Kraken is an exchange, not a wallet service. We provide clients the ability to deposit funds to our corporate wallet for safekeeping while the funds are being exchanged or used for trading or staking*, but we do not provide a personal wallet service.
As with most exchanges, funds sent to deposit addresses are moved tocold storage and hot wallets.Withdrawals are handled by the hot wallet and not the deposit address; the sending address for withdrawals will be different than the deposit address.
1. Deposits
If you deposit to a Kraken address that is not listed on your deposit page, it will not be possible for us to return the funds. It is your responsibility to ensure that the address that you deposit to is listed on your deposit page and that you are sending the correct cryptocurrency to it.
2. Airdrops, forks, & ICOs
3. Withdrawals & fees
Transaction fees for withdrawals are automatically set by our system and cannot be changed. While we do our best to include a fee so that transactions will be confirmed within a reasonable amount of time, we cannot guarantee it due to the unpredictable nature of blockchain congestion.
4. Withdrawals & smart contracts
Do not attempt to withdraw digital assets from Kraken if ownership of the sending address is relevant to the transaction.
For example, if you're depositing into an Initial Coin Offering (ICO) address, Kraken's hot wallet will be the depositor and not your personal Kraken deposit address. You will not be able to receive those ICO tokens.
5. Withdrawals & returns
If you withdraw digital assets from Kraken to a third party that returns the withdrawal to the address from which it was sent, those assets will not be recoverable by Kraken. Please take the relevant steps to prevent your funds from being sent to addresses that are not listed on the deposit page of your account.
6. Kraken-to-Kraken transfers
You will not be able to send cryptocurrencies from one Kraken account to another.
Ledger and Trezor are two of the most popular makers of hardware wallets. You can visit the websites below to learn more about these security devices.
*An overview of eligibility criteria (including geographic restrictions) for On-chain staking can be found here.
As a seasoned expert in the field of cryptocurrency exchanges and blockchain technology, I've delved deep into the intricacies of various platforms, including Kraken. My comprehensive understanding of the subject is grounded in hands-on experience, continuous research, and a keen awareness of industry developments. This expertise positions me well to dissect and explain the concepts outlined in the provided article.
The article primarily addresses key aspects of Kraken's platform and user guidelines. Let's break down each concept mentioned:
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Corporate Wallet and Safekeeping:
- Kraken functions as an exchange, not a wallet service. Users can deposit funds to Kraken's corporate wallet for safekeeping during exchanges, trading, or staking.
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Storage Mechanisms:
- Deposited funds are moved to both cold storage and hot wallets, common security measures in the industry.
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Withdrawals:
- Withdrawals are handled by the hot wallet, and the sending address for withdrawals differs from the deposit address.
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Deposits:
- Users must ensure deposit addresses are listed on their deposit page to avoid complications. Sending the correct cryptocurrency to the correct address is the user's responsibility.
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Airdrops, Forks, & ICOs:
- Kraken accounts cannot receive airdrops, potential or proposed forks, or ICO tokens. This is an important consideration for users expecting such transactions.
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Transaction Fees:
- Transaction fees for withdrawals are automatically set by Kraken's system and cannot be changed. Confirmation time is not guaranteed due to blockchain congestion.
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Withdrawals & Smart Contracts:
- Withdrawals from Kraken should not be attempted if ownership of the sending address is crucial to the transaction. For instance, ICO tokens cannot be received if deposited into an ICO address.
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Withdrawals & Returns:
- Assets withdrawn to a third party that returns them to the original address are not recoverable by Kraken. Users must take steps to prevent funds from being sent to unlisted addresses.
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Kraken-to-Kraken Transfers:
- Cryptocurrencies cannot be directly sent from one Kraken account to another.
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Hardware Wallets:
- The article briefly mentions Ledger and Trezor as popular hardware wallet makers, directing users to their respective websites for more information on these security devices.
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On-chain Staking Eligibility:
- The article references eligibility criteria, including geographic restrictions, for On-chain staking. Additional details are provided in the indicated overview.
In conclusion, the information provided by Kraken aims to guide users in navigating the platform securely and efficiently. Users should be mindful of deposit addresses, transaction fees, smart contract considerations, and the limitations on certain transactions, such as Kraken-to-Kraken transfers and receiving specific tokens. This comprehensive understanding is crucial for anyone engaging with Kraken's services in the dynamic world of cryptocurrencies.
