How To Withdraw From Kraken
The bear market of 2022 has revealed to many investors that keeping their crypto assets inside the exchanges such as Kraken can be a risky prospect. Therefore, it is widely recommended that investors withdraw their assets to their bank accounts or for safekeeping on a reputable hardware wallet. This guide will explain how to withdraw from Kraken, including withdrawing to a bank account (e.g. USD) and also cryptos to an external wallet.
How to Withdraw From Kraken - Quick Guide
- Sign in to a Kraken account. Create a new account with Kraken or log in to an existing account. Once logged in, navigate to the 'Funding' page.
- Initiate a withdrawal request. On the funding page, select the withdrawal button to initiate the process.
- Select the payment method. Kraken supports multiple payment methods to withdraw USD and other fiat currencies. Choose the desired method (e.g. ACH) to receive money in a bank account.
- Add a new bank account. Enter the name of the bank account and a description to receive the funds.
- Enter the amount to withdraw. Decide on and enter the number of funds to withdraw from the available balance.
- Confirm the verification code and withdraw funds. Submit the authenticator app code, review the details and complete the withdrawal.
For a full tutorial on how to withdraw cash from Kraken to a bank account, click here to skip ahead.
Can You Withdraw From Kraken?
Kraken allows investors to withdraw cryptocurrencies from the Kraken portfolio to a hardware wallet, software wallet, and other cryptocurrency exchanges. Kraken also offers them the option to withdraw fiat in their bank accounts. However, when it comes to fiat withdrawals, cash, checks, credit and debit cards, or third-party payment processor withdrawals are prohibited on Kraken.
For crypto transfers, traders must keep in mind to use a hardware wallet that supports the crypto they seek to withdraw. For instance, investors wishing to withdraw Ethereum should have a hardware wallet that supports Ethereum.
What Are The Withdrawal Options on Kraken?
Kraken has implemented an inclusive and open-for-all philosophy when it comes to withdrawal options. The ways to cash out on Kraken are:
- Withdraw crypto to an external wallet. Investors holding assets in their Kraken portfolio can transfer them to an external hardware or software wallet.
- Withdraw crypto to another exchange. While investors don't need to transfer cryptos to other exchanges from Kraken since Kraken offers off-ramp fiat withdrawals, the exchange does allow investors to withdraw their assets to other trading platforms.
- Withdraw fiat currency to a bank account. Kraken allows fiat withdrawals to bank accounts, with the caveat being no third-party processors are allowed to perform the transfer.
How Long Do Withdrawals Take on Kraken?
Withdraw Times for Crypto
Reports say that the average withdrawal time for crypto transfers is somewhere between 30 to 45 minutes based on the following withdrawal statutes.
- Initiated. After the withdrawal request has been made. Kraken initiates internal checks to see the viability of the request. This process can take up to 10 minutes
- Pending. After the completion of the internal checks, the withdrawal transactions are directed to the payment gateway for processing. This step also takes up to 10 minutes
- Sending. During this step, the withdrawal is successfully broadcasted to the digital asset's network, and Kraken waits for confirmation. It can take up to 10 minutes as well
If the recipient network takes longer than usual or an error is found during the transaction, Kraken puts the withdrawals on hold. Depending upon the issue, it can be resolved within 5 to 10 minutes.
Withdrawal times for Fiat
Kraken offers ACH transfers to eligible US clients. Withdrawal times for ACH transfers can take up to two business days to process. There are other withdrawal options available on Kraken exclusively for US customers. Below listed are those options and their processing times.
- Fedwire (Signature Bank) - 0-1 business days
- Fedwire (MVB Bank): 0-1 business days
- Fedwire (Silvergate bank): 0-1 business days
- Fedwire (Etana Custody): 1-5 business days
- Fedwire (Synapse): 1-2 business days
The withdrawal times for fiat depend upon the bank and the fiat that a customer wants to withdraw. The list of fiat options that Kraken provides includes USD, EUR, GBP, CAD, CHF, AUD, JPY, and AED.
What Are The Withdrawal Fees on Kraken?
Withdrawal fees on Kraken are different for different cryptocurrencies. For instance, investors must pay the minimum withdrawal fee of 0.00001 BTC to withdraw 0.0005 Bitcoin from their Kraken portfolios. Investors won't need to wonder about what their withdrawal fee would be, for it will be displayed during the process of withdrawal. Here is a table showing the withdrawal fee on Kraken for certain crypto assets.
What Are The Withdrawal Limits on Kraken?
Kraken imposes withdrawal limits on the user based on two factors: residency and verification level. There are four verification levels on the Kraken exchange: Starter, Express, Intermediate, and Pro. Here are the details associated with the cryptocurrency limits that Kraken imposes on customers.
|Kraken Account Level||Daily Limit||Monthly Limit|
Kraken imposes cash limits for all types of cash funding methods except for:
- Credit card purchases
- Synapse funding
- ACH purchases
|Kraken Account Level||Daily Limit||Monthly Limit|
How Long Do Kraken Withdrawals Take?
Kraken withdrawals can take anywhere from 30 to 45 minutes for cryptocurrency which depends on the network congestion and the number of confirmations required by the receiving wallet. Fiat withdrawals to a bank account can take anywhere from 1 to 5 days, depending on the selected payment type and the bank.
How to Withdraw Crypto From Kraken
Below are the detailed steps to withdraw cryptocurrency from Kraken.
