Basics of Transferring Crypto

The general process for to deposit cryptocurrencies between crypto exchanges is fairly simply and you only need a few things to get started.

First, you’ll need your crypto deposit address from your Kraken account. This new deposit address can generally be found by clicking “Deposit” next to an asset you’re looking to transfer. Your Kraken address to deposit Bitcoin will be different from your Binance wallet address, so make sure you have the correct blockchain network and withdrawal address. Similarly, your USDT deposit address on Kraken is a different one than your Bitcoin one, so if you want to transfer USDT you will receive a different wallet address to use. There are likely minimum deposit requirements, so be sure to check out the minimum for each deposit method.

If you’re ready to deposit Bitcoin from your Binance account to Kraken, follow the steps below.

Step-by-step Guide: How to Transfer from Binance Account to Kraken

The first step to transfer Bitcoin or other digital assets from Binance to Kraken is to log in to your Kraken account by clicking “Sign In” in the upper right corner of the home page. If you haven’t made an account with Kraken, then you’ll need to do that first. Once you’re logged into the Kraken platform, click the “Transfers” tab on the left side of the dashboard.

You’ll then see Kraken’s interface for sending Bitcoin or any other cryptocurrency to or from Kraken. You can toggle between the deposit button and withdraw button to switch between sending and receiving assets with your Kraken account. You can use the drop down menu to switch between different cryptocurrencies.

In order to send Bitcoin from Binance to Kraken (or other cryptocurrency exchanges), you’ll need to get your BTC address from Kraken by clicking “Generate Deposit Address”. Kraken offers the main Bitcoin network, or the Lightning Network, which has low fees. Since Binance does support use of the Lightning Network, you can choose to use either the main Bitcoin network to deposit Bitcoin, or the Lightning Network, just be sure you have the correct blockchain network when making the withdrawal from Binance.

Next, you’ll be shown the above image. You can use the copy icon to copy your Bitcoin address to your clipboard, or scan the QR code using your mobile device. This process is the same for mobile apps. You’ll also see the deposit fee, which depends on the asset, but should be zero as it is for transferring Bitcoin to Kraken.

Now that you have your Bitcoin address, open a new tab and go to the Binance website, or open the app on your mobile device. To log in to your Binance account click “Log In” button in the upper right corner. Once logged into your Binance account click the “Wallet” drop down menu button in the upper right corner and then choose “Fiat and Spot” trading accounts.

Then find the asset you wish to withdraw, and click Withdraw. For example, if you want to withdraw Bitcoin, click the button in it’s row, if you want to transfer USDT, then click the button in its row. You’ll then see the below page.

Enter the address you got from your Kraken account into the “Address” field. If this is your first time using the address and you have address whitelisting enabled on your Binance account, you’ll have to add it to the list of whitelisted addresses first, otherwise, you can continue as normal. If withdrawing Bitcoin, make sure you use the correct Bitcoin deposit network, the Lightning Network should be your preferred Bitcoin network to use because it a has lower transaction fee than the main network. Same goes for any other crypto asset, double check it’s the correct blockchain network. After entering the address and network, click the “Withdraw” button seen below.

You’ll be asked one more time to verify it’s the right blockchain network, before seeing this final withdrawal confirmation page where you review the details of your withdrawal including the amount and network fee. Verify it’s the right amount, address, and network. Once you click confirm, you’ll have to enter your two factor authentication codes to complete the withdrawal.

The amount of time it will take to transfer digital assets from Binance to Kraken depends on how much you want to transfer and network congestion, but valid transactions should take no more than about 10 minutes. When there is a successful completion of your deposit you’ll receive an email from both Kraken and Binance. Once you get the confirmation email you’ve successfully transferred Bitcoin from Binance to Kraken.

Are there Fees to Send Crypto from Binance Account to Kraken?

Yes, there is a withdrawal fee charged by Binance for sending Bitcoin to Kraken (or any other asset). Thankfully, both exchanges support the Lightning Network, which has lower fees than the main network and is less likely to suffer from network congestion, which means you’ll wait longer if using the main network. Other exchanges may have a different fee structure, or higher fees.

What About Transferring Ethereum from Binance to Kraken?

The process for transferring Ethereum from Binance to Kraken is the same, you simply generate an ETH address on Kraken instead.

How Long Does it Take to Send Bitcoin? What About ETH?

Sending Bitcoin from Binance to Kraken should take about 10 minutes on the main network, less with the Lightning network. ETH should be similar.

What Happens if I Use the Wrong Address by Mistake?

If you wanted to transfer USDT but used a Bitcoin address or other address by mistake, there is likely nothing that can be done. However, this is why the exchange makes you verify all those details before sending the funds.

Yes, Binance charges withdrawal fees for crypto. The amount depends on the asset and how much of it you’re sending.