Cofound.it supporter guide, step 2: Buy some Ether (ETH) on Kraken
This is step 2 of our 3 step guide on how to become a Cofound.it supporter. If you don’t have an Ethereum wallet yet, start with step 1. To learn more about Cofound.it, visit our website.
Once you have an Ethereum wallet set up, it’s time to get some Ether (ETH) on an exchange. In this post you will learn how to use Kraken.
We’ve also prepared a guide for Coinbase, which supports credit cards but fewer digital currencies and is not available in all countries.
Please note that due to current high interest in digital currency trading, the exchanges might be temporarily unavailable on some days. Don’t worry if this happens, your money is safe in your exchange account even if the website is temporarily unavailable. There is usually less traffic in European morning hours, so try again later if you experience slow loading times or website unavailability. The verification process can also take several days, so be patient when going through this process for the first time.
How to use Kraken to buy Ether (ETH)
Part 1: Create a new Kraken account and get verified
To sign up for a new Kraken account, enter your email, chosen a username, and password on the front page (https://www.kraken.com/). A confirmation email will be sent to your email. Either click on the confirmation link or copy the verification code on the activation page to activate your new Kraken account.
Before you can start trading, you need to verify your identify. You can click on the “Get Verified” link right away to get started. You can get verified for different tiers, depending on how much you want to deposit or trade. We recommend getting started with Tier 2 verification or Tier 3 if you want to contribute more than $25,000.00.
To start the verification process, fill in the Tier 1 verification form first and then fill in the other Tier forms to upgrade to the chosen tier. Please keep in mind that it can take several days to process the verification application. You’ll receive an email when your application is processed. You can also check the verification status for each tier by visiting to the “Get Verified” tab again. If you experience any problems, check the Kraken Support pages.
Optional: while you wait, we recommend you turn on Two-Factor Authorization for your Kraken account under the “Security” tab and the “Two-factor Authentication” subpage. This provides an additional layer of security for your account login, trading, and funding transactions.
If you have the Google Authenticator app on your iPhone, Android, or Blackberry phone, choose “Google Authenticator, TOTP mode” and leave the default settings. The Kraken Support pages have more details about other authentication methods.
Part 2: Buy ETH on Kraken and transfer them to your Ethereum wallet
1) Deposit funds into your Kraken account
Once your Kraken account is verified, you can deposit funds into your Kraken account. Visit the website again, log in, and click on the “Funding” tab, and then click “Deposit” section. Select your preferred currency in the left side menu. If you select EUR or USD, you’ll also have to select the “Deposit Method” from the drop-down menu. Follow the instructions that appear on the page when you select your preferred deposit method to make the transaction. Please keep in mind that it can take a few days for bank deposits to process. See the Kraken Support pages for additional help with different deposit methods.
2) Trade currencies for ETH on Kraken
Once you have money in your Kraken account, you can exchange it for a different currency using the “Trade” tab. To start a new trading order, click the “New Order” option on the “Trade” page and select the currency combination from the top left drop-down menu from the black bar, which shows trading information. For instance, if you want to buy ETH with EUR, select ETH > ETH/EUR; if you want to buy ETH with USD, select ETH > ETH/USD from the trading drop-down menu.
Once you select the desired combination, fill in the desired amount of EUR or USD you want to use to buy ETH. The form updates as you type and show you the amount of ETH you can get. The first input field also has a drop-down menu that allows you to switch between inputting the amount of EUR you want to spend, and the amount of ETH you want to buy. When you’re happy with the order, click on the “Buy ETH with <currency>” button, and “Submit Order” button on the next page to confirm the order.
If you already have Bitcoin (XBT), ICN, or some other currency in your Kraken account, select the currency you want to trade with from the top left trading menu, and click the “Sell” button on the “New Order” page to sell your XBT, ICN or other for ETH.
3) Transfer ETH from Kraken to your Ethereum wallet
Once the purchased ETH appear in your Kraken account, it’s time to transfer ETH into your own Ethereum wallet. Click on the “Funding” tab again, but this time click “Withdraw” and select “Ether (ETH)” from the left side menu. If you’re new to Kraken, you will first need to add your new wallet address. Click the “Add address” button to reveal the form for adding a new address.
You can enter a name for your wallet in the “Description” field and copy-paste your public account address from MyEtherWallet into the “Ether address” field. You can leave the “Data” field empty. Double check your Ether address before clicking on the “Save address” button.
After you save your wallet address, you will be taken back the original withdraw form, where you can select your wallet from the drop-down “Address” menu on the Withdraw page. Enter the amount of ETH you want to withdraw to your Ethereum wallet, and click the confirmation button.
When the transaction is processed, the Ether you withdrew from Kraken will appear in your Ethereum wallet. If you use MyEtherWallet, you can click on the “View Wallet Info” tab to check your balance. You’ll have to unlock your wallet by providing the Keystore File and password, just as you’ve done in step 1 of this guide.
Good job! Now that you have some Ether in your own wallet, you will be able to use it to become a Cofound.it supporter. If you’ve applied for a Cofound.it Priority Pass, you can follow this guide to make a contribution using MyEtherWallet. The process will be the same for the public crowdsale, which starts on June 7, but for now you can only contribute if you’re a Priority Pass member.
If you have any additional questions or want to hang out with the team and other Cofound.it supporters, you can also join our public Slack.
