If you have bought some ADA on Kraken, you may be looking to send it to your Daedalus Wallet to stake ADA.
Here’s a guide on how you can do so:
How to transfer ADA from Kraken to Daedalus
Here are 6 steps to transfer ADA from Kraken to your Daedalus wallet:
- Obtain the ADA deposit address from your Daedalus wallet
- Go to ‘Funding’ on Kraken
- Select ADA as the cryptocurrency that you want to withdraw
- Add a withdrawal address on Kraken
- Enter the transaction details and confirm the withdrawal
- Receive ADA in your Daedalus Wallet
And here is each step explained further:
Obtain the ADA deposit address from your Daedalus wallet
The first thing you’ll need to do is to create a Daedalus Wallet.
Don’t forget to keep your seed phrase secure, as this can be used by anyone to access your wallet!
Once you have created your wallet, you will need to go to the dashboard and select ‘Receive‘,
and this will show you the ADA deposit address that you’ll need to copy to Kraken.
You may want to note that there are over 16 wallet addresses on Daedalus via which you can receive payments in ‘ada’ or native Cardano token.
Your address should start with ‘add‘, which is a Cardano network address. This is different from ‘0x‘ addresses which are for the ERC20 and BEP20 networks.
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 ADA as the cryptocurrency that you want to withdraw
Once you’re there, you can select ADA as the cryptocurrency that you intend to withdraw.
Add a withdrawal address on Kraken
The next step will be to add your Daedalus deposit address on Kraken.
You will need to paste the deposit address that you’ve copied from Daedalus.
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 ADA that you wish to withdraw.
You will be able to view the withdrawal fee that you incur when sending your funds to Daedalus as well.
Receive ADA in your Daedalus Wallet
After the transfer has been initiated, you will receive ADA in your Daedalus Wallet. Transactions on the Cardano network are really fast, and you should be able to receive the funds within a few minutes!
What are the fees for transferring ADA from Kraken to Daedalus Wallet?
Kraken charges 1 ADA for withdrawals via the ADA network. This fee is similar to withdrawing ADA on other platforms.
Sending ADA to Daedalus Wallet allows you to stake ADA on their platform, and you can use this same method for other platforms like Binance or Crypto.com.
You are also able to use the Exodus wallet or Yoroi wallet to stake ADA too.
Alternatively, you can send your ADA to Crypto.com, and lend it out to earn interest.
If you’re looking to generate tax reports for your crypto trades, you can consider using Koinly, which allows you to track your transactions from 350+ exchanges and 50+ crypto wallets.
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