How to Transfer Bitcoin from Coinbase to Kraken In 5 Minutes
If you’re ready to move on from Coinbase and want to send your Bitcoin to a different crypto exchange, then you’ve come to the right place. I’m going to outline the steps you need to take to transfer Bitcoin from Coinbase to Kraken. Don’t worry. It’s effortless and only takes a few minutes to complete.
I’m going to outline the steps you need to take to transfer BTC from Coinbase to Kraken.
Don’t worry. It’s effortless and only takes a few minutes to complete.
So what are we waiting for? Let’s get started.
Introduction to Coinbase and Kraken
Chances are, if you want to move your Bitcoin from Coinbase to Kraken, you have a decent idea of what these two platforms are all about. If you don’t, however, here’s a short primer on the two.
Coinbase is one of the more popular cryptocurrency exchanges on the market for beginners. It’s easy to fund your account, buy, sell, and trade crypto.
The interface is simple, intuitive, and straightforward. Plus, it doesn’t hurt that Coinbase supports all the major digital assets in the industry, such as Ethereum, Bitcoin Cash, Litecoin, and of course, Bitcoin.
There are a few drawbacks with the exchange. For starters, users pay higher fees with Coinbase than with other platforms. Plus, it takes a while for the exchange to vet a coin and then list it.
While there are exchanges with more features and lesser fees, Coinbase is a great place to go if you’re just getting started with crypto.
One of the most popular sites to get started with crypto is Coinbase. This well-known wallet not only lets you buy, sell, and trade coins but also lets you earn more through short videos and courses. It’s a solid option for anyone new to the world of cryptocurrencies.
Learn about cryptocurrencies and more by visiting Coinbase today.Visit Coinbase
Kraken is an exchange that you’ll go to when you’re ready to start buying, selling, and trading coins that you can’t find on Coinbase.
These will be altcoins that aren’t as popular or well-known.
Think coins like Polkadot, Ark, NEO, and others. It’s not that these coins aren’t legitimate. It’s just that Coinbase has yet to add them to its listings.
Of course, many traders like Kraken because it’s cheap and offers plenty of cryptocurrencies to buy, sell, and trade.
It can be a challenge for those not familiar with how trading works, but if you want to save money and trade your favorite token, there’s a good chance you can do it with Kraken.
Kraken is probably one of the most well-known and well-respected exchanges for buying, selling, and trading digital currencies. They offer funding options, staking, margin trading, liquidity, and 24/7 support for beginners and experienced traders alike.
If you want a trusted exchange that offers plenty of features, you can get started on the Kraken website or download the Android or iOS app today.Visit Kraken
How to send BTC Ffom Coinbase?
Step 1 – Log in to Coinbase
The first thing you’ll do is log into your Coinbase account. Find the Dashboard bar and select “Accounts.” Keep in mind that if you’re using a mobile app, you’ll see “Accounts” on the bottom bar next to the “Home Menu.”
Step 2 – Select your cryptocurrency
Next, we want to choose the cryptocurrency we want to move. Since we’re talking about Bitcoin, we’ll choose BTC.
Step 3 – Get your deposit address
The next step is to locate and copy the address from your Kraken wallet.
This is where your funds are going to go. If you’re not sure where this is located, access your Kraken account, select “Funding” from the taskbar across the top.
Step 4 – Navigate to the deposit screen
In the middle of the screen, you’ll see a box labeled ‘Account Balances.’ This shows you how much of each asset you have available. Search for Bitcoin, then click on the ‘Deposit’ button next to it.
Step 5 – Generate new deposit address
Now you’re ready to get your Kraken deposit address. Click on ‘Generate New Address,’ and the address for your Bitcoin wallet will show up under the ‘Deposit Address’ bar. Copy that address, then head back over to Coinbase.
Step 6 – Paste your Kraken address into Coinbase
The section that you’ll initially notice when you begin filling out your transfer is the destination/recipient box. This is where you’re going to paste your Kraken wallet address. Personally, I would recommend double-checking that the addresses are the same. Sure, you copied and pasted, but you don’t want to send your hard-earned digital currency to the wrong address.
- Something to note during this step is that many platforms let you use a QR code to paste the address. If you’re comfortable going that route, it’s much easier than copying and pasting.
Step 7 – Enter the amount
With the hard part out of the way, type in the amount of Bitcoin you want to send from Coinbase to Kraken. You have the option to view how much you’re depositing in either BTC or USD. Either way, it’s going to show up as Bitcoin once it gets to Kraken exchange.
Step 8 – Verify, confirm, and initiate transaction
The last step is to click that ‘Continue’ button. Double-check that all the details of the transfer are accurate. If everything looks good, confirm the transaction and wait for your Bitcoin to arrive.
Here are a few additional notes to keep in mind while you wait for your Bitcoin to arrive in your Kraken account.
- Always double-check your transaction information before you click Confirm. Transactions on the blockchain cannot be reversed, so if you send your funds to the wrong wallet, you’re not getting them back.
- Once you complete the transaction, your funds will automatically move from your Coinbase account to your Kraken wallet. However, it’s important to be patient. I’ll cover how long it will take for your funds to arrive in a moment, but for the most part, it’s not going to be instantaneous.
- If you need verification that the transaction was successful, you can check both your Coinbase and Kraken accounts. You can view transaction information to ensure that everything is in progress.
- Watch your Coinbase balance. If the transaction is going through, you’ll notice that the amount you send will be taken away from your BTC balance in Coinbase.
How long does it take to send Bitcoin from Coinbase?
One of the biggest advantages of using cryptocurrency is the speed with which transactions are executed.
The goal is to make these transfers happen as quickly as possible, but sometimes it might take a little while for your funds to arrive.
Just keep in mind that with a typical banking institution, an ACH or wire transfer from your bank account using fiat currencies might take a few days to complete.
Your Bitcoin transaction should take between 45 minutes to an hour.
The most important thing is knowing what to expect when you move funds on the blockchain, especially when it’s going between exchanges.
For starters, the initial transfer will take a few minutes to actually execute.
Most transactions will complete within a matter of minutes, but Bitcoin might take a bit longer, as I mentioned.
Additionally, the speed of the transaction will vary based on the network.
Remember that miners verify transactions on the Bitcoin blockchain, so take that into consideration as you wait for your funds to arrive.
Will Coinbase ban accounts that transfer BTC from Coinbase to other exchanges?
For the most part, Coinbase isn’t going to ban your account if you decide to move your BTC from Coinbase to another exchange. However, there are exceptions.
Usually, these types of bans or account restrictions are due to users violating Coinbase’s User Agreement.
Occasionally, the platform will restrict access to transfer or sell your Bitcoin if the exchange suspects you of fraud.
If this happens, you still have access to your wallet, however, you cannot buy or sell digital assets.
Additionally, if you have fiat funds in your account, you can still withdraw those to your bank account.
There are also instances when Coinbase is required by law to restrict an account.
These usually occur when the platform is ordered by a court or other authority that has jurisdiction over the exchange.
Overall, unless you’re doing something you shouldn’t be doing, Coinbase probably isn’t going to ban your account from transferring your BTC to another exchange.