ways to earn passive income with cryptocurrencies.
What is staking?
Staking is a digital form of saving with interest. When you lock up your cryptocurrency, you put it at the network’s disposal – the network needs it to validate transactions (this is called a Proof of Stake protocol). In return, the network pays you a reward in the same cryptocurrency.
Flexible staking means your coins remain accessible at all times – like a regular savings account. Bonded staking means the coins are locked for a set period, but in return you get a higher yield.
How to activate staking on Kraken:
- Go to the “Earn” tab
- Choose the cryptocurrency you want to stake
- Click “Stake”
- Choose flexible or bonded
- Confirm – that’s it
Rewards are paid out once a week and automatically added to your staking balance.
Warning: Staking carries risk – the value of the cryptocurrency can drop while it’s locked. Never stake money you need to live on.
Step 6: How to Store Crypto Safely – Wallet vs. Exchange
When you buy cryptocurrencies on Kraken, they’re stored on the exchange. For smaller amounts, that’s fine. But there’s a crypto truth you need to know:
“Not your keys, not your coins.”
This means that as long as your crypto is on an exchange, it technically belongs to the exchange. Kraken is reliable, but for larger sums (say, over €500–1,000) it’s smart to have your own wallet.
A crypto wallet is a device or application that stores your private keys – which prove that you own the coins.
Two types:
- Software (hot) wallet: An extension on your computer (e.g., MetaMask Wallet). Free, but less secure because it’s connected to the internet.
- Hardware (cold) wallet: A physical device (e.g., Ledger). It’s significantly safer because it’s offline.
To start, Kraken is enough. But once you’ve accumulated a larger amount, I recommend a hardware wallet.
What Are xStocks on Kraken? Access to Tokenized Stocks Inside a Crypto Exchange
One of the newer features Kraken offers, and one that is still relatively unknown among Slovenian users, is xStocks – tokenized U.S. stocks and ETFs.
xStocks are digital tokens whose value tracks the price of actual stocks, such as Apple, Microsoft, NVIDIA, Tesla, Amazon and many other world-famous companies. This means you can access their price movements directly through your Kraken account, alongside cryptocurrencies.
A big advantage is that you don’t need to open a separate account with a traditional broker to use xStocks. In one place, you can manage:
- cryptocurrencies (Bitcoin, Ethereum and others),
- tokenized stocks and ETFs (Apple, Google, Tesla, Microsoft …),
- staking of selected cryptocurrencies to generate passive income.
For a Slovenian user, this means easier access to global financial markets through a single platform. If you already use Kraken to buy cryptocurrencies, you can also track and manage your exposure to the world’s largest companies in the same account, without switching between different financial platforms.
Important: xStocks are tokenized financial instruments whose value tracks the price of the underlying stocks. They don’t necessarily carry the same rights as direct ownership of traditional shares (for example, shareholder voting rights).
Security on Kraken: How to Protect Your Account
Security is one of the first things you need to take care of before you deposit any money at all.
5 steps to secure your Kraken account:
1. 2FA (Two-Factor Authentication) Install the Google Authenticator or Authy app. Every login will require, in addition to your password, a 6-digit code that changes every 30 seconds. Without this code, no one can access your account, even if they know your password.
2. Withdrawal whitelist In Kraken’s settings, you can set it so that cryptocurrency withdrawals are only possible to pre-approved addresses. This means a hacker can’t withdraw your funds to an unknown address.
3. A strong, unique password Use at least 16 characters with a mix of numbers, uppercase and lowercase letters, and symbols. Don’t reuse a password from another site.
4. Don’t share your private keys A private key is like the password to your crypto wallet. No legitimate party will ever ask for it. Kraken never asks for it.
5. Watch out for phishing There are fake sites that look like Kraken but aren’t. Always check the URL – it must be exactly kraken.com, not kraaken.com or kraken-io.com.
How to Withdraw Your Earned Cryptocurrency Back to Euros
This is the part everyone cares about – how you get to the money.
Withdrawal process:
- On Kraken, sell your cryptocurrency for euros (click “Sell”)
- In the “Funding” section, select “Withdraw”
- Select EUR and enter the IBAN of your bank account
- The transfer arrives within 1–3 business days
Spreads and fees: Kraken charges a fee for a SEPA withdrawal (usually a few cents or a similarly small amount). That’s significantly less than what most banks charge for currency exchange.
Kraken for Passive Income: The DCA + Staking Combination
If you want to learn more strategies for earning with cryptocurrencies, sign up for my free webinar.
How it works:
- Every month you automatically buy, for example, €50 worth of Ethereum (DCA – Auto-Invest on Kraken)
- Every time you buy, the ETH automatically goes into staking
- You earn a percentage on your staking annually
- You gradually build a position that grows in value while also earning passive income
This strategy doesn’t require tracking charts daily, doesn’t require experience with technical analysis, and is suitable for anyone who has €30–50 a month to invest.
Why it works: DCA eliminates the “when to buy” problem – because you buy every month, some of your purchases will be at highs and some at lows. Over the long term, they average out to a solid entry price. Staking then adds a few extra percent on top – which is significantly more than with traditional savings at a bank.
Summary: How to Get Started on Kraken in 5 Steps
Here’s your action plan:
1. Sign up on Kraken – go to kraken.com, create an account and complete KYC verification (10–30 minutes)
2. Set up security – turn on 2FA right away, before you do anything else
3. Deposit euros – a SEPA transfer from your Slovenian bank account
4. Buy your first cryptocurrency – I recommend Bitcoin or Ethereum to start, using a DCA strategy
5. Activate staking – in the Earn tab, find your cryptocurrency and put it into flexible staking for passive income
Once you’ve completed these steps, you have all the basics. What comes next depends on how deep you want to go.
Next Step: Free Webinar on Earning with Cryptocurrencies
Everything I’ve written here is just the foundation. But the crypto world has depths that can’t be covered in a single article.
In my free webinar I’ll show you:
- Which cryptocurrencies I’m watching right now and why
- How I set up staking and DCA automatically
- How I think about risk management
- After the webinar, I’ll answer all your questions
The webinar is free and designed for exactly those who have read this article – meaning those who are serious but just getting started.
