You might have purchased a cryptocurrency some time back, and its value is now appreciated. You may have sold it by crypto or the trade feature. So, you might think about withdrawing money from Kraken back to your account. This post will explain how to withdraw money from Kraken.
Kraken, the US-based crypto exchange, and the bank are widely used platforms. It is a well-known platform because it is a fully functional cryptocurrency exchange with a low fee and a great mix of coins. The platform claims to be the best and a secure one. It is a good fit for investors who make most of the margin trading and other advanced features.
It is quite common that users may need to withdraw their funds from cryptocurrency exchanges. However, not all platforms allow you to cash out your money. Kraken is among the reputable platforms allowing users to easily withdraw their money from its platform just in a few simple steps. For understanding how to withdraw money from Kraken, you just need to Sign in >> Withdraw >> Funding Provider >> Bank account >> Request a Withdrawal.
Curious to know more? This post will show you how to withdraw money from Kraken. We will help you gather all the relevant information about Kraken and how you can withdraw funds from this platform. We will start by explaining the Kraken platform, its pros, and cons, and then move further to know how to withdraw money from Kraken. So, let’s not waste time and get started to understand how to withdraw money from Kraken.
What Is Kraken?
Kraken is a US-based crypto exchange and bank. It was founded in 2011. The platform is one of the most secured ones. Security is one of the founding principles of Kraken. It has never been hacked since 2013. It is one of the reasons why people prefer this platform. The platform includes tools and products for beginners. However, many of Kraken’s offerings target more experienced and advanced traders.
It provides several benefits to its users. The fee is also relatively low than many other platforms available. It is among the best trading platforms for crypto-to-crypto trading, experienced traders, and margin trading. It also has a mobile application for its users. Kraken has a large selection of coins available for its users. Before learning how to withdraw money from Kraken, let us check out these cryptocurrencies.
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Crypto Selection At Kraken
Kraken has a strong mix of cryptocurrencies. It has about 60 coins available on its list for US traders. Let us check out some of the cryptocurrencies available at Kraken.
- Bitcoin Cash
- Ethereum Classic
These are some of the coins available on the Kraken exchange. Let us move further and look at the pros and cons of Kraken.
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What Are The Pros And Cons Of Kraken?
Here are the pros and cons of Kraken. Let’s check out the advantages and disadvantages of using the Kraken platform.
Pros of Kraken
- Better security
- A variety of coins are available on the platform
- Users can enjoy advanced trading features
- The platform charges a reasonable fee to its users.
Cons of Kraken
- Not suitable for beginners
- It has a limited starter account
- Slow account funding
- The customer service is not good
- The platform doesn’t provide tax support
These were the benefits and drawbacks of using the Kraken platform. Let us now understand how to withdraw money from Kraken.
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How To Withdraw Money From Kraken?
Here are instructions that show how to withdraw money from Kraken. You can use the Kraken application to withdraw funds easily from your account.
Sign in > Funding > Withdraw > Currency > Funding Provider > Bank account > Request a Withdrawal
Let us get a detailed idea of these steps and find out how to withdraw money from Kraken.
Step 1: Sign In
The first that is needed to be followed is to sign in. You need to sign in to your Kraken account by filling in your details. Then, navigate to the Funding tab and follow the next step.
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Step 2: Withdraw
You will find the Withdraw button next to Deposit. Press that button. Now, use the search box to find the currency you prefer. Select that currency and move forward.
Step 3: Funding Provider
You now need to select a Funding Provider from the drop-down menu. Sometimes, you might be shown just a single option. You can skip this step if only one option comes up.
Step 4: Add Bank Account
You are required to add a New Bank Account. So, press the Continue button, fill in all your bank account details, and hit the Add bank account button. You will need to fill in details such as the name on the account, bank name, account number, etc.
Step 5: Request A Withdrawal
It is time to request a withdrawal. Scroll to the bottom of the page and select the bank account—type in the amount you want to withdraw and hit the Review Withdrawal button. Check if the details are correct or not. Tap the Confirm button.
This was the step-by-step representation of how to withdraw money from Kraken. The process may take a little time, so don’t panic.
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This post is all about how to withdraw money from Kraken. We have provided all the relevant details regarding Kraken and how to withdraw money from Kraken in just a few simple steps. You can now try to withdraw funds from your Kraken account and tell us your experience in the comments.
We hope you’ve got all your answers and understood how to withdraw money from Kraken with this post. If you face any issues, you can drop your queries in the comment box below.
Frequently Asked Questions
Q1. How Long Does It Take To Withdraw Money From Kraken To Bank Account?
A. It usually takes two days after processing to withdraw money from Kraken to your bank account after processing.
Q2. Can I Withdraw Money From Kraken?
A. Yes, you can! You just need to follow some easy steps, and you can withdraw money from Kraken.
Q3. Why Can’t I Withdraw Money From Kraken?
A. There may be several reasons why you cannot withdraw cash from your Kraken account. Because the balance isn’t sufficient for withdrawal, withdrawal might be blocked, or your funds might be withheld.
Q4. Can I Withdraw GBP From Kraken?
A. Yes, you can withdraw GBP from Kraken. You just need to search for a particular asset, and you will find a list of assets where you can choose the one you prefer.