What you'll learn 👉
- Trying to deposit a non-supported token may result in the loss of tokens.
- Send a small test amount first
- Beware when choosing the network which you want to use for sending crypt
Withdrawing cryptocurrency from Kraken
Kraken is a big exchange that also has its own bank. Coinbase is the first crypto exchange that had an IPO and shares are open to the public on the stock market. Today we are going to show you how to withdraw your money from your Kraken account to your Coinbase account.
Log into your Kraken account first and you will face the home page.
Click on the “my account” button to be redirected to your fund’s page.
Click on the “Funding” button at the top of this page in order to go to the deposit/withdraw page.
When you go to the funding page, click on the Withdraw button to start your process.
Select the cryptocurrency you want to withdraw from the list shown above.
When you are withdrawing for the first time, it will ask you to add a new address so you can simply select it in the future when you want to withdraw to the same address again.
After this stage we will need a deposit address to Coinbase, so let us move to those steps.
Finding your deposit address at Coinbase
When you log into your account, you will see your main dashboard page. It could look slightly different from the above image based on what you have done at Coinbase so far. Click on the “Send/Receive” button at the top right corner.
When you open it up, you will see both send and receive tabs, for our requirement to deposit here, you will click on receive.
You could also click on the default coin selection there and change it to any other coin you want.
After your selection is done, you will get the address for that coin on your screen. Copy the address shown on this screen for the next stage.
Another very important topic here that you need to care about is the network. Coinbase offers a very limited selection in this regard. It shows you the coin you can select, and automatically decides which network it is.
This could sometimes be infuriating but if you want to use Coinbase then you have to accept them with this shortcoming. This could cause you to lose a certain amount of money as well if you can’t pick the cheapest network and have to go with whatever Coinbase is forcing you to use.
Finishing the withdrawal at Kraken
When you are adding a new address, it will ask you to name it, and then paste that address. Name it something closer to “Coinbase” so that you can remember which one it is later on. Paste the address underneath it and double-check for safety.
After the address part is over, we come to the amount part. Write down the amount you want to send, or click on any of the % you see that fits your request. After you are done, click on the “withdraw x.xxxxx coin” button at the bottom.
Check the address, the amount, and everything else, and confirm your withdrawal and the information.
In order to finish up, enter the google 2FA code you see on your app and click confirm to finish your withdraw. This will result in your cryptocurrency being withdrawn from Kraken and be on the way to your Coinbase account.
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Where is My Crypto Deposit?
Based on what you have withdrawn or which network you have used, it may take a while for you to receive your deposit.
How long does the transfer take?
Depending on the network and the coin you selected, it could range between 5 minutes to 35 minutes. Even the fastest ones need to be confirmed by Kraken to be sent and credited into your account at Coinbase, so it is never instant like sending from one wallet to another.
Does Coinbase charge a Deposit fee?
No, Coinbase doesn’t have any deposit fee required at all. You can deposit for free of charge.
Does Kraken require a withdrawal fee?
Yes, Kraken has a fee and a minimum for withdrawals. You can learn more about both the fee and the minimum levels Kraken has here; https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimums
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