How to make deposits and withdrawals on Kraken

In our previous articles, we showed you how to make deposits and withdrawals on coinbase and others. In this other article, we will show you how to make deposits and withdrawals on Kraken. To do this you will first need to create a Kraken account.

Bank transfers are accepted on Kraken, giving you the ability to make deposits, and even withdrawals directly from your own bank account. Being one of the first virtual currency platforms, Kraken purchased the cryptowatch site in 2017 which facilitates global vision on charts with more than 2000 marketplaces.

If you want to make deposits and withdrawals on Kraken, this article will be very useful to you. Read this article until the end to better understand how to do it. Let's go!!

🥀 What cryptocurrencies are available on Kraken 

Kraken gives you the ability to buy, sell and trade over 100 different Cryptocurrencies:

• Polka Dot (DOT)
• Litecoin (LTC)
• Dogecoin (DOGE)
• Erhourum (ETH)
• Bitcoin (BTC)
• Cardano (ADA)
• Uni swap (UNI)
• Polygon (MATIC)
• Ripple (XRP)
• Stellar Lumens (XLM)
• Etc ...

In addition to cryptocurrencies, Kraken also takes into account a lot of stablecoin such as:

• USD Coin
• DAI
• theter

🥀 Is Kraken a reliable and secure platform 

Since the platform was launched in 2011, the Kraken cryptocurrency exchange platform is much older in this area. To secure the assets of its users, it has made available to you cutting-edge security measures and technology including:

• Offline storage : there is security of stored tokens and all deposits are kept in an online cold store.
• Two Factor Authenticator : 2FA two-factor activation can ensure the security of your account which can be activated from your Google Authenticator or Yubikey account
• Encrypted Information : it provides you with great security thanks to this, because the information concerning the users' account is completely encrypted, whether it is the system or even sensitive data.
• Confirmation of withdrawals : it also has a confirmation of withdrawals by email with the possibility of self-service locking for all your withdrawals, avoiding the risk of theft and other things.

Thanks to this, which is in any case not complete, it is possible to say with certainty that Kraken is one of the most secure platforms which has never suffered any system hacking and the like.

🥀 Advantages and disadvantages of Kraken

If you have an account with Kraken you would be very satisfied, because it offers you the advantages that outweigh the disadvantages:

Benefits	Drawbacks
– It offers you the lowest fees on the cryptocurrency market	– It does not have improved ergonomics
- Has a very good reputation internationally	– Presence of sometimes slow support
– Presents a complete interface and many tools to serve you
– It is a very powerful mobile application

🥀 How to add a bank account on Kraken

To add your bank account on Kraken, you need to click on “ add account ”, as seen above. You will then be asked to complete a form. You can put whatever you want in the description field, it only serves to differentiate this account so that you can easily select it on the previous page for your next withdrawals.

Then fill in the following information, these are present on your RIB. The fields " Intermediate » are optional.

🥀 How to make deposits on Kraken 

Money deposits on the Kraken platform can be made in both fiat and cryptocurrencies. This is a real advantage of this platform.

The default deposit method on Kraken is bank transfer which allows payment to be made directly from your bank to the platform. But it is also possible to make this deposit by Visa or Mastercard bank card.

Fiat currency deposits accept various currencies including USD, EUR, CAD, AUD, GBP, CHF and JPY.

The processing time for a deposit is typically 1-5 business days depending on the country, currency and payment method used.

 Step 1: Log in to your account

You will need to open the application and fill in your personal information. This way, you will be able to carry out all the operations you want on your account.

Step 2: Deposit funds

Once logged into your account, you will need to go to the “ funding ».

Then you will have to click on the " deposits to perform the operation.

You will be asked to search for the currency you wish to deposit into your account. You will click on the button " research and insert the currency you use.

please note : If this is your first deposit into the account, you will be called to generate a new deposit address. To do this, you will need to click on the “ Generate a deposit address ».

You should read the deposit requirements and warnings on each of the currency deposit pages very carefully.

Step 3: Enter the address

Once you have chosen the currencies, you will need to enter an address. Click on the button " Copy " then " paste » the address in the wallet where you wanted to send the funds.

