In this guide, I will cover everything you need to know to successfully transfer your Bitcoin from Coinbase to Kraken.
- Quick Guide
- Detailed Steps to Transfer Bitcoin from Coinbase to Kraken with Screenshots
- How long will it take for my Bitcoin to appear on Kraken?
- How do I move Bitcoin from my Coinbase Wallet to Kraken?
- How much does it cost to send Bitcoin from Coinbase to Kraken?
- What is Coinbase and Kraken: A Brief Overview
- Open Kraken and search for the Deposit button under portfolio (on the site) or markets (on the app)
- Select Bitcoin and copy the address
- Open Coinbase and click on the send button
- Select Bitcoin
- Paste the Kraken Bitcoin address
- Select the amount of BTC you want to transfer and confirm your transaction.
You should be done within the hour.
Infographic with instructions
The steps are summarized in the infographic below.
Detailed Steps to Transfer Bitcoin from Coinbase to Kraken with Screenshots
I am going to assume that you have an account with Kraken and that you already have some Bitcoin on Coinbase.
To make the transfer do the following:
#1. Find your deposit address on Kraken
To send your bitcoin somewhere you need an address. Just like how you need a home address to send someone a letter or a bank account to transfer fiat currency. See What Is a Crypto Address? Don’t Make My Costly Mistake for a more detailed explanation.
To find your Kraken account’s address navigate to Kraken’s website.
Alternatively, you could navigate to Kraken’s mobile app.
In general, when making transfers I prefer to use the desktop version of the cryptocurrency that I plan to send crypto to.
This makes it easier because I can open Coinbase on my phone and scan the QR address on Kraken instead of copy-pasting it.
I will show you both ways:
i) How to find your BTC address on Kraken’s website
- Sign in to kraken.com.
- Enter your two-factor authentication code
- Choose Kraken or Kraken Pro depending on if you are a newbie trader or more experienced. The Pro version is aimed at active traders and offers more advanced features such as margin trading and limit orders. You can change this at any time by navigating to settings and scrolling down to where it says “default trading platform”.
- Click on “Portfolio” at the top
- Click on “Deposit”
- Search for Bitcoin and select it from the dropdown
- Choose between the Lightning Network or the Bitcoin Network. If you are in no hurry select the Bitcoin Network. I explain the Lightning Network further down.
- Now you can either copy the Bitcoin Kraken address or leave the page open so that you can scan the QR code with your Coinbase app in the next step.
ii) How to find your BTC address on Kraken’s Mobile App
- On mobile navigate to the markets tab and click on where it says Deposit at the top left.
- Search for Bitcoin in the search bar and click on it when it shows up in the drop-down menu.
- Be careful that you do not click on Bitcoin Cash. This is a different digital currency (see Bitcoin vs. Bitcoin Cash for more)
- Select the Bitcoin Network or Lightning Network.
- Next, you can either copy the new address or you can scan the QR code using another device.
#2. Navigate to your Bitcoin account on Coinbase
Now that you have the Kraken receive address do the following:
- Open your coinbase account on your mobile app
- Click on where it says “send” at the top
- Select your bitcoin
- Paste the Kraken exchange address in the empty address field. Alternatively, click on the icon to the right of the field entry form so as to scan the Kraken QR code on your desktop device.
- Enter the amount of Bitcoin you want to send
- Check the transaction details in the preview and hit send
Important note: make sure you don’t enter the wrong address. If this happens and you confirm the transaction you might have to wave goodbye to your transaction. I once entered the wrong address and the customer support team of the trading platform I was using managed to retrieve my money but I am not sure how they achieved that.
How long will it take for my Bitcoin to appear on Kraken?
If you choose the Bitcoin Network it will take at least an hour for your transaction to go through.
There will also be a fee attached to the transfer whose size will depend on network congestion.
If you choose the Lightning Network you will see the transaction go through immediately and the network fee will be 0.
It will still take about an hour for the transaction to settle on the Bitcoin Network.
