Frequently asked questions about Kraken

General questions about Kraken

• ❓ What jobs does Kraken offer?

  Job offers at Kraken include phone support specialist, UX researcher, Senior UX writer, big data platform engineer, information security manager, No-CodeLow-Code engineer, and crypto content writer. [Edit]

Questions about Accounts & Settings

• ❓ Why is my Kraken account restricted from sending currencies?

  Once you make your first deposit, your Kraken account is restricted from transferring currencies (cryptocurrencies and cash) regardless of the currency of your deposit for 72 hours. After 72 hours, future deposits won’t trigger the hold or restriction. But deposits from certain banks may trigger another restriction. [Edit]

• ❓ How long does it take until my Kraken account is approved?

  The KYC requirements demanded by Kraken are normally reviewed after the user issues them, meaning it may take time, depending on the review method. The intermediate level will take about 10 minutes, basic level from 1 to 60 minutes, Pro-Corporate more than 5 days, and Pro-individual up to 5 days. [Edit]

• ❓ Is Kraken allowed to lock my account?

  Yes, Kraken is allowed to lock your account for security reasons. They can lock it if your username is easy to guess, being too common, or bots have tried to log in, leading to several login attempts. They can unlock it within a couple of hours after a few I.D. verifications. [Edit]

• ❓ How does the KYC progress on Kraken work?

  Kraken doesn’t allow any of its users to trade crypto without a KYC compliant. This allows them to confirm that a client is who they claim to be to prevent illegal activities like hacking. [Edit]

• ❓ How can I delete my Kraken account?

  To delete your Kraken account, you’ll have to create a ticket in the “General form” section and select “Close Account.” Before deleting the account, export your trade and ledger record since you won’t recover it later. [Edit]

• ❓ How can I change my address on Kraken?

  Sign in to your Kraken account at support.kraken.com. and open a support request and choose “Get Verified.” Under the Request category, choose Information change followed by address change. In your message, mention your new address, but keep in mind that you will have to attach a valid proof of resident document for the new address after they respond to your ticket. [Edit]

Questions about Buying, Selling & Trading

• ❓ Can I do margin trading on Kraken?

  Yes, Kraken is one of the few exchanges that provide margin trading with bitcoin for the United States residents. Their focus, however, isn’t limited to this region only and supports clients worldwide. [Edit]

Questions about Currencies & Coins

• ❓ How do I buy bitcoin on Kraken?

  Create your free Kraken account. Once verified, fund the account with Fiat currency: USD, EUR, GBP, AUD, CHF, or JPY. Go to the “Assets” section and purchase the desired amount of bitcoin. [Edit]

• ❓ Can I buy Ethereum on Kraken?

  Yes, Ethereum is among the digital assets available for trading at Kraken. [Edit]

• ❓ Can you buy Ethereum on Kraken?

  Yes, Kraken’s ETH2.S/ETH market lets eligible clients purchase (and sell out of) staking positions on the Ethereum network. [Edit]

Questions about Service & Support

• ❓ Is Kraken available in the U.K.?

  Yes, Kraken provides most services to their clients living in the U.K., with the following exceptions: Futures trading is restricted for retail clients, Clients living in the U.K. can’t use off-chain staking. [Edit]

• ❓ How can I contact the Kraken support team?

  Kraken offers 247 support, with instant chat and email responses. They also run a unique call back system. Just leave them a message over a ticket on the platform, and they will call you back on your registered phone number. [Edit]

Questions about Deposits & Withdrawals

• ❓ How do I transfer money to Kraken?

  To transfer money to Kraken, log in and go to the funding page. Here you will see the available deposit options. Select your preferred deposit type and follow the instructions provided to transfer the amount of whatever currency you want to your Kraken account. [Edit]

• ❓ How to add a bank account to Kraken?

  Navigate to the Funding page of your Kraken account and choose the applicable withdrawal currency. Once you’re there, you’ll see “Add New Bank Account” and click on “Continue.” Fill in your bank details and click on “Add Bank Account.” [Edit]

• ❓ Can I withdraw money from my Kraken account?