We advise you not to enter the address by hand yourself, because you can make mistakes and it will cost you your funds.

Good to know : for some cryptocurrencies, including only the address will not be enough. You should include more details.

• Ripples (XRP)) request a destination beacon,
• Lumens (XLM) need a Memo as well as Eos repositories.

Once you complete the transaction from your wallet, the deposit will be automatically credited to your account.

🥀 How to make withdrawals on Kraken

We show you the different steps you should follow to withdraw funds from your account. If you have money (in euros) on Kraken and you want to withdraw it directly to your bank account, here is how you should proceed.

Click on the " Funding "Then" Withdraw ". The SEPA transfer will be automatically selected and some rules will be sent to you. Just like with deposits, the amounts you can withdraw from the platform will depend on the verification level of your account.

Further down the page, you will need to fill in your bank and account information to transfer the funds. Click on " add account ". You will be asked for several pieces of information:

• Description of the deal
• Account name
• IBAN
• Name of the bank
• BIC
• Physical address of the bank (remember to write the name of the country).
• Then click on " Save bank account ».

Then select the amount you want to withdraw from Kraken (at least 5 euros) and validate the transaction. You should receive funds in your bank account after a few days.

Step 1: Log in to your account

To connect to your account, you are asked to go to the official website and go to “ matters and fill in your personal information.

Step 2: Withdrawing funds

To withdraw funds, you will need to go to the " funding ».

Once in this tab, you should go to the “ remove » and use the search bar to find the currency you wanted to withdraw,

Then you will have to choose a provider from the drop-down menu. But if you see only one supplier, you will have to ignore this one but if not, you will have to fill in your supplier in the tab.

Step 3: Add an account

If you wish to withdraw to a bank account, you should add a bank account after clicking " Carry on ". Enter the bank details of your account then find the currency you wish to withdraw, then click on it.

Once the currency has been chosen, you will need to enter the address for receiving the funds. You will therefore have to click on the button “ Add an address to inform and confirm the news.

Step 4: enter the withdrawal amount

You will need to enter the amount you wish to withdraw in the " Amount » or you can simply click on the percentage of your account balance in that currency. Make sure you have respected the minimum and maximum amount indicated below the field and click on “ remove ».

If for this, you are asked for a two-factor authenticator application code then, you have 2FA for your financing. Activate it on your account and you will be prompted to use 2FA that you have configured for financing.

After that, if your withdrawal is successful, you will receive a confirmation with all the details of your withdrawal in the right box, and also the status of the withdrawal.

please note : you will not receive a confirmation email for your withdrawal. But to track the status of your transaction, you can view recent transactions under the " Funding ».

🥀 Closing

Kraken also sets itself apart from the competition in terms of cryptocurrency exchange through its sponsorship and affiliation particularly interesting. It is aimed both at users of its services and at webmasters who wish to monetize their presence online or on social networks.

So, if you sponsor someone close to you who wishes to join the Kraken platform or if you promote it online, you will receive a payment corresponding to 20% of fees negotiation fees received for your referrals.

If this article helped you, we are very happy to know. However, you will have to follow our explanations to the letter to avoid finding yourself in unpleasant situations.

🥀 Frequently Asked Questions

Why are fund withdrawals blocked 

Some repositories enable temporary deletion for a period of 72 hours. This may also be present in the case of deposits from certain banks. Also for security reasons. But this has no impact on trading. You can trade without problems during the withdrawal suspension period on your account.

Why are my kraken withdrawals or deposits put on hold 

This could be due to several reasons:

• you have reached the funding limit in which case you will need a higher level of verification or even wait for your limits to be reset.
• A mismatch of names, but in this case your transaction must be returned or cancelled.
• Irregular activities have occurred on your account: you will therefore be asked to wait for kraken to give you instructions to follow.
• Duplicate deposit: you can only wait for automatic issuance and in the future use it for each deposit of different amounts.

Why haven't I received my full deposit amount? 

Sometimes it can happen that the amount you received is different from the one sent by your bank. This could be caused by the fact that you used an intermediary bank that charged a fee or even exchanged the funds for another currency. .

To avoid this, we advise you to take information about the banks before carrying out the transactions.