Crypto Invest

6 Steps To Transfer From Kraken To Blockfi

Kraken to Blockfi

Last updated on January 5th, 2022

You may have just bought some cryptocurrencies on Kraken, and are looking to earn a higher interest on them.

One such platform is Blockfi, which offers rather high interest rates on a wider variety of cryptocurrencies.

However, how do you go about transferring your cryptocurrencies between these platforms?

How to transfer your crypto from Kraken to BlockFi

Here are 6 steps you’ll need to take to transfer your crypto from Kraken to BlockFi:

  1. Select the crypto you want to deposit on BlockFi
  2. Obtain the deposit address of your cryptocurrency on BlockFi
  3. Go to ‘Funding’ on Kraken
  4. Select the cryptocurrency that you want to withdraw
  5. Add a withdrawal address on Kraken
  6. Enter the transaction details and confirm the withdrawal

Select the crypto you want to deposit on BlockFi

You’ll need to select the crypto that you wish to deposit onto BlockFi. First, you’ll need to go to ‘Deposit Crypto‘,

BlockFi Deposit Crypto

and then select the currency.

BlockFi Choose Currency To Deposit

BlockFi allows you to deposit 13 different currencies on their platform to start earning interest.

Obtain the deposit address of your cryptocurrency on BlockFi

After selecting the currency, you will see the address that you’ll need to deposit your crypto to.

BlockFi Fund Deposit 1

You can use 2 methods to obtain the wallet address:

  1. Copy your Wallet Address to your clipboard
  2. Scan the QR code

If you are copying the wallet address, it may be best for you to double check the address before sending!

If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.

This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!

Go to ‘Funding’ on Kraken

On Kraken’s platform, you will need to select the ‘Funding’ tab.

Kraken Select Funding Tab

Select the cryptocurrency that you want to withdraw

Once you’re there, you can select the cryptocurrency that you intend to withdraw. For this example, I will be withdrawing Bitcoin.

Kraken Withdraw BTC Select

You will need to click on the ‘Withdraw‘ button.

Add a withdrawal address on Kraken

The next step will be to add your Blockfi deposit address on Kraken.

Kraken Add Withdrawal Address BTC

You will need to paste the deposit address that you’ve copied from Blockfi.

Kraken Add Blockfi Address

Kraken mainly supports the ERC20 versions of most tokens, as well as the Bitcoin network.

There are some currencies, such as USDT where you can withdraw from multiple networks (ERC20, OMNI and TRC20). Since Blockfi only supports the ERC20 version of USDT, you should only be sending USDT via the ERC20 network.

Do try to be careful when you are copying your deposit address. If you miss out on a letter or a number, your crypto may be lost forever!

Enter the transaction details and confirm the withdrawal

The last part will be to enter the amount of the cryptocurrency that you wish to withdraw.

Kraken Withdrawal Transaction Details

You will be able to view the withdrawal fee that you incur when sending your funds to Blockfi as well.

After confirming the transaction, it may take a while before your funds will reach your Blockfi wallet.

Since the ERC20 network is rather congested, it may take a while before you will receive your ERC20 token on Blockfi.

Which cryptocurrencies can I transfer from Kraken to Blockfi?

Here are the cryptocurrencies that are supported by Kraken and Blockfi:

CurrencySupported
By Kraken
Supported
By Blockfi
BTC
ETH
LTC
LINK
USDC
GUSD
PAX
PAXG
USDT
BUSD
DAI
UNI
BAT

Kraken does not support some currencies that are found on Blockfi, such as GUSD, PAX, or BUSD.

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What are the fees that I’ll incur when transferring from Kraken to Blockfi?

Here are some of the withdrawal fees that you’ll incur when withdrawing from Kraken:

CurrencyWithdrawal Fee
BTC 0.00002 BTC
ETH0.0035 ETH
USDT20 USDT (ERC20)
USDC20 USDC
BAT15 BAT

Most of the ERC20 tokens (especially ETH) have rather high withdrawal fees. It will be better to withdraw a large amount of cryptocurrency, so that your withdrawal amount will be worth the fees you incur.

Alternatively, you can buy these ERC20 tokens on Gemini and transfer them to Blockfi, as Gemini offers up to 10 free withdrawals a month, even for ERC20 tokens!

Conclusion

Blockfi is a platform where you can earn interest while holding on to your cryptocurrencies.

However, if you intend to transfer ERC20 tokens to your Blockfi account, the withdrawal fees can be quite high!

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

BlockFi Referral (Earn $10 USD in BTC)

If you are interested in signing up for a BlockFi account, you can use my referral link.

You will be able to receive $10 USD worth of BTC in your BlockFi account!

BlockFi Referral

Here’s what you need to do:

  1. Sign up for a BlockFi account
  2. Deposit $100 USD or more into your BlockFi account
  3. Hold the balance until the next interest paying day (1st business day of each month)
  4. Receive the $10 USD worth of BTC in your BlockFi account

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