Step 1 - Sign in to a Kraken account
The first step is to log in to the Kraken account from which the investors want to withdraw funds. An investor must first visit the official website, click the login button, and provide the credentials. In case two-factor authentication is implemented on the platform, they must also provide the OTP received via email or SMS. Before the next stage of withdrawing money from Kraken, the individual will need to complete an ID verification process. If the verification is taking too long, read this guide on how long Kraken verification takes.
Once logged in, click on the 'Funding' button which will direct the investor to their funding. On this page, there are several options to choose from such as to deposit, transfer or withdraw funds. Clicking on the 'Withdraw' button to initiate the crypto withdrawal process.
Step 3 - Choose the crypto with withdraw
'Withdraw to an account' is already selected on the platform by default. The next step is to choose the cryptocurrency to withdraw. There are over 200 supported coins on the exchange that can be withdrawn. Kraken also specifies the amount of crypto the user has on their Kraken portfolio.
Step 4 - Add the address of the destination wallet
To send crypto off Kraken, the user must either add the address to which they want to send their crypto assets or add and confirm a new one. Ensuring the wallet address is a simple process requiring the user to verify the address via email.
Step 5 - Enter the amount of crypto withdraw
The investor must then enter the amount of crypto to withdraw in the amount field and select the percentage of the account balance for that specific currency. Kraken will display the minimum withdrawal limit. The withdrawal amount must be higher than this limit.
Step 6 - Submit the authenticator app code
After entering the amount and clicking on the Withdraw button, the investor will be directed to a confirmation window. Here, it is recommended that the investor double-checks the details from the amount to be withdrawn to the wallet address before, once again, clicking on the Withdraw button.
At this stage, investors will receive an authenticator app code if the user has implemented 2FA for Funding. Entering the details and confirming the transaction will initiate the withdrawal process, which, depending upon the network congestion or a couple of other factors, can be completed within 30 to 45 minutes.
During the process, users may encounter errors due to the following reasons:
- The transaction amount is not more than the minimum amount.
- The account balance can't cover the transaction amount.
- The password is invalid.
Therefore, users must take extra care proceeding through these steps to withdraw crypto from their Kraken portfolios.
How to Withdraw From Kraken to a Bank Account
Kraken is one of the few cryptocurrency exchanges that allow users to withdraw fiat from their accounts. However, users must be mindful not to use any third-party processes. Furthermore, for first-time ACH purchases, credit or debit card purchases, or digital wallet purchases, Kraken triggers a temporary (3-day) withdrawal hold for the account. Furthermore, those who have deposited using ACH on Kraken for the first time must wait seven days before applying for a deposit.
Here are the steps to withdraw funds from Kraken to a bank account.
Step 1 - Sign into a Kraken Account
The user must first sign into their Kraken accounts using credentials. If they have implemented two-factor authentication, investors must provide a one-time password before interacting with their crypto portfolio. Once on the account, investors must navigate to the funding tab.
Clicking on the funding tab will send the investor to the funding page, which consists of two options, deposit and withdraws. Clicking on Withdraw will direct the investor to the fiat withdrawal page.
Step 3 - Select a payment method
Select the type of currency they want to withdraw. They must also select the Withdrawal type. In most cases, investors will likely be shown one option of the withdrawal method. Here are the steps to withdraw funds with a bank transfer.
Step 4 - Add a new bank account
If the user doesn't have a bank account added to the platform, they must add a new bank account. The user must provide the following mandatory details before clicking the 'Add Bank Account' button.
- Description. Users must start by entering a unique description which can be a string of characters that is easy to remember the bank. As the image below says, the description must be unique and must not be used in any other withdrawal method on Kraken.
- Account name. The bank account holder's name goes here. It must match the user's verification details.
Step 5 - Enter the amount of money to withdraw
Once the bank account has been added, enter the number of funds to withdraw in the amount field or select the percentage of the account balance for that specific currency. Kraken will display the minimum withdrawal limit. The withdrawal amount must be higher than this limit.
Step 6 - Review and complete withdrawal
The user must thoroughly review the withdrawal amount before confirming it. Additionally, they must only enter digits in the amount section. Symbols or "," won't be accepted by the portal.
Frequently Asked Questions
Kraken provides a streamlined and simple process to cash out. As one of the most inclusive platforms in the crypto space, Kraken offers fiat to crypto. Users only need to select the type of currency they want to withdraw to a bank and then follow the on-screen instructions. Since fiat to crypto can be a complex process, it can take 1 to 2 business days or more to see the changes in the bank account.
Yes, you can withdraw from Kraken to your Bank account. You only need to select the fiat you want to withdraw and the funding provider, and then follow the on-screen instructions to complete the process. However, withdrawing from Kraken to a bank account is a lengthy process that can take more than 1 to 2 business days to finish.
There can be multiple reasons why someone's withdrawal has yet to arrive from Kraken. Users are recommended to check their withdrawal status, the banking information and see if there are any bank holidays.
Withdrawal charges on Kraken depend upon the cryptocurrency you're trying to withdraw. For instance, withdrawing 0.0005 BTC has a 0.00001BTC withdrawal fee.
Yes, Kraken allows users to withdraw without verification. These investors are known as 'Starters' and have a $5,000 withdrawal limit. However, users can't withdraw fiat if they have not verified.
Kraken has two unique factors working for it. One, it is one of the few cryptocurrency exchanges available in the US, and second, it supports crypto and fiat withdrawals. Crypto withdrawals allow users to transfer their cryptos to a hardware wallet, software wallet, or cryptocurrency exchange.
Users can choose between a wide array of funding types for fiat withdrawals to initiate the process. However, users must provide all the details correctly for the withdrawal process to be correct and more streamlined.