underwater seen with kraken logo

How to Fund Your Kraken Account

TL;DR- Choose between three methods: sending crypto, using a credit card or doing a bank wire transfer (USD, EURO, GBP, CAD, AUD, CHF, JPY). After logging in to Kraken, go to funding on the top menu. Click the purple deposit button on the middle right of the screen. If you’re looking to fund your account with crypto, choose a crypto and copy/paste to send to the address. For a wire transfer, select the fiat you’d like to deposit. Follow the steps for wire transfer. Wire transfers take 0-1 business days.

Use the ‘Jump to Section’ above to go to the how-to’s for each method:

  • How to fund your Kraken account (bank wire transfer)
  • How to fund your Kraken account (crypto transfer) – best in my opinion
  • How to fund your Kraken account (Visa/Mastercard)

Prerequisites: Complete at least Starter level KYC on Kraken. This is just your info and a picture of one of your documents (license/passport).
To check your level of verification, click your name in the top right and click get verified on the drop down. Kraken will show you which level of KYC you have.

Kraken uses a couple of intermediaries you send your funds to for wire transfers to your account.
Canadian? You can fund your Kraken account in-person at any Canada Post location!

Why use Kraken

Kraken is a fully-regulated US crypto exchange headquartered in the San Fransisco bay area of California. Kraken currently offers over 100 different coins, twice as many as Binance.US.

Options for crypto exchanges in countries like the US, UK, Australia, and Canada are becoming more limited. Each year that passes brings in new regulation and the removal of features and tokens from crypto exchanges.

I love KuCoin, but I don’t know how much longer that party is going to last. FTX is legit and actively works with governments to play by the rules. Kraken is another exchange just like FTX that works with regulators to keep their features available to crypto investors.

Unlike Gemini Crypto and Voyager Crypto though, Kraken does not have FDIC insurance ($250,000) behind each of its accounts. Still, it’s one of the most secure exchanges out there. If you’re using Kraken please enable two-factor authentication (2FA) or I will hunt you down and make you eat asparugus in huge quantities.

Kraken has a good crypto offering, and it’s good to get set up and funded on as many exchanges as you can. I say this because windows of opportunity in cryptocurrency investing are often short, and you’ve got to be ready. Have accounts on all safe exchanges, and have both your feet planted firmly on the ground and eyes wide open. And be patient.

Kraken’s fees

Like almost everyone else, Kraken has lower fees than Coinbase. The most likely fees you’ll pay with funding your Kraken account will be your bank’s wire transfer fee (~$20 on average), or a 3.75% credit or debit card fee, or the gas fee on the network of the crypto you’re sending. For trading, Kraken is among one of the cheapest exchanges for fees with trades. Kraken is cheaper than Coinbase but a tad more expensive than Binance and KuCoin with respect to trading fees.

Supported Currencies

Kraken currently supports EURO, GBP, USD, AUD, CAD, CHF, and JPY.

How to fund your Kraken account (bank wire transfer)

The average fee your bank charges you for a wire transfer like this is usually around $20, so I only like to use this option if I’m moving larger amounts of money.

1. Log in to your Kraken account. On the top menu, select funding. After arriving at the funding screen, select the purple deposit button in the middle right.

2. You’re met with the deposit window. Select the fiat you’d like to deposit- I’ll be selecting USD in this case.

You’re brought to the deposit and withdrawals screen. Make sure the deposit bar is selecting, and enter the amount of fiat you’d like to deposit. You will select one of the following deposit methods below. The first two involve sending money to a specific bank. It looks weird, but don’t freak out.

Note: Deposit options will differ for residents of other countries. Here’s which options came up for me:

  • MVB = US residents only (but not Texas). Same day transfer if banking day. Requires intermediate or pro level KYC
  • Signature bank = another bank for wire transfer for US residents
  • Sypnase= wire transfer through a bank with FDIC membership, requires additional information and verification. Haven’t seen any additional benefit here

After selecting your deposit method you’ll need to go to your bank’s website, log in to your account, and initiate a wire transfer. Note that in addition to the routing number and account number, you’ll also need to include the reference number ending with ‘kraken.com’ in your transfer.

Below I’ve added an example of what the transfer might look like on your bank’s online portal.

3. Copy and paste the appropriate information from the Kraken deposit/withdrawl page to your bank transfer form on your bank’s website. Send the amount of money you’d like from your bank. The transfer will take 0-1 business days.

Now you get to experience the fun of waiting 24-48 hours for anything to show up. This is why traditional finance sucks and crypto is the future! We still have a long way to go, though.

How to fund your Kraken account (crypto transfer)

For transferring crypto, I’ve found the cheapest, fastest way to be with Stellar Lumens (XLM) followed by Cardano (ADA) and Avalanche (AVAX). The Bitcoin and Ethereum networks have steeper gas fees, and take longer. In this example I’ll be using my Coinbase Pro account to send some AVAX to fund my Kraken account.

1. Log in to your Kraken account. On the top menu, select funding. After arriving at the funding screen, select the purple deposit button in the middle right.

2. You’re met with the deposit window. Select the crypto you’d like to send. Copy the deposit address.

3. Go to the wallet/exchange that you’re sending the crypto from, and enter the address. Be sure to double check the first 5 and last 5 digits of the wallet address.

Me doing an AVAX withdraw on my Coinbase Pro account

4. After sending, monitor the transactions box to the right of the page. Depending on the network speed of the crypto sent, you’ll see the transaction show up in anywhere from a few minutes (XLM) to an hour (Bitcoin).

How to fund your Kraken account (Visa/Mastercard buy)

You’re hit with a 3.75% fee on this one. Ouch! But it’s quicker and less cumbersome than the bank wire transfer, and 3.75% may be less than the $20 in wire transfer fees you’ll pay with bank transfer.

1. Click the buy crypto button on the top menu.

2. Select the crypto you’d like to buy from the drop down. At the bottom of the box, hit add credit & debit card. Enter your information.

3. Confirm your buy by hitting the button at the bottom of the box.

That’s it! Personally, I have Coinbase Pro connected to my bank account. I use Stellar Lumens (XLM) to fund my accounts on other exchanges like KuCoin. Not financial advice (like anything else on here), but once funded, it’s good to make a few trades to get a feel for the platform and the experience it has to offer. Who knows- it might turn out to be your favorite crypto exchange.

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