With Coinbase (COIN) being sued by the SEC for offerings unregistered securities, cryptocurrency investors may be looking for alternative crypto exchanges to use instead of your Coinbase account.
Kraken exchange is a great alternative for you to transfer your digital currency to. If you’re wondering how to transfer from Coinbase to Kraken then look no further, as we’ve put together a step by step guide in order to get your started with transferring crypto assets from Coinbase to Kraken exchange.
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Analysis of Transfer from Coinbase to Kraken
- Exceptionally secure exchange with proof of reserves
- Supports many different funding options
- Accepts users from across the globe including USA and Canada
- Very high trading volume
- Earn $200 in free crypto after completing sign-up process. Terms apply.
- Variety of products including exchange, staking, wallet
- Advanced Trading options for experienced traders
Feature Compatibility
One crucial aspect to scrutinize when assessing cryptocurrency exchanges such as Coinbase vs Kraken is their crypto transfer procedure. Although both platforms are renowned for their dependability, they differ significantly in their approach to managing cryptocurrency transfers. Coinbase, with its emphasis on simplicity and user-friendliness, offers a simplified procedure for novices, facilitating the efficient transfer of cryptocurrency between wallets and exchanges. Nevertheless, it frequently entails increased costs and extended processing durations.
Basics of Transferring Funds: Step-by-Step Guide
The general process to transfer crypto between crypto exchanges is fairly simply and you only need a few things to get started. First, you’ll need your deposit address (sometimes called a destination address) from your Kraken account. This deposit address can generally be found by clicking “Deposit” next to an asset you’re looking to transfer. Your Kraken deposit address will be different for each asset, meaning that your Bitcoin wallet address is different than a Bitcoin Cash (BCH) wallet address. Similarly, your Kraken wallet address is different than your Coinbase wallet address, even for the same asset. This means your Bitcoin wallet address on your Coinbase account is different from the one on your Kraken account.
If you’re ready to transfer Bitcoin from Coinbase to Kraken, follow the steps below.
Step-by-Step Guide: How to Transfer from Coinbase to Kraken Account
The first step to transfer Bitcoin or other digital assets from Coinbase to Kraken is to log in to your Kraken account by clicking “Sign In” in the upper right corner of the site. If you haven’t made an account with Kraken, then you’ll need to do that first. Once you’re logged into the Kraken platform, click the “Transfers” tab on the left side of the dashboard.
You’ll then see Kraken’s interface for sending Bitcoin or any other cryptocurrency to or from Kraken. You can toggle between the deposit button and withdrawal button to switch between sending and receiving assets with your Kraken account. You can use the drop down menu to switch between different cryptocurrencies.
In order to send Bitcoin from Coinbase to Kraken (or any other supported asset), you’ll need to get your BTC address from Kraken by clicking “Generate Deposit Address”. You’ll need to specify whether you’re using the main Bitcoin network, or the Lightning Network. However, the Coinbase platform doesn’t support use of the Lightning Network, so you’ll have to choose the main Bitcoin network. Different exchanges may also support the Lightning Network.
After you generate a new address, you’ll be shown the above image. You can either copy your deposit address to your clipboard, or scan the QR code using your mobile device. This process is the same for mobile accounts. You’ll also see the minimum number of the crypto asset you can deposit, the deposit fee depends on the asset but should be zero as it is for transferring Bitcoin to Kraken.
Now that you have your Bitcoin deposit address, open a new tab and go to the Coinbase website, or open the app on your mobile device. Log in to your Coinbase account using the “Sign In” button in the upper right corner. Then click the “Send & Receive” button in the upper right corner.
You’ll then see the below pop up, where you can choose what asset to transfer from Coinbase to Kraken. You can toggle between sending and receiving, with the latter generating a Coinbase wallet address that you could use if you want to transfer funds to a Coinbase address rather than from it. Enter the amount of funds you want to transfer from Coinbase to Kraken, then paste the BTC address you got from Kraken into the “To” field seen in the below image. If using the Coinbase mobile app, simply scan the QR code that’s on Kraken in order to enter the address. If the transaction details look correct, click “Continue”.
You’ll then have one final confirmation to double-check everything is correct. Be sure to double-check the wallet address you entered is the correct tag, especially if this is a new address. Some exchanges will generate a new address every time, meaning you could use an expired deposit address if you’re not careful. You can also enter other details such as a note. Assuming all the information is correct, press “Send Now”. Go back to the previous step to make any changes.
The amount of time it will take to transfer Bitcoin from Coinbase to Kraken depends on how much you want to transfer and network congestion, but valid transactions should take no more than about 10 minutes. When there is a successful completion of your deposit, you’ll receive an email from both Kraken and Coinbase. Once you get the confirmation email, you’ve successfully transferred Bitcoin from Coinbase to Kraken.
