The world of cryptocurrency continues to evolve, and Ethereum Classic (ETC) remains a key player in the decentralized blockchain space. As a secure, transparent, and community-driven network, ETC appeals to investors, miners, and developers alike. One of the most trusted platforms to buy and trade ETC is Kraken, a leading centralized exchange known for its security, compliance, and user-friendly interface.
This guide walks you through the full process of purchasing and trading Ethereum Classic on Kraken—from account setup to transferring your assets securely into a non-custodial wallet.
What Is Kraken?
Kraken is one of the largest and most reputable centralized cryptocurrency exchanges (CEX) in the world. Founded in 2011 and based in the United States, it has grown into a global platform supporting a wide range of digital assets, including Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC).
As a CEX, Kraken operates as an online marketplace where users can buy, sell, and trade cryptocurrencies using fiat currencies like USD or EUR. The exchange handles user funds and provides wallet services, but this also means users must trust the platform with their assets—up to a point.
To comply with financial regulations, Kraken enforces strict Know Your Customer (KYC) and anti-money laundering (AML) policies. This includes identity verification via government-issued IDs (such as passports or driver’s licenses), proof of address, and sometimes even live photo verification.
While centralized exchanges offer convenience and high liquidity, they come with risks—most notably the potential for insolvency or hacking. That’s why experts recommend transferring your ETC to a non-custodial wallet after purchase.
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Why Transfer ETC to a Non-Custodial Wallet?
Although you can buy and hold ETC directly on Kraken, the safest long-term strategy is to move your assets off the exchange and into a wallet you fully control.
Here’s why:
- You own your private keys: In a non-custodial wallet, only you have access to your funds.
- Reduced counterparty risk: Exchanges can be targets for hackers or fail due to mismanagement.
- Full control over transactions: You decide when and where to send your ETC without relying on third parties.
Step-by-Step: Securing Your ETC
- Start with your bank account
Link your bank account to Kraken for seamless fiat deposits. - Deposit fiat currency
Transfer USD or your local currency to your Kraken account. - Buy ETC
Use your deposited funds to purchase Ethereum Classic. - Set up a non-custodial wallet
Choose a software wallet (like MetaMask) or a hardware wallet (like Ledger) that supports ETC. - Transfer ETC from Kraken to your wallet
Withdraw your ETC using the wallet’s public address.
This five-step process ensures that your investment remains under your control—not locked inside an exchange.
Creating a Kraken Account
Getting started on Kraken is simple:
- Visit Kraken.com and click "Sign Up".
- Select "Individual" (for personal use) or "Business" (for corporate accounts).
- Enter your email address and create a strong password.
- Verify your email through the confirmation link sent by Kraken.
- Provide basic personal details: full name, residential address, phone number.
- Complete identity verification by uploading a government-issued ID.
Kraken may ask for additional documents depending on your country of residence. The entire KYC process usually takes just minutes to a few hours.
Kraken vs. Kraken Pro: Which Should You Use?
During registration, you’ll be asked whether you want to use Kraken or Kraken Pro.
| Feature | Kraken (Standard) | Kraken Pro |
|---|---|---|
| Best For | Beginners and casual traders | Active traders and professionals |
| Interface | Simple and intuitive | Advanced charting tools and order types |
| Fees | Tiered (~1.5% for small trades) | Lower fees (as low as 0.10%) based on volume |
For most new users buying ETC for investment purposes, the standard Kraken platform is sufficient. However, if you plan to trade frequently or execute complex orders (like limit or stop-loss), Kraken Pro offers better tools and tighter spreads.
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Linking Your Bank Account & Depositing Funds
Before buying ETC, you need to deposit fiat currency into your Kraken account.
Steps to Deposit USD via Bank Transfer:
- Log in and go to the Funding section.
- Click "Transfer" > "Add New Account".
- Connect your bank using Plaid (U.S. users) or manual routing details.
- Initiate a deposit—U.S. ACH transfers are free but take 1–5 business days.
- Once confirmed, your balance will update in your Kraken account.
