Kraken is one of the largest exchange platforms for cryptocurrency investments. It is an American platform, and I use it to buy or sell cryptocurrency (100% Bitcoin) in US dollars. From the beginning, I could not withdraw my cryptocurrencies from the Kraken platform, and I will explain the solution below.
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The best rule for storing your cryptocurrencies (Bitcoin)
As a preamble, these exchange platforms are not places to store cryptocurrency. Should we recall the FTX affair in which the manager Sam Bankman-Fried speculated and embezzled his clients’ cryptocurrencies? For these facts, he was sentenced to a 25-year prison sentence.
To be kept safe, cryptocurrencies must be “stored” through a Cold Wallet, ideally open source. I was initially on Ledger, but today, I use a Trezor key.
On a Cold Wallet, your cryptocurrencies are considered inviolable (in the state of science) provided that you do not lose or have the 12 or 24 words of the famous “Seed phrase” stolen.
Disable 2FA security settings to be able to withdraw your cryptos from Kraken
Registration on the platform and purchases of cryptocurrencies in US dollars (BTC and XMO) went smoothly. My problem appeared when transferring my Bitcoin to my Trezor key. Even though I authenticated myself via the “Google Authenticator,” it was impossible to transfer my Bitcoins.
After searching, I found a well-hidden security option that allows you to deactivate the obligation when funding the account or transferring your cryptocurrencies outside the Kraken platform. To do this, go to the menu:
- Settings (little guy at the top right),
- Settings,
- Security,
- Advanced settings,
- 2FA for funding: click on the “:” symbol on the right of the screen.
I suspect Kraken does not want these customers to withdraw their cryptocurrencies and goes so far as to use processes on the verge of legality. Authentication works very well when logging in but not withdrawing your cryptocurrencies. It’s curious. To convince yourself, consult Kraken’s catastrophic ratings on Trustpilot:
For Europe, I use Paymium, a platform on which I have no problem buying bitcoins, selling them, and withdrawing funds.
Frequently Asked Questions (FAQ) about cryptocurrencies and withdraw your cryptos from the Kraken platform
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To learn more, I recommend watching Laurent’s videos on the CoinSu Channel. He also has Twitter and Telegram feeds.