Fees for Sending Crypto from Coinbase to Kraken
Yes, when transferring crypto from your Coinbase account to Kraken (or any other platform), Coinbase charges a withdrawal fee. The fee structure can vary depending on the asset you’re sending. Here are some key points and actual figures to consider:
- Withdrawal Fee: Coinbase typically charges a network fee for sending assets. For example, Bitcoin transfers can incur fees ranging from $1.00 to $5.00, depending on network traffic. Other assets like Ethereum can have fees ranging from 0.5% to 1.5% of the transaction value.
- Network Type: Kraken supports the Lightning Network for Bitcoin transfers, which drastically reduces fees compared to the standard network. On the Lightning Network, fees can be as low as a few cents (typically under $0.01), offering a much cheaper alternative to traditional Bitcoin transfers.
- Network Congestion: Transfers made on the main Bitcoin network can have higher fees during periods of heavy traffic, sometimes up to $20 or more. Using the Lightning Network not only reduces fees but also ensures faster transaction times, helping you avoid long delays due to network congestion.
Steps to Take If You Don’t Receive Your Crypto
When you don’t receive your crypto after a transaction, it’s essential to act quickly and carefully. Crypto transactions are irreversible, so double-checking every detail before and after the transaction is critical. Here’s a step-by-step guide to help you navigate the situation if your coins haven’t arrived:
- Double-Check Transaction Details: Verify that all details, especially the wallet address, are entered correctly. Even a small mistake in the address can result in a permanent loss of funds.
- Transaction Fees: Some crypto networks charge substantial transaction fees, which can affect how quickly your coins are processed. For example, Bitcoin fees can range between $1 and $10, depending on network congestion.
- Wait Time for Confirmation: Crypto transactions can take varying times to confirm based on the blockchain. For instance, Bitcoin transactions can take 10 minutes to an hour, while Ethereum typically takes about 5 minutes, depending on network traffic.
- Network Fees for Recovery Services: If you enter the wrong address or have issues retrieving coins, some services may offer recovery solutions, though at a cost. Be aware that services could charge anywhere from 10% to 20% of the transaction amount for such recovery attempts, and success is not guaranteed.
- Contact Customer Support: If everything appears correct but you still haven’t received your coins, reach out to the support team of the platform you used. Include your transaction ID, wallet address, and any relevant details to expedite the process.
What About Transferring Ethereum from Coinbase to Kraken?
The process for transferring Ethereum from Coinbase to Kraken is the same, you simply generate an ETH address on Kraken instead. In fact the process will be the pretty much the same for any cryptocurrency including Solana, Cosmos, Polygon and many others.
There will be a few more differences when you are sending to a private wallet but exchanges make it easy to send between each other and the staff can assist you in certain cases.
How Long It Takes to Transfer Bitcoin and Ethereum
The time required for transferring cryptocurrency between exchanges can vary depending on the network and exchange employed. Bitcoin transactions generally result in longer processing times, whereas other cryptocurrencies such as Ethereum and Solana exhibit faster processing speeds. Below is an analysis of the anticipated processes involved in transferring Bitcoin and Ethereum across different platforms, together with important factors to consider regarding timing and charges:
- Bitcoin Transfer Time: Bitcoin transactions usually take around 10 minutes to confirm on the blockchain when sent from one wallet or exchange to another, such as Coinbase to Kraken. However, during periods of high network activity, this can extend. Bitcoin’s average transaction fee is around $1 to $5 depending on network congestion.
- Ethereum Transfer Time: Ethereum transactions are generally faster, averaging about 5 minutes for a transfer. Ethereum gas fees fluctuate significantly, with costs ranging from $2 to $20 depending on network demand.
- Exchange Processing Time: When transferring between exchanges, the process might take longer. Exchanges typically perform additional verification steps to ensure the transaction is legitimate, adding up to 10-15 minutes to the overall transfer time.
- Faster Alternatives: Cryptocurrencies like Solana and Cosmos are much quicker, with transfers happening in just a few seconds to a minute. Transaction fees for Solana are extremely low, averaging less than $0.01 per transfer, making it an appealing option for quick transactions.
Frequently Asked Questions
Under “Transactions” on Kraken, or under “My Assets” on Coinbase.
If you used a Bitcoin Cash address or other address by mistake, there is likely nothing that can be done.
Yes, Coinbase charges withdrawal fees for crypto. The amount depends on the asset and how much of it you’re sending.
Yes. In fact it’s recommended to avoid leaving large amounts of crypto on exchanges as you have less control over it.
Yes. One of the key elements of crypto is that it’s completely transferable. You can transfer between all major exchanges.
The only exception is the crypto on banking apps like SoFi where you actually just own an IOU for crypto. Therefore the only way to get crypto off those platforms is to sell it and use the fiat to buy crypto on another exchange.
