Crypto

6 Steps To Transfer From Kraken To Your Yoroi Wallet

How To Transfer From Kraken To Yoroi

Last updated on January 20th, 2022

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If you have bought some ADA on Kraken, you may be looking to send it to your Yoroi Wallet to stake ADA.

Here’s a guide on how you can do so:

How to transfer ADA from Kraken to Yoroi

Here are 6 steps to transfer ADA from Kraken to your Yoroi wallet:

  1. Obtain the ADA deposit address from your Yoroi wallet
  2. Go to ‘Funding’ on Kraken
  3. Select ADA as the cryptocurrency that you want to withdraw
  4. Add a withdrawal address on Kraken
  5. Enter the transaction details and confirm the withdrawal
  6. Receive ADA in your Yoroi Wallet

And here is each step explained further:

Obtain the ADA deposit address from your Yoroi wallet

The first thing you’ll need to do is to create a Yoroi Wallet.

Yoroi Wallet Website

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‘,

Yoroi Wallet Select Receive

and this will show you the ADA deposit address that you’ll need to copy to Kraken.

Yoroi Wallet ADA Deposit Address

Your address should start with ‘ada‘, 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.

Kraken Select 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.

Kraken Select ADA Withdraw

Add a withdrawal address on Kraken

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

Kraken Add ADA Address

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

Kraken Yoroi ADA Address

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.

Kraken ADA Withdrawal Details

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

Receive ADA in your Yoroi Wallet

After the transfer has been initiated, you will receive ADA in your Yoroi 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 Yoroi Wallet?

Kraken charges 1 ADA for withdrawals via the ADA network. This fee is similar to withdrawing ADA on other platforms.

Conclusion

Sending ADA to Yoroi 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 to stake ADA too.

Alternatively, you can send your ADA to Crypto.com, and lend it out to earn interest.


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