If you see that the transaction has a pending status for more than 24 hours then reach out to customer support.
Wait, what is the Lightning Network again?
The Lightning Network is a secondary layer that sits on top of the Bitcoin blockchain.
It is much faster because it allows users to create off-chain payment channels, which batch transactions and then later settle them on the Bitcoin blockchain.
But it’s not the Bitcoin blockchain.
Imagine it like a first port of entry where transactions get batched. Later the final balance is aggregated and sent together to the Bitcoin blockchain.
How do I move Bitcoin from my Coinbase Wallet to Kraken?
Coinbase also has a hot wallet app called Coinbase Wallet.
This is not the same as the Coinbase exchange. Instead, it is a wallet on which to store your crypto.
For more on the topic check out my post titled “What Is the Difference Between Coinbase and Coinbase Wallet?“
To move Bitcoin from your Coinbase Wallet to Kraken follow these steps
- Retrieve the wallet deposit address on Kraken like in step #1 above
- Open your Coinbase wallet and click send
- Select Bitcoin from the dropdown
- Enter the amount you want to send and click next
- Paste the Kraken address or scan the Kraken QR code that contains the BTC address.
- Check the network fee and that you have input the right amounts
How much does it cost to send Bitcoin from Coinbase to Kraken?
The exchanges won’t charge any deposit or withdrawal fees for moving crypto.
However, you will have to pay network fees if you use the Bitcoin network.
These can range from as little as a few cents to 10s of dollars depending on congestion.
To check the fee complete all the steps but the last one.
In the last step, Coinbase will ask you to preview the transactions and will show you how much the transaction fees are going to be before you send the bitcoin to your Kraken wallet address.
What is Coinbase and Kraken: A Brief Overview
Coinbase and Kraken are two prominent cryptocurrency exchanges that allow users to buy, sell, and store various digital currencies, including Bitcoin.
Coinbase, founded in 2012, is a publicly traded company based in the United States and has become one of the largest and most popular exchanges globally.
Kraken, established in 2011, is also a reputable exchange based in the United States and is known for its security.
Both exchanges offer secure wallets, robust trading platforms, and have a significant user base.
However, they do have notable differences in terms of their user interfaces, available cryptocurrencies, and trading options.
One key difference between Coinbase and Kraken is their user interfaces. Coinbase is known for its user-friendly and intuitive interface, making it a popular choice for beginners in the cryptocurrency space.
On the other hand, Kraken offers a more advanced and customizable interface, catering to experienced traders who prefer a high level of control over their trading activities.
In terms of available cryptocurrencies, Coinbase supports a slightly wider range of digital assets compared to Kraken.
Last time I checked Coinbase had 241 Coins while Kraken supported 220.
Is Kraken a crypto wallet?
Kraken is a cryptocurrency exchange and does not operate a separate wallet. Like with all centralized exchanges, addresses on Kraken are custodial meaning Kraken owns the private keys to those addresses. Just like how a bank has custody of your savings in a bank account.
Can I send BTC from Binance to Kraken?
Yes, you can send Bitcoin from any crypto exchange including Binance to Kraken. To do this search for your bitcoin on Binance and click on the send button. In the address field paste your Kraken bitcoin address and hit send. You can find Kraken's bitcoin address when you sign into Kraken under "markets" and then "deposit".
Does Coinbase charge to transfer Bitcoin?
Coinbase does not charge withdrawal fees for moving Bitcoin but you do need to pay networks fees that can range from a few cents to tens of dollar depending on how busy the Bitcoin Network is. If you use the Lightning Network the fees will be much lower and insignificant.
How do I withdraw bitcoins from Coinbase?
On Coinbase find your bitcoins and click on the send button. Next, paste the address of the wallet or exchange where you want to send your bitcoin and hit the confirm button.
A crypto address is a unique string of characters that represents a specific wallet on a blockchain network. It can be used to send and receive crypto assets, just like a bank account number or email address. At first, it can feel daunting to get your head around the concept but in this guide, I will break everything down into baby steps. Read more.