Kraken Registration, Deposit, and Fiat Withdrawal Tutorial in October 2023 - Crypto News

Kraken Registration Guide Kraken registration is actually quite straightforward. The main issue that many people encounter is with address verification. Here, we'll guide you step by step on how to register and pass the KYC verification.

Preparation materials: Passport, address proof (water and electricity bills, bank statements).

  1. Firstly, open the official website. This is quite simple. Follow the instructions on the website to enter your information step by step. If your English isn't strong, you can choose German in the upper right corner.
  2. After completing the registration, an activation code will be sent to your email. Click on your username in the upper right corner of the website and select "Get Verified." Click "Verify."
  3. Enter your personal information here. Make sure to fill in everything using Pinyin. Also, ensure that your address matches the one you'll later submit as proof of residence.
  4. After inputting all the information, select an occupation (it doesn't matter which one you choose).
  5. After completing the information, upload your passport details. If you don't have a passport, you can try using your ID card.
  6. After uploading the passport, you'll need to upload an address proof. I didn't take a screenshot here, but you can easily find an image online. Depending on your situation, you can choose a water or electricity bill or a bank statement (I personally used an electricity bill from a utility company that included my address information in German, and it was approved).
  7. After uploading, you'll be notified that your account is verified. Note that at this stage, only your passport information and personal information have been automatically verified. Address proof requires manual review. Mine took just a day (it's best to register on weekdays to shorten the waiting time).
  8. After the manual review of the address proof, you'll receive an email notification, and you can see in your account that verification has been successfully completed. Once the address proof is verified, you can easily withdraw fiat funds.

Kraken Deposit Guide

Now, let's explain the tutorial for depositing cryptocurrencies (using USDT as an example):

  1. Go to the backend and click "Fund Deposit" > "Deposits" and select the desired cryptocurrency (USDT). Choose the TRC chain (low fees) and copy the address.
  2. Transfer the desired amount from your wallet or exchange to the copied address.

Kraken Fiat Withdrawal Guide

Let's emphasize the steps for fiat withdrawal:

Kraken allows direct withdrawal of Euros to an N26 bank account. Currently, there seems to be no risk control. However, note that N26 banking provides only IBAN and BIC. You need to manually search for the bank name and address details. Use the BIC query tool provided by Wise at https://wise.com/gb/swift-codes/bic-swift-code-checker. Enter the BIC code provided by N26 and click "Search." It will display information such as the bank's name and address.

Go to the Kraken backend, click "Fund Deposit" > "Withdraw" and select "Add New Withdrawal Account." Choose the withdrawal method "SPEA" and add the N26 bank receiving information. You can provide any note as a reference.

  1. Fill in IBAN and BIC as per the information from the N26 backend.
  2. Paste the bank name and address you found using Wise.
  3. Click "Add Bank Account."

Note that your name cannot be changed, meaning you can only withdraw to your own bank account. Enter the amount you want to withdraw and click "Withdraw EUR." Here's the process of my withdrawal:

  1. I initiated the withdrawal request (in Euros) at Kraken at 10:00 PM Berlin time. About 5 minutes later, Kraken confirmed the transfer.
  2. The next day at 5:30 PM, N26 notified me of the incoming transfer. You can then transfer the money from N26 to your Wise account.

I hope this translation helps.

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