  Yes, log in to your account and navigate to the relevant funding page to see the most current details. All-first cash deposits will lead to a temporary withdrawal hold on the account. Debitcredit cards, cash or third-party payments processor withdrawals aren’t possible. [Edit]

• ❓ How do I move BTC from Kraken to a wallet?

  To move bitcoin from Kraken to a wallet, navigate to the “Funding” tab and click the “Transfer” button for bitcoin. Enter the amount you wish to move (ensure that it meets Kraken minimum) and click the “Transfer” button and the “Submit” button. If the transfer was successful, you will receive a notification at the bottom of the page. [Edit]

• ❓ What is the minimum age to trade on Kraken?

  To trade on Kraken, you must be 18 years of age. [Edit]

• ❓ Why is my Kraken deposit still pending?

  If your deposit to Kraken is still pending after the estimated time frame (1 to 7 days), check your transfer receipt to ensure you correctly entered their bank details. Also, check if there is a deposit status or if there are any banking holidays. If the above doesn’t help, consider contacting support. [Edit]

• ❓ Why does it take so long to add my deposit?

  In the case of opting for a fiat currency deposit, the waiting time usually depends on the chosen method. However, the wait is between one to five business days for all types of deposits. [Edit]

• ❓ Can I transfer funds from Kraken to PayPal?

  Kraken doesn’t accept withdrawals to TPPPs (third-party payments processors) like PayPal for compliance reasons. This is because it’s hard to verify that a transaction is destined or came from an account associated with the user on Kraken. [Edit]

• ❓ Can I send coins from Kraken to a hardware wallet?

  Yes, Kraken allows eligible users to deposit coins to their corporate wallet for safekeeping while the coins are being exchanged or used for staking or trading. Note that they don’t offer a personal wallet service. [Edit]

• ❓ Is there a minimum amount you have to transfer to your account?

  Kraken allows for unlimited crypto deposits even for traders who haven’t undergone a KYC verification; it is only withdrawals that are limited. [Edit]

Questions about Fees & Pricing

• ❓ Does Kraken charge fees for sending or receiving crypto?

  Yes, it charges 0 to 0.26% per transaction fee. [Edit]

• ❓ Does Kraken have any hidden fees?

  No, when it comes to fees, Kraken has reduced its prices drastically to stay ahead of the competition. It is now one of the cheapest trading platforms today. [Edit]

Questions about NFTs

• ❓ Can I buy NFTs on Kraken.com?

  Yes, most NFTs are bought with ETH (the native currency of the Ethereum network), which is easily converted to U.S dollars on Kraken exchange. [Edit]

Questions about Security

• ❓ Is Kraken.com safe?

  Given that it has never been hacked since it launched in 2013, Kraken is a safe place to trade cryptocurrency. They are one of the largest exchanges by trade volume in the U.S., and their volume reporting is believed to be accurate. [Edit]

• ❓ What is the Kraken vault?

  Kraken vault is a crypto storage solution that offers an additional layer of security to digital wallets, ensuring bitcoin and Ethereum are secure. They are only accessible through Reddit’s mobile application. [Edit]

• ❓ Can I trust Kraken with my personal data?

  On a trusted and known exchange like Kraken – yes, your personal data is safe. Kraken has to gather identification documents to be in compliance with KYC and AML laws in the United States, the same as a bank would verify your identity if you were physically present to open a bank account. [Edit]

• ❓ Has Kraken ever been hacked?

  No, it hasn’t been hacked so far. However, there were cases where some individual users got their Kraken accounts hacked because of a lack of Two Factor Authentication (2FA) security. [Edit]

• ❓ How is Kraken regulated?

  Kraken is regulated by FinCEN in the United States, FinTRAC in Canada, and FCA in the United Kingdom. [Edit]

Questions about Taxes

• ❓ Does Kraken transfer data to the IRS?

  Yes, Kraken is obliged to offer the IRS details about its users engaged in crypto transactions equivalent to $20 000. [Edit]

The unofficial FAQ - Kraken.com

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