Last updated on March 7th, 2022
If you have bought some LUNA or UST on Kraken, you may be looking to send it to your Terra Station wallet.
Here’s a guide to help you get started.
How to transfer LUNA or UST from Kraken to Terra Station
Here are 6 steps to transfer LUNA or UST from Kraken to your Terra Station wallet:
- Obtain your Terra Station wallet address
- Go to ‘Funding’ on Kraken
- Select LUNA or UST as the cryptocurrency that you want to withdraw
- Add a withdrawal address on Kraken
- Enter the transaction details and confirm the withdrawal
- Receive LUNA or UST in your Terra Station wallet
And here is each step explained further:
Obtain your Terra Station wallet address
The first thing you’ll need to do is to obtain your Terra Station wallet address.
This can be done by using either the Terra Station app, or the Google Chrome extension.
On either platform, you can click to determine the deposit address. This is where you’ll be sending LUNA or UST to.
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 LUNA or UST as the cryptocurrency that you want to withdraw
Once you’re there, you can select LUNA or UST as the cryptocurrency that you intend to withdraw.
Add a withdrawal address on Kraken
The next step will be to add your Terra Station deposit address on Kraken. You will need to paste the deposit address that you’ve copied from Terra Station.
Kraken will ask you for a memo. However, since you are sending it to Terra Station, a non-custodial wallet, you do not require a memo.
Do try to be careful when you are copying your deposit address. If you miss out on a letter or a number, your funds may be lost forever!
Moreover, Kraken only allows you to withdraw LUNA and UST using the Terra network. You won’t be able to send LUNA or UST via another network, such as ERC20.
Enter the transaction details and confirm the withdrawal
The last part will be to enter the amount of LUNA or UST that you wish to withdraw.
You will be able to view the withdrawal fee that you incur when sending your funds to Terra Station as well.
Receive LUNA or UST in your Terra Station wallet
After the transfer has been initiated, you will receive LUNA or UST in your Terra Station wallet.
The speed of the transaction depends on how congested the Terra network is.
What are the fees for transferring LUNA or UST from Kraken to Terra Station?
Here are the fees for withdrawing LUNA or UST from Kraken:
The fees for UST is similar to Binance, and is cheaper compared to KuCoin.
However, the fees for withdrawing LUNA is quite high on Kraken, so you may want to consider another platform instead.
Kraken is an option if you intend to transfer UST or LUNA to your Terra Station wallet. This will allow you to stake LUNA to earn higher rewards, or use the Anchor Protocol to earn higher interest on your UST!
If you’re wondering how you can use the Anchor Protocol from Singapore, you can view my step-by-step guide here.
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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