Coinbase and Kraken are among the top five cryptocurrency exchanges by normalised trading volume, according to Coingecko. In liquidity, Coinbase is ahead of Kraken. On the other hand, Kraken offers more trading pairs and a different set of features compared to its competitor.
Some people think of Coinbase as a “gateway” exchange where they can acquire bitcoin quickly and easily, while Kraken is more suitable for experienced crypto users.
Transferring your bitcoin from Coinbase to Kraken is a very simple process that we will go through in this article.
Kraken is known to be one of the most secure cryptocurrency exchanges with a large amount of liquidity. Because it offers such a diverse range of trading pairs, it is not surprising that many traders who have already used Coinbase want to try trading on the Kraken exchange at some point.
Kraken is a cryptocurrency exchange that also offers margin accounts, futures, betting and other services. Coinbase also has trading, betting and institutional features, but may be a better option for newcomers. Kraken has the best costs, however, Coinbase is excellent for beginners for digital storage.
According to several sources, Kraken’s user interface is one of the reasons why novice traders choose to start their trading adventure on Coinbase. While this claim is debatable, Kraken’s interface is said to be too complicated. You will find that moving Bitcoin from Coinbase to Kraken is not difficult. Due to changes in the Coinbase user interface, several older tutorials have become obsolete.
For example, they all start with the same suggestion: go to the Coinbase Accounts page. There is no longer a tab for this on the exchange website. The Submit button was described as a button with a paper plane symbol by the instructions. Such an icon no longer exists; it was removed. This updated guide has updated information.
STEP-BY-STEP GUIDE
The following procedures must be followed to transfer BTC from Coinbase to Kraken:
To begin with, you must first acquire a BTC address to which Coinbase will send the funds. It is worth noting that Bitcoin on the Kraken exchange is known as XBT rather than the more popular BTC. Don’t be fooled! To get started, go to the Kraken exchange and click on the Funding tab. It’s in the top right corner of the home page, in the horizontal menu.
All the remaining steps will be completed on Coinbase. In Coinbase, go to the Portfolio tab.
Choose your Bitcoin wallet and click the “Send” button, then fill in the Amount section of the pop-up window with the amount of BTC you wish to send.
The Kraken BTC address (which was collected during step 1) must be entered in the Recipient box.
In addition, the amount of BTC to be sent from Coinbase to Kraken must be specified. It is time to press the Continue button after you have entered the location and chosen the amount. This is the last step.
When making bitcoin transfers, it is critical to be careful when filling in the addresses and amounts. Remember that the bitcoin ledger is immutable and acts are irreversible. It is preferable to verify the information before clicking OK and discovering that the money was sent to the wrong address.
Another common mistake is to use the wrong cryptocurrency address. Bitcoin (BTC or XBT) addresses differ from Bitcoin Cash (BCH) addresses, for example. Make sure you are using the correct address for the currency you are looking for. It is also a good idea to check the transaction statuses to see if the activity was fully completed or if you need to wait longer if the transaction is still pending. If the Pending status remains for an extended period of time, it may be necessary to contact the exchange’s customer service.
What to do if the coins did not reach the wallet?
The transaction can take a long time. It usually takes from 30 minutes to many hours. As a result, it is best not to get too nervous if the transaction is not completed immediately or even within an hour. If the money has not arrived in your Kraken wallet after two hours, it is time to seek help. The status of the transaction can be viewed in the Recent Transactions section of the Wallet tab.
If the transaction status on Coinbase is “pending”, it is best to contact Coinbase support staff because it is likely that the funds are still in Coinbase’s possession. The help button can be located on the right side of the bottom of the page on any page (!) of the Coinbase website.
If the transaction on Coinbase has been marked as “Complete”, but the bitcoins have not yet arrived in the Kraken wallet, it is time to contact Kraken’s support staff. It will most likely now be your responsibility to execute the transaction or explain why the assets have not yet appeared in the account. The Contact button at the bottom of the home page can be used to contact customer support.
It is fine to contact both exchanges if you are not sure which one has the funds. It is essential to provide the support staff with all relevant information, such as the date and time of the transfer, the status of the transaction on both exchanges, the number of bitcoins transmitted, the name of the account, etc. It will improve the likelihood that the support team will have enough information to find your coins.
A QUICK SUMMARY
Here is a quick summary. The summary is in the form of a sequence of tabs and buttons for your convenience.
Funding > Deposit > Generate new Kraken address (type it in, copy it or use a QR code)
In Coinbase, go to Wallet > Bitcoin > Send (amount) > Recipient (copy and paste the address) > Continue.
HOW TO TRANSFER BITCOIN FROM KRAKEN TO COINBASE?
Now we understand how to move bitcoin from Coinbase to Kraken. It is not difficult to do the opposite. Except for the titles of certain tabs and buttons, the procedure is almost identical. Here is a quick guide:
In Coinbase: Portfolio > bitcoin > receive button (the new address can be typed, copied or scanned as a QR code).
In Kraken: Go to Fund > withdrawal > add an address (insert your Coinbase wallet address here) > look at the Withdrawal button > button to confirm the withdrawal.
HOW TO TRANSFER OTHER CURRENCIES?
Transferring Ethereum, Ripple, Zcash, Litecoin, Bitcoin Cash and other coins from Kraken to Coinbase or vice versa is not difficult if you already know how to send Bitcoin. You can follow the same steps if you want to use a different currency instead of Bitcoin. The addresses will look different from Bitcoin, this is intentional and is not always a mistake with the text.
Transfer Ethereum from Coinbase to Kraken:
In Kraken: Fund > deposit > generate a new address (type it in, copy it or use a QR code).
In Coinbase: Wallet > Ethereum > Send (specify amount) > Recipient (paste address) > Continue
Transfer Ethereum from Kraken to Coinbase:
In Coinbase: Portfolio > ethereum > receive button (the new address can be typed, copied or scanned as a QR code).
In Kraken: Funding > Withdraw button > Add address (paste Coinbase address) > Review withdrawal button > Confirm withdrawal button
Transfer Ripple from Coinbase to Kraken:
In Kraken: Fund > Deposit > Generate new address (type it in, copy it or use a QR code)
In Coinbase: Portfolio > Ripple > Send (specify amount) > Recipient (paste address) > Continue
Transfer Ripple from Kraken to Coinbase:
In Coinbase: Portfolio > Ripple > Receive button (the new address can be typed, copied or scanned as a QR code).
In Kraken: Funding > Withdraw button > Add address (paste Coinbase address) > Review withdrawal button > Confirm withdrawal button
Transfer Litecoin from Coinbase to Kraken:
In Kraken: Fund > deposit > generate a new address (type it in, copy it or use a QR code)
In Coinbase: Portfolio > Litecoin > Send (specify amount) > Recipient (paste address) > Continue
Transfer Litecoin from Kraken to Coinbase:
In Coinbase: Portfolio > litecoin > receive button (new address can be typed, copied or scanned as a QR code)
In Kraken: Funding > Withdraw button > Add address (paste the address from the Coinbase wallet) > Review withdrawal button > Confirm withdrawal button
CONCLUSION
As you can see, moving bitcoin and other cryptocurrencies from Coinbase to Kraken and vice versa is a simple operation. The most important and difficult aspect is to maintain focus to avoid typos in the address and confusion of the currency.
The best way to do this is to copy and paste the address instead of typing it. vWe hope this tutorial will help you complete the job quickly and efficiently.