How To Transfer From Kraken To Binance

Kraken and Binance are two of the largest cryptocurrency exchanges by trade volume. Each platform offers seamless purchasing, selling, and exchanging of Bitcoin and hundreds of other digital currencies and trading pairs. There are reasons why traders may want to send from Kraken to Binance such as its broader crypto products. This tutorial explains how to transfer from Kraken to Binance, what the exact steps are, the duration, and the fees involved in the process.

Quick Guide: How To Transfer From Kraken To Binance

Here's a quick guide on the process:

1. Login to Kraken and Binance. For existing customers on both Kraken and Binance, sign in to both platforms on different devices or tabs.
2. Select the crypto to transfer. Scroll through the asset to transfer and click on the 'Withdraw' button.
3. Add the Binance wallet address. Copy and paste the Binance wallet address into Kraken, and select the blockchain network.
4. Enter the withdrawal details. Type in the amount of the asset to withdraw into the ‘Withdrawal Amount’ box and tap on the ‘Withdraw’ button in Kraken.
5. Confirm and transfer to Binance. Review and confirm the inputted details. Once done, tap on the ‘Withdraw’ button with the net total of the transaction.

Can You Transfer Crypto From Kraken to Binance?

Yes, Kraken and Binance are both crypto-to-crypto exchanges where verified users on both platforms can send and receive cryptocurrencies seamlessly between the respective wallets. The sender will need the recipient's wallet address where the funds will be deposited (in this case a Binance wallet address) and the nominated blockchain network.

It is imperative that the sender also selects the same blockchain network used by the recipient. For instance, if the recipient generates a BTC wallet address on the BNB Smart Chain (BEP20), the sender has to select the corresponding network at their end. Taking any action contrary to this could result in the loss of funds.

How Long Does It Take To Transfer From Kraken to Binance?

There are several factors that determine the crypto transfer speed for it to be reflected in the Binance account. Most proof-of-stake (PoS) transactions can be confirmed within a few minutes. However, the Bitcoin network relying on a more competitive and outdated proof-of-work (PoW) consensus algorithm has a longer confirmation timeframe. Hence, it can take between 10 minutes to hours, depending on the network congestion level.

In addition, the time taken to move assets between Kraken and Binance can be delayed due to network congestion. This is when transactions on a blockchain network are high. In peak trading sessions, a delayed deposit confirmation on withdrawals will be sent to the Binance trading account.

How to Send Cryptocurrency from Kraken to Binance

To transfer crypto assets from the Kraken trading platform to Binance, follow these detailed steps to get started. This review assumes that all users have verified trading accounts. For more information on verification and how long it takes to be verified on Kraken, read this article.

The first step is to log in to Kraken. Once logged into the Kraken account, the user will be redirected to the dashboard. From here, they can Buy, Sell, Convert, or make changes to their payment methods. To withdraw cryptocurrencies, though, the user has to ensure they have that asset in their accounts with funds in it. Similarly, to receive crypto on Binance, follow the same lo in steps.

The next step is to select the asset to be withdrawn. To do this, navigate to the Wallet section which will list all of the crypto wallets and available balances. Once the asset is selected, the user will be presented with the asset's page showing options to deposit and withdraw the cryptocurrency. For this tutorial, we will withdraw Tether (USDT) as an example. The next step is to tap the ‘Withdraw’ button. Then choose a relevant blockchain network. Ensure the recipient blockchain network is supported on Binance before proceeding.

Selecting USDT to transfer from Kraken to Binance.

The next step is to add the wallet address copied from the Binance exchange. To do this, navigate to the top menu and click on 'Wallet'. This will bring a menu with several options. Select 'Fiat and Spot' to browse the account funds. Find the coin to receive and to the far right will be several options. Click on 'Deposit' which will bring up a dialogue box.

Binance deposit address screen. Copy the wallet address to clipboard.

Select the appropriate network (e.g. Ethereum ERC-20) that will be used for the transaction, which must be used within Kraken. Once that is done, copy the Binance wallet address using the QR code or click on the copy icon. This will be the address that will receive the crypto sent from Kraken.

Select the crypto in Kraken and click withdraw.

Within Kraken, click on ‘Add a wallet address’ and enter the copied address from Binance. An address description can also be provided to assign a name to the wallet address for future transfers. After this, click on 'Add withdrawal address'. Kraken will email a verification link to the user to confirm the wallet address. This is a standard security procedure to ensure the account owner is well aware of any address whitelisting before it happens.

For a full tutorial on how to withdraw crypto from Kraken (and fiat), read this article next.

Entering the Binance deposit address in Kraken.

The next step is to add the withdrawal amount. You can decide to withdraw the maximum amount in the account or the minimum for the selected asset. For USDT on Kraken, there’s a minimum withdrawal amount of 5 USDT. USDT quantities below this amount cannot be transferred out of the exchange.

Confirming the withdrawal details to transfer from Kraken to Binance.

Also, note that Kraken would deduct transaction fees from the minimum amount withdrawn. For instance, if the user withdraws 5 USDT, the recipient would receive 2.5 USDT after the USDT transaction fee of 2.5 USDT is deducted. Once satisfied, the user must click on the ‘Withdraw’ button at the end of the page.

The final step is to preview and confirm the transaction details. The recipient's wallet address (i.e. Binance account), withdrawal amount, fee, and the net amount to be transferred will be shown. If everything checks out, click the withdraw button with the net total. In this case, it's the button titled 'Withdraw 2.5 USDT'. Once completed, the funds would be sent to the recipient's Binance account.

Confirming withdrawal from Kraken to Binance.

Frequently Asked Questions