Alternative methods include wire transfers (faster but with fees) and debit card purchases (instant but higher costs).
Buying Ethereum Classic (ETC) on Kraken
Now that your account is funded, you're ready to buy ETC.
Option 1: Quick Buy (Beginner-Friendly)
- Navigate to the Buy Crypto page.
- Select ETC and enter the amount in USD or ETC.
- Confirm the transaction—Kraken will execute the purchase at the current market rate.
- Your ETC will appear in your wallet shortly.
Option 2: Kraken Pro (For Advanced Users)
- Go to the Kraken Pro trading interface.
- Search for the ETC/USD trading pair.
- Place a market or limit order based on your strategy.
- Monitor price charts and set alerts for optimal entry points.
Transaction fees vary depending on your trading tier and method but typically range from 0.16% down to 0.00% for high-volume users.
Sending and Receiving ETC on Kraken
Once you’ve bought ETC, you can:
Send ETC (Withdrawal)
- Go to Funding > Withdraw.
- Select Ethereum Classic (ETC).
- Paste your non-custodial wallet’s public address.
- Confirm the withdrawal—processing times depend on network congestion.
⚠️ Always double-check the recipient address. Withdrawals cannot be reversed.
Receive ETC (Deposit)
- Go to Funding > Deposit.
- Choose ETC as the asset.
- Copy your unique Kraken deposit address or scan the QR code.
- Share this with the sender.
Note: Deposits require blockchain confirmations before they appear in your account.
Kraken Has Reduced ETC Confirmation Time!
After past 51% attacks on Ethereum Classic in 2019–2020, many exchanges imposed long confirmation delays—sometimes up to 40,000 blocks, which could mean waiting over six days to access deposited ETC.
But times have changed.
Due to improved network stability and stronger mining decentralization, Kraken has significantly reduced its ETC confirmation requirement to just 2,880 blocks—or about 12 hours.
This means faster deposits, quicker access to funds, and smoother trading experiences for all ETC users.
Who Uses Kraken to Trade ETC?
Several key groups actively use Kraken for Ethereum Classic transactions:
📈 Investors
Long-term holders see ETC as a resilient Proof-of-Work blockchain with smart contract capabilities. They use Kraken to convert fiat into ETC and often transfer holdings to cold storage for security.
⛏️ Miners
ETC miners earn around 17,000 ETC daily across the network. To cover operational costs like electricity and payroll, they regularly sell portions of their rewards on exchanges like Kraken.
🔄 Speculators
Day traders and swing traders provide crucial liquidity by actively buying and selling ETC based on market movements, benefiting the entire ecosystem.
🛍️ Merchants
An increasing number of online businesses accept ETC as payment. When receiving payments, merchants often convert ETC to stablecoins or fiat via Kraken to manage cash flow.
Frequently Asked Questions (FAQ)
Q: Is it safe to keep ETC on Kraken?
A: While Kraken is highly secure, no exchange is immune to hacks or outages. For long-term storage, always transfer ETC to a non-custodial wallet.
Q: How long does it take to withdraw ETC from Kraken?
A: Withdrawals typically process within minutes after confirmation, but bank-linked deposits may take days due to ACH processing times.
Q: Does Kraken support staking for ETC?
A: No—Ethereum Classic does not support staking because it uses Proof-of-Work consensus. Only PoS networks like Ethereum (post-Merge) offer staking rewards.
Q: Can I buy ETC with a credit card on Kraken?
A: Yes, but credit card purchases often come with higher fees compared to bank transfers.
Q: What are the fees for buying ETC on Kraken?
A: Standard fees start around 1.5%, but active traders using Kraken Pro can enjoy rates as low as 0.10% depending on volume.
Q: Is KYC mandatory on Kraken?
A: Yes—Kraken requires full identity verification for all users due to regulatory compliance.
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By following best practices—verifying your identity, funding your account securely, purchasing ETC efficiently, and transferring assets to personal wallets—you can make the most of Ethereum Classic while minimizing risk. Whether you're investing, trading, or accepting payments, Kraken offers a reliable gateway into the ETC ecosystem.