Kraken has a “conversion” feature that allows users to convert cryptocurrency from one to another.
Any novice trader can easily convert cryptocurrency on Kraken.
This simplified version of trading is very fast, easy to use and only carries a 0.1% commission. In addition, users will be subject to a withdrawal fee if they withdraw the converted cryptocurrency.
Table of Contents:
How to convert cryptocurrency from one to another on Kraken?
To convert cryptocurrency to Kraken, you need to click “Convert“.
Next, set up the cryptocurrency pairs for the exchange and enter the amount of cryptocurrency to convert.
Finally, confirm the transfer. That’s all.
- Steps to convert cryptocurrency from one to another on Kraken
- Steps to convert cryptocurrency from one to another on Kraken mobile application
Steps to convert cryptocurrency from one to another on Kraken
- Click “Convert“
- Set up cryptocurrency pairs
- Confirm your order
- Audit history
1. Click “Convert“
Log in to your Kraken account.
By default, you will land on the “Buy Crypto” page.
On that page, you can see the buy, sell, convert, and payment methods.
Since you are going to convert your cryptocurrency, click “Convert“.
2. Set up cryptocurrency pairs
After clicking “Convert”, you need to select the cryptocurrencies for this conversion.
In the “From” field, select the cryptocurrency you want to trade and enter the amount you want to spend.
In the “To” field, select the cryptocurrency you want to trade for.
Use the “MAX” button if you want to spend the full amount of the particular cryptocurrency you have selected.
Finally, click on “Review“.
3. Confirm your order
Now you can preview your order. This preview will contain the amount and encryption you’re spending, the amount and encryption you’re receiving, and the fee.
Review the details and click “Confirm“.
4. Audit history
Within seconds of clicking Confirm, your cryptocurrency has been converted.
To check your conversion history, click “History” at the top of the webpage.
Steps to convert cryptocurrency from one to another on Kraken mobile application
- Tap “Convert“
- Set up cryptocurrency pairs
- Confirm your order
- Audit history
1. Tap “Convert“
Open the Kraken mobile application.
Tap the “interchange” icon at the bottom of your device’s screen.
Then, you will be able to see more options, such as Buy, Sell, Convert, Deposit and Withdraw.
Since you are looking to convert your cryptocurrency, tap on “Convert“.
2. Set up cryptocurrency pairs
Now, select the cryptocurrency pairs to trade as shown in the image below.
You can use the “MAX” button if you want to use the entire amount of crypto.
Finally, tap on “Review“.
3. Confirm your order
After tapping On Review, you’ll see the transaction overview.
There, you can see the cryptocurrencies involved in this conversion and their amount.
Check the details and “Scroll to confirm“.
4. Audit history
Within a second of scrolling, your order will be executed and you own your new cryptocurrency.
To see your conversion history, tap the “cake” icon and then tap on Transaction History.
conclusion
Kraken Convert is the one-stop solution for those who want to exchange their Bitcoins for Ethereum, Ethereum for Bitcoin, etc.
The Kraken Convert feature is easy to use, instantaneous and has only a 0.1% commission.
To convert cryptocurrency with a zero fee, you can also use Binance or Coinbase. However, you will be subject to a withdrawal fee if you withdraw your converted cryptocurrency.
frequently asked questions
1. Is Kraken Convert free?
No, Kraken Convert charges a small fee of 0.1% for each crypto conversion. If you want to convert your cryptocurrency for free, you can use Binance or Coinbase.
However, there will be a withdrawal fee if you withdraw the converted crypto token.
2. Is the conversion of cryptocurrencies from one to another taxable?
Yes, converting cryptocurrency from one to another is a taxable event since it involves buying and selling crypto tokens.
When you convert your cryptocurrency, you are receiving another cryptocurrency as a gain. So, it is subject to taxation.
