If you want to know the process of transferring Bitcoin from Coinbase to Kraken, you need to go through the entire blog.
What is Coinbase?
Coinbase is one of the easiest and most trusted platforms for the cryptocurrency market. It securely stores major digital assets. It has been able to successfully create an open financial market system for over 35 million people who trust and like to use Coinbase where they can easily buy, store, use, sell, and earn cryptocurrency.
If you have a card, you can buy instant Bitcoins on Coinbase without any money loss or thefts, or online scams as they are highly protected by cryptography and only an individual can access via a private key.
What is Kraken?
Kraken is an old San Fransisco-based U.S. cryptocurrency exchange site, formally launched in 2013. It acts as an exchange gateway for online traders residing in different countries, who can deal with U.S. Dollars, Canadian Dollars, Pounds, Euros, and Japanese Yen as well.
Their upgraded strong security network system helps these traders to seamlessly exchange cryptocurrency around the globe.
How to find your Kraken address?
Before you proceed any further, just make sure you have an active Kraken account. Just click on “Sign in”. If you do not have one, then you need to create one by providing your personal details – email, username, and a password of your choice.
Next on the top of your screen, you will find the “Funding” option.
Now click on “Deposit” on the currency you wish, and a drop-down menu will appear with the Kraken funding partner bank address.
Steps to transfer bitcoin from Coinbase to Kraken
Below is a list of complete guided steps given as to how you can transfer your Bitcoins from Coinbase to your Kraken account. Kindly give it a read.
Step 1: First and foremost, you need to create a Coinbase account if you do not have one. This is very easy as you only need to go to the Coinbase website.
◾ There you will find the “Signup” at the top right-hand corner of the page and click on it. Carefully read their terms and conditions, and then provide your personal details as required.
Step 2: Secondly, you will receive a confirmation mail, click on it to verify your email address.
Step 3: Now you are all ready to set up your account. You can either go for “Individual” or “Business” according to your preference. Follow all the necessary steps and now you are ready to use your Coinbase account.
Step 4: If you are using a desktop version, you will find the Accounts at the top of your screen. But if you are using a mobile application you will find that at the bottom of your screen. Now select it.
Step 5: Choose the cryptocurrency type that you wish to send from your wallet. Bitcoin is the first listed option you will see on the Coinbase app as well as on the desktop web page.
Step 6: Next, you need to put your Kraken address. For mobile application users, just click on the little airplane icon at the top right hand of your screen corner. Here you will be asked to enter your desired amount, simply enter your BTC amount and then tap the send button. This is similar to the web version.
Tip: Until and unless you enter your Kraken deposit address here, the money will not be sent. You will find this address in your Kraken account in the “Funding” tab.
- Step 7: Select the choice of your cryptocurrency for a deposit from the left side menu. Now tap on the Generate New Address and you will get the Deposit Address. You can either write down the address or simply copy it so it can be used later on the Coinbase page. Also, you will be able to view a QR code corresponding to your wallet address.
- Step 8: This is the easy part where you just have to put that wallet address under the ‘Recipient’ field in your Coinbase tab. Enter your desired amount that you want to transfer from Coinbase to Kraken, check all the details as you need to make sure you have given the right address, and just click the ‘Continue’ button.
Tip: Be absolutely sure when you are dealing with an online cryptocurrency exchange like Kraken because to not select the wrong coin or wrong address.
Even slight negligence will create a loss of funds. Not only that you could lose all your Bitcoins too and unless it’s a fiat currency that can be potentially recovered, but these bitcoins are also highly unlikely to return to circulation.
Even if it might not affect the crypto market significantly it could surely have an impact on you as an individual investor. So it’s better to just go for the simple method of copy and paste.
For mobile users, just give the address and hit on ‘send’ and you are all done. Make sure to check your Coinbase account for successful transactions.
Now sit back and relax while your cryptocurrency is being transferred from your Coinbase account to your Kraken account. Depending on your current network connection you can check after 30 minutes or so for your deposited money.
Conclusion: So these are a few steps that are going to help a crypto – beginner monitor his financial course if he wishes to transfer his Bitcoin from Coinbase to Kraken.