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:
- Select the crypto you want to deposit on BlockFi
- Obtain the deposit address of your cryptocurrency on BlockFi
- Go to ‘Funding’ on Kraken
- Select the cryptocurrency that you want to withdraw
- Add a withdrawal address on Kraken
- 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‘,
and then select the currency.
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.
You can use 2 methods to obtain the wallet address:
- Copy your Wallet Address to your clipboard
- 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.
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.
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.
You will need to paste the deposit address that you’ve copied from Blockfi.
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.
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:
Kraken does not support some currencies that are found on Blockfi, such as GUSD, PAX, or BUSD.
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:
|USDT||20 USDT (ERC20)|
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.
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!
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Here’s what you need to do:
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