In this guide, we take a close look on the Withdrawal Fees that Kraken exchange charges. We have also outlined other relevant fees such as crypto withdrawal fees, fiat withdrawal fees and much more! Keep reading and you will soon find out how competitive Kraken's withdrawal fees are!
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Kraken Withdrawal Fees
Withdrawal fees on cryptocurrency exchanges can be broadly categorised into two main types: those associated with fiat currencies and those related to cryptocurrencies.
Each type of fee is crucial in its own right with the former involving traditional banking systems and the latter concerning digital assets. On Kraken, both of these fees are relevant as the supports both fiat and cryptocurrency withdrawals.
Kraken exchange
Fiat withdrawal fees on exchanges like Kraken are typically incurred when users want to cash out their digital assets back to traditional currencies, like USD, EUR, or GBP.
These fees can vary based on the method of withdrawal be it wire transfer, SEPA, ACH, or others. Such fees are crucial for the exchange to cover operational costs associated with interfacing with the traditional banking system.
On the other hand, crypto withdrawal fees are levied when users transfer their digital assets such as Bitcoin or Ethereum. These withdrawal fees are primarily to cover the costs associated with the blockchain's transaction processing and fluctuate based on the network's congestion.
In Kraken's case, being a platform that facilitates both fiat and cryptocurrency transactions, users must understand about the withdrawal fees of both types.
Kraken Withdrawal Limit
Withdrawal limits on Kraken depend on factors like where users live and what verification levels they have achieved.
Kraken KYC verification levels
Kraken has three different KYC verification levels that include starter, intermediate and pro. Starter involves providing some personal information and unlocks $5K in daily cryptocurrency withdrawal limits.
Those who advanced to intermediate by uploading a valid government ID get access to over $500K worth of crypto withdrawals in addition to over $100K worth of fiat withdrawals. And finally, those that complete the pro KYC get unlimited crypto and fiat withdrawals meaning no limits at all.
Kraken Fiat WIthdrawal
Fiat withdrawals on Kraken are available for all the 7 currencies they support which includes USD, EUR, GBP, CAD, JPY, AUD and CHF.
Kraken also offers multiple fiat withdrawal methods including ACH (free of charge), SEPA (0.9 EUR Fee), Swift which has a $4 fee and Faster Payments (FSP) that has a 1.95 GBP fee.
Kraken Minimum Withdrawal
The minimum withdrawal for fiat currencies is normally around $50 dollars on most exchanges including Kraken.
Minimum withdrawal amounts for cryptocurrencies differ however and can often be as low as just $0.50 worth of a token.
Kraken Withdrawal Times
The time it takes for a fiat withdrawal from Kraken usually depends on the method used and the bank's processing time.
Methods like SEPA in Europe typically process within 1-3 business days while international wire transfers can sometimes take up to 5 business days.
Cryptocurrency withdrawals are much quicker than fiat withdrawals as they in some cases can be processed almost instantly.
However, the time it takes to confirm on the respective blockchain network varies. For instance, a Bitcoin withdrawal might take anywhere from 10 minutes to several hours, depending on network congestion.
On the other hand, faster blockchains such as Solana and Cosmos can take just a few seconds in some cases before the transaction settles.
Kraken Crypto Withdrawal
Users on Kraken have the opportunity to withdraw from over 200 cryptocurrencies that are supported on Kraken. This includes well known cryptocurrencies such as BTC, ETH, SOL, ATOM, DOT, DOGE, ADA, ARB, OP and many others.
Kraken crypto withdrawal
Withdrawal fees for each cryptocurrency differ depending on the underlying blockchain and congestion. Below we have outlined the Kraken withdrawal fees for some of the most popular cryptocurrencies.
Kraken BTC withdrawal fees
Kraken uses that want to withdraw their Bitcoin (BTC) from the exchange will have to pay a withdrawal fee of 0.00001 BTC.
Kraken ETH withdrawal fees
Kraken uses that want to withdraw Ethereum (ETH) from the exchange will have to pay a withdrawal fee of 0.0035 ETH
Kraken USDT withdrawal fees
And for those that wish to withdraw their USDT from Kraken, assuming you withdraw using the Ethereum blockchain, the fees will be somewhere between 4-5 USDT and cheaper when using lower cost blockchains.
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